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CBL & ASSOCIATES PROPERTIES INC（CBL）与Rocket Lab Corp（RKLB）财务数据对比。点击上方公司名可切换其他公司
Rocket Lab Corp的季度营收约是CBL & ASSOCIATES PROPERTIES INC的1.1倍（$179.7M vs $156.4M），CBL & ASSOCIATES PROPERTIES INC净利率更高（31.3% vs -29.5%，领先60.8%），Rocket Lab Corp同比增速更快（35.7% vs 18.8%），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 10.1%）
CBL联合地产是一家美国房地产投资信托企业，核心投资布局为购物中心与商业摩尔，业务主要集中在美国东南部与中西部地区。公司在特拉华州注册，总部设于田纳西州查塔努加，该城市也是其最大的布局市场，公司名称取自创始人查尔斯·B·勒博维茨的姓名首字母。
Rocket Lab是公开上市的航空航天制造商及发射服务提供商，旗下Electron轨道火箭主打小型卫星发射，截至2026年1月已成功完成超75次任务，是全球现役发射次数最多的小型运载火箭。公司还开发了Electron的亚轨道改型HASTE用作高超音速技术测试平台，下一代可复用中型运载火箭Neutron目前也在研发中。
CBL vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.1倍
$156.4M
营收增速更快
RKLB
高出16.9%
18.8%
净利率更高
CBL
高出60.8%
-29.5%
两年增速更快
RKLB
近两年复合增速
10.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $156.4M | $179.7M |
| 净利润 | $49.0M | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | — | -28.4% |
| 净利率 | 31.3% | -29.5% |
| 营收同比 | 18.8% | 35.7% |
| 净利润同比 | 29.0% | -1.1% |
| 每股收益（稀释后） | $1.61 | $-0.09 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CBLRKLB
| Q4 25 | $156.4M | $179.7M | ||
| Q3 25 | $139.3M | $155.1M | ||
| Q2 25 | $140.9M | $144.5M | ||
| Q1 25 | $141.8M | $122.6M | ||
| Q4 24 | $131.7M | $132.4M | ||
| Q3 24 | $125.1M | $104.8M | ||
| Q2 24 | $129.7M | $106.3M | ||
| Q1 24 | $129.1M | $92.8M |
净利润CBLRKLB
| Q4 25 | $49.0M | $-52.9M | ||
| Q3 25 | $75.4M | $-18.3M | ||
| Q2 25 | $2.8M | $-66.4M | ||
| Q1 25 | $8.8M | $-60.6M | ||
| Q4 24 | $38.0M | $-52.3M | ||
| Q3 24 | $16.2M | $-51.9M | ||
| Q2 24 | $4.7M | $-41.6M | ||
| Q1 24 | $50.0K | $-44.3M |
毛利率CBLRKLB
| Q4 25 | — | 38.0% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 32.1% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | — | 27.8% | ||
| Q3 24 | — | 26.7% | ||
| Q2 24 | — | 25.6% | ||
| Q1 24 | — | 26.1% |
营业利润率CBLRKLB
| Q4 25 | — | -28.4% | ||
| Q3 25 | — | -38.0% | ||
| Q2 25 | — | -41.3% | ||
| Q1 25 | — | -48.3% | ||
| Q4 24 | — | -38.9% | ||
| Q3 24 | — | -49.5% | ||
| Q2 24 | — | -40.7% | ||
| Q1 24 | — | -46.4% |
净利率CBLRKLB
| Q4 25 | 31.3% | -29.5% | ||
| Q3 25 | 54.2% | -11.8% | ||
| Q2 25 | 2.0% | -46.0% | ||
| Q1 25 | 6.2% | -49.5% | ||
| Q4 24 | 28.8% | -39.5% | ||
| Q3 24 | 12.9% | -49.6% | ||
| Q2 24 | 3.7% | -39.2% | ||
| Q1 24 | 0.0% | -47.7% |
每股收益（稀释后）CBLRKLB
| Q4 25 | $1.61 | $-0.09 | ||
| Q3 25 | $2.38 | $-0.03 | ||
| Q2 25 | $0.08 | $-0.13 | ||
| Q1 25 | $0.27 | $-0.12 | ||
| Q4 24 | $1.22 | $-0.11 | ||
| Q3 24 | $0.52 | $-0.10 | ||
| Q2 24 | $0.14 | $-0.08 | ||
| Q1 24 | $-0.01 | $-0.09 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $42.3M | $1.0B |
| 总债务越低越好 | $2.2B | $152.4M |
| 股东权益账面价值 | $374.9M | $1.7B |
| 总资产 | $2.7B | $2.3B |
| 负债/权益比越低杠杆越低 | 5.79× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资CBLRKLB
| Q4 25 | $42.3M | $1.0B | ||
| Q3 25 | $52.6M | $976.7M | ||
| Q2 25 | $100.3M | $688.1M | ||
| Q1 25 | $100.3M | $428.4M | ||
| Q4 24 | $40.8M | $419.0M | ||
| Q3 24 | $65.1M | $442.4M | ||
| Q2 24 | $57.7M | $496.8M | ||
| Q1 24 | $57.7M | $492.5M |
总债务CBLRKLB
| Q4 25 | $2.2B | $152.4M | ||
| Q3 25 | $2.2B | $347.0M | ||
| Q2 25 | $2.1B | $346.5M | ||
| Q1 25 | $2.2B | $345.9M | ||
| Q4 24 | $2.2B | $345.4M | ||
| Q3 24 | $1.8B | $61.2M | ||
| Q2 24 | $1.9B | $64.2M | ||
| Q1 24 | $1.9B | $66.8M |
股东权益CBLRKLB
| Q4 25 | $374.9M | $1.7B | ||
| Q3 25 | $351.4M | $1.3B | ||
| Q2 25 | $289.4M | $688.5M | ||
| Q1 25 | $295.0M | $431.3M | ||
| Q4 24 | $323.5M | $382.5M | ||
| Q3 24 | $308.3M | $419.8M | ||
| Q2 24 | $308.8M | $455.2M | ||
| Q1 24 | $324.2M | $478.9M |
总资产CBLRKLB
| Q4 25 | $2.7B | $2.3B | ||
| Q3 25 | $2.7B | $2.2B | ||
| Q2 25 | $2.6B | $1.6B | ||
| Q1 25 | $2.6B | $1.3B | ||
| Q4 24 | $2.7B | $1.2B | ||
| Q3 24 | $2.2B | $1.2B | ||
| Q2 24 | $2.3B | $1.2B | ||
| Q1 24 | $2.3B | $1.2B |
负债/权益比CBLRKLB
| Q4 25 | 5.79× | 0.09× | ||
| Q3 25 | 6.21× | 0.27× | ||
| Q2 25 | 7.39× | 0.50× | ||
| Q1 25 | 7.29× | 0.80× | ||
| Q4 24 | 6.84× | 0.90× | ||
| Q3 24 | 5.76× | 0.15× | ||
| Q2 24 | 6.00× | 0.14× | ||
| Q1 24 | 5.74× | 0.14× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $249.7M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | — | $-114.2M |
| 自由现金流率自由现金流/营收 | — | -63.6% |
| 资本支出强度资本支出/营收 | — | 27.6% |
| 现金转化率经营现金流/净利润 | 5.10× | — |
| 过去12个月自由现金流最近4个季度 | — | $-321.8M |
8季度趋势，按日历期对齐
经营现金流CBLRKLB
| Q4 25 | $249.7M | $-64.5M | ||
| Q3 25 | $69.6M | $-23.5M | ||
| Q2 25 | $68.3M | $-23.2M | ||
| Q1 25 | $31.7M | $-54.2M | ||
| Q4 24 | $202.2M | $-2.4M | ||
| Q3 24 | $61.1M | $-30.9M | ||
| Q2 24 | $64.2M | $-13.0M | ||
| Q1 24 | $30.7M | $-2.6M |
自由现金流CBLRKLB
| Q4 25 | — | $-114.2M | ||
| Q3 25 | — | $-69.4M | ||
| Q2 25 | — | $-55.3M | ||
| Q1 25 | — | $-82.9M | ||
| Q4 24 | — | $-23.9M | ||
| Q3 24 | $46.0M | $-41.9M | ||
| Q2 24 | $54.8M | $-28.3M | ||
| Q1 24 | $24.7M | $-21.8M |
自由现金流率CBLRKLB
| Q4 25 | — | -63.6% | ||
| Q3 25 | — | -44.8% | ||
| Q2 25 | — | -38.3% | ||
| Q1 25 | — | -67.6% | ||
| Q4 24 | — | -18.1% | ||
| Q3 24 | 36.8% | -40.0% | ||
| Q2 24 | 42.2% | -26.7% | ||
| Q1 24 | 19.1% | -23.5% |
资本支出强度CBLRKLB
| Q4 25 | — | 27.6% | ||
| Q3 25 | — | 29.6% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | — | 23.4% | ||
| Q4 24 | — | 16.3% | ||
| Q3 24 | 12.1% | 10.5% | ||
| Q2 24 | 7.3% | 14.4% | ||
| Q1 24 | 4.7% | 20.7% |
现金转化率CBLRKLB
| Q4 25 | 5.10× | — | ||
| Q3 25 | 0.92× | — | ||
| Q2 25 | 24.74× | — | ||
| Q1 25 | 3.60× | — | ||
| Q4 24 | 5.32× | — | ||
| Q3 24 | 3.77× | — | ||
| Q2 24 | 13.54× | — | ||
| Q1 24 | 614.76× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CBL
暂无分部数据
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
