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COMTECH TELECOMMUNICATIONS CORP（CMTL）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COMTECH TELECOMMUNICATIONS CORP的1.6倍（$179.7M vs $111.0M），COMTECH TELECOMMUNICATIONS CORP净利率更高（-14.3% vs -29.5%，领先15.2%），Rocket Lab Corp同比增速更快（35.7% vs -4.1%），COMTECH TELECOMMUNICATIONS CORP自由现金流更多（$4.8M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs -9.0%）
Comtech Telecommunications是一家总部位于美国的全球通信技术提供商，主营卫星通信系统、地面网络基础设施及定位服务，客户覆盖政府、国防、移动运营商和企业领域，为各类关键应用场景提供安全可靠的连接解决方案。
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。
CMTL vs RKLB — 直观对比
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $111.0M | $179.7M |
| 净利润 | $-15.9M | $-52.9M |
| 毛利率 | 33.1% | 38.0% |
| 营业利润率 | -2.5% | -28.4% |
| 净利率 | -14.3% | -29.5% |
| 营收同比 | -4.1% | 35.7% |
| 净利润同比 | 89.3% | -1.1% |
| 每股收益（稀释后） | $-0.67 | $-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
| Q4 25 | $111.0M | $179.7M | ||
| Q3 25 | $130.4M | $155.1M | ||
| Q2 25 | $126.8M | $144.5M | ||
| Q1 25 | $126.6M | $122.6M | ||
| Q4 24 | $115.8M | $132.4M | ||
| Q3 24 | $126.2M | $104.8M | ||
| Q2 24 | $128.1M | $106.3M | ||
| Q1 24 | $134.2M | $92.8M |
| Q4 25 | $-15.9M | $-52.9M | ||
| Q3 25 | $7.9M | $-18.3M | ||
| Q2 25 | $33.9M | $-66.4M | ||
| Q1 25 | $-48.7M | $-60.6M | ||
| Q4 24 | $-148.4M | $-52.3M | ||
| Q3 24 | $-90.8M | $-51.9M | ||
| Q2 24 | $2.8M | $-41.6M | ||
| Q1 24 | $-10.6M | $-44.3M |
| Q4 25 | 33.1% | 38.0% | ||
| Q3 25 | 31.2% | 37.0% | ||
| Q2 25 | 30.7% | 32.1% | ||
| Q1 25 | 26.7% | 28.8% | ||
| Q4 24 | 12.5% | 27.8% | ||
| Q3 24 | 21.5% | 26.7% | ||
| Q2 24 | 30.4% | 25.6% | ||
| Q1 24 | 32.2% | 26.1% |
| Q4 25 | -2.5% | -28.4% | ||
| Q3 25 | 1.4% | -38.0% | ||
| Q2 25 | -1.2% | -41.3% | ||
| Q1 25 | -8.1% | -48.3% | ||
| Q4 24 | -111.5% | -38.9% | ||
| Q3 24 | -64.6% | -49.5% | ||
| Q2 24 | -2.7% | -40.7% | ||
| Q1 24 | 2.2% | -46.4% |
| Q4 25 | -14.3% | -29.5% | ||
| Q3 25 | 6.1% | -11.8% | ||
| Q2 25 | 26.8% | -46.0% | ||
| Q1 25 | -38.5% | -49.5% | ||
| Q4 24 | -128.2% | -39.5% | ||
| Q3 24 | -71.9% | -49.6% | ||
| Q2 24 | 2.2% | -39.2% | ||
| Q1 24 | -7.9% | -47.7% |
| Q4 25 | $-0.67 | $-0.09 | ||
| Q3 25 | $-0.41 | $-0.03 | ||
| Q2 25 | $-0.49 | $-0.13 | ||
| Q1 25 | $-0.76 | $-0.12 | ||
| Q4 24 | $-5.29 | $-0.11 | ||
| Q3 24 | $-3.48 | $-0.10 | ||
| Q2 24 | $-0.04 | $-0.08 | ||
| Q1 24 | $-1.07 | $-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 | $43.6M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $85.6M | $1.7B |
| 总资产 | $734.1M | $2.3B |
| 负债/权益比越低杠杆越低 | — | 0.09× |
8季度趋势，按日历期对齐
| Q4 25 | $43.6M | $1.0B | ||
| Q3 25 | $40.0M | $976.7M | ||
| Q2 25 | $28.4M | $688.1M | ||
| Q1 25 | $26.7M | $428.4M | ||
| Q4 24 | $29.6M | $419.0M | ||
| Q3 24 | $32.4M | $442.4M | ||
| Q2 24 | $27.2M | $496.8M | ||
| Q1 24 | $40.0M | $492.5M |
| Q4 25 | — | $152.4M | ||
| Q3 25 | — | $347.0M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $345.9M | ||
| Q4 24 | — | $345.4M | ||
| Q3 24 | — | $61.2M | ||
| Q2 24 | — | $64.2M | ||
| Q1 24 | — | $66.8M |
| Q4 25 | $85.6M | $1.7B | ||
| Q3 25 | $104.4M | $1.3B | ||
| Q2 25 | $115.4M | $688.5M | ||
| Q1 25 | $128.7M | $431.3M | ||
| Q4 24 | $150.4M | $382.5M | ||
| Q3 24 | $306.3M | $419.8M | ||
| Q2 24 | $406.4M | $455.2M | ||
| Q1 24 | $407.0M | $478.9M |
| Q4 25 | $734.1M | $2.3B | ||
| Q3 25 | $740.8M | $2.2B | ||
| Q2 25 | $751.1M | $1.6B | ||
| Q1 25 | $770.6M | $1.3B | ||
| Q4 24 | $793.2M | $1.2B | ||
| Q3 24 | $793.2M | $1.2B | ||
| Q2 24 | $991.0M | $1.2B | ||
| Q1 24 | $996.8M | $1.2B |
| Q4 25 | — | 0.09× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.80× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 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 | $8.1M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $4.8M | $-114.2M |
| 自由现金流率自由现金流/营收 | 4.3% | -63.6% |
| 资本支出强度资本支出/营收 | 2.9% | 27.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $12.2M | $-321.8M |
8季度趋势，按日历期对齐
| Q4 25 | $8.1M | $-64.5M | ||
| Q3 25 | $11.4M | $-23.5M | ||
| Q2 25 | $2.3M | $-23.2M | ||
| Q1 25 | $-234.0K | $-54.2M | ||
| Q4 24 | $-21.8M | $-2.4M | ||
| Q3 24 | $-9.5M | $-30.9M | ||
| Q2 24 | $-3.8M | $-13.0M | ||
| Q1 24 | $-26.7M | $-2.6M |
| Q4 25 | $4.8M | $-114.2M | ||
| Q3 25 | $9.4M | $-69.4M | ||
| Q2 25 | $-160.0K | $-55.3M | ||
| Q1 25 | $-1.9M | $-82.9M | ||
| Q4 24 | $-24.2M | $-23.9M | ||
| Q3 24 | $-12.4M | $-41.9M | ||
| Q2 24 | $-6.5M | $-28.3M | ||
| Q1 24 | $-30.9M | $-21.8M |
| Q4 25 | 4.3% | -63.6% | ||
| Q3 25 | 7.2% | -44.8% | ||
| Q2 25 | -0.1% | -38.3% | ||
| Q1 25 | -1.5% | -67.6% | ||
| Q4 24 | -20.9% | -18.1% | ||
| Q3 24 | -9.8% | -40.0% | ||
| Q2 24 | -5.0% | -26.7% | ||
| Q1 24 | -23.0% | -23.5% |
| Q4 25 | 2.9% | 27.6% | ||
| Q3 25 | 1.6% | 29.6% | ||
| Q2 25 | 1.9% | 22.2% | ||
| Q1 25 | 1.3% | 23.4% | ||
| Q4 24 | 2.1% | 16.3% | ||
| Q3 24 | 2.3% | 10.5% | ||
| Q2 24 | 2.1% | 14.4% | ||
| Q1 24 | 3.2% | 20.7% |
| Q4 25 | — | — | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 0.07× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -1.36× | — | ||
| Q1 24 | — | — |
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
CMTL
| Satellite And Space Communications Segment | $55.1M | 50% |
| Transferred At Point In Time | $39.4M | 36% |
| Satellite And Space Communications | $16.3M | 15% |
| Terrestrial And Wireless Networks | $1.1M | 1% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
