vs
CALIFORNIA WATER SERVICE GROUP（CWT）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
CALIFORNIA WATER SERVICE GROUP的季度营收约是Rocket Lab Corp的1.2倍（$210.7M vs $179.7M），CALIFORNIA WATER SERVICE GROUP净利率更高（5.4% vs -29.5%，领先34.9%），Rocket Lab Corp同比增速更快（35.7% vs -3.3%），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 16.6%）
加利福尼亚水务集团是美国公共事业企业，主营饮用水及污水处理服务，是美国第三大上市投资者所有水务公司，通过加利福尼亚、夏威夷、新墨西哥、华盛顿等州的子公司，为约200万民众提供服务。集团成立于1997年，作为加州水务的控股主体，推动业务向美国其他各州拓展。
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。
CWT vs RKLB — 直观对比
营收规模更大
CWT
是对方的1.2倍
$179.7M
营收增速更快
RKLB
高出39.0%
-3.3%
净利率更高
CWT
高出34.9%
-29.5%
两年增速更快
RKLB
近两年复合增速
16.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $210.7M | $179.7M |
| 净利润 | $11.5M | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | 12.2% | -28.4% |
| 净利率 | 5.4% | -29.5% |
| 营收同比 | -3.3% | 35.7% |
| 净利润同比 | -41.0% | -1.1% |
| 每股收益（稀释后） | $0.19 | $-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CWTRKLB
| Q4 25 | $210.7M | $179.7M | ||
| Q3 25 | $314.1M | $155.1M | ||
| Q2 25 | $256.2M | $144.5M | ||
| Q1 25 | $182.7M | $122.6M | ||
| Q4 24 | $217.8M | $132.4M | ||
| Q3 24 | $306.2M | $104.8M | ||
| Q2 24 | $226.7M | $106.3M | ||
| Q1 24 | $154.9M | $92.8M |
净利润CWTRKLB
| Q4 25 | $11.5M | $-52.9M | ||
| Q3 25 | $61.2M | $-18.3M | ||
| Q2 25 | $42.2M | $-66.4M | ||
| Q1 25 | $13.3M | $-60.6M | ||
| Q4 24 | $19.5M | $-52.3M | ||
| Q3 24 | $60.7M | $-51.9M | ||
| Q2 24 | $40.6M | $-41.6M | ||
| Q1 24 | $69.9M | $-44.3M |
毛利率CWTRKLB
| 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CWTRKLB
| Q4 25 | 12.2% | -28.4% | ||
| Q3 25 | 22.5% | -38.0% | ||
| Q2 25 | 20.2% | -41.3% | ||
| Q1 25 | 12.2% | -48.3% | ||
| Q4 24 | 14.8% | -38.9% | ||
| Q3 24 | 21.8% | -49.5% | ||
| Q2 24 | 21.2% | -40.7% | ||
| Q1 24 | 50.3% | -46.4% |
净利率CWTRKLB
| Q4 25 | 5.4% | -29.5% | ||
| Q3 25 | 19.5% | -11.8% | ||
| Q2 25 | 16.5% | -46.0% | ||
| Q1 25 | 7.3% | -49.5% | ||
| Q4 24 | 8.9% | -39.5% | ||
| Q3 24 | 19.8% | -49.6% | ||
| Q2 24 | 17.9% | -39.2% | ||
| Q1 24 | 45.1% | -47.7% |
每股收益（稀释后）CWTRKLB
| Q4 25 | $0.19 | $-0.09 | ||
| Q3 25 | $1.03 | $-0.03 | ||
| Q2 25 | $0.71 | $-0.13 | ||
| Q1 25 | $0.22 | $-0.12 | ||
| Q4 24 | $0.31 | $-0.11 | ||
| Q3 24 | $1.03 | $-0.10 | ||
| Q2 24 | $0.70 | $-0.08 | ||
| Q1 24 | $1.21 | $-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 | $51.8M | $1.0B |
| 总债务越低越好 | $1.5B | $152.4M |
| 股东权益账面价值 | $1.7B | $1.7B |
| 总资产 | $5.7B | $2.3B |
| 负债/权益比越低杠杆越低 | 0.87× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资CWTRKLB
| Q4 25 | $51.8M | $1.0B | ||
| Q3 25 | $76.0M | $976.7M | ||
| Q2 25 | $50.5M | $688.1M | ||
| Q1 25 | $44.5M | $428.4M | ||
| Q4 24 | $50.1M | $419.0M | ||
| Q3 24 | $59.6M | $442.4M | ||
| Q2 24 | $37.3M | $496.8M | ||
| Q1 24 | $42.8M | $492.5M |
总债务CWTRKLB
| Q4 25 | $1.5B | $152.4M | ||
| Q3 25 | $1.1B | $347.0M | ||
| Q2 25 | $1.1B | $346.5M | ||
| Q1 25 | $1.1B | $345.9M | ||
| Q4 24 | $1.1B | $345.4M | ||
| Q3 24 | — | $61.2M | ||
| Q2 24 | — | $64.2M | ||
| Q1 24 | — | $66.8M |
股东权益CWTRKLB
| Q4 25 | $1.7B | $1.7B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.7B | $688.5M | ||
| Q1 25 | $1.6B | $431.3M | ||
| Q4 24 | $1.6B | $382.5M | ||
| Q3 24 | $1.6B | $419.8M | ||
| Q2 24 | $1.5B | $455.2M | ||
| Q1 24 | $1.5B | $478.9M |
总资产CWTRKLB
| Q4 25 | $5.7B | $2.3B | ||
| Q3 25 | $5.5B | $2.2B | ||
| Q2 25 | $5.4B | $1.6B | ||
| Q1 25 | $5.3B | $1.3B | ||
| Q4 24 | $5.2B | $1.2B | ||
| Q3 24 | $5.0B | $1.2B | ||
| Q2 24 | $4.9B | $1.2B | ||
| Q1 24 | $4.8B | $1.2B |
负债/权益比CWTRKLB
| Q4 25 | 0.87× | 0.09× | ||
| Q3 25 | 0.65× | 0.27× | ||
| Q2 25 | 0.67× | 0.50× | ||
| Q1 25 | 0.68× | 0.80× | ||
| Q4 24 | 0.67× | 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 | $47.9M | $-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 | 4.17× | — |
| 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CWTRKLB
| Q4 25 | $47.9M | $-64.5M | ||
| Q3 25 | $167.3M | $-23.5M | ||
| Q2 25 | $48.9M | $-23.2M | ||
| Q1 25 | $38.4M | $-54.2M | ||
| Q4 24 | $68.1M | $-2.4M | ||
| Q3 24 | $101.8M | $-30.9M | ||
| Q2 24 | $94.4M | $-13.0M | ||
| Q1 24 | $26.5M | $-2.6M |
自由现金流CWTRKLB
| Q4 25 | — | $-114.2M | ||
| Q3 25 | — | $-69.4M | ||
| Q2 25 | — | $-55.3M | ||
| Q1 25 | — | $-82.9M | ||
| Q4 24 | — | $-23.9M | ||
| Q3 24 | — | $-41.9M | ||
| Q2 24 | — | $-28.3M | ||
| Q1 24 | — | $-21.8M |
自由现金流率CWTRKLB
| Q4 25 | — | -63.6% | ||
| Q3 25 | — | -44.8% | ||
| Q2 25 | — | -38.3% | ||
| Q1 25 | — | -67.6% | ||
| Q4 24 | — | -18.1% | ||
| Q3 24 | — | -40.0% | ||
| Q2 24 | — | -26.7% | ||
| Q1 24 | — | -23.5% |
资本支出强度CWTRKLB
| Q4 25 | — | 27.6% | ||
| Q3 25 | — | 29.6% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | — | 23.4% | ||
| Q4 24 | — | 16.3% | ||
| Q3 24 | — | 10.5% | ||
| Q2 24 | — | 14.4% | ||
| Q1 24 | — | 20.7% |
现金转化率CWTRKLB
| Q4 25 | 4.17× | — | ||
| Q3 25 | 2.73× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 2.88× | — | ||
| Q4 24 | 3.50× | — | ||
| Q3 24 | 1.68× | — | ||
| Q2 24 | 2.33× | — | ||
| Q1 24 | 0.38× | — |
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
CWT
| Residential | $133.2M | 63% |
| Business | $47.7M | 23% |
| Public Authorities | $13.4M | 6% |
| Industrial | $6.9M | 3% |
| Non Regulated Services | $4.8M | 2% |
| Other Non Regulated Service | $1.2M | 1% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
