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三维系统（DDD）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的季度营收约是三维系统的1.7倍（$179.7M vs $106.3M），三维系统净利率更高（-18.4% vs -29.5%，领先11.1%），Rocket Lab Corp同比增速更快（35.7% vs -4.3%），三维系统自由现金流更多（$-16.6M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 1.6%）
3D Systems是一家总部位于美国南卡罗来纳州罗克希尔的企业，核心业务涵盖3D打印机、3D打印材料的研发生产与销售，同时提供3D打印零部件定制及应用工程服务，可产品概念模型、精密功能原型、工裝母模以及直接数字化生产零部件等产品，服务各行各业的数字化制造需求。
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。
DDD vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.7倍
$106.3M
营收增速更快
RKLB
高出40.0%
-4.3%
净利率更高
DDD
高出11.1%
-29.5%
自由现金流更多
DDD
多$97.5M
$-114.2M
两年增速更快
RKLB
近两年复合增速
1.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $106.3M | $179.7M |
| 净利润 | $-19.5M | $-52.9M |
| 毛利率 | 30.8% | 38.0% |
| 营业利润率 | -21.3% | -28.4% |
| 净利率 | -18.4% | -29.5% |
| 营收同比 | -4.3% | 35.7% |
| 净利润同比 | 41.7% | -1.1% |
| 每股收益（稀释后） | $0.04 | $-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DDDRKLB
| Q4 25 | $106.3M | $179.7M | ||
| Q3 25 | $91.2M | $155.1M | ||
| Q2 25 | $94.8M | $144.5M | ||
| Q1 25 | $94.5M | $122.6M | ||
| Q4 24 | $111.0M | $132.4M | ||
| Q3 24 | $112.9M | $104.8M | ||
| Q2 24 | $113.3M | $106.3M | ||
| Q1 24 | $102.9M | $92.8M |
净利润DDDRKLB
| Q4 25 | $-19.5M | $-52.9M | ||
| Q3 25 | $-18.1M | $-18.3M | ||
| Q2 25 | $104.4M | $-66.4M | ||
| Q1 25 | $-37.0M | $-60.6M | ||
| Q4 24 | $-33.5M | $-52.3M | ||
| Q3 24 | $-178.6M | $-51.9M | ||
| Q2 24 | $-27.3M | $-41.6M | ||
| Q1 24 | $-16.0M | $-44.3M |
毛利率DDDRKLB
| Q4 25 | 30.8% | 38.0% | ||
| Q3 25 | 32.3% | 37.0% | ||
| Q2 25 | 38.1% | 32.1% | ||
| Q1 25 | 34.6% | 28.8% | ||
| Q4 24 | 31.0% | 27.8% | ||
| Q3 24 | 36.9% | 26.7% | ||
| Q2 24 | 41.6% | 25.6% | ||
| Q1 24 | 39.8% | 26.1% |
营业利润率DDDRKLB
| Q4 25 | -21.3% | -28.4% | ||
| Q3 25 | -23.4% | -38.0% | ||
| Q2 25 | -16.2% | -41.3% | ||
| Q1 25 | -38.9% | -48.3% | ||
| Q4 24 | -27.4% | -38.9% | ||
| Q3 24 | -160.0% | -49.5% | ||
| Q2 24 | -23.3% | -40.7% | ||
| Q1 24 | -38.7% | -46.4% |
净利率DDDRKLB
| Q4 25 | -18.4% | -29.5% | ||
| Q3 25 | -19.8% | -11.8% | ||
| Q2 25 | 110.1% | -46.0% | ||
| Q1 25 | -39.1% | -49.5% | ||
| Q4 24 | -30.1% | -39.5% | ||
| Q3 24 | -158.2% | -49.6% | ||
| Q2 24 | -24.1% | -39.2% | ||
| Q1 24 | -15.5% | -47.7% |
每股收益（稀释后）DDDRKLB
| Q4 25 | $0.04 | $-0.09 | ||
| Q3 25 | $-0.14 | $-0.03 | ||
| Q2 25 | $0.57 | $-0.13 | ||
| Q1 25 | $-0.28 | $-0.12 | ||
| Q4 24 | $-0.26 | $-0.11 | ||
| Q3 24 | $-1.35 | $-0.10 | ||
| Q2 24 | $-0.21 | $-0.08 | ||
| Q1 24 | $-0.12 | $-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 | $95.6M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $240.4M | $1.7B |
| 总资产 | $521.7M | $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
现金及短期投资DDDRKLB
| Q4 25 | $95.6M | $1.0B | ||
| Q3 25 | $95.5M | $976.7M | ||
| Q2 25 | $116.4M | $688.1M | ||
| Q1 25 | $135.0M | $428.4M | ||
| Q4 24 | $171.3M | $419.0M | ||
| Q3 24 | $190.0M | $442.4M | ||
| Q2 24 | $192.7M | $496.8M | ||
| Q1 24 | $212.0M | $492.5M |
总债务DDDRKLB
| 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 |
股东权益DDDRKLB
| Q4 25 | $240.4M | $1.7B | ||
| Q3 25 | $221.1M | $1.3B | ||
| Q2 25 | $241.2M | $688.5M | ||
| Q1 25 | $145.6M | $431.3M | ||
| Q4 24 | $176.2M | $382.5M | ||
| Q3 24 | $218.0M | $419.8M | ||
| Q2 24 | $381.7M | $455.2M | ||
| Q1 24 | $408.4M | $478.9M |
总资产DDDRKLB
| Q4 25 | $521.7M | $2.3B | ||
| Q3 25 | $554.5M | $2.2B | ||
| Q2 25 | $587.8M | $1.6B | ||
| Q1 25 | $583.4M | $1.3B | ||
| Q4 24 | $608.8M | $1.2B | ||
| Q3 24 | $658.3M | $1.2B | ||
| Q2 24 | $821.5M | $1.2B | ||
| Q1 24 | $857.2M | $1.2B |
负债/权益比DDDRKLB
| 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 | $-14.7M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $-16.6M | $-114.2M |
| 自由现金流率自由现金流/营收 | -15.7% | -63.6% |
| 资本支出强度资本支出/营收 | 1.8% | 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 | $-97.8M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流DDDRKLB
| Q4 25 | $-14.7M | $-64.5M | ||
| Q3 25 | $-13.5M | $-23.5M | ||
| Q2 25 | $-25.8M | $-23.2M | ||
| Q1 25 | $-33.8M | $-54.2M | ||
| Q4 24 | $-7.8M | $-2.4M | ||
| Q3 24 | $-801.0K | $-30.9M | ||
| Q2 24 | $-10.8M | $-13.0M | ||
| Q1 24 | $-25.5M | $-2.6M |
自由现金流DDDRKLB
| Q4 25 | $-16.6M | $-114.2M | ||
| Q3 25 | $-15.8M | $-69.4M | ||
| Q2 25 | $-28.8M | $-55.3M | ||
| Q1 25 | $-36.6M | $-82.9M | ||
| Q4 24 | $-13.1M | $-23.9M | ||
| Q3 24 | $-4.4M | $-41.9M | ||
| Q2 24 | $-14.7M | $-28.3M | ||
| Q1 24 | $-28.7M | $-21.8M |
自由现金流率DDDRKLB
| Q4 25 | -15.7% | -63.6% | ||
| Q3 25 | -17.3% | -44.8% | ||
| Q2 25 | -30.4% | -38.3% | ||
| Q1 25 | -38.7% | -67.6% | ||
| Q4 24 | -11.8% | -18.1% | ||
| Q3 24 | -3.9% | -40.0% | ||
| Q2 24 | -13.0% | -26.7% | ||
| Q1 24 | -27.9% | -23.5% |
资本支出强度DDDRKLB
| Q4 25 | 1.8% | 27.6% | ||
| Q3 25 | 2.5% | 29.6% | ||
| Q2 25 | 3.1% | 22.2% | ||
| Q1 25 | 3.0% | 23.4% | ||
| Q4 24 | 4.8% | 16.3% | ||
| Q3 24 | 3.2% | 10.5% | ||
| Q2 24 | 3.5% | 14.4% | ||
| Q1 24 | 3.1% | 20.7% |
现金转化率DDDRKLB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.25× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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
DDD
| Products | $62.6M | 59% |
| Services | $43.7M | 41% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
