vs
DT Midstream, Inc.（DTM）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
DT Midstream, Inc.的季度营收约是Rocket Lab Corp的1.8倍（$317.0M vs $179.7M），DT Midstream, Inc.净利率更高（35.0% vs -29.5%，领先64.5%），Rocket Lab Corp同比增速更快（35.7% vs 27.3%），DT Midstream, Inc.自由现金流更多（$30.0M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 14.9%）
ONEOK是美国油气中游运营商，总部位于俄克拉荷马州塔尔萨，为油气行业提供收集、处理、分馏、运输及存储服务，是财富500强企业及标普500指数成分股。公司1906年成立时名为俄克拉荷马天然气公司，1980年更为现名。
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。
DTM vs RKLB — 直观对比
营收规模更大
DTM
是对方的1.8倍
$179.7M
营收增速更快
RKLB
高出8.4%
27.3%
净利率更高
DTM
高出64.5%
-29.5%
自由现金流更多
DTM
多$144.2M
$-114.2M
两年增速更快
RKLB
近两年复合增速
14.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $317.0M | $179.7M |
| 净利润 | $111.0M | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | 49.2% | -28.4% |
| 净利率 | 35.0% | -29.5% |
| 营收同比 | 27.3% | 35.7% |
| 净利润同比 | 52.1% | -1.1% |
| 每股收益（稀释后） | $1.07 | $-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DTMRKLB
| Q4 25 | $317.0M | $179.7M | ||
| Q3 25 | $314.0M | $155.1M | ||
| Q2 25 | $309.0M | $144.5M | ||
| Q1 25 | $303.0M | $122.6M | ||
| Q4 24 | $249.0M | $132.4M | ||
| Q3 24 | $248.0M | $104.8M | ||
| Q2 24 | $244.0M | $106.3M | ||
| Q1 24 | $240.0M | $92.8M |
净利润DTMRKLB
| Q4 25 | $111.0M | $-52.9M | ||
| Q3 25 | $115.0M | $-18.3M | ||
| Q2 25 | $107.0M | $-66.4M | ||
| Q1 25 | $108.0M | $-60.6M | ||
| Q4 24 | $73.0M | $-52.3M | ||
| Q3 24 | $88.0M | $-51.9M | ||
| Q2 24 | $96.0M | $-41.6M | ||
| Q1 24 | $97.0M | $-44.3M |
毛利率DTMRKLB
| 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DTMRKLB
| Q4 25 | 49.2% | -28.4% | ||
| Q3 25 | 49.4% | -38.0% | ||
| Q2 25 | 50.2% | -41.3% | ||
| Q1 25 | 48.8% | -48.3% | ||
| Q4 24 | 45.4% | -38.9% | ||
| Q3 24 | 49.2% | -49.5% | ||
| Q2 24 | 53.3% | -40.7% | ||
| Q1 24 | 51.7% | -46.4% |
净利率DTMRKLB
| Q4 25 | 35.0% | -29.5% | ||
| Q3 25 | 36.6% | -11.8% | ||
| Q2 25 | 34.6% | -46.0% | ||
| Q1 25 | 35.6% | -49.5% | ||
| Q4 24 | 29.3% | -39.5% | ||
| Q3 24 | 35.5% | -49.6% | ||
| Q2 24 | 39.3% | -39.2% | ||
| Q1 24 | 40.4% | -47.7% |
每股收益（稀释后）DTMRKLB
| Q4 25 | $1.07 | $-0.09 | ||
| Q3 25 | $1.13 | $-0.03 | ||
| Q2 25 | $1.04 | $-0.13 | ||
| Q1 25 | $1.06 | $-0.12 | ||
| Q4 24 | $0.73 | $-0.11 | ||
| Q3 24 | $0.90 | $-0.10 | ||
| Q2 24 | $0.98 | $-0.08 | ||
| Q1 24 | $0.99 | $-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 | $54.0M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $4.7B | $1.7B |
| 总资产 | $10.1B | $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DTMRKLB
| Q4 25 | $54.0M | $1.0B | ||
| Q3 25 | $98.0M | $976.7M | ||
| Q2 25 | $74.0M | $688.1M | ||
| Q1 25 | $83.0M | $428.4M | ||
| Q4 24 | $68.0M | $419.0M | ||
| Q3 24 | $77.0M | $442.4M | ||
| Q2 24 | $73.0M | $496.8M | ||
| Q1 24 | $41.0M | $492.5M |
总债务DTMRKLB
| Q4 25 | — | $152.4M | ||
| Q3 25 | — | $347.0M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $345.9M | ||
| Q4 24 | $3.4B | $345.4M | ||
| Q3 24 | — | $61.2M | ||
| Q2 24 | — | $64.2M | ||
| Q1 24 | — | $66.8M |
股东权益DTMRKLB
| Q4 25 | $4.7B | $1.7B | ||
| Q3 25 | $4.7B | $1.3B | ||
| Q2 25 | $4.7B | $688.5M | ||
| Q1 25 | $4.6B | $431.3M | ||
| Q4 24 | $4.6B | $382.5M | ||
| Q3 24 | $4.2B | $419.8M | ||
| Q2 24 | $4.2B | $455.2M | ||
| Q1 24 | $4.2B | $478.9M |
总资产DTMRKLB
| Q4 25 | $10.1B | $2.3B | ||
| Q3 25 | $10.1B | $2.2B | ||
| Q2 25 | $10.0B | $1.6B | ||
| Q1 25 | $9.9B | $1.3B | ||
| Q4 24 | $9.9B | $1.2B | ||
| Q3 24 | $8.6B | $1.2B | ||
| Q2 24 | $9.0B | $1.2B | ||
| Q1 24 | $9.0B | $1.2B |
负债/权益比DTMRKLB
| Q4 25 | — | 0.09× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.80× | ||
| Q4 24 | 0.72× | 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 | $161.0M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $30.0M | $-114.2M |
| 自由现金流率自由现金流/营收 | 9.5% | -63.6% |
| 资本支出强度资本支出/营收 | 41.3% | 27.6% |
| 现金转化率经营现金流/净利润 | 1.45× | — |
| 过去12个月自由现金流最近4个季度 | $441.0M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流DTMRKLB
| Q4 25 | $161.0M | $-64.5M | ||
| Q3 25 | $274.0M | $-23.5M | ||
| Q2 25 | $185.0M | $-23.2M | ||
| Q1 25 | $247.0M | $-54.2M | ||
| Q4 24 | $152.0M | $-2.4M | ||
| Q3 24 | $205.0M | $-30.9M | ||
| Q2 24 | $165.0M | $-13.0M | ||
| Q1 24 | $241.0M | $-2.6M |
自由现金流DTMRKLB
| Q4 25 | $30.0M | $-114.2M | ||
| Q3 25 | $131.0M | $-69.4M | ||
| Q2 25 | $104.0M | $-55.3M | ||
| Q1 25 | $176.0M | $-82.9M | ||
| Q4 24 | $62.0M | $-23.9M | ||
| Q3 24 | $124.0M | $-41.9M | ||
| Q2 24 | $84.0M | $-28.3M | ||
| Q1 24 | $143.0M | $-21.8M |
自由现金流率DTMRKLB
| Q4 25 | 9.5% | -63.6% | ||
| Q3 25 | 41.7% | -44.8% | ||
| Q2 25 | 33.7% | -38.3% | ||
| Q1 25 | 58.1% | -67.6% | ||
| Q4 24 | 24.9% | -18.1% | ||
| Q3 24 | 50.0% | -40.0% | ||
| Q2 24 | 34.4% | -26.7% | ||
| Q1 24 | 59.6% | -23.5% |
资本支出强度DTMRKLB
| Q4 25 | 41.3% | 27.6% | ||
| Q3 25 | 45.5% | 29.6% | ||
| Q2 25 | 26.2% | 22.2% | ||
| Q1 25 | 23.4% | 23.4% | ||
| Q4 24 | 36.1% | 16.3% | ||
| Q3 24 | 32.7% | 10.5% | ||
| Q2 24 | 33.2% | 14.4% | ||
| Q1 24 | 40.8% | 20.7% |
现金转化率DTMRKLB
| Q4 25 | 1.45× | — | ||
| Q3 25 | 2.38× | — | ||
| Q2 25 | 1.73× | — | ||
| Q1 25 | 2.29× | — | ||
| Q4 24 | 2.08× | — | ||
| Q3 24 | 2.33× | — | ||
| Q2 24 | 1.72× | — | ||
| Q1 24 | 2.48× | — |
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
DTM
| Pipeline Segment | $173.0M | 55% |
| Gathering Segment | $144.0M | 45% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
