vs
Enphase Energy（ENPH）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
Enphase Energy的季度营收约是Rocket Lab Corp的1.6倍（$282.9M vs $179.7M），Enphase Energy净利率更高（-2.6% vs -29.5%，领先26.8%），Rocket Lab Corp同比增速更快（35.7% vs -20.6%），Enphase Energy自由现金流更多（$83.0M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs -3.4%）
Enphase Energy是总部位于美国加利福尼亚州弗里蒙特的能源科技企业，成立于2006年，是全球首家成功实现光伏微型逆变器商业化的企业，主要面向住宅用户研发生产光伏微型逆变器、储能电池及电动汽车充电桩。
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。
ENPH vs RKLB — 直观对比
营收规模更大
ENPH
是对方的1.6倍
$179.7M
营收增速更快
RKLB
高出56.3%
-20.6%
净利率更高
ENPH
高出26.8%
-29.5%
自由现金流更多
ENPH
多$197.2M
$-114.2M
两年增速更快
RKLB
近两年复合增速
-3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $282.9M | $179.7M |
| 净利润 | $-7.4M | $-52.9M |
| 毛利率 | 35.5% | 38.0% |
| 营业利润率 | — | -28.4% |
| 净利率 | -2.6% | -29.5% |
| 营收同比 | -20.6% | 35.7% |
| 净利润同比 | -124.9% | -1.1% |
| 每股收益（稀释后） | $-0.06 | $-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ENPHRKLB
| Q1 26 | $282.9M | — | ||
| Q4 25 | $343.3M | $179.7M | ||
| Q3 25 | $410.4M | $155.1M | ||
| Q2 25 | $363.2M | $144.5M | ||
| Q1 25 | $356.1M | $122.6M | ||
| Q4 24 | $382.7M | $132.4M | ||
| Q3 24 | $380.9M | $104.8M | ||
| Q2 24 | $303.5M | $106.3M |
净利润ENPHRKLB
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $-52.9M | ||
| Q3 25 | $66.6M | $-18.3M | ||
| Q2 25 | $37.1M | $-66.4M | ||
| Q1 25 | $29.7M | $-60.6M | ||
| Q4 24 | $62.2M | $-52.3M | ||
| Q3 24 | $45.8M | $-51.9M | ||
| Q2 24 | $10.8M | $-41.6M |
毛利率ENPHRKLB
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 38.0% | ||
| Q3 25 | 47.8% | 37.0% | ||
| Q2 25 | 46.9% | 32.1% | ||
| Q1 25 | 47.2% | 28.8% | ||
| Q4 24 | 51.8% | 27.8% | ||
| Q3 24 | 46.8% | 26.7% | ||
| Q2 24 | 45.2% | 25.6% |
营业利润率ENPHRKLB
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | -28.4% | ||
| Q3 25 | 16.1% | -38.0% | ||
| Q2 25 | 10.2% | -41.3% | ||
| Q1 25 | 9.0% | -48.3% | ||
| Q4 24 | 14.3% | -38.9% | ||
| Q3 24 | 13.1% | -49.5% | ||
| Q2 24 | 0.6% | -40.7% |
净利率ENPHRKLB
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | -29.5% | ||
| Q3 25 | 16.2% | -11.8% | ||
| Q2 25 | 10.2% | -46.0% | ||
| Q1 25 | 8.3% | -49.5% | ||
| Q4 24 | 16.2% | -39.5% | ||
| Q3 24 | 12.0% | -49.6% | ||
| Q2 24 | 3.6% | -39.2% |
每股收益（稀释后）ENPHRKLB
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $-0.09 | ||
| Q3 25 | $0.50 | $-0.03 | ||
| Q2 25 | $0.28 | $-0.13 | ||
| Q1 25 | $0.22 | $-0.12 | ||
| Q4 24 | $0.46 | $-0.11 | ||
| Q3 24 | $0.33 | $-0.10 | ||
| Q2 24 | $0.08 | $-0.08 |
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 | $497.5M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $1.1B | $1.7B |
| 总资产 | $2.7B | $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ENPHRKLB
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $1.0B | ||
| Q3 25 | $1.5B | $976.7M | ||
| Q2 25 | $1.5B | $688.1M | ||
| Q1 25 | $1.5B | $428.4M | ||
| Q4 24 | $1.6B | $419.0M | ||
| Q3 24 | $1.8B | $442.4M | ||
| Q2 24 | $1.6B | $496.8M |
总债务ENPHRKLB
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $152.4M | ||
| Q3 25 | $1.2B | $347.0M | ||
| Q2 25 | $1.2B | $346.5M | ||
| Q1 25 | $1.2B | $345.9M | ||
| Q4 24 | $1.3B | $345.4M | ||
| Q3 24 | $1.3B | $61.2M | ||
| Q2 24 | $1.3B | $64.2M |
股东权益ENPHRKLB
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $1.7B | ||
| Q3 25 | $995.0M | $1.3B | ||
| Q2 25 | $880.6M | $688.5M | ||
| Q1 25 | $810.7M | $431.3M | ||
| Q4 24 | $833.0M | $382.5M | ||
| Q3 24 | $931.4M | $419.8M | ||
| Q2 24 | $884.5M | $455.2M |
总资产ENPHRKLB
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $2.3B | ||
| Q3 25 | $3.3B | $2.2B | ||
| Q2 25 | $3.2B | $1.6B | ||
| Q1 25 | $3.1B | $1.3B | ||
| Q4 24 | $3.2B | $1.2B | ||
| Q3 24 | $3.3B | $1.2B | ||
| Q2 24 | $3.2B | $1.2B |
负债/权益比ENPHRKLB
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 0.09× | ||
| Q3 25 | 1.21× | 0.27× | ||
| Q2 25 | 1.37× | 0.50× | ||
| Q1 25 | 1.48× | 0.80× | ||
| Q4 24 | 1.56× | 0.90× | ||
| Q3 24 | 1.40× | 0.15× | ||
| Q2 24 | 1.47× | 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 | $102.9M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | $-114.2M |
| 自由现金流率自由现金流/营收 | 29.3% | -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 | — | — |
| 过去12个月自由现金流最近4个季度 | $145.1M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流ENPHRKLB
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $-64.5M | ||
| Q3 25 | $13.9M | $-23.5M | ||
| Q2 25 | $26.6M | $-23.2M | ||
| Q1 25 | $48.4M | $-54.2M | ||
| Q4 24 | $167.3M | $-2.4M | ||
| Q3 24 | $170.1M | $-30.9M | ||
| Q2 24 | $127.1M | $-13.0M |
自由现金流ENPHRKLB
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $-114.2M | ||
| Q3 25 | $5.9M | $-69.4M | ||
| Q2 25 | $18.4M | $-55.3M | ||
| Q1 25 | $33.8M | $-82.9M | ||
| Q4 24 | $159.2M | $-23.9M | ||
| Q3 24 | $161.6M | $-41.9M | ||
| Q2 24 | $117.4M | $-28.3M |
自由现金流率ENPHRKLB
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | -63.6% | ||
| Q3 25 | 1.4% | -44.8% | ||
| Q2 25 | 5.1% | -38.3% | ||
| Q1 25 | 9.5% | -67.6% | ||
| Q4 24 | 41.6% | -18.1% | ||
| Q3 24 | 42.4% | -40.0% | ||
| Q2 24 | 38.7% | -26.7% |
资本支出强度ENPHRKLB
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 27.6% | ||
| Q3 25 | 2.0% | 29.6% | ||
| Q2 25 | 2.3% | 22.2% | ||
| Q1 25 | 4.1% | 23.4% | ||
| Q4 24 | 2.1% | 16.3% | ||
| Q3 24 | 2.2% | 10.5% | ||
| Q2 24 | 3.2% | 14.4% |
现金转化率ENPHRKLB
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | 2.69× | — | ||
| Q3 24 | 3.72× | — | ||
| Q2 24 | 11.73× | — |
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
ENPH
暂无分部数据
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
