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FRIEDMAN INDUSTRIES INC（FRD）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FRIEDMAN INDUSTRIES INC的1.1倍（$179.7M vs $168.0M），FRIEDMAN INDUSTRIES INC净利率更高（1.8% vs -29.5%，领先31.3%），FRIEDMAN INDUSTRIES INC同比增速更快（78.6% vs 35.7%），FRIEDMAN INDUSTRIES INC自由现金流更多（$-6.3M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 13.3%）
赫尔曼与弗里德曼（H&F）是一家美国私募股权公司，由沃伦·赫尔曼与塔利·弗里德曼于1984年创立，主要通过杠杆收购及成长资本开展投资业务，核心投资方向覆盖传媒、金融服务、专业服务与信息服务等多个领域。
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。
FRD vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.1倍
$168.0M
营收增速更快
FRD
高出42.9%
35.7%
净利率更高
FRD
高出31.3%
-29.5%
自由现金流更多
FRD
多$107.8M
$-114.2M
两年增速更快
RKLB
近两年复合增速
13.3%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $168.0M | $179.7M |
| 净利润 | $3.0M | $-52.9M |
| 毛利率 | 2.3% | 38.0% |
| 营业利润率 | 2.3% | -28.4% |
| 净利率 | 1.8% | -29.5% |
| 营收同比 | 78.6% | 35.7% |
| 净利润同比 | 364.1% | -1.1% |
| 每股收益（稀释后） | $0.43 | $-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FRDRKLB
| Q4 25 | $168.0M | $179.7M | ||
| Q3 25 | $152.4M | $155.1M | ||
| Q2 25 | $134.8M | $144.5M | ||
| Q1 25 | — | $122.6M | ||
| Q4 24 | $94.1M | $132.4M | ||
| Q3 24 | $106.8M | $104.8M | ||
| Q2 24 | $114.6M | $106.3M | ||
| Q1 24 | — | $92.8M |
净利润FRDRKLB
| Q4 25 | $3.0M | $-52.9M | ||
| Q3 25 | $2.2M | $-18.3M | ||
| Q2 25 | $5.0M | $-66.4M | ||
| Q1 25 | — | $-60.6M | ||
| Q4 24 | $-1.2M | $-52.3M | ||
| Q3 24 | $-675.0K | $-51.9M | ||
| Q2 24 | $2.6M | $-41.6M | ||
| Q1 24 | — | $-44.3M |
毛利率FRDRKLB
| Q4 25 | 2.3% | 38.0% | ||
| Q3 25 | 1.9% | 37.0% | ||
| Q2 25 | 5.2% | 32.1% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | — | 27.8% | ||
| Q3 24 | -0.2% | 26.7% | ||
| Q2 24 | -1.2% | 25.6% | ||
| Q1 24 | — | 26.1% |
营业利润率FRDRKLB
| Q4 25 | 2.3% | -28.4% | ||
| Q3 25 | 1.9% | -38.0% | ||
| Q2 25 | 5.2% | -41.3% | ||
| Q1 25 | — | -48.3% | ||
| Q4 24 | -1.3% | -38.9% | ||
| Q3 24 | -0.2% | -49.5% | ||
| Q2 24 | -1.2% | -40.7% | ||
| Q1 24 | — | -46.4% |
净利率FRDRKLB
| Q4 25 | 1.8% | -29.5% | ||
| Q3 25 | 1.5% | -11.8% | ||
| Q2 25 | 3.7% | -46.0% | ||
| Q1 25 | — | -49.5% | ||
| Q4 24 | -1.2% | -39.5% | ||
| Q3 24 | -0.6% | -49.6% | ||
| Q2 24 | 2.2% | -39.2% | ||
| Q1 24 | — | -47.7% |
每股收益（稀释后）FRDRKLB
| Q4 25 | $0.43 | $-0.09 | ||
| Q3 25 | $0.32 | $-0.03 | ||
| Q2 25 | $0.71 | $-0.13 | ||
| Q1 25 | — | $-0.12 | ||
| Q4 24 | $-0.17 | $-0.11 | ||
| Q3 24 | $-0.10 | $-0.10 | ||
| Q2 24 | $0.37 | $-0.08 | ||
| Q1 24 | — | $-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 | $3.0M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $142.2M | $1.7B |
| 总资产 | $311.9M | $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FRDRKLB
| Q4 25 | $3.0M | $1.0B | ||
| Q3 25 | $4.6M | $976.7M | ||
| Q2 25 | $2.1M | $688.1M | ||
| Q1 25 | — | $428.4M | ||
| Q4 24 | $1.1M | $419.0M | ||
| Q3 24 | $2.5M | $442.4M | ||
| Q2 24 | $4.1M | $496.8M | ||
| Q1 24 | — | $492.5M |
总债务FRDRKLB
| 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FRDRKLB
| Q4 25 | $142.2M | $1.7B | ||
| Q3 25 | $139.3M | $1.3B | ||
| Q2 25 | $137.3M | $688.5M | ||
| Q1 25 | — | $431.3M | ||
| Q4 24 | $127.3M | $382.5M | ||
| Q3 24 | $128.8M | $419.8M | ||
| Q2 24 | $129.7M | $455.2M | ||
| Q1 24 | — | $478.9M |
总资产FRDRKLB
| Q4 25 | $311.9M | $2.3B | ||
| Q3 25 | $311.3M | $2.2B | ||
| Q2 25 | $219.1M | $1.6B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $210.3M | $1.2B | ||
| Q3 24 | $209.2M | $1.2B | ||
| Q2 24 | $222.8M | $1.2B | ||
| Q1 24 | — | $1.2B |
负债/权益比FRDRKLB
| 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 | $-4.7M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $-6.3M | $-114.2M |
| 自由现金流率自由现金流/营收 | -3.8% | -63.6% |
| 资本支出强度资本支出/营收 | 1.0% | 27.6% |
| 现金转化率经营现金流/净利润 | -1.56× | — |
| 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FRDRKLB
| Q4 25 | $-4.7M | $-64.5M | ||
| Q3 25 | $434.0K | $-23.5M | ||
| Q2 25 | $15.5M | $-23.2M | ||
| Q1 25 | — | $-54.2M | ||
| Q4 24 | — | $-2.4M | ||
| Q3 24 | — | $-30.9M | ||
| Q2 24 | $-6.1M | $-13.0M | ||
| Q1 24 | — | $-2.6M |
自由现金流FRDRKLB
| Q4 25 | $-6.3M | $-114.2M | ||
| Q3 25 | $-2.0M | $-69.4M | ||
| Q2 25 | $13.7M | $-55.3M | ||
| Q1 25 | — | $-82.9M | ||
| Q4 24 | — | $-23.9M | ||
| Q3 24 | — | $-41.9M | ||
| Q2 24 | $-7.1M | $-28.3M | ||
| Q1 24 | — | $-21.8M |
自由现金流率FRDRKLB
| Q4 25 | -3.8% | -63.6% | ||
| Q3 25 | -1.3% | -44.8% | ||
| Q2 25 | 10.2% | -38.3% | ||
| Q1 25 | — | -67.6% | ||
| Q4 24 | — | -18.1% | ||
| Q3 24 | — | -40.0% | ||
| Q2 24 | -6.2% | -26.7% | ||
| Q1 24 | — | -23.5% |
资本支出强度FRDRKLB
| Q4 25 | 1.0% | 27.6% | ||
| Q3 25 | 1.6% | 29.6% | ||
| Q2 25 | 1.3% | 22.2% | ||
| Q1 25 | — | 23.4% | ||
| Q4 24 | — | 16.3% | ||
| Q3 24 | — | 10.5% | ||
| Q2 24 | 0.9% | 14.4% | ||
| Q1 24 | — | 20.7% |
现金转化率FRDRKLB
| Q4 25 | -1.56× | — | ||
| Q3 25 | 0.19× | — | ||
| Q2 25 | 3.08× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -2.36× | — | ||
| 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
FRD
| Prime Coil | $152.0M | 90% |
| Manufactured Pipe | $14.9M | 9% |
| Customer Owned | $1.1M | 1% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
