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GCM Grosvenor Inc.（GCMG）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GCM Grosvenor Inc.的1.0倍（$179.7M vs $177.1M），GCM Grosvenor Inc.净利率更高（32.8% vs -29.5%，领先62.3%），Rocket Lab Corp同比增速更快（35.7% vs 7.2%），GCM Grosvenor Inc.自由现金流更多（$175.0M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 27.5%）
GCM Grosvenor是美国头部另类资产管理机构，截至2023年资产管理规模约760亿美元，拥有约530名专业人士，为全球机构及个人投资者提供定制化另类投资解决方案，覆盖私募股权、对冲基金、房地产、基础设施等多元资产类别。
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。
GCMG vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.0倍
$177.1M
营收增速更快
RKLB
高出28.5%
7.2%
净利率更高
GCMG
高出62.3%
-29.5%
自由现金流更多
GCMG
多$289.2M
$-114.2M
两年增速更快
RKLB
近两年复合增速
27.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $177.1M | $179.7M |
| 净利润 | $58.2M | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | 30.9% | -28.4% |
| 净利率 | 32.8% | -29.5% |
| 营收同比 | 7.2% | 35.7% |
| 净利润同比 | 149.2% | -1.1% |
| 每股收益（稀释后） | $0.23 | $-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GCMGRKLB
| Q4 25 | $177.1M | $179.7M | ||
| Q3 25 | $135.0M | $155.1M | ||
| Q2 25 | $119.7M | $144.5M | ||
| Q1 25 | $125.8M | $122.6M | ||
| Q4 24 | $165.3M | $132.4M | ||
| Q3 24 | $122.9M | $104.8M | ||
| Q2 24 | $117.0M | $106.3M | ||
| Q1 24 | $108.9M | $92.8M |
净利润GCMGRKLB
| Q4 25 | $58.2M | $-52.9M | ||
| Q3 25 | $10.5M | $-18.3M | ||
| Q2 25 | $15.4M | $-66.4M | ||
| Q1 25 | $463.0K | $-60.6M | ||
| Q4 24 | $7.6M | $-52.3M | ||
| Q3 24 | $4.2M | $-51.9M | ||
| Q2 24 | $4.8M | $-41.6M | ||
| Q1 24 | $2.1M | $-44.3M |
毛利率GCMGRKLB
| 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GCMGRKLB
| Q4 25 | 30.9% | -28.4% | ||
| Q3 25 | 32.7% | -38.0% | ||
| Q2 25 | 16.1% | -41.3% | ||
| Q1 25 | 12.2% | -48.3% | ||
| Q4 24 | 26.4% | -38.9% | ||
| Q3 24 | 20.3% | -49.5% | ||
| Q2 24 | 17.8% | -40.7% | ||
| Q1 24 | -14.7% | -46.4% |
净利率GCMGRKLB
| Q4 25 | 32.8% | -29.5% | ||
| Q3 25 | 7.8% | -11.8% | ||
| Q2 25 | 12.9% | -46.0% | ||
| Q1 25 | 0.4% | -49.5% | ||
| Q4 24 | 4.6% | -39.5% | ||
| Q3 24 | 3.4% | -49.6% | ||
| Q2 24 | 4.1% | -39.2% | ||
| Q1 24 | 2.0% | -47.7% |
每股收益（稀释后）GCMGRKLB
| Q4 25 | $0.23 | $-0.09 | ||
| Q3 25 | $0.16 | $-0.03 | ||
| Q2 25 | $0.05 | $-0.13 | ||
| Q1 25 | $-0.02 | $-0.12 | ||
| Q4 24 | $0.09 | $-0.11 | ||
| Q3 24 | $0.03 | $-0.10 | ||
| Q2 24 | $0.04 | $-0.08 | ||
| Q1 24 | $-0.13 | $-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 | $242.1M | $1.0B |
| 总债务越低越好 | $428.4M | $152.4M |
| 股东权益账面价值 | $27.0M | $1.7B |
| 总资产 | $813.8M | $2.3B |
| 负债/权益比越低杠杆越低 | 15.87× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资GCMGRKLB
| Q4 25 | $242.1M | $1.0B | ||
| Q3 25 | $182.7M | $976.7M | ||
| Q2 25 | $136.3M | $688.1M | ||
| Q1 25 | $94.5M | $428.4M | ||
| Q4 24 | $89.5M | $419.0M | ||
| Q3 24 | $98.4M | $442.4M | ||
| Q2 24 | $73.9M | $496.8M | ||
| Q1 24 | $41.9M | $492.5M |
总债务GCMGRKLB
| Q4 25 | $428.4M | $152.4M | ||
| Q3 25 | $429.3M | $347.0M | ||
| Q2 25 | $430.2M | $346.5M | ||
| Q1 25 | $431.1M | $345.9M | ||
| Q4 24 | $432.0M | $345.4M | ||
| Q3 24 | $432.9M | $61.2M | ||
| Q2 24 | $433.8M | $64.2M | ||
| Q1 24 | $384.0M | $66.8M |
股东权益GCMGRKLB
| Q4 25 | $27.0M | $1.7B | ||
| Q3 25 | $-7.4M | $1.3B | ||
| Q2 25 | $-12.3M | $688.5M | ||
| Q1 25 | $-28.3M | $431.3M | ||
| Q4 24 | $-27.6M | $382.5M | ||
| Q3 24 | $-31.9M | $419.8M | ||
| Q2 24 | $-28.5M | $455.2M | ||
| Q1 24 | $-26.4M | $478.9M |
总资产GCMGRKLB
| Q4 25 | $813.8M | $2.3B | ||
| Q3 25 | $685.9M | $2.2B | ||
| Q2 25 | $636.9M | $1.6B | ||
| Q1 25 | $579.8M | $1.3B | ||
| Q4 24 | $612.7M | $1.2B | ||
| Q3 24 | $575.0M | $1.2B | ||
| Q2 24 | $543.9M | $1.2B | ||
| Q1 24 | $497.3M | $1.2B |
负债/权益比GCMGRKLB
| Q4 25 | 15.87× | 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 | $183.5M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $175.0M | $-114.2M |
| 自由现金流率自由现金流/营收 | 98.8% | -63.6% |
| 资本支出强度资本支出/营收 | 4.8% | 27.6% |
| 现金转化率经营现金流/净利润 | 3.16× | — |
| 过去12个月自由现金流最近4个季度 | $326.2M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流GCMGRKLB
| Q4 25 | $183.5M | $-64.5M | ||
| Q3 25 | $79.8M | $-23.5M | ||
| Q2 25 | $42.0M | $-23.2M | ||
| Q1 25 | $33.3M | $-54.2M | ||
| Q4 24 | $148.8M | $-2.4M | ||
| Q3 24 | $69.0M | $-30.9M | ||
| Q2 24 | $17.5M | $-13.0M | ||
| Q1 24 | $24.2M | $-2.6M |
自由现金流GCMGRKLB
| Q4 25 | $175.0M | $-114.2M | ||
| Q3 25 | $78.3M | $-69.4M | ||
| Q2 25 | $40.8M | $-55.3M | ||
| Q1 25 | $32.1M | $-82.9M | ||
| Q4 24 | $132.0M | $-23.9M | ||
| Q3 24 | $62.2M | $-41.9M | ||
| Q2 24 | $12.8M | $-28.3M | ||
| Q1 24 | $20.0M | $-21.8M |
自由现金流率GCMGRKLB
| Q4 25 | 98.8% | -63.6% | ||
| Q3 25 | 58.0% | -44.8% | ||
| Q2 25 | 34.1% | -38.3% | ||
| Q1 25 | 25.5% | -67.6% | ||
| Q4 24 | 79.9% | -18.1% | ||
| Q3 24 | 50.6% | -40.0% | ||
| Q2 24 | 10.9% | -26.7% | ||
| Q1 24 | 18.4% | -23.5% |
资本支出强度GCMGRKLB
| Q4 25 | 4.8% | 27.6% | ||
| Q3 25 | 1.1% | 29.6% | ||
| Q2 25 | 1.0% | 22.2% | ||
| Q1 25 | 0.9% | 23.4% | ||
| Q4 24 | 10.1% | 16.3% | ||
| Q3 24 | 5.5% | 10.5% | ||
| Q2 24 | 4.0% | 14.4% | ||
| Q1 24 | 3.9% | 20.7% |
现金转化率GCMGRKLB
| Q4 25 | 3.16× | — | ||
| Q3 25 | 7.61× | — | ||
| Q2 25 | 2.72× | — | ||
| Q1 25 | 71.84× | — | ||
| Q4 24 | 19.54× | — | ||
| Q3 24 | 16.60× | — | ||
| Q2 24 | 3.64× | — | ||
| Q1 24 | 11.40× | — |
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
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
