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伯克希尔·哈撒韦（HEI）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
伯克希尔·哈撒韦的季度营收约是Rocket Lab Corp的6.7倍（$1.2B vs $179.7M），伯克希尔·哈撒韦净利率更高（15.6% vs -29.5%，领先45.0%），Rocket Lab Corp同比增速更快（35.7% vs 19.3%），伯克希尔·哈撒韦自由现金流更多（$268.5M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 16.2%）
伯克希尔·哈撒韦是总部位于美国内布拉斯加州奥马哈的跨国综合控股集团，最初主营纺织品制造，1965年起在董事长兼首席执行官沃伦·巴菲特、副董事长查理·芒格的带领下转型为多元化企业集团，2026年初格雷格·阿贝尔接任首席执行官，巴菲特个人持有公司38.4%的A类有投票权股份，对应15.1%的整体经济权益。
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。
HEI vs RKLB — 直观对比
营收规模更大
HEI
是对方的6.7倍
$179.7M
营收增速更快
RKLB
高出16.4%
19.3%
净利率更高
HEI
高出45.0%
-29.5%
自由现金流更多
HEI
多$382.7M
$-114.2M
两年增速更快
RKLB
近两年复合增速
16.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $179.7M |
| 净利润 | $188.3M | $-52.9M |
| 毛利率 | 40.2% | 38.0% |
| 营业利润率 | 23.1% | -28.4% |
| 净利率 | 15.6% | -29.5% |
| 营收同比 | 19.3% | 35.7% |
| 净利润同比 | 34.8% | -1.1% |
| 每股收益（稀释后） | $1.32 | $-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HEIRKLB
| Q4 25 | $1.2B | $179.7M | ||
| Q3 25 | $1.1B | $155.1M | ||
| Q2 25 | $1.1B | $144.5M | ||
| Q1 25 | $1.0B | $122.6M | ||
| Q4 24 | $1.0B | $132.4M | ||
| Q3 24 | $992.2M | $104.8M | ||
| Q2 24 | $955.4M | $106.3M | ||
| Q1 24 | $896.4M | $92.8M |
净利润HEIRKLB
| Q4 25 | $188.3M | $-52.9M | ||
| Q3 25 | $177.3M | $-18.3M | ||
| Q2 25 | $156.8M | $-66.4M | ||
| Q1 25 | $168.0M | $-60.6M | ||
| Q4 24 | $139.7M | $-52.3M | ||
| Q3 24 | $136.6M | $-51.9M | ||
| Q2 24 | $123.1M | $-41.6M | ||
| Q1 24 | $114.7M | $-44.3M |
毛利率HEIRKLB
| Q4 25 | 40.2% | 38.0% | ||
| Q3 25 | 39.8% | 37.0% | ||
| Q2 25 | 39.9% | 32.1% | ||
| Q1 25 | 39.4% | 28.8% | ||
| Q4 24 | 38.9% | 27.8% | ||
| Q3 24 | 39.2% | 26.7% | ||
| Q2 24 | 38.9% | 25.6% | ||
| Q1 24 | 38.7% | 26.1% |
营业利润率HEIRKLB
| Q4 25 | 23.1% | -28.4% | ||
| Q3 25 | 23.1% | -38.0% | ||
| Q2 25 | 22.6% | -41.3% | ||
| Q1 25 | 22.0% | -48.3% | ||
| Q4 24 | 21.6% | -38.9% | ||
| Q3 24 | 21.8% | -49.5% | ||
| Q2 24 | 21.9% | -40.7% | ||
| Q1 24 | 20.1% | -46.4% |
净利率HEIRKLB
| Q4 25 | 15.6% | -29.5% | ||
| Q3 25 | 15.5% | -11.8% | ||
| Q2 25 | 14.3% | -46.0% | ||
| Q1 25 | 16.3% | -49.5% | ||
| Q4 24 | 13.8% | -39.5% | ||
| Q3 24 | 13.8% | -49.6% | ||
| Q2 24 | 12.9% | -39.2% | ||
| Q1 24 | 12.8% | -47.7% |
每股收益（稀释后）HEIRKLB
| Q4 25 | $1.32 | $-0.09 | ||
| Q3 25 | $1.26 | $-0.03 | ||
| Q2 25 | $1.12 | $-0.13 | ||
| Q1 25 | $1.20 | $-0.12 | ||
| Q4 24 | $1.00 | $-0.11 | ||
| Q3 24 | $0.97 | $-0.10 | ||
| Q2 24 | $0.88 | $-0.08 | ||
| Q1 24 | $0.82 | $-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 | $217.8M | $1.0B |
| 总债务越低越好 | $2.2B | $152.4M |
| 股东权益账面价值 | $4.3B | $1.7B |
| 总资产 | $8.5B | $2.3B |
| 负债/权益比越低杠杆越低 | 0.50× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资HEIRKLB
| Q4 25 | $217.8M | $1.0B | ||
| Q3 25 | $261.9M | $976.7M | ||
| Q2 25 | $242.3M | $688.1M | ||
| Q1 25 | $165.5M | $428.4M | ||
| Q4 24 | $162.1M | $419.0M | ||
| Q3 24 | $202.9M | $442.4M | ||
| Q2 24 | $204.2M | $496.8M | ||
| Q1 24 | $196.3M | $492.5M |
总债务HEIRKLB
| Q4 25 | $2.2B | $152.4M | ||
| Q3 25 | $2.4B | $347.0M | ||
| Q2 25 | $2.3B | $346.5M | ||
| Q1 25 | $2.3B | $345.9M | ||
| Q4 24 | $2.2B | $345.4M | ||
| Q3 24 | $2.3B | $61.2M | ||
| Q2 24 | $2.4B | $64.2M | ||
| Q1 24 | $2.5B | $66.8M |
股东权益HEIRKLB
| Q4 25 | $4.3B | $1.7B | ||
| Q3 25 | $4.1B | $1.3B | ||
| Q2 25 | $4.0B | $688.5M | ||
| Q1 25 | $3.7B | $431.3M | ||
| Q4 24 | $3.6B | $382.5M | ||
| Q3 24 | $3.5B | $419.8M | ||
| Q2 24 | $3.4B | $455.2M | ||
| Q1 24 | $3.3B | $478.9M |
总资产HEIRKLB
| Q4 25 | $8.5B | $2.3B | ||
| Q3 25 | $8.5B | $2.2B | ||
| Q2 25 | $8.1B | $1.6B | ||
| Q1 25 | $7.9B | $1.3B | ||
| Q4 24 | $7.6B | $1.2B | ||
| Q3 24 | $7.4B | $1.2B | ||
| Q2 24 | $7.4B | $1.2B | ||
| Q1 24 | $7.3B | $1.2B |
负债/权益比HEIRKLB
| Q4 25 | 0.50× | 0.09× | ||
| Q3 25 | 0.59× | 0.27× | ||
| Q2 25 | 0.57× | 0.50× | ||
| Q1 25 | 0.63× | 0.80× | ||
| Q4 24 | 0.61× | 0.90× | ||
| Q3 24 | 0.64× | 0.15× | ||
| Q2 24 | 0.70× | 0.14× | ||
| Q1 24 | 0.76× | 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 | $295.3M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $268.5M | $-114.2M |
| 自由现金流率自由现金流/营收 | 22.2% | -63.6% |
| 资本支出强度资本支出/营收 | 2.2% | 27.6% |
| 现金转化率经营现金流/净利润 | 1.57× | — |
| 过去12个月自由现金流最近4个季度 | $861.4M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流HEIRKLB
| Q4 25 | $295.3M | $-64.5M | ||
| Q3 25 | $231.2M | $-23.5M | ||
| Q2 25 | $204.7M | $-23.2M | ||
| Q1 25 | $203.0M | $-54.2M | ||
| Q4 24 | $205.6M | $-2.4M | ||
| Q3 24 | $214.0M | $-30.9M | ||
| Q2 24 | $141.1M | $-13.0M | ||
| Q1 24 | $111.7M | $-2.6M |
自由现金流HEIRKLB
| Q4 25 | $268.5M | $-114.2M | ||
| Q3 25 | $218.5M | $-69.4M | ||
| Q2 25 | $188.7M | $-55.3M | ||
| Q1 25 | $185.7M | $-82.9M | ||
| Q4 24 | $189.5M | $-23.9M | ||
| Q3 24 | $198.1M | $-41.9M | ||
| Q2 24 | $128.2M | $-28.3M | ||
| Q1 24 | $98.3M | $-21.8M |
自由现金流率HEIRKLB
| Q4 25 | 22.2% | -63.6% | ||
| Q3 25 | 19.0% | -44.8% | ||
| Q2 25 | 17.2% | -38.3% | ||
| Q1 25 | 18.0% | -67.6% | ||
| Q4 24 | 18.7% | -18.1% | ||
| Q3 24 | 20.0% | -40.0% | ||
| Q2 24 | 13.4% | -26.7% | ||
| Q1 24 | 11.0% | -23.5% |
资本支出强度HEIRKLB
| Q4 25 | 2.2% | 27.6% | ||
| Q3 25 | 1.1% | 29.6% | ||
| Q2 25 | 1.5% | 22.2% | ||
| Q1 25 | 1.7% | 23.4% | ||
| Q4 24 | 1.6% | 16.3% | ||
| Q3 24 | 1.6% | 10.5% | ||
| Q2 24 | 1.4% | 14.4% | ||
| Q1 24 | 1.5% | 20.7% |
现金转化率HEIRKLB
| Q4 25 | 1.57× | — | ||
| Q3 25 | 1.30× | — | ||
| Q2 25 | 1.31× | — | ||
| Q1 25 | 1.21× | — | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 1.57× | — | ||
| Q2 24 | 1.15× | — | ||
| Q1 24 | 0.97× | — |
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
HEI
| Aftermarket Replacement Parts | $510.0M | 42% |
| Electronic Componentsfor Defense Spaceand Aerospace | $311.8M | 26% |
| Defenseand Space | $170.6M | 14% |
| Specialty Products | $118.9M | 10% |
| Other Electronic Components | $73.0M | 6% |
| Other Industries | $15.9M | 1% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
