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IHS Holding Ltd（IHS）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
IHS Holding Ltd的季度营收约是Rocket Lab Corp的1.4倍（$254.0M vs $179.7M），Rocket Lab Corp同比增速更快（35.7% vs 0.1%），IHS Holding Ltd自由现金流更多（$178.6M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs -22.0%）
IHS Holding是全球规模领先的共享通信基础设施独立持有、运营及开发企业之一，也是全球第五大独立跨国通信铁塔企业，业务覆盖非洲与拉美地区，为当地通信网络部署提供关键的铁塔基础设施支持。
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。
IHS vs RKLB — 直观对比
营收规模更大
IHS
是对方的1.4倍
$179.7M
营收增速更快
RKLB
高出35.6%
0.1%
自由现金流更多
IHS
多$292.8M
$-114.2M
两年增速更快
RKLB
近两年复合增速
-22.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $254.0M | $179.7M |
| 净利润 | — | $-52.9M |
| 毛利率 | 83.6% | 38.0% |
| 营业利润率 | — | -28.4% |
| 净利率 | — | -29.5% |
| 营收同比 | 0.1% | 35.7% |
| 净利润同比 | — | -1.1% |
| 每股收益（稀释后） | — | $-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IHSRKLB
| Q4 25 | $254.0M | $179.7M | ||
| Q3 25 | $455.1M | $155.1M | ||
| Q2 25 | $433.3M | $144.5M | ||
| Q1 25 | $439.6M | $122.6M | ||
| Q4 24 | $253.8M | $132.4M | ||
| Q3 24 | $420.3M | $104.8M | ||
| Q2 24 | $435.4M | $106.3M | ||
| Q1 24 | $417.7M | $92.8M |
净利润IHSRKLB
| Q4 25 | — | $-52.9M | ||
| Q3 25 | $147.4M | $-18.3M | ||
| Q2 25 | $32.3M | $-66.4M | ||
| Q1 25 | $30.7M | $-60.6M | ||
| Q4 24 | — | $-52.3M | ||
| Q3 24 | $-205.7M | $-51.9M | ||
| Q2 24 | $-124.3M | $-41.6M | ||
| Q1 24 | $-1.6B | $-44.3M |
毛利率IHSRKLB
| Q4 25 | 83.6% | 38.0% | ||
| Q3 25 | 47.5% | 37.0% | ||
| Q2 25 | 51.3% | 32.1% | ||
| Q1 25 | 51.4% | 28.8% | ||
| Q4 24 | 72.1% | 27.8% | ||
| Q3 24 | 52.0% | 26.7% | ||
| Q2 24 | 52.5% | 25.6% | ||
| Q1 24 | 39.1% | 26.1% |
营业利润率IHSRKLB
| Q4 25 | — | -28.4% | ||
| Q3 25 | 35.1% | -38.0% | ||
| Q2 25 | 33.8% | -41.3% | ||
| Q1 25 | 37.1% | -48.3% | ||
| Q4 24 | — | -38.9% | ||
| Q3 24 | 29.9% | -49.5% | ||
| Q2 24 | 34.0% | -40.7% | ||
| Q1 24 | -1.7% | -46.4% |
净利率IHSRKLB
| Q4 25 | — | -29.5% | ||
| Q3 25 | 32.4% | -11.8% | ||
| Q2 25 | 7.5% | -46.0% | ||
| Q1 25 | 7.0% | -49.5% | ||
| Q4 24 | — | -39.5% | ||
| Q3 24 | -48.9% | -49.6% | ||
| Q2 24 | -28.5% | -39.2% | ||
| Q1 24 | -372.8% | -47.7% |
每股收益（稀释后）IHSRKLB
| Q4 25 | — | $-0.09 | ||
| Q3 25 | $0.44 | $-0.03 | ||
| Q2 25 | $0.10 | $-0.13 | ||
| Q1 25 | $0.10 | $-0.12 | ||
| Q4 24 | — | $-0.11 | ||
| Q3 24 | $-0.61 | $-0.10 | ||
| Q2 24 | $-0.36 | $-0.08 | ||
| Q1 24 | $-4.67 | $-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 | $825.7M | $1.0B |
| 总债务越低越好 | $3.1B | $152.4M |
| 股东权益账面价值 | $-89.8M | $1.7B |
| 总资产 | $4.5B | $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IHSRKLB
| Q4 25 | $825.7M | $1.0B | ||
| Q3 25 | $647.6M | $976.7M | ||
| Q2 25 | $531.8M | $688.1M | ||
| Q1 25 | $629.0M | $428.4M | ||
| Q4 24 | $578.0M | $419.0M | ||
| Q3 24 | $397.5M | $442.4M | ||
| Q2 24 | $445.7M | $496.8M | ||
| Q1 24 | $333.2M | $492.5M |
总债务IHSRKLB
| Q4 25 | $3.1B | $152.4M | ||
| Q3 25 | $3.3B | $347.0M | ||
| Q2 25 | $3.2B | $346.5M | ||
| Q1 25 | $3.4B | $345.9M | ||
| Q4 24 | $3.3B | $345.4M | ||
| Q3 24 | $3.5B | $61.2M | ||
| Q2 24 | $3.6B | $64.2M | ||
| Q1 24 | $3.5B | $66.8M |
股东权益IHSRKLB
| Q4 25 | $-89.8M | $1.7B | ||
| Q3 25 | $38.1M | $1.3B | ||
| Q2 25 | $-98.4M | $688.5M | ||
| Q1 25 | $-184.4M | $431.3M | ||
| Q4 24 | $-314.4M | $382.5M | ||
| Q3 24 | $-284.7M | $419.8M | ||
| Q2 24 | $-308.3M | $455.2M | ||
| Q1 24 | $-163.2M | $478.9M |
总资产IHSRKLB
| Q4 25 | $4.5B | $2.3B | ||
| Q3 25 | $4.7B | $2.2B | ||
| Q2 25 | $4.5B | $1.6B | ||
| Q1 25 | $4.4B | $1.3B | ||
| Q4 24 | $4.2B | $1.2B | ||
| Q3 24 | $4.6B | $1.2B | ||
| Q2 24 | $4.5B | $1.2B | ||
| Q1 24 | $4.6B | $1.2B |
负债/权益比IHSRKLB
| Q4 25 | — | 0.09× | ||
| Q3 25 | 85.85× | 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 | $246.9M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $178.6M | $-114.2M |
| 自由现金流率自由现金流/营收 | 70.3% | -63.6% |
| 资本支出强度资本支出/营收 | 26.9% | 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 | $718.7M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流IHSRKLB
| Q4 25 | $246.9M | $-64.5M | ||
| Q3 25 | $251.3M | $-23.5M | ||
| Q2 25 | $237.7M | $-23.2M | ||
| Q1 25 | $200.3M | $-54.2M | ||
| Q4 24 | $344.4M | $-2.4M | ||
| Q3 24 | $174.5M | $-30.9M | ||
| Q2 24 | $134.7M | $-13.0M | ||
| Q1 24 | $75.8M | $-2.6M |
自由现金流IHSRKLB
| Q4 25 | $178.6M | $-114.2M | ||
| Q3 25 | $189.2M | $-69.4M | ||
| Q2 25 | $197.7M | $-55.3M | ||
| Q1 25 | $153.2M | $-82.9M | ||
| Q4 24 | $282.9M | $-23.9M | ||
| Q3 24 | $122.3M | $-41.9M | ||
| Q2 24 | $74.2M | $-28.3M | ||
| Q1 24 | $14.8M | $-21.8M |
自由现金流率IHSRKLB
| Q4 25 | 70.3% | -63.6% | ||
| Q3 25 | 41.6% | -44.8% | ||
| Q2 25 | 45.6% | -38.3% | ||
| Q1 25 | 34.8% | -67.6% | ||
| Q4 24 | 111.5% | -18.1% | ||
| Q3 24 | 29.1% | -40.0% | ||
| Q2 24 | 17.0% | -26.7% | ||
| Q1 24 | 3.5% | -23.5% |
资本支出强度IHSRKLB
| Q4 25 | 26.9% | 27.6% | ||
| Q3 25 | 13.6% | 29.6% | ||
| Q2 25 | 9.2% | 22.2% | ||
| Q1 25 | 10.7% | 23.4% | ||
| Q4 24 | 24.2% | 16.3% | ||
| Q3 24 | 12.4% | 10.5% | ||
| Q2 24 | 13.9% | 14.4% | ||
| Q1 24 | 14.6% | 20.7% |
现金转化率IHSRKLB
| Q4 25 | — | — | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 7.36× | — | ||
| Q1 25 | 6.52× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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
IHS
暂无分部数据
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
