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Immunocore Holdings plc（IMCR）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Immunocore Holdings plc的1.7倍（$179.7M vs $104.5M），Rocket Lab Corp同比增速更快（35.7% vs 24.3%），Immunocore Holdings plc自由现金流更多（$-35.5M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 21.7%）
Immunocore是一家处于商业化阶段的全球生物技术企业，总部位于英国牛津郡，依托可溶性T细胞受体技术深耕生物药物的研发领域，其创新技术平台为肿瘤、感染性疾病、自身免疫性疾病等多领域的新药开发提供支撑。
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。
IMCR vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.7倍
$104.5M
营收增速更快
RKLB
高出11.4%
24.3%
自由现金流更多
IMCR
多$78.7M
$-114.2M
两年增速更快
RKLB
近两年复合增速
21.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $104.5M | $179.7M |
| 净利润 | — | $-52.9M |
| 毛利率 | 97.4% | 38.0% |
| 营业利润率 | -18.8% | -28.4% |
| 净利率 | — | -29.5% |
| 营收同比 | 24.3% | 35.7% |
| 净利润同比 | — | -1.1% |
| 每股收益（稀释后） | $-0.61 | $-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IMCRRKLB
| Q4 25 | $104.5M | $179.7M | ||
| Q3 25 | $103.7M | $155.1M | ||
| Q2 25 | $98.0M | $144.5M | ||
| Q1 25 | $93.9M | $122.6M | ||
| Q4 24 | $84.1M | $132.4M | ||
| Q3 24 | $80.2M | $104.8M | ||
| Q2 24 | $75.4M | $106.3M | ||
| Q1 24 | $70.5M | $92.8M |
净利润IMCRRKLB
| Q4 25 | — | $-52.9M | ||
| Q3 25 | $-177.0K | $-18.3M | ||
| Q2 25 | $-10.3M | $-66.4M | ||
| Q1 25 | $5.0M | $-60.6M | ||
| Q4 24 | — | $-52.3M | ||
| Q3 24 | $8.7M | $-51.9M | ||
| Q2 24 | $-11.6M | $-41.6M | ||
| Q1 24 | $-24.4M | $-44.3M |
毛利率IMCRRKLB
| Q4 25 | 97.4% | 38.0% | ||
| Q3 25 | 99.5% | 37.0% | ||
| Q2 25 | 98.9% | 32.1% | ||
| Q1 25 | 99.1% | 28.8% | ||
| Q4 24 | 99.6% | 27.8% | ||
| Q3 24 | 99.4% | 26.7% | ||
| Q2 24 | 97.7% | 25.6% | ||
| Q1 24 | 99.7% | 26.1% |
营业利润率IMCRRKLB
| Q4 25 | -18.8% | -28.4% | ||
| Q3 25 | -6.9% | -38.0% | ||
| Q2 25 | -15.2% | -41.3% | ||
| Q1 25 | -3.9% | -48.3% | ||
| Q4 24 | -23.1% | -38.9% | ||
| Q3 24 | -10.6% | -49.5% | ||
| Q2 24 | -21.2% | -40.7% | ||
| Q1 24 | -37.6% | -46.4% |
净利率IMCRRKLB
| Q4 25 | — | -29.5% | ||
| Q3 25 | -0.2% | -11.8% | ||
| Q2 25 | -10.5% | -46.0% | ||
| Q1 25 | 5.4% | -49.5% | ||
| Q4 24 | — | -39.5% | ||
| Q3 24 | 10.9% | -49.6% | ||
| Q2 24 | -15.4% | -39.2% | ||
| Q1 24 | -34.7% | -47.7% |
每股收益（稀释后）IMCRRKLB
| Q4 25 | $-0.61 | $-0.09 | ||
| Q3 25 | $0.00 | $-0.03 | ||
| Q2 25 | $-0.20 | $-0.13 | ||
| Q1 25 | $0.10 | $-0.12 | ||
| Q4 24 | $-0.47 | $-0.11 | ||
| Q3 24 | $0.17 | $-0.10 | ||
| Q2 24 | $-0.23 | $-0.08 | ||
| Q1 24 | $-0.49 | $-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 | $864.2M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $381.0M | $1.7B |
| 总资产 | $1.1B | $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IMCRRKLB
| Q4 25 | $864.2M | $1.0B | ||
| Q3 25 | $892.4M | $976.7M | ||
| Q2 25 | $882.8M | $688.1M | ||
| Q1 25 | $837.0M | $428.4M | ||
| Q4 24 | $820.4M | $419.0M | ||
| Q3 24 | $901.3M | $442.4M | ||
| Q2 24 | $859.6M | $496.8M | ||
| Q1 24 | $832.8M | $492.5M |
总债务IMCRRKLB
| Q4 25 | — | $152.4M | ||
| Q3 25 | — | $347.0M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $345.9M | ||
| Q4 24 | — | $345.4M | ||
| Q3 24 | $438.7M | $61.2M | ||
| Q2 24 | $452.5M | $64.2M | ||
| Q1 24 | $452.5M | $66.8M |
股东权益IMCRRKLB
| Q4 25 | $381.0M | $1.7B | ||
| Q3 25 | $396.6M | $1.3B | ||
| Q2 25 | $388.5M | $688.5M | ||
| Q1 25 | $378.5M | $431.3M | ||
| Q4 24 | $360.7M | $382.5M | ||
| Q3 24 | $377.8M | $419.8M | ||
| Q2 24 | $359.1M | $455.2M | ||
| Q1 24 | $359.5M | $478.9M |
总资产IMCRRKLB
| Q4 25 | $1.1B | $2.3B | ||
| Q3 25 | $1.1B | $2.2B | ||
| Q2 25 | $1.1B | $1.6B | ||
| Q1 25 | $1.0B | $1.3B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $1.1B | $1.2B | ||
| Q2 24 | $1.0B | $1.2B | ||
| Q1 24 | $994.0M | $1.2B |
负债/权益比IMCRRKLB
| Q4 25 | — | 0.09× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.80× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | 1.16× | 0.15× | ||
| Q2 24 | 1.26× | 0.14× | ||
| Q1 24 | 1.26× | 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 | $-32.7M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $-35.5M | $-114.2M |
| 自由现金流率自由现金流/营收 | -34.0% | -63.6% |
| 资本支出强度资本支出/营收 | 2.8% | 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 | $-15.1M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流IMCRRKLB
| Q4 25 | $-32.7M | $-64.5M | ||
| Q3 25 | $-4.5M | $-23.5M | ||
| Q2 25 | $26.0M | $-23.2M | ||
| Q1 25 | $435.0K | $-54.2M | ||
| Q4 24 | $-14.0M | $-2.4M | ||
| Q3 24 | $21.1M | $-30.9M | ||
| Q2 24 | $23.5M | $-13.0M | ||
| Q1 24 | $-4.6M | $-2.6M |
自由现金流IMCRRKLB
| Q4 25 | $-35.5M | $-114.2M | ||
| Q3 25 | $-5.2M | $-69.4M | ||
| Q2 25 | $25.6M | $-55.3M | ||
| Q1 25 | $137.0K | $-82.9M | ||
| Q4 24 | $-17.5M | $-23.9M | ||
| Q3 24 | $20.3M | $-41.9M | ||
| Q2 24 | $23.1M | $-28.3M | ||
| Q1 24 | $-5.0M | $-21.8M |
自由现金流率IMCRRKLB
| Q4 25 | -34.0% | -63.6% | ||
| Q3 25 | -5.0% | -44.8% | ||
| Q2 25 | 26.1% | -38.3% | ||
| Q1 25 | 0.1% | -67.6% | ||
| Q4 24 | -20.9% | -18.1% | ||
| Q3 24 | 25.3% | -40.0% | ||
| Q2 24 | 30.7% | -26.7% | ||
| Q1 24 | -7.1% | -23.5% |
资本支出强度IMCRRKLB
| Q4 25 | 2.8% | 27.6% | ||
| Q3 25 | 0.7% | 29.6% | ||
| Q2 25 | 0.4% | 22.2% | ||
| Q1 25 | 0.3% | 23.4% | ||
| Q4 24 | 4.3% | 16.3% | ||
| Q3 24 | 1.0% | 10.5% | ||
| Q2 24 | 0.4% | 14.4% | ||
| Q1 24 | 0.6% | 20.7% |
现金转化率IMCRRKLB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.09× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.42× | — | ||
| 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
IMCR
暂无分部数据
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
