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IONIS PHARMACEUTICALS INC（IONS）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
IONIS PHARMACEUTICALS INC的季度营收约是Rocket Lab Corp的1.1倍（$203.3M vs $179.7M），Rocket Lab Corp净利率更高（-29.5% vs -112.8%，领先83.4%），Rocket Lab Corp同比增速更快（35.7% vs -10.3%），Rocket Lab Corp自由现金流更多（$-114.2M vs $-159.0M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 30.4%）
IONIS制药是1989年成立的生物科技企业，总部位于美国加利福尼亚州卡尔斯巴德，专注于反义疗法、RNA干扰及CRISPR疗法的研发，2015年12月前曾以Isis制药的名称运营。
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。
IONS vs RKLB — 直观对比
营收规模更大
IONS
是对方的1.1倍
$179.7M
营收增速更快
RKLB
高出46.0%
-10.3%
净利率更高
RKLB
高出83.4%
-112.8%
自由现金流更多
RKLB
多$44.8M
$-159.0M
两年增速更快
RKLB
近两年复合增速
30.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $203.3M | $179.7M |
| 净利润 | $-229.4M | $-52.9M |
| 毛利率 | 96.1% | 38.0% |
| 营业利润率 | -105.5% | -28.4% |
| 净利率 | -112.8% | -29.5% |
| 营收同比 | -10.3% | 35.7% |
| 净利润同比 | -119.8% | -1.1% |
| 每股收益（稀释后） | $-1.35 | $-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IONSRKLB
| Q4 25 | $203.3M | $179.7M | ||
| Q3 25 | $156.7M | $155.1M | ||
| Q2 25 | $452.0M | $144.5M | ||
| Q1 25 | $131.6M | $122.6M | ||
| Q4 24 | $226.6M | $132.4M | ||
| Q3 24 | $133.8M | $104.8M | ||
| Q2 24 | $225.3M | $106.3M | ||
| Q1 24 | $119.5M | $92.8M |
净利润IONSRKLB
| Q4 25 | $-229.4M | $-52.9M | ||
| Q3 25 | $-128.6M | $-18.3M | ||
| Q2 25 | $123.6M | $-66.4M | ||
| Q1 25 | $-146.9M | $-60.6M | ||
| Q4 24 | $-104.3M | $-52.3M | ||
| Q3 24 | $-140.5M | $-51.9M | ||
| Q2 24 | $-66.3M | $-41.6M | ||
| Q1 24 | $-142.8M | $-44.3M |
毛利率IONSRKLB
| Q4 25 | 96.1% | 38.0% | ||
| Q3 25 | 98.5% | 37.0% | ||
| Q2 25 | 99.1% | 32.1% | ||
| Q1 25 | 98.9% | 28.8% | ||
| Q4 24 | 98.3% | 27.8% | ||
| Q3 24 | 99.2% | 26.7% | ||
| Q2 24 | 98.2% | 25.6% | ||
| Q1 24 | 98.2% | 26.1% |
营业利润率IONSRKLB
| Q4 25 | -105.5% | -28.4% | ||
| Q3 25 | -102.2% | -38.0% | ||
| Q2 25 | 30.9% | -41.3% | ||
| Q1 25 | -111.6% | -48.3% | ||
| Q4 24 | -48.9% | -38.9% | ||
| Q3 24 | -111.1% | -49.5% | ||
| Q2 24 | -29.3% | -40.7% | ||
| Q1 24 | -125.1% | -46.4% |
净利率IONSRKLB
| Q4 25 | -112.8% | -29.5% | ||
| Q3 25 | -82.1% | -11.8% | ||
| Q2 25 | 27.3% | -46.0% | ||
| Q1 25 | -111.6% | -49.5% | ||
| Q4 24 | -46.1% | -39.5% | ||
| Q3 24 | -105.0% | -49.6% | ||
| Q2 24 | -29.4% | -39.2% | ||
| Q1 24 | -119.5% | -47.7% |
每股收益（稀释后）IONSRKLB
| Q4 25 | $-1.35 | $-0.09 | ||
| Q3 25 | $-0.80 | $-0.03 | ||
| Q2 25 | $0.70 | $-0.13 | ||
| Q1 25 | $-0.93 | $-0.12 | ||
| Q4 24 | $-0.66 | $-0.11 | ||
| Q3 24 | $-0.95 | $-0.10 | ||
| Q2 24 | $-0.45 | $-0.08 | ||
| Q1 24 | $-0.98 | $-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 | $2.7B | $1.0B |
| 总债务越低越好 | $1.8B | $152.4M |
| 股东权益账面价值 | $489.1M | $1.7B |
| 总资产 | $3.5B | $2.3B |
| 负债/权益比越低杠杆越低 | 3.71× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资IONSRKLB
| Q4 25 | $2.7B | $1.0B | ||
| Q3 25 | $2.2B | $976.7M | ||
| Q2 25 | $2.3B | $688.1M | ||
| Q1 25 | $2.1B | $428.4M | ||
| Q4 24 | $2.3B | $419.0M | ||
| Q3 24 | $2.5B | $442.4M | ||
| Q2 24 | $2.1B | $496.8M | ||
| Q1 24 | $2.2B | $492.5M |
总债务IONSRKLB
| Q4 25 | $1.8B | $152.4M | ||
| Q3 25 | — | $347.0M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $345.9M | ||
| Q4 24 | $1.3B | $345.4M | ||
| Q3 24 | — | $61.2M | ||
| Q2 24 | — | $64.2M | ||
| Q1 24 | — | $66.8M |
股东权益IONSRKLB
| Q4 25 | $489.1M | $1.7B | ||
| Q3 25 | $618.0M | $1.3B | ||
| Q2 25 | $631.7M | $688.5M | ||
| Q1 25 | $475.7M | $431.3M | ||
| Q4 24 | $588.4M | $382.5M | ||
| Q3 24 | $662.5M | $419.8M | ||
| Q2 24 | $263.7M | $455.2M | ||
| Q1 24 | $296.5M | $478.9M |
总资产IONSRKLB
| Q4 25 | $3.5B | $2.3B | ||
| Q3 25 | $3.0B | $2.2B | ||
| Q2 25 | $3.0B | $1.6B | ||
| Q1 25 | $2.8B | $1.3B | ||
| Q4 24 | $3.0B | $1.2B | ||
| Q3 24 | $3.1B | $1.2B | ||
| Q2 24 | $2.7B | $1.2B | ||
| Q1 24 | $2.8B | $1.2B |
负债/权益比IONSRKLB
| Q4 25 | 3.71× | 0.09× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.80× | ||
| Q4 24 | 2.13× | 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 | $-137.7M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $-159.0M | $-114.2M |
| 自由现金流率自由现金流/营收 | -78.2% | -63.6% |
| 资本支出强度资本支出/营收 | 10.5% | 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 | $-320.0M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流IONSRKLB
| Q4 25 | $-137.7M | $-64.5M | ||
| Q3 25 | $-131.4M | $-23.5M | ||
| Q2 25 | $151.3M | $-23.2M | ||
| Q1 25 | $-150.8M | $-54.2M | ||
| Q4 24 | $-116.1M | $-2.4M | ||
| Q3 24 | $-115.0M | $-30.9M | ||
| Q2 24 | $-119.9M | $-13.0M | ||
| Q1 24 | $-149.9M | $-2.6M |
自由现金流IONSRKLB
| Q4 25 | $-159.0M | $-114.2M | ||
| Q3 25 | $-136.7M | $-69.4M | ||
| Q2 25 | $139.0M | $-55.3M | ||
| Q1 25 | $-163.4M | $-82.9M | ||
| Q4 24 | $-141.6M | $-23.9M | ||
| Q3 24 | $-124.0M | $-41.9M | ||
| Q2 24 | $-126.1M | $-28.3M | ||
| Q1 24 | $-154.4M | $-21.8M |
自由现金流率IONSRKLB
| Q4 25 | -78.2% | -63.6% | ||
| Q3 25 | -87.2% | -44.8% | ||
| Q2 25 | 30.8% | -38.3% | ||
| Q1 25 | -124.1% | -67.6% | ||
| Q4 24 | -62.5% | -18.1% | ||
| Q3 24 | -92.7% | -40.0% | ||
| Q2 24 | -56.0% | -26.7% | ||
| Q1 24 | -129.2% | -23.5% |
资本支出强度IONSRKLB
| Q4 25 | 10.5% | 27.6% | ||
| Q3 25 | 3.4% | 29.6% | ||
| Q2 25 | 2.7% | 22.2% | ||
| Q1 25 | 9.6% | 23.4% | ||
| Q4 24 | 11.3% | 16.3% | ||
| Q3 24 | 6.8% | 10.5% | ||
| Q2 24 | 2.8% | 14.4% | ||
| Q1 24 | 3.8% | 20.7% |
现金转化率IONSRKLB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.22× | — | ||
| Q1 25 | — | — | ||
| 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
IONS
| Products | $58.0M | 29% |
| Spinraza Royalties | $54.0M | 27% |
| Collaborative Agreement Revenue | $52.4M | 26% |
| Wainus Royalties | $16.0M | 8% |
| Wainua Joint Development Revenue | $9.6M | 5% |
| Other Commercial | $7.6M | 4% |
| Other Royalties | $5.7M | 3% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
