vs
Karman Holdings Inc.（KRMN）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Karman Holdings Inc.的1.3倍（$179.7M vs $134.5M），Karman Holdings Inc.净利率更高（5.7% vs -29.5%，领先35.2%），Karman Holdings Inc.同比增速更快（47.4% vs 35.7%），Karman Holdings Inc.自由现金流更多（$4.0M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 27.3%）
Karman Holdings是一家美国航天与防务系统制造商，总部位于加利福尼亚州亨廷顿海滩，当前估值约40亿美元，近期已完成首次公开发行，专注为航天及国防领域提供相关系统产品及配套服务。
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。
KRMN vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.3倍
$134.5M
营收增速更快
KRMN
高出11.7%
35.7%
净利率更高
KRMN
高出35.2%
-29.5%
自由现金流更多
KRMN
多$118.2M
$-114.2M
两年增速更快
RKLB
近两年复合增速
27.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $134.5M | $179.7M |
| 净利润 | $7.7M | $-52.9M |
| 毛利率 | 39.9% | 38.0% |
| 营业利润率 | 15.7% | -28.4% |
| 净利率 | 5.7% | -29.5% |
| 营收同比 | 47.4% | 35.7% |
| 净利润同比 | 358.3% | -1.1% |
| 每股收益（稀释后） | $0.06 | $-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KRMNRKLB
| Q4 25 | $134.5M | $179.7M | ||
| Q3 25 | $121.8M | $155.1M | ||
| Q2 25 | $115.1M | $144.5M | ||
| Q1 25 | $100.1M | $122.6M | ||
| Q4 24 | $91.2M | $132.4M | ||
| Q3 24 | $86.0M | $104.8M | ||
| Q2 24 | $85.0M | $106.3M | ||
| Q1 24 | $83.0M | $92.8M |
净利润KRMNRKLB
| Q4 25 | $7.7M | $-52.9M | ||
| Q3 25 | $7.6M | $-18.3M | ||
| Q2 25 | $6.8M | $-66.4M | ||
| Q1 25 | $-4.8M | $-60.6M | ||
| Q4 24 | $1.7M | $-52.3M | ||
| Q3 24 | $4.3M | $-51.9M | ||
| Q2 24 | $4.6M | $-41.6M | ||
| Q1 24 | $2.1M | $-44.3M |
毛利率KRMNRKLB
| Q4 25 | 39.9% | 38.0% | ||
| Q3 25 | 41.0% | 37.0% | ||
| Q2 25 | 40.9% | 32.1% | ||
| Q1 25 | 39.4% | 28.8% | ||
| Q4 24 | 38.1% | 27.8% | ||
| Q3 24 | 39.3% | 26.7% | ||
| Q2 24 | 40.7% | 25.6% | ||
| Q1 24 | 34.9% | 26.1% |
营业利润率KRMNRKLB
| Q4 25 | 15.7% | -28.4% | ||
| Q3 25 | 17.9% | -38.0% | ||
| Q2 25 | 17.5% | -41.3% | ||
| Q1 25 | 10.0% | -48.3% | ||
| Q4 24 | 15.8% | -38.9% | ||
| Q3 24 | 20.2% | -49.5% | ||
| Q2 24 | 21.5% | -40.7% | ||
| Q1 24 | 16.3% | -46.4% |
净利率KRMNRKLB
| Q4 25 | 5.7% | -29.5% | ||
| Q3 25 | 6.3% | -11.8% | ||
| Q2 25 | 5.9% | -46.0% | ||
| Q1 25 | -4.8% | -49.5% | ||
| Q4 24 | 1.8% | -39.5% | ||
| Q3 24 | 5.0% | -49.6% | ||
| Q2 24 | 5.4% | -39.2% | ||
| Q1 24 | 2.6% | -47.7% |
每股收益（稀释后）KRMNRKLB
| Q4 25 | $0.06 | $-0.09 | ||
| Q3 25 | $0.06 | $-0.03 | ||
| Q2 25 | $0.05 | $-0.13 | ||
| Q1 25 | $-0.04 | $-0.12 | ||
| Q4 24 | $0.01 | $-0.11 | ||
| Q3 24 | $0.03 | $-0.10 | ||
| Q2 24 | $0.03 | $-0.08 | ||
| Q1 24 | $0.01 | $-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 | $34.0M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $382.7M | $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KRMNRKLB
| Q4 25 | $34.0M | $1.0B | ||
| Q3 25 | $18.7M | $976.7M | ||
| Q2 25 | $27.4M | $688.1M | ||
| Q1 25 | $113.7M | $428.4M | ||
| Q4 24 | $11.5M | $419.0M | ||
| Q3 24 | — | $442.4M | ||
| Q2 24 | — | $496.8M | ||
| Q1 24 | — | $492.5M |
总债务KRMNRKLB
| Q4 25 | — | $152.4M | ||
| Q3 25 | — | $347.0M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $345.9M | ||
| Q4 24 | — | $345.4M | ||
| Q3 24 | — | $61.2M | ||
| Q2 24 | — | $64.2M | ||
| Q1 24 | — | $66.8M |
股东权益KRMNRKLB
| Q4 25 | $382.7M | $1.7B | ||
| Q3 25 | $369.1M | $1.3B | ||
| Q2 25 | $361.5M | $688.5M | ||
| Q1 25 | $348.9M | $431.3M | ||
| Q4 24 | $196.0M | $382.5M | ||
| Q3 24 | $194.1M | $419.8M | ||
| Q2 24 | $189.6M | $455.2M | ||
| Q1 24 | $184.8M | $478.9M |
总资产KRMNRKLB
| Q4 25 | $1.1B | $2.3B | ||
| Q3 25 | $968.1M | $2.2B | ||
| Q2 25 | $953.9M | $1.6B | ||
| Q1 25 | $875.4M | $1.3B | ||
| Q4 24 | $774.0M | $1.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
负债/权益比KRMNRKLB
| Q4 25 | — | 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 | $8.7M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $4.0M | $-114.2M |
| 自由现金流率自由现金流/营收 | 3.0% | -63.6% |
| 资本支出强度资本支出/营收 | 3.5% | 27.6% |
| 现金转化率经营现金流/净利润 | 1.13× | — |
| 过去12个月自由现金流最近4个季度 | $-42.5M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流KRMNRKLB
| Q4 25 | $8.7M | $-64.5M | ||
| Q3 25 | $131.0K | $-23.5M | ||
| Q2 25 | $-17.4M | $-23.2M | ||
| Q1 25 | $-13.6M | $-54.2M | ||
| Q4 24 | — | $-2.4M | ||
| Q3 24 | — | $-30.9M | ||
| Q2 24 | — | $-13.0M | ||
| Q1 24 | $3.1M | $-2.6M |
自由现金流KRMNRKLB
| Q4 25 | $4.0M | $-114.2M | ||
| Q3 25 | $-6.8M | $-69.4M | ||
| Q2 25 | $-21.0M | $-55.3M | ||
| Q1 25 | $-18.6M | $-82.9M | ||
| Q4 24 | — | $-23.9M | ||
| Q3 24 | — | $-41.9M | ||
| Q2 24 | — | $-28.3M | ||
| Q1 24 | $1.5M | $-21.8M |
自由现金流率KRMNRKLB
| Q4 25 | 3.0% | -63.6% | ||
| Q3 25 | -5.6% | -44.8% | ||
| Q2 25 | -18.2% | -38.3% | ||
| Q1 25 | -18.6% | -67.6% | ||
| Q4 24 | — | -18.1% | ||
| Q3 24 | — | -40.0% | ||
| Q2 24 | — | -26.7% | ||
| Q1 24 | 1.8% | -23.5% |
资本支出强度KRMNRKLB
| Q4 25 | 3.5% | 27.6% | ||
| Q3 25 | 5.7% | 29.6% | ||
| Q2 25 | 3.2% | 22.2% | ||
| Q1 25 | 5.0% | 23.4% | ||
| Q4 24 | — | 16.3% | ||
| Q3 24 | — | 10.5% | ||
| Q2 24 | — | 14.4% | ||
| Q1 24 | 1.9% | 20.7% |
现金转化率KRMNRKLB
| Q4 25 | 1.13× | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | -2.55× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.45× | — |
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
KRMN
| Tactical Missile And Integrated Defense Systems | $50.5M | 38% |
| Hypersonic And Strategic Missile Defense | $48.4M | 36% |
| Space And Launch | $35.7M | 27% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
