vs
冠群电脑（MANH）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
冠群电脑的季度营收约是Rocket Lab Corp的1.6倍（$282.2M vs $179.7M），冠群电脑净利率更高（17.5% vs -29.5%，领先46.9%），Rocket Lab Corp同比增速更快（35.7% vs 6.0%），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 3.1%）
原冠群电脑国际有限公司，后更名为CA科技，是1976年至2018年存续的美国跨国企业软件开发商与发行商。作为全球顶尖独立软件企业之一，曾位列行业第二，旗下系统软件适配IBM大型机、分布式计算、虚拟机及云计算环境。
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。
MANH vs RKLB — 直观对比
营收规模更大
MANH
是对方的1.6倍
$179.7M
营收增速更快
RKLB
高出29.7%
6.0%
净利率更高
MANH
高出46.9%
-29.5%
两年增速更快
RKLB
近两年复合增速
3.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $282.2M | $179.7M |
| 净利润 | $49.3M | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | 23.0% | -28.4% |
| 净利率 | 17.5% | -29.5% |
| 营收同比 | 6.0% | 35.7% |
| 净利润同比 | -6.3% | -1.1% |
| 每股收益（稀释后） | $0.82 | $-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MANHRKLB
| Q1 26 | $282.2M | — | ||
| Q4 25 | $270.4M | $179.7M | ||
| Q3 25 | $275.8M | $155.1M | ||
| Q2 25 | $272.4M | $144.5M | ||
| Q1 25 | $262.8M | $122.6M | ||
| Q4 24 | $255.8M | $132.4M | ||
| Q3 24 | $266.7M | $104.8M | ||
| Q2 24 | $265.3M | $106.3M |
净利润MANHRKLB
| Q1 26 | $49.3M | — | ||
| Q4 25 | $52.0M | $-52.9M | ||
| Q3 25 | $58.6M | $-18.3M | ||
| Q2 25 | $56.8M | $-66.4M | ||
| Q1 25 | $52.6M | $-60.6M | ||
| Q4 24 | $48.0M | $-52.3M | ||
| Q3 24 | $63.8M | $-51.9M | ||
| Q2 24 | $52.8M | $-41.6M |
毛利率MANHRKLB
| Q1 26 | — | — | ||
| Q4 25 | 55.0% | 38.0% | ||
| Q3 25 | 56.6% | 37.0% | ||
| Q2 25 | 57.3% | 32.1% | ||
| Q1 25 | 56.4% | 28.8% | ||
| Q4 24 | 55.8% | 27.8% | ||
| Q3 24 | 55.5% | 26.7% | ||
| Q2 24 | 54.8% | 25.6% |
营业利润率MANHRKLB
| Q1 26 | 23.0% | — | ||
| Q4 25 | 24.8% | -28.4% | ||
| Q3 25 | 27.5% | -38.0% | ||
| Q2 25 | 27.1% | -41.3% | ||
| Q1 25 | 24.0% | -48.3% | ||
| Q4 24 | 23.7% | -38.9% | ||
| Q3 24 | 28.2% | -49.5% | ||
| Q2 24 | 25.7% | -40.7% |
净利率MANHRKLB
| Q1 26 | 17.5% | — | ||
| Q4 25 | 19.2% | -29.5% | ||
| Q3 25 | 21.3% | -11.8% | ||
| Q2 25 | 20.8% | -46.0% | ||
| Q1 25 | 20.0% | -49.5% | ||
| Q4 24 | 18.8% | -39.5% | ||
| Q3 24 | 23.9% | -49.6% | ||
| Q2 24 | 19.9% | -39.2% |
每股收益（稀释后）MANHRKLB
| Q1 26 | $0.82 | — | ||
| Q4 25 | $0.86 | $-0.09 | ||
| Q3 25 | $0.96 | $-0.03 | ||
| Q2 25 | $0.93 | $-0.13 | ||
| Q1 25 | $0.85 | $-0.12 | ||
| Q4 24 | $0.77 | $-0.11 | ||
| Q3 24 | $1.03 | $-0.10 | ||
| Q2 24 | $0.85 | $-0.08 |
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 | $226.1M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $205.2M | $1.7B |
| 总资产 | $740.5M | $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MANHRKLB
| Q1 26 | $226.1M | — | ||
| Q4 25 | $328.7M | $1.0B | ||
| Q3 25 | $263.6M | $976.7M | ||
| Q2 25 | $230.6M | $688.1M | ||
| Q1 25 | $205.9M | $428.4M | ||
| Q4 24 | $266.2M | $419.0M | ||
| Q3 24 | $215.0M | $442.4M | ||
| Q2 24 | $202.7M | $496.8M |
总债务MANHRKLB
| Q1 26 | — | — | ||
| 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 |
股东权益MANHRKLB
| Q1 26 | $205.2M | — | ||
| Q4 25 | $314.8M | $1.7B | ||
| Q3 25 | $309.2M | $1.3B | ||
| Q2 25 | $278.8M | $688.5M | ||
| Q1 25 | $245.1M | $431.3M | ||
| Q4 24 | $299.1M | $382.5M | ||
| Q3 24 | $278.0M | $419.8M | ||
| Q2 24 | $240.6M | $455.2M |
总资产MANHRKLB
| Q1 26 | $740.5M | — | ||
| Q4 25 | $839.4M | $2.3B | ||
| Q3 25 | $768.8M | $2.2B | ||
| Q2 25 | $744.7M | $1.6B | ||
| Q1 25 | $708.2M | $1.3B | ||
| Q4 24 | $757.6M | $1.2B | ||
| Q3 24 | $698.1M | $1.2B | ||
| Q2 24 | $665.3M | $1.2B |
负债/权益比MANHRKLB
| Q1 26 | — | — | ||
| 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× |
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 | $84.0M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | — | $-114.2M |
| 自由现金流率自由现金流/营收 | — | -63.6% |
| 资本支出强度资本支出/营收 | 0.3% | 27.6% |
| 现金转化率经营现金流/净利润 | 1.70× | — |
| 过去12个月自由现金流最近4个季度 | — | $-321.8M |
8季度趋势，按日历期对齐
经营现金流MANHRKLB
| Q1 26 | $84.0M | — | ||
| Q4 25 | $147.1M | $-64.5M | ||
| Q3 25 | $93.1M | $-23.5M | ||
| Q2 25 | $74.0M | $-23.2M | ||
| Q1 25 | $75.3M | $-54.2M | ||
| Q4 24 | $104.7M | $-2.4M | ||
| Q3 24 | $62.3M | $-30.9M | ||
| Q2 24 | $73.3M | $-13.0M |
自由现金流MANHRKLB
| Q1 26 | — | — | ||
| Q4 25 | $142.4M | $-114.2M | ||
| Q3 25 | $87.2M | $-69.4M | ||
| Q2 25 | $70.1M | $-55.3M | ||
| Q1 25 | $74.4M | $-82.9M | ||
| Q4 24 | $101.6M | $-23.9M | ||
| Q3 24 | $61.3M | $-41.9M | ||
| Q2 24 | $71.0M | $-28.3M |
自由现金流率MANHRKLB
| Q1 26 | — | — | ||
| Q4 25 | 52.7% | -63.6% | ||
| Q3 25 | 31.6% | -44.8% | ||
| Q2 25 | 25.7% | -38.3% | ||
| Q1 25 | 28.3% | -67.6% | ||
| Q4 24 | 39.7% | -18.1% | ||
| Q3 24 | 23.0% | -40.0% | ||
| Q2 24 | 26.8% | -26.7% |
资本支出强度MANHRKLB
| Q1 26 | 0.3% | — | ||
| Q4 25 | 1.7% | 27.6% | ||
| Q3 25 | 2.1% | 29.6% | ||
| Q2 25 | 1.5% | 22.2% | ||
| Q1 25 | 0.3% | 23.4% | ||
| Q4 24 | 1.2% | 16.3% | ||
| Q3 24 | 0.4% | 10.5% | ||
| Q2 24 | 0.8% | 14.4% |
现金转化率MANHRKLB
| Q1 26 | 1.70× | — | ||
| Q4 25 | 2.83× | — | ||
| Q3 25 | 1.59× | — | ||
| Q2 25 | 1.30× | — | ||
| Q1 25 | 1.43× | — | ||
| Q4 24 | 2.18× | — | ||
| Q3 24 | 0.98× | — | ||
| Q2 24 | 1.39× | — |
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
MANH
| Services | $125.7M | 45% |
| Cloud subscriptions | $117.1M | 42% |
| Maintenance | $30.6M | 11% |
| Hardware | $6.5M | 2% |
| Software license | $2.2M | 1% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
