vs
MARA Holdings, Inc.（MARA）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
MARA Holdings, Inc.的季度营收约是Rocket Lab Corp的1.1倍（$202.3M vs $179.7M），Rocket Lab Corp净利率更高（-29.5% vs -14298.3%，领先14268.8%），Rocket Lab Corp同比增速更快（35.7% vs -5.6%），Rocket Lab Corp自由现金流更多（$-114.2M vs $-1.2B），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 10.7%）
MARA Holdings, Inc.是一家美国数字资产技术及加密货币挖矿企业，总部位于佛罗里达州劳德代尔堡。公司成立于2010年，最初以专利控股公司的模式运营，2010年代后期转向专注于区块链基础设施与数字资产相关业务。
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。
MARA vs RKLB — 直观对比
营收规模更大
MARA
是对方的1.1倍
$179.7M
营收增速更快
RKLB
高出41.3%
-5.6%
净利率更高
RKLB
高出14268.8%
-14298.3%
自由现金流更多
RKLB
多$1.1B
$-1.2B
两年增速更快
RKLB
近两年复合增速
10.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $202.3M | $179.7M |
| 净利润 | $-1.7B | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | -11795.9% | -28.4% |
| 净利率 | -14298.3% | -29.5% |
| 营收同比 | -5.6% | 35.7% |
| 净利润同比 | -423.5% | -1.1% |
| 每股收益（稀释后） | $-4.25 | $-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MARARKLB
| Q4 25 | $202.3M | $179.7M | ||
| Q3 25 | $252.4M | $155.1M | ||
| Q2 25 | $238.5M | $144.5M | ||
| Q1 25 | $213.9M | $122.6M | ||
| Q4 24 | $214.4M | $132.4M | ||
| Q3 24 | $131.6M | $104.8M | ||
| Q2 24 | $145.1M | $106.3M | ||
| Q1 24 | $165.2M | $92.8M |
净利润MARARKLB
| Q4 25 | $-1.7B | $-52.9M | ||
| Q3 25 | $123.1M | $-18.3M | ||
| Q2 25 | $808.2M | $-66.4M | ||
| Q1 25 | $-533.4M | $-60.6M | ||
| Q4 24 | $528.5M | $-52.3M | ||
| Q3 24 | $-124.8M | $-51.9M | ||
| Q2 24 | $-199.7M | $-41.6M | ||
| Q1 24 | $337.2M | $-44.3M |
毛利率MARARKLB
| Q4 25 | — | 38.0% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 32.1% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | -2613.4% | 27.8% | ||
| Q3 24 | -1065.0% | 26.7% | ||
| Q2 24 | -587.6% | 25.6% | ||
| Q1 24 | -289.4% | 26.1% |
营业利润率MARARKLB
| Q4 25 | -11795.9% | -28.4% | ||
| Q3 25 | 18.9% | -38.0% | ||
| Q2 25 | — | -41.3% | ||
| Q1 25 | -253.0% | -48.3% | ||
| Q4 24 | — | -38.9% | ||
| Q3 24 | -130.8% | -49.5% | ||
| Q2 24 | -160.1% | -40.7% | ||
| Q1 24 | — | -46.4% |
净利率MARARKLB
| Q4 25 | -14298.3% | -29.5% | ||
| Q3 25 | 48.8% | -11.8% | ||
| Q2 25 | 338.9% | -46.0% | ||
| Q1 25 | -249.4% | -49.5% | ||
| Q4 24 | 5367.4% | -39.5% | ||
| Q3 24 | -94.8% | -49.6% | ||
| Q2 24 | -137.6% | -39.2% | ||
| Q1 24 | 204.1% | -47.7% |
每股收益（稀释后）MARARKLB
| Q4 25 | $-4.25 | $-0.09 | ||
| Q3 25 | $0.27 | $-0.03 | ||
| Q2 25 | $1.84 | $-0.13 | ||
| Q1 25 | $-1.55 | $-0.12 | ||
| Q4 24 | $1.60 | $-0.11 | ||
| Q3 24 | $-0.42 | $-0.10 | ||
| Q2 24 | $-0.72 | $-0.08 | ||
| Q1 24 | $1.26 | $-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 | $547.1M | $1.0B |
| 总债务越低越好 | $3.6B | $152.4M |
| 股东权益账面价值 | $3.5B | $1.7B |
| 总资产 | $7.3B | $2.3B |
| 负债/权益比越低杠杆越低 | 1.04× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资MARARKLB
| Q4 25 | $547.1M | $1.0B | ||
| Q3 25 | $826.4M | $976.7M | ||
| Q2 25 | $109.5M | $688.1M | ||
| Q1 25 | $196.2M | $428.4M | ||
| Q4 24 | $391.8M | $419.0M | ||
| Q3 24 | $164.3M | $442.4M | ||
| Q2 24 | $256.0M | $496.8M | ||
| Q1 24 | $324.3M | $492.5M |
总债务MARARKLB
| Q4 25 | $3.6B | $152.4M | ||
| Q3 25 | $3.2B | $347.0M | ||
| Q2 25 | $2.3B | $346.5M | ||
| Q1 25 | $2.3B | $345.9M | ||
| Q4 24 | $2.4B | $345.4M | ||
| Q3 24 | $618.7M | $61.2M | ||
| Q2 24 | — | $64.2M | ||
| Q1 24 | — | $66.8M |
股东权益MARARKLB
| Q4 25 | $3.5B | $1.7B | ||
| Q3 25 | $5.2B | $1.3B | ||
| Q2 25 | $4.8B | $688.5M | ||
| Q1 25 | $3.7B | $431.3M | ||
| Q4 24 | $4.1B | $382.5M | ||
| Q3 24 | $2.9B | $419.8M | ||
| Q2 24 | $2.6B | $455.2M | ||
| Q1 24 | $2.5B | $478.9M |
总资产MARARKLB
| Q4 25 | $7.3B | $2.3B | ||
| Q3 25 | $9.2B | $2.2B | ||
| Q2 25 | $7.7B | $1.6B | ||
| Q1 25 | $6.4B | $1.3B | ||
| Q4 24 | $6.8B | $1.2B | ||
| Q3 24 | $3.6B | $1.2B | ||
| Q2 24 | $3.1B | $1.2B | ||
| Q1 24 | $3.0B | $1.2B |
负债/权益比MARARKLB
| Q4 25 | 1.04× | 0.09× | ||
| Q3 25 | 0.63× | 0.27× | ||
| Q2 25 | 0.47× | 0.50× | ||
| Q1 25 | 0.62× | 0.80× | ||
| Q4 24 | 0.59× | 0.90× | ||
| Q3 24 | 0.22× | 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 | $-802.7M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $-114.2M |
| 自由现金流率自由现金流/营收 | -598.0% | -63.6% |
| 资本支出强度资本支出/营收 | 201.2% | 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 | $-2.0B | $-321.8M |
8季度趋势，按日历期对齐
经营现金流MARARKLB
| Q4 25 | $-802.7M | $-64.5M | ||
| Q3 25 | $-199.0M | $-23.5M | ||
| Q2 25 | $-163.4M | $-23.2M | ||
| Q1 25 | $-215.5M | $-54.2M | ||
| Q4 24 | $-677.0M | $-2.4M | ||
| Q3 24 | $-160.1M | $-30.9M | ||
| Q2 24 | $-115.2M | $-13.0M | ||
| Q1 24 | $-88.3M | $-2.6M |
自由现金流MARARKLB
| Q4 25 | $-1.2B | $-114.2M | ||
| Q3 25 | $-283.9M | $-69.4M | ||
| Q2 25 | $-282.4M | $-55.3M | ||
| Q1 25 | $-254.3M | $-82.9M | ||
| Q4 24 | $-927.8M | $-23.9M | ||
| Q3 24 | $-198.1M | $-41.9M | ||
| Q2 24 | $-132.4M | $-28.3M | ||
| Q1 24 | $-97.4M | $-21.8M |
自由现金流率MARARKLB
| Q4 25 | -598.0% | -63.6% | ||
| Q3 25 | -112.5% | -44.8% | ||
| Q2 25 | -118.4% | -38.3% | ||
| Q1 25 | -118.9% | -67.6% | ||
| Q4 24 | -432.8% | -18.1% | ||
| Q3 24 | -150.5% | -40.0% | ||
| Q2 24 | -91.2% | -26.7% | ||
| Q1 24 | -59.0% | -23.5% |
资本支出强度MARARKLB
| Q4 25 | 201.2% | 27.6% | ||
| Q3 25 | 33.6% | 29.6% | ||
| Q2 25 | 49.9% | 22.2% | ||
| Q1 25 | 18.2% | 23.4% | ||
| Q4 24 | 117.0% | 16.3% | ||
| Q3 24 | 28.9% | 10.5% | ||
| Q2 24 | 11.9% | 14.4% | ||
| Q1 24 | 5.5% | 20.7% |
现金转化率MARARKLB
| Q4 25 | — | — | ||
| Q3 25 | -1.62× | — | ||
| Q2 25 | -0.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.28× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.26× | — |
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
MARA
暂无分部数据
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
