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Marcus & Millichap, Inc.（MMI）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
Marcus & Millichap, Inc.的季度营收约是Rocket Lab Corp的1.4倍（$243.9M vs $179.7M），Marcus & Millichap, Inc.净利率更高（5.5% vs -29.5%，领先34.9%），Rocket Lab Corp同比增速更快（35.7% vs 1.6%），Marcus & Millichap, Inc.自由现金流更多（$43.9M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 37.5%）
马库斯-米利查普是一家美国商业地产服务企业，在美国和加拿大开展业务，核心服务涵盖商业地产经纪、抵押贷款经纪、市场研究及顾问咨询，业内首创了单经纪机构独家代理房源挂牌模式，目前在美加两国设有超过80家办事处，员工规模超1800人。
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。
MMI vs RKLB — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $243.9M | $179.7M |
| 净利润 | $13.3M | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | 6.3% | -28.4% |
| 净利率 | 5.5% | -29.5% |
| 营收同比 | 1.6% | 35.7% |
| 净利润同比 | 55.7% | -1.1% |
| 每股收益（稀释后） | $0.33 | $-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
| Q4 25 | $243.9M | $179.7M | ||
| Q3 25 | $193.9M | $155.1M | ||
| Q2 25 | $172.3M | $144.5M | ||
| Q1 25 | $145.0M | $122.6M | ||
| Q4 24 | $240.1M | $132.4M | ||
| Q3 24 | $168.5M | $104.8M | ||
| Q2 24 | $158.4M | $106.3M | ||
| Q1 24 | $129.1M | $92.8M |
| Q4 25 | $13.3M | $-52.9M | ||
| Q3 25 | $240.0K | $-18.3M | ||
| Q2 25 | $-11.0M | $-66.4M | ||
| Q1 25 | $-4.4M | $-60.6M | ||
| Q4 24 | $8.5M | $-52.3M | ||
| Q3 24 | $-5.4M | $-51.9M | ||
| Q2 24 | $-5.5M | $-41.6M | ||
| Q1 24 | $-10.0M | $-44.3M |
| Q4 25 | — | 38.0% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 32.1% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | — | 27.8% | ||
| Q3 24 | — | 26.7% | ||
| Q2 24 | — | 25.6% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | 6.3% | -28.4% | ||
| Q3 25 | -1.2% | -38.0% | ||
| Q2 25 | -5.3% | -41.3% | ||
| Q1 25 | -12.2% | -48.3% | ||
| Q4 24 | 2.8% | -38.9% | ||
| Q3 24 | -6.8% | -49.5% | ||
| Q2 24 | -5.1% | -40.7% | ||
| Q1 24 | -15.6% | -46.4% |
| Q4 25 | 5.5% | -29.5% | ||
| Q3 25 | 0.1% | -11.8% | ||
| Q2 25 | -6.4% | -46.0% | ||
| Q1 25 | -3.0% | -49.5% | ||
| Q4 24 | 3.6% | -39.5% | ||
| Q3 24 | -3.2% | -49.6% | ||
| Q2 24 | -3.5% | -39.2% | ||
| Q1 24 | -7.7% | -47.7% |
| Q4 25 | $0.33 | $-0.09 | ||
| Q3 25 | $0.01 | $-0.03 | ||
| Q2 25 | $-0.28 | $-0.13 | ||
| Q1 25 | $-0.11 | $-0.12 | ||
| Q4 24 | $0.22 | $-0.11 | ||
| Q3 24 | $-0.14 | $-0.10 | ||
| Q2 24 | $-0.14 | $-0.08 | ||
| Q1 24 | $-0.26 | $-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 | — | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $603.1M | $1.7B |
| 总资产 | $827.2M | $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
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $976.7M | ||
| Q2 25 | — | $688.1M | ||
| Q1 25 | — | $428.4M | ||
| Q4 24 | — | $419.0M | ||
| Q3 24 | — | $442.4M | ||
| Q2 24 | — | $496.8M | ||
| Q1 24 | — | $492.5M |
| 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 |
| Q4 25 | $603.1M | $1.7B | ||
| Q3 25 | $602.2M | $1.3B | ||
| Q2 25 | $607.8M | $688.5M | ||
| Q1 25 | $617.6M | $431.3M | ||
| Q4 24 | $630.8M | $382.5M | ||
| Q3 24 | $617.7M | $419.8M | ||
| Q2 24 | $626.7M | $455.2M | ||
| Q1 24 | $625.6M | $478.9M |
| Q4 25 | $827.2M | $2.3B | ||
| Q3 25 | $812.5M | $2.2B | ||
| Q2 25 | $792.2M | $1.6B | ||
| Q1 25 | $802.0M | $1.3B | ||
| Q4 24 | $869.8M | $1.2B | ||
| Q3 24 | $833.7M | $1.2B | ||
| Q2 24 | $825.4M | $1.2B | ||
| Q1 24 | $826.7M | $1.2B |
| 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 | $46.3M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $43.9M | $-114.2M |
| 自由现金流率自由现金流/营收 | 18.0% | -63.6% |
| 资本支出强度资本支出/营收 | 1.0% | 27.6% |
| 现金转化率经营现金流/净利润 | 3.48× | — |
| 过去12个月自由现金流最近4个季度 | $58.8M | $-321.8M |
8季度趋势，按日历期对齐
| Q4 25 | $46.3M | $-64.5M | ||
| Q3 25 | $52.2M | $-23.5M | ||
| Q2 25 | $21.0M | $-23.2M | ||
| Q1 25 | $-52.8M | $-54.2M | ||
| Q4 24 | $56.7M | $-2.4M | ||
| Q3 24 | $15.2M | $-30.9M | ||
| Q2 24 | $851.0K | $-13.0M | ||
| Q1 24 | $-51.0M | $-2.6M |
| Q4 25 | $43.9M | $-114.2M | ||
| Q3 25 | $50.0M | $-69.4M | ||
| Q2 25 | $19.3M | $-55.3M | ||
| Q1 25 | $-54.3M | $-82.9M | ||
| Q4 24 | $55.1M | $-23.9M | ||
| Q3 24 | $13.2M | $-41.9M | ||
| Q2 24 | $-806.0K | $-28.3M | ||
| Q1 24 | $-53.7M | $-21.8M |
| Q4 25 | 18.0% | -63.6% | ||
| Q3 25 | 25.8% | -44.8% | ||
| Q2 25 | 11.2% | -38.3% | ||
| Q1 25 | -37.5% | -67.6% | ||
| Q4 24 | 23.0% | -18.1% | ||
| Q3 24 | 7.8% | -40.0% | ||
| Q2 24 | -0.5% | -26.7% | ||
| Q1 24 | -41.6% | -23.5% |
| Q4 25 | 1.0% | 27.6% | ||
| Q3 25 | 1.2% | 29.6% | ||
| Q2 25 | 1.0% | 22.2% | ||
| Q1 25 | 1.0% | 23.4% | ||
| Q4 24 | 0.6% | 16.3% | ||
| Q3 24 | 1.2% | 10.5% | ||
| Q2 24 | 1.0% | 14.4% | ||
| Q1 24 | 2.0% | 20.7% |
| Q4 25 | 3.48× | — | ||
| Q3 25 | 217.54× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.63× | — | ||
| 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
MMI
| Real Estate Brokerage Commissions | $205.3M | 84% |
| Financing Fees | $33.2M | 14% |
| Other Revenues | $5.4M | 2% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
