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MARTIN MIDSTREAM PARTNERS L.P.（MMLP）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
MARTIN MIDSTREAM PARTNERS L.P.的季度营收约是Rocket Lab Corp的1.0倍（$187.7M vs $179.7M），MARTIN MIDSTREAM PARTNERS L.P.净利率更高（1.7% vs -29.5%，领先31.2%），Rocket Lab Corp同比增速更快（35.7% vs -2.5%），MARTIN MIDSTREAM PARTNERS L.P.自由现金流更多（$-6.0M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 0.8%）
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
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。
MMLP vs RKLB — 直观对比
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $187.7M | $179.7M |
| 净利润 | $3.2M | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | 4.1% | -28.4% |
| 净利率 | 1.7% | -29.5% |
| 营收同比 | -2.5% | 35.7% |
| 净利润同比 | -37.1% | -1.1% |
| 每股收益（稀释后） | — | $-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
| Q1 26 | $187.7M | — | ||
| Q4 25 | $174.2M | $179.7M | ||
| Q3 25 | $168.7M | $155.1M | ||
| Q2 25 | $180.7M | $144.5M | ||
| Q1 25 | $192.5M | $122.6M | ||
| Q4 24 | $171.3M | $132.4M | ||
| Q3 24 | $170.9M | $104.8M | ||
| Q2 24 | $184.5M | $106.3M |
| Q1 26 | $3.2M | — | ||
| Q4 25 | $-2.9M | $-52.9M | ||
| Q3 25 | $-8.4M | $-18.3M | ||
| Q2 25 | $-2.4M | $-66.4M | ||
| Q1 25 | $-1.0M | $-60.6M | ||
| Q4 24 | $-8.9M | $-52.3M | ||
| Q3 24 | $-3.3M | $-51.9M | ||
| Q2 24 | $3.8M | $-41.6M |
| Q1 26 | — | — | ||
| Q4 25 | 57.1% | 38.0% | ||
| Q3 25 | 55.1% | 37.0% | ||
| Q2 25 | 56.5% | 32.1% | ||
| Q1 25 | 53.5% | 28.8% | ||
| Q4 24 | 58.2% | 27.8% | ||
| Q3 24 | 58.5% | 26.7% | ||
| Q2 24 | 58.4% | 25.6% |
| Q1 26 | 4.1% | — | ||
| Q4 25 | 7.3% | -28.4% | ||
| Q3 25 | 4.1% | -38.0% | ||
| Q2 25 | 8.2% | -41.3% | ||
| Q1 25 | 7.5% | -48.3% | ||
| Q4 24 | 4.0% | -38.9% | ||
| Q3 24 | 7.4% | -49.5% | ||
| Q2 24 | 10.8% | -40.7% |
| Q1 26 | 1.7% | — | ||
| Q4 25 | -1.7% | -29.5% | ||
| Q3 25 | -5.0% | -11.8% | ||
| Q2 25 | -1.3% | -46.0% | ||
| Q1 25 | -0.5% | -49.5% | ||
| Q4 24 | -5.2% | -39.5% | ||
| Q3 24 | -1.9% | -49.6% | ||
| Q2 24 | 2.0% | -39.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.09 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | — | $-0.13 | ||
| Q1 25 | — | $-0.12 | ||
| Q4 24 | — | $-0.11 | ||
| Q3 24 | — | $-0.10 | ||
| Q2 24 | — | $-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 | — | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | — | $1.7B |
| 总资产 | $537.1M | $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
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | $428.0M | $152.4M | ||
| Q3 25 | $441.3M | $347.0M | ||
| Q2 25 | $427.8M | $346.5M | ||
| Q1 25 | $451.4M | $345.9M | ||
| Q4 24 | $437.6M | $345.4M | ||
| Q3 24 | $469.3M | $61.2M | ||
| Q2 24 | $439.4M | $64.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $688.5M | ||
| Q1 25 | — | $431.3M | ||
| Q4 24 | — | $382.5M | ||
| Q3 24 | — | $419.8M | ||
| Q2 24 | — | $455.2M |
| Q1 26 | $537.1M | — | ||
| Q4 25 | $522.4M | $2.3B | ||
| Q3 25 | $510.1M | $2.2B | ||
| Q2 25 | $515.6M | $1.6B | ||
| Q1 25 | $533.4M | $1.3B | ||
| Q4 24 | $538.5M | $1.2B | ||
| Q3 24 | $554.8M | $1.2B | ||
| Q2 24 | $535.1M | $1.2B |
| 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 | — | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $-6.0M | $-114.2M |
| 自由现金流率自由现金流/营收 | -3.2% | -63.6% |
| 资本支出强度资本支出/营收 | 1.6% | 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 | $27.2M | $-321.8M |
8季度趋势，按日历期对齐
| Q1 26 | — | — | ||
| Q4 25 | $22.4M | $-64.5M | ||
| Q3 25 | $-1.2M | $-23.5M | ||
| Q2 25 | $30.9M | $-23.2M | ||
| Q1 25 | $-6.0M | $-54.2M | ||
| Q4 24 | $42.2M | $-2.4M | ||
| Q3 24 | $-15.8M | $-30.9M | ||
| Q2 24 | $11.8M | $-13.0M |
| Q1 26 | $-6.0M | — | ||
| Q4 25 | $15.6M | $-114.2M | ||
| Q3 25 | $-7.9M | $-69.4M | ||
| Q2 25 | $25.6M | $-55.3M | ||
| Q1 25 | $-11.9M | $-82.9M | ||
| Q4 24 | $34.2M | $-23.9M | ||
| Q3 24 | $-25.6M | $-41.9M | ||
| Q2 24 | $-696.0K | $-28.3M |
| Q1 26 | -3.2% | — | ||
| Q4 25 | 8.9% | -63.6% | ||
| Q3 25 | -4.7% | -44.8% | ||
| Q2 25 | 14.2% | -38.3% | ||
| Q1 25 | -6.2% | -67.6% | ||
| Q4 24 | 20.0% | -18.1% | ||
| Q3 24 | -15.0% | -40.0% | ||
| Q2 24 | -0.4% | -26.7% |
| Q1 26 | 1.6% | — | ||
| Q4 25 | 3.9% | 27.6% | ||
| Q3 25 | 4.0% | 29.6% | ||
| Q2 25 | 3.0% | 22.2% | ||
| Q1 25 | 3.1% | 23.4% | ||
| Q4 24 | 4.6% | 16.3% | ||
| Q3 24 | 5.8% | 10.5% | ||
| Q2 24 | 6.8% | 14.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.13× | — |
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
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
