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MANNKIND CORP（MNKD）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MANNKIND CORP的1.6倍（$179.7M vs $112.0M），MANNKIND CORP净利率更高（-14.2% vs -29.5%，领先15.2%），MANNKIND CORP同比增速更快（45.8% vs 35.7%），MANNKIND CORP自由现金流更多（$-10.0M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 30.0%）
曼凯德公司是一家生物制药企业，成立于1991年2月，总部位于美国康涅狄格州丹伯里，专注于糖尿病、肺动脉高压等疾病治疗药物的研发、生产及商业化推广，致力于为相关患者提供创新的治疗方案。
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。
MNKD vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.6倍
$112.0M
营收增速更快
MNKD
高出10.1%
35.7%
净利率更高
MNKD
高出15.2%
-29.5%
自由现金流更多
MNKD
多$104.2M
$-114.2M
两年增速更快
RKLB
近两年复合增速
30.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $112.0M | $179.7M |
| 净利润 | $-15.9M | $-52.9M |
| 毛利率 | 87.6% | 38.0% |
| 营业利润率 | -6.9% | -28.4% |
| 净利率 | -14.2% | -29.5% |
| 营收同比 | 45.8% | 35.7% |
| 净利润同比 | -314.9% | -1.1% |
| 每股收益（稀释后） | $-0.05 | $-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MNKDRKLB
| Q4 25 | $112.0M | $179.7M | ||
| Q3 25 | $82.1M | $155.1M | ||
| Q2 25 | $76.5M | $144.5M | ||
| Q1 25 | $78.4M | $122.6M | ||
| Q4 24 | $76.8M | $132.4M | ||
| Q3 24 | $70.1M | $104.8M | ||
| Q2 24 | $72.4M | $106.3M | ||
| Q1 24 | $66.3M | $92.8M |
净利润MNKDRKLB
| Q4 25 | $-15.9M | $-52.9M | ||
| Q3 25 | $8.0M | $-18.3M | ||
| Q2 25 | $668.0K | $-66.4M | ||
| Q1 25 | $13.2M | $-60.6M | ||
| Q4 24 | $7.4M | $-52.3M | ||
| Q3 24 | $11.6M | $-51.9M | ||
| Q2 24 | $-2.0M | $-41.6M | ||
| Q1 24 | $10.6M | $-44.3M |
毛利率MNKDRKLB
| Q4 25 | 87.6% | 38.0% | ||
| Q3 25 | 94.5% | 37.0% | ||
| Q2 25 | 94.0% | 32.1% | ||
| Q1 25 | 95.2% | 28.8% | ||
| Q4 24 | 93.7% | 27.8% | ||
| Q3 24 | 95.4% | 26.7% | ||
| Q2 24 | 92.3% | 25.6% | ||
| Q1 24 | 94.2% | 26.1% |
营业利润率MNKDRKLB
| Q4 25 | -6.9% | -28.4% | ||
| Q3 25 | 23.0% | -38.0% | ||
| Q2 25 | 6.9% | -41.3% | ||
| Q1 25 | 28.5% | -48.3% | ||
| Q4 24 | 34.5% | -38.9% | ||
| Q3 24 | 18.2% | -49.5% | ||
| Q2 24 | 22.9% | -40.7% | ||
| Q1 24 | 25.2% | -46.4% |
净利率MNKDRKLB
| Q4 25 | -14.2% | -29.5% | ||
| Q3 25 | 9.7% | -11.8% | ||
| Q2 25 | 0.9% | -46.0% | ||
| Q1 25 | 16.8% | -49.5% | ||
| Q4 24 | 9.7% | -39.5% | ||
| Q3 24 | 16.5% | -49.6% | ||
| Q2 24 | -2.8% | -39.2% | ||
| Q1 24 | 16.0% | -47.7% |
每股收益（稀释后）MNKDRKLB
| Q4 25 | $-0.05 | $-0.09 | ||
| Q3 25 | $0.03 | $-0.03 | ||
| Q2 25 | $0.00 | $-0.13 | ||
| Q1 25 | $0.04 | $-0.12 | ||
| Q4 24 | $0.03 | $-0.11 | ||
| Q3 24 | $0.04 | $-0.10 | ||
| Q2 24 | $-0.01 | $-0.08 | ||
| Q1 24 | $0.04 | $-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 | $171.3M | $1.0B |
| 总债务越低越好 | $354.6M | $152.4M |
| 股东权益账面价值 | $-51.0M | $1.7B |
| 总资产 | $792.2M | $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
现金及短期投资MNKDRKLB
| Q4 25 | $171.3M | $1.0B | ||
| Q3 25 | $260.0M | $976.7M | ||
| Q2 25 | $179.0M | $688.1M | ||
| Q1 25 | $181.5M | $428.4M | ||
| Q4 24 | $197.3M | $419.0M | ||
| Q3 24 | $251.6M | $442.4M | ||
| Q2 24 | $247.8M | $496.8M | ||
| Q1 24 | $300.7M | $492.5M |
总债务MNKDRKLB
| Q4 25 | $354.6M | $152.4M | ||
| Q3 25 | $109.7M | $347.0M | ||
| Q2 25 | $36.2M | $346.5M | ||
| Q1 25 | $36.1M | $345.9M | ||
| Q4 24 | $36.1M | $345.4M | ||
| Q3 24 | $227.9M | $61.2M | ||
| Q2 24 | $227.6M | $64.2M | ||
| Q1 24 | $264.1M | $66.8M |
股东权益MNKDRKLB
| Q4 25 | $-51.0M | $1.7B | ||
| Q3 25 | $-44.6M | $1.3B | ||
| Q2 25 | $-55.0M | $688.5M | ||
| Q1 25 | $-58.6M | $431.3M | ||
| Q4 24 | $-78.8M | $382.5M | ||
| Q3 24 | $-209.9M | $419.8M | ||
| Q2 24 | $-225.8M | $455.2M | ||
| Q1 24 | $-230.0M | $478.9M |
总资产MNKDRKLB
| Q4 25 | $792.2M | $2.3B | ||
| Q3 25 | $494.6M | $2.2B | ||
| Q2 25 | $411.7M | $1.6B | ||
| Q1 25 | $410.1M | $1.3B | ||
| Q4 24 | $393.8M | $1.2B | ||
| Q3 24 | $464.2M | $1.2B | ||
| Q2 24 | $443.8M | $1.2B | ||
| Q1 24 | $480.9M | $1.2B |
负债/权益比MNKDRKLB
| 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 | $-8.0M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $-10.0M | $-114.2M |
| 自由现金流率自由现金流/营收 | -8.9% | -63.6% |
| 资本支出强度资本支出/营收 | 1.8% | 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 | $13.7M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流MNKDRKLB
| Q4 25 | $-8.0M | $-64.5M | ||
| Q3 25 | $23.6M | $-23.5M | ||
| Q2 25 | $8.9M | $-23.2M | ||
| Q1 25 | $-6.4M | $-54.2M | ||
| Q4 24 | $22.6M | $-2.4M | ||
| Q3 24 | $9.3M | $-30.9M | ||
| Q2 24 | $3.8M | $-13.0M | ||
| Q1 24 | $6.7M | $-2.6M |
自由现金流MNKDRKLB
| Q4 25 | $-10.0M | $-114.2M | ||
| Q3 25 | $22.5M | $-69.4M | ||
| Q2 25 | $7.8M | $-55.3M | ||
| Q1 25 | $-6.7M | $-82.9M | ||
| Q4 24 | $19.7M | $-23.9M | ||
| Q3 24 | $7.9M | $-41.9M | ||
| Q2 24 | $861.0K | $-28.3M | ||
| Q1 24 | $4.3M | $-21.8M |
自由现金流率MNKDRKLB
| Q4 25 | -8.9% | -63.6% | ||
| Q3 25 | 27.4% | -44.8% | ||
| Q2 25 | 10.2% | -38.3% | ||
| Q1 25 | -8.6% | -67.6% | ||
| Q4 24 | 25.7% | -18.1% | ||
| Q3 24 | 11.3% | -40.0% | ||
| Q2 24 | 1.2% | -26.7% | ||
| Q1 24 | 6.5% | -23.5% |
资本支出强度MNKDRKLB
| Q4 25 | 1.8% | 27.6% | ||
| Q3 25 | 1.4% | 29.6% | ||
| Q2 25 | 1.5% | 22.2% | ||
| Q1 25 | 0.4% | 23.4% | ||
| Q4 24 | 3.8% | 16.3% | ||
| Q3 24 | 2.0% | 10.5% | ||
| Q2 24 | 4.1% | 14.4% | ||
| Q1 24 | 3.6% | 20.7% |
现金转化率MNKDRKLB
| Q4 25 | — | — | ||
| Q3 25 | 2.96× | — | ||
| Q2 25 | 13.40× | — | ||
| Q1 25 | -0.48× | — | ||
| Q4 24 | 3.05× | — | ||
| Q3 24 | 0.81× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.63× | — |
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
MNKD
| Products | $50.4M | 45% |
| Royalty | $33.6M | 30% |
| Afrezza | $22.9M | 20% |
| V Go | $4.3M | 4% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
