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Marqeta, Inc.（MQ）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Marqeta, Inc.的1.0倍（$179.7M vs $172.1M），Rocket Lab Corp同比增速更快（35.7% vs 26.7%），Marqeta, Inc.自由现金流更多（$53.2M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 20.8%）
Marqeta, Inc.运营云原生开放API平台，提供现代发卡与数字支付处理服务，可赋能金融科技初创企业、大型零售商及企业客户推出定制化实体、虚拟支付卡及嵌入式金融解决方案，服务覆盖全球消费及商业市场。
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。
MQ vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.0倍
$172.1M
营收增速更快
RKLB
高出9.0%
26.7%
自由现金流更多
MQ
多$167.3M
$-114.2M
两年增速更快
RKLB
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $172.1M | $179.7M |
| 净利润 | — | $-52.9M |
| 毛利率 | 69.7% | 38.0% |
| 营业利润率 | -4.8% | -28.4% |
| 净利率 | — | -29.5% |
| 营收同比 | 26.7% | 35.7% |
| 净利润同比 | — | -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
营收MQRKLB
| Q4 25 | $172.1M | $179.7M | ||
| Q3 25 | $163.3M | $155.1M | ||
| Q2 25 | $150.4M | $144.5M | ||
| Q1 25 | $139.1M | $122.6M | ||
| Q4 24 | $135.8M | $132.4M | ||
| Q3 24 | $128.0M | $104.8M | ||
| Q2 24 | $125.3M | $106.3M | ||
| Q1 24 | $118.0M | $92.8M |
净利润MQRKLB
| Q4 25 | — | $-52.9M | ||
| Q3 25 | $-3.6M | $-18.3M | ||
| Q2 25 | $-647.0K | $-66.4M | ||
| Q1 25 | $-8.3M | $-60.6M | ||
| Q4 24 | — | $-52.3M | ||
| Q3 24 | $-28.6M | $-51.9M | ||
| Q2 24 | $119.1M | $-41.6M | ||
| Q1 24 | $-36.1M | $-44.3M |
毛利率MQRKLB
| Q4 25 | 69.7% | 38.0% | ||
| Q3 25 | 70.1% | 37.0% | ||
| Q2 25 | 69.2% | 32.1% | ||
| Q1 25 | 71.0% | 28.8% | ||
| Q4 24 | 72.3% | 27.8% | ||
| Q3 24 | 70.4% | 26.7% | ||
| Q2 24 | 63.3% | 25.6% | ||
| Q1 24 | 71.3% | 26.1% |
营业利润率MQRKLB
| Q4 25 | -4.8% | -28.4% | ||
| Q3 25 | -6.4% | -38.0% | ||
| Q2 25 | -6.1% | -41.3% | ||
| Q1 25 | -13.3% | -48.3% | ||
| Q4 24 | -27.6% | -38.9% | ||
| Q3 24 | -33.0% | -49.5% | ||
| Q2 24 | 83.9% | -40.7% | ||
| Q1 24 | -42.3% | -46.4% |
净利率MQRKLB
| Q4 25 | — | -29.5% | ||
| Q3 25 | -2.2% | -11.8% | ||
| Q2 25 | -0.4% | -46.0% | ||
| Q1 25 | -5.9% | -49.5% | ||
| Q4 24 | — | -39.5% | ||
| Q3 24 | -22.4% | -49.6% | ||
| Q2 24 | 95.1% | -39.2% | ||
| Q1 24 | -30.6% | -47.7% |
每股收益（稀释后）MQRKLB
| 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 | ||
| Q1 24 | — | $-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 | $709.4M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $762.0M | $1.7B |
| 总资产 | $1.5B | $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MQRKLB
| Q4 25 | $709.4M | $1.0B | ||
| Q3 25 | $747.2M | $976.7M | ||
| Q2 25 | $732.7M | $688.1M | ||
| Q1 25 | $830.9M | $428.4M | ||
| Q4 24 | $923.0M | $419.0M | ||
| Q3 24 | $886.4M | $442.4M | ||
| Q2 24 | $924.7M | $496.8M | ||
| Q1 24 | $970.4M | $492.5M |
总债务MQRKLB
| 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 |
股东权益MQRKLB
| Q4 25 | $762.0M | $1.7B | ||
| Q3 25 | $839.2M | $1.3B | ||
| Q2 25 | $843.4M | $688.5M | ||
| Q1 25 | $987.3M | $431.3M | ||
| Q4 24 | $1.1B | $382.5M | ||
| Q3 24 | $1.1B | $419.8M | ||
| Q2 24 | $1.1B | $455.2M | ||
| Q1 24 | $1.2B | $478.9M |
总资产MQRKLB
| Q4 25 | $1.5B | $2.3B | ||
| Q3 25 | $1.5B | $2.2B | ||
| Q2 25 | $1.2B | $1.6B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.5B | $1.2B | ||
| Q1 24 | $1.6B | $1.2B |
负债/权益比MQRKLB
| 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 | $53.3M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $53.2M | $-114.2M |
| 自由现金流率自由现金流/营收 | 30.9% | -63.6% |
| 资本支出强度资本支出/营收 | 0.1% | 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 | $160.5M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流MQRKLB
| Q4 25 | $53.3M | $-64.5M | ||
| Q3 25 | $86.8M | $-23.5M | ||
| Q2 25 | $12.5M | $-23.2M | ||
| Q1 25 | $10.0M | $-54.2M | ||
| Q4 24 | $24.8M | $-2.4M | ||
| Q3 24 | $7.3M | $-30.9M | ||
| Q2 24 | $25.7M | $-13.0M | ||
| Q1 24 | $426.0K | $-2.6M |
自由现金流MQRKLB
| Q4 25 | $53.2M | $-114.2M | ||
| Q3 25 | $86.4M | $-69.4M | ||
| Q2 25 | $12.2M | $-55.3M | ||
| Q1 25 | $8.7M | $-82.9M | ||
| Q4 24 | $24.7M | $-23.9M | ||
| Q3 24 | $7.1M | $-41.9M | ||
| Q2 24 | $24.7M | $-28.3M | ||
| Q1 24 | $-765.0K | $-21.8M |
自由现金流率MQRKLB
| Q4 25 | 30.9% | -63.6% | ||
| Q3 25 | 52.9% | -44.8% | ||
| Q2 25 | 8.1% | -38.3% | ||
| Q1 25 | 6.3% | -67.6% | ||
| Q4 24 | 18.2% | -18.1% | ||
| Q3 24 | 5.5% | -40.0% | ||
| Q2 24 | 19.7% | -26.7% | ||
| Q1 24 | -0.6% | -23.5% |
资本支出强度MQRKLB
| Q4 25 | 0.1% | 27.6% | ||
| Q3 25 | 0.2% | 29.6% | ||
| Q2 25 | 0.2% | 22.2% | ||
| Q1 25 | 0.9% | 23.4% | ||
| Q4 24 | 0.0% | 16.3% | ||
| Q3 24 | 0.1% | 10.5% | ||
| Q2 24 | 0.8% | 14.4% | ||
| Q1 24 | 1.0% | 20.7% |
现金转化率MQRKLB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.22× | — | ||
| 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
MQ
| Platform Service Revenue Net | $163.4M | 95% |
| Other Services Revenue | $8.8M | 5% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
