vs
微策略（MSTR）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的季度营收约是微策略的1.5倍（$179.7M vs $123.0M），Rocket Lab Corp同比增速更快（35.7% vs 1.9%），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 3.3%）
Strategy Inc（原名为微策略）是1989年成立的美国上市企业，主营商业智能与移动软件业务，旗下产品可帮助企业分析内外部数据以支撑经营决策，还可用于移动应用开发，总部位于弗吉尼亚州泰森斯角，商业分析赛道核心竞品包括SAP等。
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。
MSTR vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.5倍
$123.0M
营收增速更快
RKLB
高出33.8%
1.9%
两年增速更快
RKLB
近两年复合增速
3.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $179.7M |
| 净利润 | — | $-52.9M |
| 毛利率 | 66.1% | 38.0% |
| 营业利润率 | — | -28.4% |
| 净利率 | — | -29.5% |
| 营收同比 | 1.9% | 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MSTRRKLB
| Q4 25 | $123.0M | $179.7M | ||
| Q3 25 | $128.7M | $155.1M | ||
| Q2 25 | $114.5M | $144.5M | ||
| Q1 25 | $111.1M | $122.6M | ||
| Q4 24 | $120.7M | $132.4M | ||
| Q3 24 | $116.1M | $104.8M | ||
| Q2 24 | $111.4M | $106.3M | ||
| Q1 24 | $115.2M | $92.8M |
净利润MSTRRKLB
| Q4 25 | — | $-52.9M | ||
| Q3 25 | $2.8B | $-18.3M | ||
| Q2 25 | $10.0B | $-66.4M | ||
| Q1 25 | $-4.2B | $-60.6M | ||
| Q4 24 | $-670.8M | $-52.3M | ||
| Q3 24 | $-340.2M | $-51.9M | ||
| Q2 24 | $-102.6M | $-41.6M | ||
| Q1 24 | $-53.1M | $-44.3M |
毛利率MSTRRKLB
| Q4 25 | 66.1% | 38.0% | ||
| Q3 25 | 70.5% | 37.0% | ||
| Q2 25 | 68.8% | 32.1% | ||
| Q1 25 | 69.4% | 28.8% | ||
| Q4 24 | 71.7% | 27.8% | ||
| Q3 24 | 70.4% | 26.7% | ||
| Q2 24 | 72.2% | 25.6% | ||
| Q1 24 | 74.0% | 26.1% |
营业利润率MSTRRKLB
| Q4 25 | — | -28.4% | ||
| Q3 25 | — | -38.0% | ||
| Q2 25 | — | -41.3% | ||
| Q1 25 | -5331.4% | -48.3% | ||
| Q4 24 | -842.1% | -38.9% | ||
| Q3 24 | -372.7% | -49.5% | ||
| Q2 24 | -179.7% | -40.7% | ||
| Q1 24 | -176.8% | -46.4% |
净利率MSTRRKLB
| Q4 25 | — | -29.5% | ||
| Q3 25 | 2164.1% | -11.8% | ||
| Q2 25 | 8752.7% | -46.0% | ||
| Q1 25 | -3797.2% | -49.5% | ||
| Q4 24 | -555.8% | -39.5% | ||
| Q3 24 | -293.1% | -49.6% | ||
| Q2 24 | -92.0% | -39.2% | ||
| Q1 24 | -46.1% | -47.7% |
每股收益（稀释后）MSTRRKLB
| Q4 25 | — | $-0.09 | ||
| Q3 25 | $8.42 | $-0.03 | ||
| Q2 25 | $32.60 | $-0.13 | ||
| Q1 25 | $-16.49 | $-0.12 | ||
| Q4 24 | $4.49 | $-0.11 | ||
| Q3 24 | $-1.72 | $-0.10 | ||
| Q2 24 | $-0.57 | $-0.08 | ||
| Q1 24 | $-0.31 | $-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 | $2.3B | $1.0B |
| 总债务越低越好 | $8.2B | $152.4M |
| 股东权益账面价值 | $44.1B | $1.7B |
| 总资产 | $61.6B | $2.3B |
| 负债/权益比越低杠杆越低 | 0.19× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资MSTRRKLB
| Q4 25 | $2.3B | $1.0B | ||
| Q3 25 | $54.3M | $976.7M | ||
| Q2 25 | $50.1M | $688.1M | ||
| Q1 25 | $60.3M | $428.4M | ||
| Q4 24 | $38.1M | $419.0M | ||
| Q3 24 | $46.3M | $442.4M | ||
| Q2 24 | $66.9M | $496.8M | ||
| Q1 24 | $81.3M | $492.5M |
总债务MSTRRKLB
| Q4 25 | $8.2B | $152.4M | ||
| Q3 25 | $8.2B | $347.0M | ||
| Q2 25 | $8.2B | $346.5M | ||
| Q1 25 | $8.1B | $345.9M | ||
| Q4 24 | $7.2B | $345.4M | ||
| Q3 24 | $4.2B | $61.2M | ||
| Q2 24 | $3.8B | $64.2M | ||
| Q1 24 | $3.6B | $66.8M |
股东权益MSTRRKLB
| Q4 25 | $44.1B | $1.7B | ||
| Q3 25 | $52.3B | $1.3B | ||
| Q2 25 | $47.5B | $688.5M | ||
| Q1 25 | $32.2B | $431.3M | ||
| Q4 24 | $18.2B | $382.5M | ||
| Q3 24 | $3.8B | $419.8M | ||
| Q2 24 | $2.8B | $455.2M | ||
| Q1 24 | $2.4B | $478.9M |
总资产MSTRRKLB
| Q4 25 | $61.6B | $2.3B | ||
| Q3 25 | $73.6B | $2.2B | ||
| Q2 25 | $64.8B | $1.6B | ||
| Q1 25 | $43.9B | $1.3B | ||
| Q4 24 | $25.8B | $1.2B | ||
| Q3 24 | $8.3B | $1.2B | ||
| Q2 24 | $7.1B | $1.2B | ||
| Q1 24 | $6.4B | $1.2B |
负债/权益比MSTRRKLB
| Q4 25 | 0.19× | 0.09× | ||
| Q3 25 | 0.16× | 0.27× | ||
| Q2 25 | 0.17× | 0.50× | ||
| Q1 25 | 0.25× | 0.80× | ||
| Q4 24 | 0.39× | 0.90× | ||
| Q3 24 | 1.12× | 0.15× | ||
| Q2 24 | 1.36× | 0.14× | ||
| Q1 24 | 1.48× | 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 | — | $-114.2M |
| 自由现金流率自由现金流/营收 | — | -63.6% |
| 资本支出强度资本支出/营收 | — | 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 | — | $-321.8M |
8季度趋势，按日历期对齐
经营现金流MSTRRKLB
| Q4 25 | — | $-64.5M | ||
| Q3 25 | $-8.3M | $-23.5M | ||
| Q2 25 | $-34.9M | $-23.2M | ||
| Q1 25 | $-2.4M | $-54.2M | ||
| Q4 24 | $-17.3M | $-2.4M | ||
| Q3 24 | $-41.0M | $-30.9M | ||
| Q2 24 | $-23.3M | $-13.0M | ||
| Q1 24 | $28.6M | $-2.6M |
自由现金流MSTRRKLB
| Q4 25 | — | $-114.2M | ||
| Q3 25 | $-11.1M | $-69.4M | ||
| Q2 25 | $-37.0M | $-55.3M | ||
| Q1 25 | $-5.1M | $-82.9M | ||
| Q4 24 | $-17.6M | $-23.9M | ||
| Q3 24 | $-41.4M | $-41.9M | ||
| Q2 24 | $-24.1M | $-28.3M | ||
| Q1 24 | $27.0M | $-21.8M |
自由现金流率MSTRRKLB
| Q4 25 | — | -63.6% | ||
| Q3 25 | -8.6% | -44.8% | ||
| Q2 25 | -32.3% | -38.3% | ||
| Q1 25 | -4.6% | -67.6% | ||
| Q4 24 | -14.6% | -18.1% | ||
| Q3 24 | -35.7% | -40.0% | ||
| Q2 24 | -21.6% | -26.7% | ||
| Q1 24 | 23.5% | -23.5% |
资本支出强度MSTRRKLB
| Q4 25 | — | 27.6% | ||
| Q3 25 | 2.2% | 29.6% | ||
| Q2 25 | 1.8% | 22.2% | ||
| Q1 25 | 2.5% | 23.4% | ||
| Q4 24 | 0.2% | 16.3% | ||
| Q3 24 | 0.4% | 10.5% | ||
| Q2 24 | 0.6% | 14.4% | ||
| Q1 24 | 1.3% | 20.7% |
现金转化率MSTRRKLB
| Q4 25 | — | — | ||
| Q3 25 | -0.00× | — | ||
| Q2 25 | -0.00× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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
MSTR
暂无分部数据
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
