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范尔度假村（MTN）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
范尔度假村的季度营收约是Rocket Lab Corp的1.5倍（$271.0M vs $179.7M），Rocket Lab Corp净利率更高（-29.5% vs -68.9%，领先39.4%），Rocket Lab Corp同比增速更快（35.7% vs 4.1%），范尔度假村自由现金流更多（$244.3M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs -49.9%）
范尔度假村是美国知名山地度假集团，总部位于科罗拉多州布鲁姆菲尔德。集团旗下在全球4个国家运营42家山地度假村，同时持有并运营酒店、民宿、公寓及高尔夫球场等各类度假不动产，为全球游客提供高品质的山地休闲与旅居服务。
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。
MTN vs RKLB — 直观对比
营收规模更大
MTN
是对方的1.5倍
$179.7M
营收增速更快
RKLB
高出31.6%
4.1%
净利率更高
RKLB
高出39.4%
-68.9%
自由现金流更多
MTN
多$358.5M
$-114.2M
两年增速更快
RKLB
近两年复合增速
-49.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $271.0M | $179.7M |
| 净利润 | $-186.8M | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | -77.4% | -28.4% |
| 净利率 | -68.9% | -29.5% |
| 营收同比 | 4.1% | 35.7% |
| 净利润同比 | -8.1% | -1.1% |
| 每股收益（稀释后） | $-5.20 | $-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MTNRKLB
| Q4 25 | $271.0M | $179.7M | ||
| Q3 25 | $271.3M | $155.1M | ||
| Q2 25 | $1.3B | $144.5M | ||
| Q1 25 | $1.1B | $122.6M | ||
| Q4 24 | $260.3M | $132.4M | ||
| Q3 24 | $265.4M | $104.8M | ||
| Q2 24 | $1.3B | $106.3M | ||
| Q1 24 | $1.1B | $92.8M |
净利润MTNRKLB
| Q4 25 | $-186.8M | $-52.9M | ||
| Q3 25 | $-185.5M | $-18.3M | ||
| Q2 25 | $392.8M | $-66.4M | ||
| Q1 25 | $245.5M | $-60.6M | ||
| Q4 24 | $-172.8M | $-52.3M | ||
| Q3 24 | $-175.4M | $-51.9M | ||
| Q2 24 | $362.0M | $-41.6M | ||
| Q1 24 | $219.3M | $-44.3M |
毛利率MTNRKLB
| 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% |
营业利润率MTNRKLB
| Q4 25 | -77.4% | -28.4% | ||
| Q3 25 | -75.1% | -38.0% | ||
| Q2 25 | 44.9% | -41.3% | ||
| Q1 25 | 33.8% | -48.3% | ||
| Q4 24 | -77.6% | -38.9% | ||
| Q3 24 | -74.9% | -49.5% | ||
| Q2 24 | 42.6% | -40.7% | ||
| Q1 24 | 32.5% | -46.4% |
净利率MTNRKLB
| Q4 25 | -68.9% | -29.5% | ||
| Q3 25 | -68.4% | -11.8% | ||
| Q2 25 | 30.3% | -46.0% | ||
| Q1 25 | 21.6% | -49.5% | ||
| Q4 24 | -66.4% | -39.5% | ||
| Q3 24 | -66.1% | -49.6% | ||
| Q2 24 | 28.2% | -39.2% | ||
| Q1 24 | 20.3% | -47.7% |
每股收益（稀释后）MTNRKLB
| Q4 25 | $-5.20 | $-0.09 | ||
| Q3 25 | $-4.96 | $-0.03 | ||
| Q2 25 | $10.54 | $-0.13 | ||
| Q1 25 | $6.56 | $-0.12 | ||
| Q4 24 | $-4.61 | $-0.11 | ||
| Q3 24 | $-4.63 | $-0.10 | ||
| Q2 24 | $9.54 | $-0.08 | ||
| Q1 24 | $5.76 | $-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 | $581.5M | $1.0B |
| 总债务越低越好 | $2.6B | $152.4M |
| 股东权益账面价值 | $156.5M | $1.7B |
| 总资产 | $5.8B | $2.3B |
| 负债/权益比越低杠杆越低 | 16.51× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资MTNRKLB
| Q4 25 | $581.5M | $1.0B | ||
| Q3 25 | $440.3M | $976.7M | ||
| Q2 25 | $467.0M | $688.1M | ||
| Q1 25 | $488.2M | $428.4M | ||
| Q4 24 | $403.8M | $419.0M | ||
| Q3 24 | $322.8M | $442.4M | ||
| Q2 24 | $705.4M | $496.8M | ||
| Q1 24 | $812.2M | $492.5M |
总债务MTNRKLB
| Q4 25 | $2.6B | $152.4M | ||
| Q3 25 | $2.6B | $347.0M | ||
| Q2 25 | $2.1B | $346.5M | ||
| Q1 25 | $2.1B | $345.9M | ||
| Q4 24 | $2.7B | $345.4M | ||
| Q3 24 | $2.7B | $61.2M | ||
| Q2 24 | $2.7B | $64.2M | ||
| Q1 24 | $2.7B | $66.8M |
股东权益MTNRKLB
| Q4 25 | $156.5M | $1.7B | ||
| Q3 25 | $424.5M | $1.3B | ||
| Q2 25 | $895.4M | $688.5M | ||
| Q1 25 | $530.7M | $431.3M | ||
| Q4 24 | $444.1M | $382.5M | ||
| Q3 24 | $723.5M | $419.8M | ||
| Q2 24 | $1.0B | $455.2M | ||
| Q1 24 | $829.9M | $478.9M |
总资产MTNRKLB
| Q4 25 | $5.8B | $2.3B | ||
| Q3 25 | $5.8B | $2.2B | ||
| Q2 25 | $5.8B | $1.6B | ||
| Q1 25 | $5.5B | $1.3B | ||
| Q4 24 | $5.6B | $1.2B | ||
| Q3 24 | $5.7B | $1.2B | ||
| Q2 24 | $5.8B | $1.2B | ||
| Q1 24 | $5.8B | $1.2B |
负债/权益比MTNRKLB
| Q4 25 | 16.51× | 0.09× | ||
| Q3 25 | 6.11× | 0.27× | ||
| Q2 25 | 2.35× | 0.50× | ||
| Q1 25 | 3.99× | 0.80× | ||
| Q4 24 | 6.10× | 0.90× | ||
| Q3 24 | 3.76× | 0.15× | ||
| Q2 24 | 2.69× | 0.14× | ||
| Q1 24 | 3.28× | 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 | $315.9M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $244.3M | $-114.2M |
| 自由现金流率自由现金流/营收 | 90.1% | -63.6% |
| 资本支出强度资本支出/营收 | 26.4% | 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 | $352.5M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流MTNRKLB
| Q4 25 | $315.9M | $-64.5M | ||
| Q3 25 | $-171.6M | $-23.5M | ||
| Q2 25 | $117.7M | $-23.2M | ||
| Q1 25 | $326.3M | $-54.2M | ||
| Q4 24 | $282.4M | $-2.4M | ||
| Q3 24 | $-94.2M | $-30.9M | ||
| Q2 24 | $109.9M | $-13.0M | ||
| Q1 24 | $242.7M | $-2.6M |
自由现金流MTNRKLB
| Q4 25 | $244.3M | $-114.2M | ||
| Q3 25 | $-227.5M | $-69.4M | ||
| Q2 25 | $84.5M | $-55.3M | ||
| Q1 25 | $251.2M | $-82.9M | ||
| Q4 24 | $211.4M | $-23.9M | ||
| Q3 24 | $-150.3M | $-41.9M | ||
| Q2 24 | $85.0M | $-28.3M | ||
| Q1 24 | $165.8M | $-21.8M |
自由现金流率MTNRKLB
| Q4 25 | 90.1% | -63.6% | ||
| Q3 25 | -83.9% | -44.8% | ||
| Q2 25 | 6.5% | -38.3% | ||
| Q1 25 | 22.1% | -67.6% | ||
| Q4 24 | 81.2% | -18.1% | ||
| Q3 24 | -56.6% | -40.0% | ||
| Q2 24 | 6.6% | -26.7% | ||
| Q1 24 | 15.4% | -23.5% |
资本支出强度MTNRKLB
| Q4 25 | 26.4% | 27.6% | ||
| Q3 25 | 20.6% | 29.6% | ||
| Q2 25 | 2.6% | 22.2% | ||
| Q1 25 | 6.6% | 23.4% | ||
| Q4 24 | 27.3% | 16.3% | ||
| Q3 24 | 21.1% | 10.5% | ||
| Q2 24 | 1.9% | 14.4% | ||
| Q1 24 | 7.1% | 20.7% |
现金转化率MTNRKLB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.30× | — | ||
| Q1 25 | 1.33× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.30× | — | ||
| Q1 24 | 1.11× | — |
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
MTN
| Dining | $84.6M | 31% |
| Lodgingrevenueexcludingpayrollcostreimbursements | $67.2M | 25% |
| Other Mountain Revenue | $55.1M | 20% |
| Managedcondominiumrooms | $26.1M | 10% |
| Owned Hotel Revenue | $12.7M | 5% |
| Other Lodging Revenue | $10.2M | 4% |
| Other | $5.9M | 2% |
| Transportation | $4.8M | 2% |
| Payrollcostreimbursements | $4.4M | 2% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
