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埃克西尔能源（NINE）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的季度营收约是埃克西尔能源的1.4倍（$179.7M vs $132.2M），埃克西尔能源净利率更高（-14.5% vs -29.5%，领先14.9%），Rocket Lab Corp同比增速更快（35.7% vs -6.5%），埃克西尔能源自由现金流更多（$-4.8M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs -3.6%）
埃克西尔能源是一家受美国监管的电力与天然气配送企业，总部位于明尼苏达州明尼阿波利斯。截至2025年年中，公司业务覆盖八个州的部分区域，服务约390万电力客户与220万天然气客户，下设四家运营子公司，分别为明尼苏达北州电力、威斯康星北州电力、科罗拉多公共服务公司以及西南公共服务公司。
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。
NINE vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.4倍
$132.2M
营收增速更快
RKLB
高出42.2%
-6.5%
净利率更高
NINE
高出14.9%
-29.5%
自由现金流更多
NINE
多$109.4M
$-114.2M
两年增速更快
RKLB
近两年复合增速
-3.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $132.2M | $179.7M |
| 净利润 | $-19.2M | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | -4.2% | -28.4% |
| 净利率 | -14.5% | -29.5% |
| 营收同比 | -6.5% | 35.7% |
| 净利润同比 | -117.4% | -1.1% |
| 每股收益（稀释后） | $-0.47 | $-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NINERKLB
| Q4 25 | $132.2M | $179.7M | ||
| Q3 25 | $132.0M | $155.1M | ||
| Q2 25 | $147.3M | $144.5M | ||
| Q1 25 | $150.5M | $122.6M | ||
| Q4 24 | $141.4M | $132.4M | ||
| Q3 24 | $138.2M | $104.8M | ||
| Q2 24 | $132.4M | $106.3M | ||
| Q1 24 | $142.1M | $92.8M |
净利润NINERKLB
| Q4 25 | $-19.2M | $-52.9M | ||
| Q3 25 | $-14.6M | $-18.3M | ||
| Q2 25 | $-10.4M | $-66.4M | ||
| Q1 25 | $-7.1M | $-60.6M | ||
| Q4 24 | $-8.8M | $-52.3M | ||
| Q3 24 | $-10.1M | $-51.9M | ||
| Q2 24 | $-14.0M | $-41.6M | ||
| Q1 24 | $-8.1M | $-44.3M |
毛利率NINERKLB
| 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NINERKLB
| Q4 25 | -4.2% | -28.4% | ||
| Q3 25 | -0.9% | -38.0% | ||
| Q2 25 | 2.3% | -41.3% | ||
| Q1 25 | 3.7% | -48.3% | ||
| Q4 24 | 2.5% | -38.9% | ||
| Q3 24 | 1.8% | -49.5% | ||
| Q2 24 | -1.1% | -40.7% | ||
| Q1 24 | 3.1% | -46.4% |
净利率NINERKLB
| Q4 25 | -14.5% | -29.5% | ||
| Q3 25 | -11.1% | -11.8% | ||
| Q2 25 | -7.1% | -46.0% | ||
| Q1 25 | -4.7% | -49.5% | ||
| Q4 24 | -6.3% | -39.5% | ||
| Q3 24 | -7.3% | -49.6% | ||
| Q2 24 | -10.6% | -39.2% | ||
| Q1 24 | -5.7% | -47.7% |
每股收益（稀释后）NINERKLB
| Q4 25 | $-0.47 | $-0.09 | ||
| Q3 25 | $-0.35 | $-0.03 | ||
| Q2 25 | $-0.25 | $-0.13 | ||
| Q1 25 | $-0.18 | $-0.12 | ||
| Q4 24 | $-0.21 | $-0.11 | ||
| Q3 24 | $-0.26 | $-0.10 | ||
| Q2 24 | $-0.40 | $-0.08 | ||
| Q1 24 | $-0.24 | $-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 | $18.4M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $-115.0M | $1.7B |
| 总资产 | $339.5M | $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NINERKLB
| Q4 25 | $18.4M | $1.0B | ||
| Q3 25 | $14.4M | $976.7M | ||
| Q2 25 | $14.2M | $688.1M | ||
| Q1 25 | $17.3M | $428.4M | ||
| Q4 24 | $27.9M | $419.0M | ||
| Q3 24 | $15.7M | $442.4M | ||
| Q2 24 | $26.0M | $496.8M | ||
| Q1 24 | $10.2M | $492.5M |
总债务NINERKLB
| 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NINERKLB
| Q4 25 | $-115.0M | $1.7B | ||
| Q3 25 | $-95.9M | $1.3B | ||
| Q2 25 | $-81.7M | $688.5M | ||
| Q1 25 | $-72.1M | $431.3M | ||
| Q4 24 | $-66.1M | $382.5M | ||
| Q3 24 | $-57.6M | $419.8M | ||
| Q2 24 | $-49.7M | $455.2M | ||
| Q1 24 | $-43.3M | $478.9M |
总资产NINERKLB
| Q4 25 | $339.5M | $2.3B | ||
| Q3 25 | $340.7M | $2.2B | ||
| Q2 25 | $361.2M | $1.6B | ||
| Q1 25 | $359.2M | $1.3B | ||
| Q4 24 | $360.1M | $1.2B | ||
| Q3 24 | $353.2M | $1.2B | ||
| Q2 24 | $381.7M | $1.2B | ||
| Q1 24 | $380.4M | $1.2B |
负债/权益比NINERKLB
| 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 | $-2.2M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $-4.8M | $-114.2M |
| 自由现金流率自由现金流/营收 | -3.6% | -63.6% |
| 资本支出强度资本支出/营收 | 2.0% | 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 | $-23.3M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流NINERKLB
| Q4 25 | $-2.2M | $-64.5M | ||
| Q3 25 | $-9.9M | $-23.5M | ||
| Q2 25 | $10.1M | $-23.2M | ||
| Q1 25 | $-5.3M | $-54.2M | ||
| Q4 24 | $15.0M | $-2.4M | ||
| Q3 24 | $-5.8M | $-30.9M | ||
| Q2 24 | $12.9M | $-13.0M | ||
| Q1 24 | $-8.8M | $-2.6M |
自由现金流NINERKLB
| Q4 25 | $-4.8M | $-114.2M | ||
| Q3 25 | $-13.4M | $-69.4M | ||
| Q2 25 | $4.2M | $-55.3M | ||
| Q1 25 | $-9.3M | $-82.9M | ||
| Q4 24 | $11.8M | $-23.9M | ||
| Q3 24 | $-9.3M | $-41.9M | ||
| Q2 24 | $10.3M | $-28.3M | ||
| Q1 24 | $-14.3M | $-21.8M |
自由现金流率NINERKLB
| Q4 25 | -3.6% | -63.6% | ||
| Q3 25 | -10.2% | -44.8% | ||
| Q2 25 | 2.9% | -38.3% | ||
| Q1 25 | -6.2% | -67.6% | ||
| Q4 24 | 8.3% | -18.1% | ||
| Q3 24 | -6.7% | -40.0% | ||
| Q2 24 | 7.7% | -26.7% | ||
| Q1 24 | -10.1% | -23.5% |
资本支出强度NINERKLB
| Q4 25 | 2.0% | 27.6% | ||
| Q3 25 | 2.6% | 29.6% | ||
| Q2 25 | 4.0% | 22.2% | ||
| Q1 25 | 2.6% | 23.4% | ||
| Q4 24 | 2.3% | 16.3% | ||
| Q3 24 | 2.5% | 10.5% | ||
| Q2 24 | 2.0% | 14.4% | ||
| Q1 24 | 3.9% | 20.7% |
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
NINE
| Cement | $52.6M | 40% |
| Tool Revenue | $28.6M | 22% |
| Coiled Tubing | $25.8M | 20% |
| Wireline | $25.1M | 19% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
