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NOVAVAX INC（NVAX）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NOVAVAX INC的1.2倍（$179.7M vs $147.3M），NOVAVAX INC净利率更高（11.9% vs -29.5%，领先41.4%），NOVAVAX INC同比增速更快（66.8% vs 35.7%），NOVAVAX INC自由现金流更多（$-41.6M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 25.3%）
诺瓦瓦克斯是一家总部位于美国马里兰州盖瑟斯堡的生物科技企业，专注于传染病疫苗研发。其开发的新冠疫苗现由赛诺菲负责商业化，同时还在布局流感、呼吸道合胞病毒（RSV）、禽流感、带状疱疹、艰难梭菌感染、疟疾等多个领域的疫苗管线。
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。
NVAX vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.2倍
$147.3M
营收增速更快
NVAX
高出31.1%
35.7%
净利率更高
NVAX
高出41.4%
-29.5%
自由现金流更多
NVAX
多$72.6M
$-114.2M
两年增速更快
RKLB
近两年复合增速
25.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $147.3M | $179.7M |
| 净利润 | $17.5M | $-52.9M |
| 毛利率 | 85.0% | 38.0% |
| 营业利润率 | 9.7% | -28.4% |
| 净利率 | 11.9% | -29.5% |
| 营收同比 | 66.8% | 35.7% |
| 净利润同比 | 121.6% | -1.1% |
| 每股收益（稀释后） | $0.28 | $-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NVAXRKLB
| Q4 25 | $147.3M | $179.7M | ||
| Q3 25 | $70.4M | $155.1M | ||
| Q2 25 | $239.2M | $144.5M | ||
| Q1 25 | $666.5M | $122.6M | ||
| Q4 24 | $88.3M | $132.4M | ||
| Q3 24 | $84.5M | $104.8M | ||
| Q2 24 | $415.5M | $106.3M | ||
| Q1 24 | $93.9M | $92.8M |
净利润NVAXRKLB
| Q4 25 | $17.5M | $-52.9M | ||
| Q3 25 | $-202.4M | $-18.3M | ||
| Q2 25 | $106.5M | $-66.4M | ||
| Q1 25 | $518.6M | $-60.6M | ||
| Q4 24 | — | $-52.3M | ||
| Q3 24 | $-121.3M | $-51.9M | ||
| Q2 24 | $162.4M | $-41.6M | ||
| Q1 24 | $-147.6M | $-44.3M |
毛利率NVAXRKLB
| Q4 25 | 85.0% | 38.0% | ||
| Q3 25 | 69.5% | 37.0% | ||
| Q2 25 | 93.6% | 32.1% | ||
| Q1 25 | 97.9% | 28.8% | ||
| Q4 24 | 58.5% | 27.8% | ||
| Q3 24 | 28.3% | 26.7% | ||
| Q2 24 | 88.9% | 25.6% | ||
| Q1 24 | 36.9% | 26.1% |
营业利润率NVAXRKLB
| Q4 25 | 9.7% | -28.4% | ||
| Q3 25 | -252.7% | -38.0% | ||
| Q2 25 | 42.2% | -41.3% | ||
| Q1 25 | 77.4% | -48.3% | ||
| Q4 24 | — | -38.9% | ||
| Q3 24 | -158.6% | -49.5% | ||
| Q2 24 | 38.7% | -40.7% | ||
| Q1 24 | -154.3% | -46.4% |
净利率NVAXRKLB
| Q4 25 | 11.9% | -29.5% | ||
| Q3 25 | -287.3% | -11.8% | ||
| Q2 25 | 44.5% | -46.0% | ||
| Q1 25 | 77.8% | -49.5% | ||
| Q4 24 | — | -39.5% | ||
| Q3 24 | -143.5% | -49.6% | ||
| Q2 24 | 39.1% | -39.2% | ||
| Q1 24 | -157.2% | -47.7% |
每股收益（稀释后）NVAXRKLB
| Q4 25 | $0.28 | $-0.09 | ||
| Q3 25 | $-1.25 | $-0.03 | ||
| Q2 25 | $0.62 | $-0.13 | ||
| Q1 25 | $2.93 | $-0.12 | ||
| Q4 24 | — | $-0.11 | ||
| Q3 24 | $-0.76 | $-0.10 | ||
| Q2 24 | $0.99 | $-0.08 | ||
| Q1 24 | $-1.05 | $-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 | $735.1M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $-127.8M | $1.7B |
| 总资产 | $1.2B | $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NVAXRKLB
| Q4 25 | $735.1M | $1.0B | ||
| Q3 25 | $762.9M | $976.7M | ||
| Q2 25 | $612.3M | $688.1M | ||
| Q1 25 | $731.5M | $428.4M | ||
| Q4 24 | $923.1M | $419.0M | ||
| Q3 24 | $909.5M | $442.4M | ||
| Q2 24 | $1.0B | $496.8M | ||
| Q1 24 | $480.6M | $492.5M |
总债务NVAXRKLB
| 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NVAXRKLB
| Q4 25 | $-127.8M | $1.7B | ||
| Q3 25 | $-156.7M | $1.3B | ||
| Q2 25 | $37.6M | $688.5M | ||
| Q1 25 | $-75.6M | $431.3M | ||
| Q4 24 | $-623.8M | $382.5M | ||
| Q3 24 | $-526.4M | $419.8M | ||
| Q2 24 | $-431.7M | $455.2M | ||
| Q1 24 | $-867.1M | $478.9M |
总资产NVAXRKLB
| Q4 25 | $1.2B | $2.3B | ||
| Q3 25 | $1.2B | $2.2B | ||
| Q2 25 | $1.3B | $1.6B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $1.7B | $1.2B | ||
| Q2 24 | $1.8B | $1.2B | ||
| Q1 24 | $1.4B | $1.2B |
负债/权益比NVAXRKLB
| 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 | $-39.5M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $-41.6M | $-114.2M |
| 自由现金流率自由现金流/营收 | -28.2% | -63.6% |
| 资本支出强度资本支出/营收 | 1.4% | 27.6% |
| 现金转化率经营现金流/净利润 | -2.25× | — |
| 过去12个月自由现金流最近4个季度 | $-250.2M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流NVAXRKLB
| Q4 25 | $-39.5M | $-64.5M | ||
| Q3 25 | $107.8M | $-23.5M | ||
| Q2 25 | $-127.5M | $-23.2M | ||
| Q1 25 | $-185.5M | $-54.2M | ||
| Q4 24 | $-87.3M | $-2.4M | ||
| Q3 24 | $-144.8M | $-30.9M | ||
| Q2 24 | $314.3M | $-13.0M | ||
| Q1 24 | $-83.6M | $-2.6M |
自由现金流NVAXRKLB
| Q4 25 | $-41.6M | $-114.2M | ||
| Q3 25 | $105.8M | $-69.4M | ||
| Q2 25 | $-127.7M | $-55.3M | ||
| Q1 25 | $-186.7M | $-82.9M | ||
| Q4 24 | $-100.3M | $-23.9M | ||
| Q3 24 | $-146.2M | $-41.9M | ||
| Q2 24 | $311.4M | $-28.3M | ||
| Q1 24 | $-90.4M | $-21.8M |
自由现金流率NVAXRKLB
| Q4 25 | -28.2% | -63.6% | ||
| Q3 25 | 150.2% | -44.8% | ||
| Q2 25 | -53.4% | -38.3% | ||
| Q1 25 | -28.0% | -67.6% | ||
| Q4 24 | -113.6% | -18.1% | ||
| Q3 24 | -173.0% | -40.0% | ||
| Q2 24 | 74.9% | -26.7% | ||
| Q1 24 | -96.4% | -23.5% |
资本支出强度NVAXRKLB
| Q4 25 | 1.4% | 27.6% | ||
| Q3 25 | 2.9% | 29.6% | ||
| Q2 25 | 0.1% | 22.2% | ||
| Q1 25 | 0.2% | 23.4% | ||
| Q4 24 | 14.8% | 16.3% | ||
| Q3 24 | 1.6% | 10.5% | ||
| Q2 24 | 0.7% | 14.4% | ||
| Q1 24 | 7.3% | 20.7% |
现金转化率NVAXRKLB
| Q4 25 | -2.25× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -1.20× | — | ||
| Q1 25 | -0.36× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.94× | — | ||
| 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
NVAX
| Licensing Royalties And Other | $107.9M | 73% |
| Products | $39.2M | 27% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
