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Pagaya Technologies Ltd.（PGY）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
Pagaya Technologies Ltd.的季度营收约是Rocket Lab Corp的1.8倍（$321.0M vs $179.7M），Pagaya Technologies Ltd.净利率更高（10.7% vs -29.5%，领先40.1%），Rocket Lab Corp同比增速更快（35.7% vs 16.5%），Pagaya Technologies Ltd.自由现金流更多（$76.7M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 16.4%）
Pagaya Technologies是一家以纽约为总部的以美金融科技企业，专注于运用人工智能技术评估贷款申请，推动信贷审核流程现代化。该公司2022年于纽约证券交易所上市，截至2024年，已累计评估约2.6万亿美元规模的贷款申请，促成的贷款总额约达280亿美元，核心客户以银行等金融机构为主。
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。
PGY vs RKLB — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $321.0M | $179.7M |
| 净利润 | $34.3M | $-52.9M |
| 毛利率 | 40.8% | 38.0% |
| 营业利润率 | 24.8% | -28.4% |
| 净利率 | 10.7% | -29.5% |
| 营收同比 | 16.5% | 35.7% |
| 净利润同比 | 114.4% | -1.1% |
| 每股收益（稀释后） | $0.40 | $-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
| Q4 25 | $321.0M | $179.7M | ||
| Q3 25 | $339.9M | $155.1M | ||
| Q2 25 | $317.7M | $144.5M | ||
| Q1 25 | $282.7M | $122.6M | ||
| Q4 24 | $275.7M | $132.4M | ||
| Q3 24 | $249.3M | $104.8M | ||
| Q2 24 | $242.6M | $106.3M | ||
| Q1 24 | $237.0M | $92.8M |
| Q4 25 | $34.3M | $-52.9M | ||
| Q3 25 | $22.5M | $-18.3M | ||
| Q2 25 | $16.7M | $-66.4M | ||
| Q1 25 | $7.9M | $-60.6M | ||
| Q4 24 | $-237.9M | $-52.3M | ||
| Q3 24 | $-67.5M | $-51.9M | ||
| Q2 24 | $-74.8M | $-41.6M | ||
| Q1 24 | $-21.2M | $-44.3M |
| Q4 25 | 40.8% | 38.0% | ||
| Q3 25 | 41.0% | 37.0% | ||
| Q2 25 | 39.7% | 32.1% | ||
| Q1 25 | 40.9% | 28.8% | ||
| Q4 24 | 42.6% | 27.8% | ||
| Q3 24 | 40.2% | 26.7% | ||
| Q2 24 | 40.0% | 25.6% | ||
| Q1 24 | 38.9% | 26.1% |
| Q4 25 | 24.8% | -28.4% | ||
| Q3 25 | 23.5% | -38.0% | ||
| Q2 25 | 17.8% | -41.3% | ||
| Q1 25 | 16.9% | -48.3% | ||
| Q4 24 | 11.5% | -38.9% | ||
| Q3 24 | 9.0% | -49.5% | ||
| Q2 24 | 2.1% | -40.7% | ||
| Q1 24 | 3.2% | -46.4% |
| Q4 25 | 10.7% | -29.5% | ||
| Q3 25 | 6.6% | -11.8% | ||
| Q2 25 | 5.2% | -46.0% | ||
| Q1 25 | 2.8% | -49.5% | ||
| Q4 24 | -86.3% | -39.5% | ||
| Q3 24 | -27.1% | -49.6% | ||
| Q2 24 | -30.8% | -39.2% | ||
| Q1 24 | -9.0% | -47.7% |
| Q4 25 | $0.40 | $-0.09 | ||
| Q3 25 | $0.23 | $-0.03 | ||
| Q2 25 | $0.20 | $-0.13 | ||
| Q1 25 | $0.10 | $-0.12 | ||
| Q4 24 | $-3.36 | $-0.11 | ||
| Q3 24 | $-0.93 | $-0.10 | ||
| Q2 24 | $-1.04 | $-0.08 | ||
| Q1 24 | $-0.33 | $-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 | $235.3M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $480.0M | $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
| Q4 25 | $235.3M | $1.0B | ||
| Q3 25 | $218.3M | $976.7M | ||
| Q2 25 | $183.0M | $688.1M | ||
| Q1 25 | $186.8M | $428.4M | ||
| Q4 24 | $187.9M | $419.0M | ||
| Q3 24 | $147.1M | $442.4M | ||
| Q2 24 | $233.6M | $496.8M | ||
| Q1 24 | $274.5M | $492.5M |
| Q4 25 | — | $152.4M | ||
| Q3 25 | — | $347.0M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | $317.9M | $345.9M | ||
| Q4 24 | — | $345.4M | ||
| Q3 24 | $230.2M | $61.2M | ||
| Q2 24 | $232.6M | $64.2M | ||
| Q1 24 | $235.0M | $66.8M |
| Q4 25 | $480.0M | $1.7B | ||
| Q3 25 | $438.3M | $1.3B | ||
| Q2 25 | $366.8M | $688.5M | ||
| Q1 25 | $335.5M | $431.3M | ||
| Q4 24 | $326.5M | $382.5M | ||
| Q3 24 | $462.3M | $419.8M | ||
| Q2 24 | $526.0M | $455.2M | ||
| Q1 24 | $626.8M | $478.9M |
| Q4 25 | $1.5B | $2.3B | ||
| Q3 25 | $1.5B | $2.2B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.5B | $1.2B | ||
| Q1 24 | $1.5B | $1.2B |
| Q4 25 | — | 0.09× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | 0.95× | 0.80× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | 0.50× | 0.15× | ||
| Q2 24 | 0.44× | 0.14× | ||
| Q1 24 | 0.37× | 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 | $79.8M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $76.7M | $-114.2M |
| 自由现金流率自由现金流/营收 | 23.9% | -63.6% |
| 资本支出强度资本支出/营收 | 1.0% | 27.6% |
| 现金转化率经营现金流/净利润 | 2.33× | — |
| 过去12个月自由现金流最近4个季度 | $224.7M | $-321.8M |
8季度趋势，按日历期对齐
| Q4 25 | $79.8M | $-64.5M | ||
| Q3 25 | $67.0M | $-23.5M | ||
| Q2 25 | $57.4M | $-23.2M | ||
| Q1 25 | $34.4M | $-54.2M | ||
| Q4 24 | $27.9M | $-2.4M | ||
| Q3 24 | $-7.1M | $-30.9M | ||
| Q2 24 | $9.3M | $-13.0M | ||
| Q1 24 | $17.7M | $-2.6M |
| Q4 25 | $76.7M | $-114.2M | ||
| Q3 25 | $63.8M | $-69.4M | ||
| Q2 25 | $53.5M | $-55.3M | ||
| Q1 25 | $30.7M | $-82.9M | ||
| Q4 24 | $23.9M | $-23.9M | ||
| Q3 24 | $-11.3M | $-41.9M | ||
| Q2 24 | $4.9M | $-28.3M | ||
| Q1 24 | $12.6M | $-21.8M |
| Q4 25 | 23.9% | -63.6% | ||
| Q3 25 | 18.8% | -44.8% | ||
| Q2 25 | 16.9% | -38.3% | ||
| Q1 25 | 10.8% | -67.6% | ||
| Q4 24 | 8.7% | -18.1% | ||
| Q3 24 | -4.6% | -40.0% | ||
| Q2 24 | 2.0% | -26.7% | ||
| Q1 24 | 5.3% | -23.5% |
| Q4 25 | 1.0% | 27.6% | ||
| Q3 25 | 1.0% | 29.6% | ||
| Q2 25 | 1.2% | 22.2% | ||
| Q1 25 | 1.3% | 23.4% | ||
| Q4 24 | 1.4% | 16.3% | ||
| Q3 24 | 1.7% | 10.5% | ||
| Q2 24 | 1.8% | 14.4% | ||
| Q1 24 | 2.2% | 20.7% |
| Q4 25 | 2.33× | — | ||
| Q3 25 | 2.97× | — | ||
| Q2 25 | 3.44× | — | ||
| Q1 25 | 4.36× | — | ||
| 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
PGY
| Network AI Fees | $287.4M | 90% |
| Financial Service | $33.6M | 10% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
