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PennyMac Mortgage Investment Trust（PMT）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PennyMac Mortgage Investment Trust的1.9倍（$179.7M vs $93.6M），PennyMac Mortgage Investment Trust净利率更高（56.0% vs -29.5%，领先85.4%），Rocket Lab Corp同比增速更快（35.7% vs -13.3%），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 12.3%）
PennyMac Mortgage Investment Trust是总部位于美国的房地产投资信托，专注于住宅抵押贷款相关资产，主要投资履约及违约抵押贷款、住宅抵押贷款支持证券和信用风险转移工具，业务覆盖美国住房市场的投资管理与抵押贷款服务板块。
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。
PMT vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.9倍
$93.6M
营收增速更快
RKLB
高出49.0%
-13.3%
净利率更高
PMT
高出85.4%
-29.5%
两年增速更快
RKLB
近两年复合增速
12.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $93.6M | $179.7M |
| 净利润 | $52.4M | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | 38.6% | -28.4% |
| 净利率 | 56.0% | -29.5% |
| 营收同比 | -13.3% | 35.7% |
| 净利润同比 | 12.5% | -1.1% |
| 每股收益（稀释后） | $0.49 | $-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PMTRKLB
| Q4 25 | $93.6M | $179.7M | ||
| Q3 25 | $99.2M | $155.1M | ||
| Q2 25 | $70.2M | $144.5M | ||
| Q1 25 | $44.5M | $122.6M | ||
| Q4 24 | $107.9M | $132.4M | ||
| Q3 24 | $80.9M | $104.8M | ||
| Q2 24 | $71.2M | $106.3M | ||
| Q1 24 | $74.2M | $92.8M |
净利润PMTRKLB
| Q4 25 | $52.4M | $-52.9M | ||
| Q3 25 | $58.3M | $-18.3M | ||
| Q2 25 | $7.5M | $-66.4M | ||
| Q1 25 | $9.7M | $-60.6M | ||
| Q4 24 | $46.5M | $-52.3M | ||
| Q3 24 | $41.4M | $-51.9M | ||
| Q2 24 | $25.4M | $-41.6M | ||
| Q1 24 | $47.6M | $-44.3M |
毛利率PMTRKLB
| 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PMTRKLB
| Q4 25 | 38.6% | -28.4% | ||
| Q3 25 | 47.4% | -38.0% | ||
| Q2 25 | 24.2% | -41.3% | ||
| Q1 25 | -14.2% | -48.3% | ||
| Q4 24 | 51.1% | -38.9% | ||
| Q3 24 | 32.8% | -49.5% | ||
| Q2 24 | 40.2% | -40.7% | ||
| Q1 24 | 43.6% | -46.4% |
净利率PMTRKLB
| Q4 25 | 56.0% | -29.5% | ||
| Q3 25 | 58.7% | -11.8% | ||
| Q2 25 | 10.7% | -46.0% | ||
| Q1 25 | 21.8% | -49.5% | ||
| Q4 24 | 43.1% | -39.5% | ||
| Q3 24 | 51.2% | -49.6% | ||
| Q2 24 | 35.7% | -39.2% | ||
| Q1 24 | 64.2% | -47.7% |
每股收益（稀释后）PMTRKLB
| Q4 25 | $0.49 | $-0.09 | ||
| Q3 25 | $0.55 | $-0.03 | ||
| Q2 25 | $-0.04 | $-0.13 | ||
| Q1 25 | $-0.01 | $-0.12 | ||
| Q4 24 | $0.45 | $-0.11 | ||
| Q3 24 | $0.36 | $-0.10 | ||
| Q2 24 | $0.17 | $-0.08 | ||
| Q1 24 | $0.39 | $-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 | $190.5M | $1.0B |
| 总债务越低越好 | $1.1B | $152.4M |
| 股东权益账面价值 | $1.9B | $1.7B |
| 总资产 | $21.3B | $2.3B |
| 负债/权益比越低杠杆越低 | 0.58× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资PMTRKLB
| Q4 25 | $190.5M | $1.0B | ||
| Q3 25 | $181.0M | $976.7M | ||
| Q2 25 | $108.6M | $688.1M | ||
| Q1 25 | $204.2M | $428.4M | ||
| Q4 24 | $103.2M | $419.0M | ||
| Q3 24 | $102.8M | $442.4M | ||
| Q2 24 | $336.3M | $496.8M | ||
| Q1 24 | $343.3M | $492.5M |
总债务PMTRKLB
| Q4 25 | $1.1B | $152.4M | ||
| Q3 25 | $299.0M | $347.0M | ||
| Q2 25 | $1.2B | $346.5M | ||
| Q1 25 | $968.4M | $345.9M | ||
| Q4 24 | $1.0B | $345.4M | ||
| Q3 24 | $5.2B | $61.2M | ||
| Q2 24 | $5.4B | $64.2M | ||
| Q1 24 | $5.1B | $66.8M |
股东权益PMTRKLB
| Q4 25 | $1.9B | $1.7B | ||
| Q3 25 | $1.9B | $1.3B | ||
| Q2 25 | $1.9B | $688.5M | ||
| Q1 25 | $1.9B | $431.3M | ||
| Q4 24 | $1.9B | $382.5M | ||
| Q3 24 | $1.9B | $419.8M | ||
| Q2 24 | $1.9B | $455.2M | ||
| Q1 24 | $2.0B | $478.9M |
总资产PMTRKLB
| Q4 25 | $21.3B | $2.3B | ||
| Q3 25 | $18.5B | $2.2B | ||
| Q2 25 | $16.8B | $1.6B | ||
| Q1 25 | $14.9B | $1.3B | ||
| Q4 24 | $14.4B | $1.2B | ||
| Q3 24 | $13.1B | $1.2B | ||
| Q2 24 | $12.1B | $1.2B | ||
| Q1 24 | $12.3B | $1.2B |
负债/权益比PMTRKLB
| Q4 25 | 0.58× | 0.09× | ||
| Q3 25 | 0.16× | 0.27× | ||
| Q2 25 | 0.65× | 0.50× | ||
| Q1 25 | 0.51× | 0.80× | ||
| Q4 24 | 0.52× | 0.90× | ||
| Q3 24 | 2.70× | 0.15× | ||
| Q2 24 | 2.76× | 0.14× | ||
| Q1 24 | 2.60× | 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 | $-7.2B | $-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 | -137.76× | — |
| 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PMTRKLB
| Q4 25 | $-7.2B | $-64.5M | ||
| Q3 25 | $-1.3B | $-23.5M | ||
| Q2 25 | $-2.0B | $-23.2M | ||
| Q1 25 | $-594.3M | $-54.2M | ||
| Q4 24 | $-2.7B | $-2.4M | ||
| Q3 24 | $-983.8M | $-30.9M | ||
| Q2 24 | $243.8M | $-13.0M | ||
| Q1 24 | $-342.4M | $-2.6M |
自由现金流PMTRKLB
| Q4 25 | — | $-114.2M | ||
| Q3 25 | — | $-69.4M | ||
| Q2 25 | — | $-55.3M | ||
| Q1 25 | — | $-82.9M | ||
| Q4 24 | — | $-23.9M | ||
| Q3 24 | — | $-41.9M | ||
| Q2 24 | — | $-28.3M | ||
| Q1 24 | — | $-21.8M |
自由现金流率PMTRKLB
| Q4 25 | — | -63.6% | ||
| Q3 25 | — | -44.8% | ||
| Q2 25 | — | -38.3% | ||
| Q1 25 | — | -67.6% | ||
| Q4 24 | — | -18.1% | ||
| Q3 24 | — | -40.0% | ||
| Q2 24 | — | -26.7% | ||
| Q1 24 | — | -23.5% |
资本支出强度PMTRKLB
| Q4 25 | — | 27.6% | ||
| Q3 25 | — | 29.6% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | — | 23.4% | ||
| Q4 24 | — | 16.3% | ||
| Q3 24 | — | 10.5% | ||
| Q2 24 | — | 14.4% | ||
| Q1 24 | — | 20.7% |
现金转化率PMTRKLB
| Q4 25 | -137.76× | — | ||
| Q3 25 | -22.26× | — | ||
| Q2 25 | -267.53× | — | ||
| Q1 25 | -61.39× | — | ||
| Q4 24 | -58.08× | — | ||
| Q3 24 | -23.76× | — | ||
| Q2 24 | 9.59× | — | ||
| Q1 24 | -7.19× | — |
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
PMT
| Other | $55.0M | 59% |
| Interest Rate Sensitive Strategies | $31.4M | 34% |
| Correspondent Production | $7.2M | 8% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
