vs
TheRealReal, Inc.（REAL）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
TheRealReal, Inc.的季度营收约是Rocket Lab Corp的1.1倍（$194.1M vs $179.7M），Rocket Lab Corp同比增速更快（35.7% vs 18.3%），TheRealReal, Inc.自由现金流更多（$45.8M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 16.2%）
TheRealReal是专业的奢侈品线上交易平台，所有在售商品均经过专业人员鉴定，可满足用户买卖二手奢侈品的需求。截至2023年9月30日，平台会员规模已超3800万，累计售出商品近4000万件。
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。
REAL vs RKLB — 直观对比
营收规模更大
REAL
是对方的1.1倍
$179.7M
营收增速更快
RKLB
高出17.4%
18.3%
自由现金流更多
REAL
多$160.0M
$-114.2M
两年增速更快
RKLB
近两年复合增速
16.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $194.1M | $179.7M |
| 净利润 | — | $-52.9M |
| 毛利率 | 74.8% | 38.0% |
| 营业利润率 | 3.2% | -28.4% |
| 净利率 | — | -29.5% |
| 营收同比 | 18.3% | 35.7% |
| 净利润同比 | — | -1.1% |
| 每股收益（稀释后） | $0.06 | $-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REALRKLB
| Q4 25 | $194.1M | $179.7M | ||
| Q3 25 | $173.6M | $155.1M | ||
| Q2 25 | $165.2M | $144.5M | ||
| Q1 25 | $160.0M | $122.6M | ||
| Q4 24 | $164.0M | $132.4M | ||
| Q3 24 | $147.8M | $104.8M | ||
| Q2 24 | $144.9M | $106.3M | ||
| Q1 24 | $143.8M | $92.8M |
净利润REALRKLB
| Q4 25 | — | $-52.9M | ||
| Q3 25 | $-54.1M | $-18.3M | ||
| Q2 25 | $-11.4M | $-66.4M | ||
| Q1 25 | $62.4M | $-60.6M | ||
| Q4 24 | — | $-52.3M | ||
| Q3 24 | $-17.9M | $-51.9M | ||
| Q2 24 | $-16.7M | $-41.6M | ||
| Q1 24 | $-31.1M | $-44.3M |
毛利率REALRKLB
| Q4 25 | 74.8% | 38.0% | ||
| Q3 25 | 74.3% | 37.0% | ||
| Q2 25 | 74.3% | 32.1% | ||
| Q1 25 | 75.0% | 28.8% | ||
| Q4 24 | 74.4% | 27.8% | ||
| Q3 24 | 74.9% | 26.7% | ||
| Q2 24 | 74.1% | 25.6% | ||
| Q1 24 | 74.6% | 26.1% |
营业利润率REALRKLB
| Q4 25 | 3.2% | -28.4% | ||
| Q3 25 | -4.3% | -38.0% | ||
| Q2 25 | -6.0% | -41.3% | ||
| Q1 25 | -8.0% | -48.3% | ||
| Q4 24 | -3.1% | -38.9% | ||
| Q3 24 | -9.9% | -49.5% | ||
| Q2 24 | -13.0% | -40.7% | ||
| Q1 24 | -12.5% | -46.4% |
净利率REALRKLB
| Q4 25 | — | -29.5% | ||
| Q3 25 | -31.1% | -11.8% | ||
| Q2 25 | -6.9% | -46.0% | ||
| Q1 25 | 39.0% | -49.5% | ||
| Q4 24 | — | -39.5% | ||
| Q3 24 | -12.1% | -49.6% | ||
| Q2 24 | -11.5% | -39.2% | ||
| Q1 24 | -21.6% | -47.7% |
每股收益（稀释后）REALRKLB
| Q4 25 | $0.06 | $-0.09 | ||
| Q3 25 | $-0.49 | $-0.03 | ||
| Q2 25 | $-0.13 | $-0.13 | ||
| Q1 25 | $-0.14 | $-0.12 | ||
| Q4 24 | $-0.57 | $-0.11 | ||
| Q3 24 | $-0.17 | $-0.10 | ||
| Q2 24 | $-0.20 | $-0.08 | ||
| Q1 24 | $-0.30 | $-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 | $151.2M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $-415.5M | $1.7B |
| 总资产 | $409.0M | $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REALRKLB
| Q4 25 | $151.2M | $1.0B | ||
| Q3 25 | $108.4M | $976.7M | ||
| Q2 25 | $94.3M | $688.1M | ||
| Q1 25 | $139.6M | $428.4M | ||
| Q4 24 | $172.2M | $419.0M | ||
| Q3 24 | $153.2M | $442.4M | ||
| Q2 24 | $150.7M | $496.8M | ||
| Q1 24 | $166.0M | $492.5M |
总债务REALRKLB
| 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REALRKLB
| Q4 25 | $-415.5M | $1.7B | ||
| Q3 25 | $-385.1M | $1.3B | ||
| Q2 25 | $-338.2M | $688.5M | ||
| Q1 25 | $-336.1M | $431.3M | ||
| Q4 24 | $-407.4M | $382.5M | ||
| Q3 24 | $-345.4M | $419.8M | ||
| Q2 24 | $-335.3M | $455.2M | ||
| Q1 24 | $-327.1M | $478.9M |
总资产REALRKLB
| Q4 25 | $409.0M | $2.3B | ||
| Q3 25 | $366.2M | $2.2B | ||
| Q2 25 | $349.4M | $1.6B | ||
| Q1 25 | $400.4M | $1.3B | ||
| Q4 24 | $423.1M | $1.2B | ||
| Q3 24 | $406.3M | $1.2B | ||
| Q2 24 | $407.4M | $1.2B | ||
| Q1 24 | $431.6M | $1.2B |
负债/权益比REALRKLB
| 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 | $49.5M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $45.8M | $-114.2M |
| 自由现金流率自由现金流/营收 | 23.6% | -63.6% |
| 资本支出强度资本支出/营收 | 1.9% | 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 | $18.4M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流REALRKLB
| Q4 25 | $49.5M | $-64.5M | ||
| Q3 25 | $19.3M | $-23.5M | ||
| Q2 25 | $-3.6M | $-23.2M | ||
| Q1 25 | $-28.3M | $-54.2M | ||
| Q4 24 | $28.0M | $-2.4M | ||
| Q3 24 | $9.1M | $-30.9M | ||
| Q2 24 | $-6.8M | $-13.0M | ||
| Q1 24 | $-3.5M | $-2.6M |
自由现金流REALRKLB
| Q4 25 | $45.8M | $-114.2M | ||
| Q3 25 | $16.9M | $-69.4M | ||
| Q2 25 | $-11.4M | $-55.3M | ||
| Q1 25 | $-33.0M | $-82.9M | ||
| Q4 24 | $22.9M | $-23.9M | ||
| Q3 24 | $5.0M | $-41.9M | ||
| Q2 24 | $-9.8M | $-28.3M | ||
| Q1 24 | $-5.6M | $-21.8M |
自由现金流率REALRKLB
| Q4 25 | 23.6% | -63.6% | ||
| Q3 25 | 9.7% | -44.8% | ||
| Q2 25 | -6.9% | -38.3% | ||
| Q1 25 | -20.6% | -67.6% | ||
| Q4 24 | 14.0% | -18.1% | ||
| Q3 24 | 3.4% | -40.0% | ||
| Q2 24 | -6.7% | -26.7% | ||
| Q1 24 | -3.9% | -23.5% |
资本支出强度REALRKLB
| Q4 25 | 1.9% | 27.6% | ||
| Q3 25 | 1.4% | 29.6% | ||
| Q2 25 | 4.7% | 22.2% | ||
| Q1 25 | 2.9% | 23.4% | ||
| Q4 24 | 3.1% | 16.3% | ||
| Q3 24 | 2.7% | 10.5% | ||
| Q2 24 | 2.1% | 14.4% | ||
| Q1 24 | 1.5% | 20.7% |
现金转化率REALRKLB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.45× | — | ||
| 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
REAL
| Services | $149.0M | 77% |
| Products | $27.2M | 14% |
| Shipping And Handling | $17.8M | 9% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
