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Rocket Lab Corp（RKLB）与再鼎医药（ZLAB）财务数据对比。点击上方公司名可切换其他公司
Rocket Lab Corp的季度营收约是再鼎医药的1.4倍（$179.7M vs $127.1M），Rocket Lab Corp同比增速更快（35.7% vs 17.1%），再鼎医药自由现金流更多（$-26.7M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 20.8%）
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。
再鼎医药是一家创新生物制药企业，专注于肿瘤、自身免疫性疾病、感染性疾病等领域创新疗法的研发、生产与商业化，核心市场覆盖大中华区，与全球多家头部生物科技企业合作，为存在未被满足医疗需求的患者提供治疗方案。
RKLB vs ZLAB — 直观对比
营收规模更大
RKLB
是对方的1.4倍
$127.1M
营收增速更快
RKLB
高出18.6%
17.1%
自由现金流更多
ZLAB
多$87.5M
$-114.2M
两年增速更快
RKLB
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $179.7M | $127.1M |
| 净利润 | $-52.9M | — |
| 毛利率 | 38.0% | 51.0% |
| 营业利润率 | -28.4% | -54.6% |
| 净利率 | -29.5% | — |
| 营收同比 | 35.7% | 17.1% |
| 净利润同比 | -1.1% | — |
| 每股收益（稀释后） | $-0.09 | $-0.05 |
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RKLBZLAB
| Q4 25 | $179.7M | $127.1M | ||
| Q3 25 | $155.1M | $115.4M | ||
| Q2 25 | $144.5M | $109.1M | ||
| Q1 25 | $122.6M | $105.7M | ||
| Q4 24 | $132.4M | $108.5M | ||
| Q3 24 | $104.8M | $101.8M | ||
| Q2 24 | $106.3M | $100.1M | ||
| Q1 24 | $92.8M | $87.1M |
净利润RKLBZLAB
| Q4 25 | $-52.9M | — | ||
| Q3 25 | $-18.3M | $-36.0M | ||
| Q2 25 | $-66.4M | $-40.7M | ||
| Q1 25 | $-60.6M | $-48.4M | ||
| Q4 24 | $-52.3M | — | ||
| Q3 24 | $-51.9M | $-41.7M | ||
| Q2 24 | $-41.6M | $-80.3M | ||
| Q1 24 | $-44.3M | $-53.5M |
毛利率RKLBZLAB
| Q4 25 | 38.0% | 51.0% | ||
| Q3 25 | 37.0% | 59.5% | ||
| Q2 25 | 32.1% | 60.6% | ||
| Q1 25 | 28.8% | 63.6% | ||
| Q4 24 | 27.8% | 61.5% | ||
| Q3 24 | 26.7% | 64.1% | ||
| Q2 24 | 25.6% | 64.9% | ||
| Q1 24 | 26.1% | 61.4% |
营业利润率RKLBZLAB
| Q4 25 | -28.4% | -54.6% | ||
| Q3 25 | -38.0% | -42.3% | ||
| Q2 25 | -41.3% | -50.3% | ||
| Q1 25 | -48.3% | -53.3% | ||
| Q4 24 | -38.9% | -62.6% | ||
| Q3 24 | -49.5% | -66.6% | ||
| Q2 24 | -40.7% | -76.0% | ||
| Q1 24 | -46.4% | -80.7% |
净利率RKLBZLAB
| Q4 25 | -29.5% | — | ||
| Q3 25 | -11.8% | -31.2% | ||
| Q2 25 | -46.0% | -37.3% | ||
| Q1 25 | -49.5% | -45.8% | ||
| Q4 24 | -39.5% | — | ||
| Q3 24 | -49.6% | -40.9% | ||
| Q2 24 | -39.2% | -80.2% | ||
| Q1 24 | -47.7% | -61.4% |
每股收益（稀释后）RKLBZLAB
| Q4 25 | $-0.09 | $-0.05 | ||
| Q3 25 | $-0.03 | $-0.03 | ||
| Q2 25 | $-0.13 | $-0.04 | ||
| Q1 25 | $-0.12 | $-0.04 | ||
| Q4 24 | $-0.11 | $-0.09 | ||
| Q3 24 | $-0.10 | $-0.04 | ||
| Q2 24 | $-0.08 | $-0.08 | ||
| Q1 24 | $-0.09 | $-0.05 |
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 | $1.0B | $689.6M |
| 总债务越低越好 | $152.4M | — |
| 股东权益账面价值 | $1.7B | $715.5M |
| 总资产 | $2.3B | $1.2B |
| 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RKLBZLAB
| Q4 25 | $1.0B | $689.6M | ||
| Q3 25 | $976.7M | $717.2M | ||
| Q2 25 | $688.1M | $732.2M | ||
| Q1 25 | $428.4M | $757.3M | ||
| Q4 24 | $419.0M | $779.7M | ||
| Q3 24 | $442.4M | $616.1M | ||
| Q2 24 | $496.8M | $630.0M | ||
| Q1 24 | $492.5M | $650.8M |
总债务RKLBZLAB
| 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RKLBZLAB
| Q4 25 | $1.7B | $715.5M | ||
| Q3 25 | $1.3B | $759.9M | ||
| Q2 25 | $688.5M | $791.7M | ||
| Q1 25 | $431.3M | $810.8M | ||
| Q4 24 | $382.5M | $840.9M | ||
| Q3 24 | $419.8M | $667.7M | ||
| Q2 24 | $455.2M | $704.2M | ||
| Q1 24 | $478.9M | $762.2M |
总资产RKLBZLAB
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.2B | $985.3M | ||
| Q2 24 | $1.2B | $987.4M | ||
| Q1 24 | $1.2B | $988.4M |
负债/权益比RKLBZLAB
| 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 | $-64.5M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-114.2M | $-26.7M |
| 自由现金流率自由现金流/营收 | -63.6% | -21.0% |
| 资本支出强度资本支出/营收 | 27.6% | 0.5% |
| 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 | $-321.8M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流RKLBZLAB
| Q4 25 | $-64.5M | $-26.0M | ||
| Q3 25 | $-23.5M | $-32.0M | ||
| Q2 25 | $-23.2M | $-31.0M | ||
| Q1 25 | $-54.2M | $-61.7M | ||
| Q4 24 | $-2.4M | $-55.8M | ||
| Q3 24 | $-30.9M | $-26.8M | ||
| Q2 24 | $-13.0M | $-42.2M | ||
| Q1 24 | $-2.6M | $-90.1M |
自由现金流RKLBZLAB
| Q4 25 | $-114.2M | $-26.7M | ||
| Q3 25 | $-69.4M | $-35.0M | ||
| Q2 25 | $-55.3M | $-33.9M | ||
| Q1 25 | $-82.9M | $-63.2M | ||
| Q4 24 | $-23.9M | $-58.4M | ||
| Q3 24 | $-41.9M | $-28.2M | ||
| Q2 24 | $-28.3M | $-42.9M | ||
| Q1 24 | $-21.8M | $-91.1M |
自由现金流率RKLBZLAB
| Q4 25 | -63.6% | -21.0% | ||
| Q3 25 | -44.8% | -30.4% | ||
| Q2 25 | -38.3% | -31.1% | ||
| Q1 25 | -67.6% | -59.9% | ||
| Q4 24 | -18.1% | -53.8% | ||
| Q3 24 | -40.0% | -27.7% | ||
| Q2 24 | -26.7% | -42.9% | ||
| Q1 24 | -23.5% | -104.5% |
资本支出强度RKLBZLAB
| Q4 25 | 27.6% | 0.5% | ||
| Q3 25 | 29.6% | 2.6% | ||
| Q2 25 | 22.2% | 2.6% | ||
| Q1 25 | 23.4% | 1.5% | ||
| Q4 24 | 16.3% | 2.4% | ||
| Q3 24 | 10.5% | 1.3% | ||
| Q2 24 | 14.4% | 0.7% | ||
| Q1 24 | 20.7% | 1.1% |
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
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
ZLAB
| Zejula | $56.0M | 44% |
| Other | $21.9M | 17% |
| Nuzyra | $16.0M | 13% |
| Optune | $11.9M | 9% |
| XACDURO | $10.7M | 8% |
| Qinlock | $9.7M | 8% |
| AUGTYRO | $836.0K | 1% |
