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Rocket Companies, Inc.（RKT）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
Rocket Companies, Inc.的季度营收约是华纳音乐集团的1.5倍（$2.7B vs $1.8B），华纳音乐集团净利率更高（9.6% vs 2.5%，领先7.0%），Rocket Companies, Inc.同比增速更快（52.2% vs 10.4%），华纳音乐集团自由现金流更多（$420.0M vs $-1.3B），过去两年Rocket Companies, Inc.的营收复合增速更高（39.5% vs 11.0%）
Rocket Companies, Inc.是美国金融科技及住房服务企业，由丹·吉尔伯特创立，总部位于密歇根州底特律市中心。公司依托旗舰子公司Rocket Mortgage跻身美国最大抵押贷款提供商行列，旗下还拥有Redfin、Forsalebyowner.com、Rocket Money等子品牌。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
RKT vs WMG — 直观对比
营收规模更大
RKT
是对方的1.5倍
$1.8B
营收增速更快
RKT
高出41.7%
10.4%
净利率更高
WMG
高出7.0%
2.5%
自由现金流更多
WMG
多$1.7B
$-1.3B
两年增速更快
RKT
近两年复合增速
11.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $1.8B |
| 净利润 | $68.0M | $176.0M |
| 毛利率 | — | 46.4% |
| 营业利润率 | 6.3% | 15.7% |
| 净利率 | 2.5% | 9.6% |
| 营收同比 | 52.2% | 10.4% |
| 净利润同比 | 100.8% | -25.4% |
| 每股收益（稀释后） | $0.10 | — |
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RKTWMG
| Q4 25 | $2.7B | $1.8B | ||
| Q3 25 | $1.6B | $1.9B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.0B | $1.5B | ||
| Q4 24 | $1.8B | $1.7B | ||
| Q3 24 | $646.9M | $1.6B | ||
| Q2 24 | $1.3B | $1.6B | ||
| Q1 24 | $1.4B | $1.5B |
净利润RKTWMG
| Q4 25 | $68.0M | $176.0M | ||
| Q3 25 | $-123.9M | $109.0M | ||
| Q2 25 | $-1.8M | $-16.0M | ||
| Q1 25 | $-10.4M | $36.0M | ||
| Q4 24 | $33.9M | $236.0M | ||
| Q3 24 | $-22.0M | $41.0M | ||
| Q2 24 | $1.3M | $139.0M | ||
| Q1 24 | $16.2M | $96.0M |
毛利率RKTWMG
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | 58.9% | 46.3% | ||
| Q3 24 | -8.4% | 47.6% | ||
| Q2 24 | 47.4% | 46.6% | ||
| Q1 24 | 51.2% | 47.1% |
营业利润率RKTWMG
| Q4 25 | 6.3% | 15.7% | ||
| Q3 25 | -11.5% | 7.7% | ||
| Q2 25 | 1.8% | 10.0% | ||
| Q1 25 | -21.5% | 11.3% | ||
| Q4 24 | 38.1% | 12.8% | ||
| Q3 24 | -76.9% | 8.8% | ||
| Q2 24 | 14.8% | 13.3% | ||
| Q1 24 | 21.6% | 8.0% |
净利率RKTWMG
| Q4 25 | 2.5% | 9.6% | ||
| Q3 25 | -7.7% | 5.8% | ||
| Q2 25 | -0.1% | -0.9% | ||
| Q1 25 | -1.0% | 2.4% | ||
| Q4 24 | 1.9% | 14.2% | ||
| Q3 24 | -3.4% | 2.5% | ||
| Q2 24 | 0.1% | 8.9% | ||
| Q1 24 | 1.2% | 6.4% |
每股收益（稀释后）RKTWMG
| Q4 25 | $0.10 | — | ||
| Q3 25 | $-0.06 | — | ||
| Q2 25 | $-0.01 | — | ||
| Q1 25 | $-0.08 | — | ||
| Q4 24 | $0.28 | — | ||
| Q3 24 | $-0.19 | — | ||
| Q2 24 | $0.01 | — | ||
| Q1 24 | $0.11 | — |
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 | $2.7B | $751.0M |
| 总债务越低越好 | — | $4.4B |
| 股东权益账面价值 | $22.9B | $720.0M |
| 总资产 | $60.7B | $10.0B |
| 负债/权益比越低杠杆越低 | — | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资RKTWMG
| Q4 25 | $2.7B | $751.0M | ||
| Q3 25 | $5.8B | $532.0M | ||
| Q2 25 | $5.1B | $527.0M | ||
| Q1 25 | $1.4B | $637.0M | ||
| Q4 24 | $1.3B | $802.0M | ||
| Q3 24 | $1.2B | $694.0M | ||
| Q2 24 | $1.3B | $607.0M | ||
| Q1 24 | $861.4M | $587.0M |
总债务RKTWMG
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $4.4B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $4.0B |
股东权益RKTWMG
| Q4 25 | $22.9B | $720.0M | ||
| Q3 25 | $8.9B | $647.0M | ||
| Q2 25 | $7.4B | $589.0M | ||
| Q1 25 | $8.6B | $567.0M | ||
| Q4 24 | $9.0B | $545.0M | ||
| Q3 24 | $8.4B | $518.0M | ||
| Q2 24 | $8.8B | $483.0M | ||
| Q1 24 | $8.6B | $433.0M |
总资产RKTWMG
| Q4 25 | $60.7B | $10.0B | ||
| Q3 25 | $33.6B | $9.8B | ||
| Q2 25 | $30.4B | $9.8B | ||
| Q1 25 | $25.3B | $9.6B | ||
| Q4 24 | $24.5B | $9.1B | ||
| Q3 24 | $25.1B | $9.2B | ||
| Q2 24 | $23.6B | $8.8B | ||
| Q1 24 | $22.2B | $8.7B |
负债/权益比RKTWMG
| Q4 25 | — | 6.07× | ||
| Q3 25 | — | 6.75× | ||
| Q2 25 | — | 7.41× | ||
| Q1 25 | — | 7.57× | ||
| Q4 24 | — | 7.26× | ||
| Q3 24 | — | 7.75× | ||
| Q2 24 | — | 8.24× | ||
| Q1 24 | — | 9.20× |
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 | $-1.2B | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.3B | $420.0M |
| 自由现金流率自由现金流/营收 | -47.2% | 22.8% |
| 资本支出强度资本支出/营收 | 1.5% | 1.1% |
| 现金转化率经营现金流/净利润 | -18.08× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $-4.0B | $663.0M |
8季度趋势，按日历期对齐
经营现金流RKTWMG
| Q4 25 | $-1.2B | $440.0M | ||
| Q3 25 | $-50.3M | $231.0M | ||
| Q2 25 | $-1.9B | $46.0M | ||
| Q1 25 | $-797.0M | $69.0M | ||
| Q4 24 | $1.8B | $332.0M | ||
| Q3 24 | $-1.3B | $304.0M | ||
| Q2 24 | $-122.3M | $188.0M | ||
| Q1 24 | $-3.0B | $-31.0M |
自由现金流RKTWMG
| Q4 25 | $-1.3B | $420.0M | ||
| Q3 25 | $-71.8M | $203.0M | ||
| Q2 25 | $-1.9B | $7.0M | ||
| Q1 25 | $-811.0M | $33.0M | ||
| Q4 24 | $1.8B | $296.0M | ||
| Q3 24 | $-1.4B | $271.0M | ||
| Q2 24 | $-138.3M | $160.0M | ||
| Q1 24 | $-3.0B | $-57.0M |
自由现金流率RKTWMG
| Q4 25 | -47.2% | 22.8% | ||
| Q3 25 | -4.5% | 10.9% | ||
| Q2 25 | -137.2% | 0.4% | ||
| Q1 25 | -78.2% | 2.2% | ||
| Q4 24 | 103.1% | 17.8% | ||
| Q3 24 | -209.6% | 16.6% | ||
| Q2 24 | -10.6% | 10.3% | ||
| Q1 24 | -218.7% | -3.8% |
资本支出强度RKTWMG
| Q4 25 | 1.5% | 1.1% | ||
| Q3 25 | 1.3% | 1.5% | ||
| Q2 25 | 1.1% | 2.3% | ||
| Q1 25 | 1.4% | 2.4% | ||
| Q4 24 | 1.1% | 2.2% | ||
| Q3 24 | 2.9% | 2.0% | ||
| Q2 24 | 1.2% | 1.8% | ||
| Q1 24 | 1.0% | 1.7% |
现金转化率RKTWMG
| Q4 25 | -18.08× | 2.50× | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.92× | ||
| Q4 24 | 54.42× | 1.41× | ||
| Q3 24 | — | 7.41× | ||
| Q2 24 | -94.46× | 1.35× | ||
| Q1 24 | -185.80× | -0.32× |
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
RKT
| Other | $1.4B | 51% |
| Direct To Customer Segment | $945.8M | 35% |
| Partner Network Segment | $216.7M | 8% |
| Subscription Revenue | $91.3M | 3% |
| Closing Fees | $47.1M | 2% |
| Appraisal Revenue | $10.7M | 0% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
