在当前价格下，Planet Labs 是这两只太空股中更值得买入的一只，尽管其 17.43 美元的价格远高于按安全边际计算出的 5.52 美元公允价值；Planet Labs 每季度都能增加经营性现金流，而 Rocket Lab 则在消耗现金，且其研发占收入的比例在未来三到十年内应会持续下降。
逐段跳播
与此同时，Planet Labs 的收入也有所增长，但没那么引人注目。过去十二个月它实现了3.78亿美元的收入。
Meanwhile, Planet Labs' revenues also increased, but less noticeably. It generated $378 million in revenue over the past twelve months.
预计该公司的业务活动在未来三年、五年和十年里将继续增长，Rocket Labs 也是如此。
The company's business activity is expected to continue growing over the next three, five, and ten years, along with Rocket Labs as well.
例如，Planet Labs 在刚结束的上一季度卖出了价值超过1亿美元的股票。他们这么做并不是因为急需这笔钱，而是因为当时太空板块股票普遍狂热，他们的股价已经上涨，所以管理团队抓住了这个机会，卖出了一些股票，筹集了一些资金。
For example, Planet Labs sold shares worth more than $100 million in the last quarter ended. They did so not because they desperately needed the money, but because there was a general frenzy surrounding space sector stocks, and their stock price had risen, so the management team took advantage of that opportunity, sold some shares, and raised some capital.
Planet Labs 已经达到了这一里程碑，在过去十二个月里实现了31%的显著正现金流，而自大约2025年年中跨过实现正现金流的门槛以来，Planet Labs 一直如此。
Planet Labs has already reached this milestone, achieving a remarkable positive cash flow of 31% over the past twelve months, and this has been the case for Planet Labs since approximately mid-2025 when it crossed the threshold of achieving positive cash flow.
关于研发与收入的比率，Rocket Lab 是39%，Planet Labs 是34%。但你可以看到，这个百分比在过去几年里有所下降。不过，与大多数其他公司相比，这个数字仍然相对较大。
Regarding the ratio of research and development to revenue, it is 39% for Rocket Lab and 34% for Planet Labs. But you can see that this percentage has decreased over the past several years .
However, this figure is still relatively large compared to most other companies.
但对 Planet Labs 和 Rocket Labs 来说，这个数字超过30%，而你可以看看一些量子计算公司，这个数字有时会超过100%，因为它们仍在花钱开发尚未大规模商业化的技术。
But for Planet Labs and Rocket Labs, the figure is over 30%, and you can look at some quantum computing companies, where the figure sometimes exceeds 100% because they are still spending to develop technology that has not yet become commercially available on a large scale.
因此，看到随着收入增长趋势线下降是好事，我预计这种情况会持续下去。再次强调，下降不会是线性的。在某些时点会有波动和停顿，但你可以预期，从长期来看，在未来三年、五年和十年里，即使研发总支出增加，研发与收入的比率也会下降。
Therefore, it is good to see the trend line decreasing as revenues increase, and I expect this situation to continue. Again, the decline will not move linearly. There will be fluctuations and pauses at some points , but you can expect that in the long run, over the next three, five and ten years, the ratio of R&D to revenue will decrease, even if overall spending on R&D increases.
在考察 Planet Labs 和 Rocket Labs 这类公司时，资产负债表也变得更加重要，它们是创新型企业，需要大量投资才能抓住巨大的机会。资产负债表之所以重要，是因为作为投资者，你想确保公司有足够的时间来开发其技术，而不必因绝望而求助于市场。
再次强调，结合经营现金流比率来看，你想知道这项业务是可持续的，不需要因绝望而求助于投资者。当然，就资产负债表而言，两家公司都处于有利地位。
The balance sheet also becomes more important when looking at companies like Planet Labs and Rocket Labs, which are innovative companies that need to invest heavily to seize huge opportunities.
The balance sheet becomes important because, as an investor, you want to ensure that the company has enough time to develop its technology, and that it will not have to resort to the market out of desperation.
Again , in conjunction with the operating cash flow ratio, you want to know that the business is sustainable and does not need to resort to investors out of desperation . Certainly, both companies are in a good position in terms of their balance sheets .
Rocket Labs 拥有超过23亿美元的现金和短期投资，而 Planet Labs 拥有超过8.67亿美元。
Rocket Labs has more than $2.3 billion in cash and short-term investments, while Planet Labs has more than $867 million.
在你贸然得出 Rocket Lab 处境比 Planet Labs 更好的结论之前，让我提醒你，Rocket Lab 的经营现金流为负。这意味着该公司每个季度的现金流都在亏钱，而 Planet Labs 每个季度的现金流都在增加。
Before you jump to the conclusion that Rocket Lab is in a better position than Planet Labs, let me remind you that Rocket Lab has negative operating cash flow. This means that the company is losing money in its cash flows every quarter, while Planet Labs is adding money in its cash flows every quarter.
因此，我认为，得益于每季度产生的经营现金流，Planet Labs 的现金流状况仍然比 Rocket Lab 更好。
Therefore, I believe that Planet Labs is still in a better cash flow position compared to Rocket Lab, thanks to the operating cash flow it generates each quarter.
基于市销率（远期），Rocket Lab 的交易估值几乎是 Planet Labs 的三倍，即31对11。至于 Planet Labs，他们计算出的公允价值为5.52美元。当前市场价格为17.43美元。
因此，即使考虑到安全边际，它的估值似乎也远高于其价值。
Based on the price-to-forward ratio, Rocket Lab is trading at nearly three times the valuation of Planet Labs, i.e., 31 to 11. As for Planet Labs, they calculated the fair value at $5.52.
The current market price is $17.43. Therefore, it appears to be valued much higher than its worth even after taking into account the margin of safety.
不过，如果我必须在今天以当前价格买入这两家公司中的一家，我会选择 Planet Labs，认为它是更值得买入的投资。它的评级更具吸引力。经营现金流状况也是正的、令人安心，而且我对这家公司的长期前景印象深刻。
However, if I had to choose one of these two companies to buy today at current prices, I would choose Planet Labs as the better investment to buy. Its rating is more attractive.
The cash flow situation from operations is also positive and comfortable, and I am impressed with the long-term prospects of this company.
这个频道对 $PLTR 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 4 条判断，这里只列相邻的几条。