vs
Applied Digital Corp.（APLD）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
再鼎医药的季度营收约是Applied Digital Corp.的1.0倍（$127.1M vs $126.6M），Applied Digital Corp.同比增速更快（98.2% vs 17.1%），再鼎医药自由现金流更多（$-26.7M vs $-567.9M），过去两年Applied Digital Corp.的营收复合增速更高（70.9% vs 20.8%）
BAE系统旗下的国际防务与安全技术企业，专注于提供数字化解决方案，支持客户快速开展数据驱动决策，服务覆盖执法机构、国家安全部门、政府单位、关键基础设施运营商、电信企业、军方及航天领域。
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。
APLD vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.0倍
$126.6M
营收增速更快
APLD
高出81.1%
17.1%
自由现金流更多
ZLAB
多$541.2M
$-567.9M
两年增速更快
APLD
近两年复合增速
20.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $126.6M | $127.1M |
| 净利润 | $-14.4M | — |
| 毛利率 | 20.6% | 51.0% |
| 营业利润率 | -24.5% | -54.6% |
| 净利率 | -11.4% | — |
| 营收同比 | 98.2% | 17.1% |
| 净利润同比 | 89.6% | — |
| 每股收益（稀释后） | $-0.07 | $-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APLDZLAB
| Q4 25 | $126.6M | $127.1M | ||
| Q3 25 | $64.2M | $115.4M | ||
| Q2 25 | $-33.3M | $109.1M | ||
| Q1 25 | $52.9M | $105.7M | ||
| Q4 24 | $63.9M | $108.5M | ||
| Q3 24 | $60.7M | $101.8M | ||
| Q2 24 | $43.7M | $100.1M | ||
| Q1 24 | $43.3M | $87.1M |
净利润APLDZLAB
| Q4 25 | $-14.4M | — | ||
| Q3 25 | $-16.9M | $-36.0M | ||
| Q2 25 | $-52.5M | $-40.7M | ||
| Q1 25 | $-35.6M | $-48.4M | ||
| Q4 24 | $-138.7M | — | ||
| Q3 24 | $-4.2M | $-41.7M | ||
| Q2 24 | $-64.5M | $-80.3M | ||
| Q1 24 | $-62.8M | $-53.5M |
毛利率APLDZLAB
| Q4 25 | 20.6% | 51.0% | ||
| Q3 25 | 13.4% | 59.5% | ||
| Q2 25 | — | 60.6% | ||
| Q1 25 | 7.1% | 63.6% | ||
| Q4 24 | 18.0% | 61.5% | ||
| Q3 24 | -0.6% | 64.1% | ||
| Q2 24 | -9.1% | 64.9% | ||
| Q1 24 | -8.6% | 61.4% |
营业利润率APLDZLAB
| Q4 25 | -24.5% | -54.6% | ||
| Q3 25 | -34.7% | -42.3% | ||
| Q2 25 | — | -50.3% | ||
| Q1 25 | -35.8% | -53.3% | ||
| Q4 24 | -29.1% | -62.6% | ||
| Q3 24 | 15.6% | -66.6% | ||
| Q2 24 | -68.4% | -76.0% | ||
| Q1 24 | -128.8% | -80.7% |
净利率APLDZLAB
| Q4 25 | -11.4% | — | ||
| Q3 25 | -26.4% | -31.2% | ||
| Q2 25 | 157.8% | -37.3% | ||
| Q1 25 | -67.2% | -45.8% | ||
| Q4 24 | -217.2% | — | ||
| Q3 24 | -7.0% | -40.9% | ||
| Q2 24 | -147.5% | -80.2% | ||
| Q1 24 | -145.0% | -61.4% |
每股收益（稀释后）APLDZLAB
| Q4 25 | $-0.07 | $-0.05 | ||
| Q3 25 | $-0.07 | $-0.03 | ||
| Q2 25 | $-0.31 | $-0.04 | ||
| Q1 25 | $-0.16 | $-0.04 | ||
| Q4 24 | $-0.66 | $-0.09 | ||
| Q3 24 | $-0.03 | $-0.04 | ||
| Q2 24 | $-0.57 | $-0.08 | ||
| Q1 24 | $-0.52 | $-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 | $1.9B | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $715.5M |
| 总资产 | $5.2B | $1.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资APLDZLAB
| Q4 25 | $1.9B | $689.6M | ||
| Q3 25 | $73.9M | $717.2M | ||
| Q2 25 | $41.6M | $732.2M | ||
| Q1 25 | $68.7M | $757.3M | ||
| Q4 24 | $286.2M | $779.7M | ||
| Q3 24 | $58.2M | $616.1M | ||
| Q2 24 | $3.3M | $630.0M | ||
| Q1 24 | $4.4M | $650.8M |
股东权益APLDZLAB
| Q4 25 | $1.4B | $715.5M | ||
| Q3 25 | $1.0B | $759.9M | ||
| Q2 25 | $497.7M | $791.7M | ||
| Q1 25 | $454.6M | $810.8M | ||
| Q4 24 | $434.6M | $840.9M | ||
| Q3 24 | $241.8M | $667.7M | ||
| Q2 24 | $124.8M | $704.2M | ||
| Q1 24 | $118.5M | $762.2M |
总资产APLDZLAB
| Q4 25 | $5.2B | $1.2B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | $1.7B | $1.2B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $937.7M | $985.3M | ||
| Q2 24 | $762.9M | $987.4M | ||
| Q1 24 | $643.2M | $988.4M |
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 | $-15.8M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-567.9M | $-26.7M |
| 自由现金流率自由现金流/营收 | -448.6% | -21.0% |
| 资本支出强度资本支出/营收 | 436.1% | 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 | $-1.3B | $-158.9M |
8季度趋势，按日历期对齐
经营现金流APLDZLAB
| Q4 25 | $-15.8M | $-26.0M | ||
| Q3 25 | $-82.0M | $-32.0M | ||
| Q2 25 | $6.9M | $-31.0M | ||
| Q1 25 | $5.9M | $-61.7M | ||
| Q4 24 | $-52.3M | $-55.8M | ||
| Q3 24 | $-75.9M | $-26.8M | ||
| Q2 24 | $-34.1M | $-42.2M | ||
| Q1 24 | $38.8M | $-90.1M |
自由现金流APLDZLAB
| Q4 25 | $-567.9M | $-26.7M | ||
| Q3 25 | $-331.4M | $-35.0M | ||
| Q2 25 | $-191.4M | $-33.9M | ||
| Q1 25 | $-251.6M | $-63.2M | ||
| Q4 24 | $-223.3M | $-58.4M | ||
| Q3 24 | $-130.7M | $-28.2M | ||
| Q2 24 | $-88.9M | $-42.9M | ||
| Q1 24 | $-2.3M | $-91.1M |
自由现金流率APLDZLAB
| Q4 25 | -448.6% | -21.0% | ||
| Q3 25 | -516.1% | -30.4% | ||
| Q2 25 | 574.8% | -31.1% | ||
| Q1 25 | -475.4% | -59.9% | ||
| Q4 24 | -349.6% | -53.8% | ||
| Q3 24 | -215.3% | -27.7% | ||
| Q2 24 | -203.5% | -42.9% | ||
| Q1 24 | -5.4% | -104.5% |
资本支出强度APLDZLAB
| Q4 25 | 436.1% | 0.5% | ||
| Q3 25 | 388.4% | 2.6% | ||
| Q2 25 | -595.4% | 2.6% | ||
| Q1 25 | 486.6% | 1.5% | ||
| Q4 24 | 267.8% | 2.4% | ||
| Q3 24 | 90.3% | 1.3% | ||
| Q2 24 | 125.4% | 0.7% | ||
| Q1 24 | 95.0% | 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
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
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% |
