vs
APPIAN CORP（APPN）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
APPIAN CORP的季度营收约是再鼎医药的1.6倍（$202.9M vs $127.1M），APPIAN CORP同比增速更快（21.7% vs 17.1%），APPIAN CORP自由现金流更多（$270.0K vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 16.4%）
Appian是总部位于美国弗吉尼亚州麦克莱恩的云计算与企业软件厂商，身处杜勒斯科技走廊产业带。公司提供平台即服务（PaaS）产品，支持企业级软件开发，业务覆盖北美、欧洲、中东及东南亚市场，深耕低代码开发、流程挖掘、业务流程管理和案例管理领域。
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。
APPN vs ZLAB — 直观对比
营收规模更大
APPN
是对方的1.6倍
$127.1M
营收增速更快
APPN
高出4.6%
17.1%
自由现金流更多
APPN
多$27.0M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
16.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $202.9M | $127.1M |
| 净利润 | $-5.1M | — |
| 毛利率 | 64.8% | 51.0% |
| 营业利润率 | -0.3% | -54.6% |
| 净利率 | -2.5% | — |
| 营收同比 | 21.7% | 17.1% |
| 净利润同比 | 62.6% | — |
| 每股收益（稀释后） | $-0.06 | $-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APPNZLAB
| Q4 25 | $202.9M | $127.1M | ||
| Q3 25 | $187.0M | $115.4M | ||
| Q2 25 | $170.6M | $109.1M | ||
| Q1 25 | $166.4M | $105.7M | ||
| Q4 24 | $166.7M | $108.5M | ||
| Q3 24 | $154.1M | $101.8M | ||
| Q2 24 | $146.4M | $100.1M | ||
| Q1 24 | $149.8M | $87.1M |
净利润APPNZLAB
| Q4 25 | $-5.1M | — | ||
| Q3 25 | $7.8M | $-36.0M | ||
| Q2 25 | $-312.0K | $-40.7M | ||
| Q1 25 | $-1.2M | $-48.4M | ||
| Q4 24 | $-13.6M | — | ||
| Q3 24 | $-2.1M | $-41.7M | ||
| Q2 24 | $-43.6M | $-80.3M | ||
| Q1 24 | $-32.9M | $-53.5M |
毛利率APPNZLAB
| Q4 25 | 64.8% | 51.0% | ||
| Q3 25 | 75.8% | 59.5% | ||
| Q2 25 | 74.3% | 60.6% | ||
| Q1 25 | 76.6% | 63.6% | ||
| Q4 24 | 67.8% | 61.5% | ||
| Q3 24 | 75.9% | 64.1% | ||
| Q2 24 | 73.1% | 64.9% | ||
| Q1 24 | 74.6% | 61.4% |
营业利润率APPNZLAB
| Q4 25 | -0.3% | -54.6% | ||
| Q3 25 | 7.0% | -42.3% | ||
| Q2 25 | -6.4% | -50.3% | ||
| Q1 25 | -0.5% | -53.3% | ||
| Q4 24 | 3.0% | -62.6% | ||
| Q3 24 | -4.6% | -66.6% | ||
| Q2 24 | -26.8% | -76.0% | ||
| Q1 24 | -13.0% | -80.7% |
净利率APPNZLAB
| Q4 25 | -2.5% | — | ||
| Q3 25 | 4.2% | -31.2% | ||
| Q2 25 | -0.2% | -37.3% | ||
| Q1 25 | -0.7% | -45.8% | ||
| Q4 24 | -8.2% | — | ||
| Q3 24 | -1.4% | -40.9% | ||
| Q2 24 | -29.8% | -80.2% | ||
| Q1 24 | -22.0% | -61.4% |
每股收益（稀释后）APPNZLAB
| Q4 25 | $-0.06 | $-0.05 | ||
| Q3 25 | $0.10 | $-0.03 | ||
| Q2 25 | $0.00 | $-0.04 | ||
| Q1 25 | $-0.02 | $-0.04 | ||
| Q4 24 | $-0.18 | $-0.09 | ||
| Q3 24 | $-0.03 | $-0.04 | ||
| Q2 24 | $-0.60 | $-0.08 | ||
| Q1 24 | $-0.45 | $-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 | $187.2M | $689.6M |
| 总债务越低越好 | $240.8M | — |
| 股东权益账面价值 | $-47.0M | $715.5M |
| 总资产 | $691.4M | $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APPNZLAB
| Q4 25 | $187.2M | $689.6M | ||
| Q3 25 | $191.6M | $717.2M | ||
| Q2 25 | $184.8M | $732.2M | ||
| Q1 25 | $199.7M | $757.3M | ||
| Q4 24 | $159.9M | $779.7M | ||
| Q3 24 | $99.2M | $616.1M | ||
| Q2 24 | $120.8M | $630.0M | ||
| Q1 24 | $170.1M | $650.8M |
总债务APPNZLAB
| Q4 25 | $240.8M | — | ||
| Q3 25 | $245.7M | — | ||
| Q2 25 | $245.6M | — | ||
| Q1 25 | $248.0M | — | ||
| Q4 24 | $250.4M | — | ||
| Q3 24 | $252.8M | — | ||
| Q2 24 | $254.0M | — | ||
| Q1 24 | $255.1M | — |
股东权益APPNZLAB
| Q4 25 | $-47.0M | $715.5M | ||
| Q3 25 | $-48.5M | $759.9M | ||
| Q2 25 | $-53.7M | $791.7M | ||
| Q1 25 | $-31.7M | $810.8M | ||
| Q4 24 | $-32.6M | $840.9M | ||
| Q3 24 | $-49.8M | $667.7M | ||
| Q2 24 | $-45.7M | $704.2M | ||
| Q1 24 | $-9.7M | $762.2M |
总资产APPNZLAB
| Q4 25 | $691.4M | $1.2B | ||
| Q3 25 | $611.7M | $1.2B | ||
| Q2 25 | $590.7M | $1.2B | ||
| Q1 25 | $592.9M | $1.2B | ||
| Q4 24 | $621.0M | $1.2B | ||
| Q3 24 | $549.9M | $985.3M | ||
| Q2 24 | $554.6M | $987.4M | ||
| Q1 24 | $595.4M | $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 | $1.1M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $270.0K | $-26.7M |
| 自由现金流率自由现金流/营收 | 0.1% | -21.0% |
| 资本支出强度资本支出/营收 | 0.4% | 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 | $59.6M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流APPNZLAB
| Q4 25 | $1.1M | $-26.0M | ||
| Q3 25 | $18.7M | $-32.0M | ||
| Q2 25 | $-1.9M | $-31.0M | ||
| Q1 25 | $45.0M | $-61.7M | ||
| Q4 24 | $13.9M | $-55.8M | ||
| Q3 24 | $-8.2M | $-26.8M | ||
| Q2 24 | $-17.6M | $-42.2M | ||
| Q1 24 | $18.9M | $-90.1M |
自由现金流APPNZLAB
| Q4 25 | $270.0K | $-26.7M | ||
| Q3 25 | $18.1M | $-35.0M | ||
| Q2 25 | $-3.1M | $-33.9M | ||
| Q1 25 | $44.3M | $-63.2M | ||
| Q4 24 | $13.4M | $-58.4M | ||
| Q3 24 | $-8.6M | $-28.2M | ||
| Q2 24 | $-18.3M | $-42.9M | ||
| Q1 24 | $16.7M | $-91.1M |
自由现金流率APPNZLAB
| Q4 25 | 0.1% | -21.0% | ||
| Q3 25 | 9.7% | -30.4% | ||
| Q2 25 | -1.8% | -31.1% | ||
| Q1 25 | 26.6% | -59.9% | ||
| Q4 24 | 8.0% | -53.8% | ||
| Q3 24 | -5.6% | -27.7% | ||
| Q2 24 | -12.5% | -42.9% | ||
| Q1 24 | 11.1% | -104.5% |
资本支出强度APPNZLAB
| Q4 25 | 0.4% | 0.5% | ||
| Q3 25 | 0.3% | 2.6% | ||
| Q2 25 | 0.7% | 2.6% | ||
| Q1 25 | 0.4% | 1.5% | ||
| Q4 24 | 0.3% | 2.4% | ||
| Q3 24 | 0.2% | 1.3% | ||
| Q2 24 | 0.5% | 0.7% | ||
| Q1 24 | 1.5% | 1.1% |
现金转化率APPNZLAB
| Q4 25 | — | — | ||
| Q3 25 | 2.39× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| 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
APPN
| Subscriptions Software And Support | $162.3M | 80% |
| Professional Services | $40.6M | 20% |
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% |
