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Array Technologies, Inc.（ARRY）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
Array Technologies, Inc.的季度营收约是再鼎医药的1.8倍（$226.0M vs $127.1M），再鼎医药同比增速更快（17.1% vs -17.9%），Array Technologies, Inc.自由现金流更多（$36.2M vs $-26.7M），过去两年Array Technologies, Inc.的营收复合增速更高（21.4% vs 20.8%）
ATI科技是原加拿大半导体科技企业，总部位于安大略省万锦市，专注于图形处理器与芯片组的研发，1985年成立，1993年公开上市，2006年被AMD收购。作为全球知名的无晶圆厂半导体厂商，其掌握自研核心技术，生产组装环节采用外包模式。2000年3dfx破产后，ATI成为全球图形芯片领域的核心厂商之一。
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。
ARRY vs ZLAB — 直观对比
营收规模更大
ARRY
是对方的1.8倍
$127.1M
营收增速更快
ZLAB
高出35.0%
-17.9%
自由现金流更多
ARRY
多$62.9M
$-26.7M
两年增速更快
ARRY
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $226.0M | $127.1M |
| 净利润 | — | — |
| 毛利率 | 8.6% | 51.0% |
| 营业利润率 | -65.5% | -54.6% |
| 净利率 | — | — |
| 营收同比 | -17.9% | 17.1% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $-1.06 | $-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ARRYZLAB
| Q4 25 | $226.0M | $127.1M | ||
| Q3 25 | $393.5M | $115.4M | ||
| Q2 25 | $362.2M | $109.1M | ||
| Q1 25 | $302.4M | $105.7M | ||
| Q4 24 | $275.2M | $108.5M | ||
| Q3 24 | $231.4M | $101.8M | ||
| Q2 24 | $255.8M | $100.1M | ||
| Q1 24 | $153.4M | $87.1M |
净利润ARRYZLAB
| Q4 25 | — | — | ||
| Q3 25 | $33.5M | $-36.0M | ||
| Q2 25 | $43.3M | $-40.7M | ||
| Q1 25 | $16.7M | $-48.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-141.4M | $-41.7M | ||
| Q2 24 | $25.7M | $-80.3M | ||
| Q1 24 | $2.2M | $-53.5M |
毛利率ARRYZLAB
| Q4 25 | 8.6% | 51.0% | ||
| Q3 25 | 26.9% | 59.5% | ||
| Q2 25 | 26.8% | 60.6% | ||
| Q1 25 | 25.3% | 63.6% | ||
| Q4 24 | 28.5% | 61.5% | ||
| Q3 24 | 33.8% | 64.1% | ||
| Q2 24 | 33.6% | 64.9% | ||
| Q1 24 | 35.9% | 61.4% |
营业利润率ARRYZLAB
| Q4 25 | -65.5% | -54.6% | ||
| Q3 25 | 11.6% | -42.3% | ||
| Q2 25 | 12.8% | -50.3% | ||
| Q1 25 | 9.0% | -53.3% | ||
| Q4 24 | -51.7% | -62.6% | ||
| Q3 24 | -57.3% | -66.6% | ||
| Q2 24 | 15.5% | -76.0% | ||
| Q1 24 | 5.5% | -80.7% |
净利率ARRYZLAB
| Q4 25 | — | — | ||
| Q3 25 | 8.5% | -31.2% | ||
| Q2 25 | 11.9% | -37.3% | ||
| Q1 25 | 5.5% | -45.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | -61.1% | -40.9% | ||
| Q2 24 | 10.0% | -80.2% | ||
| Q1 24 | 1.4% | -61.4% |
每股收益（稀释后）ARRYZLAB
| Q4 25 | $-1.06 | $-0.05 | ||
| Q3 25 | $0.12 | $-0.03 | ||
| Q2 25 | $0.19 | $-0.04 | ||
| Q1 25 | $0.02 | $-0.04 | ||
| Q4 24 | $-0.94 | $-0.09 | ||
| Q3 24 | $-1.02 | $-0.04 | ||
| Q2 24 | $0.08 | $-0.08 | ||
| Q1 24 | $-0.07 | $-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 | $244.4M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-206.3M | $715.5M |
| 总资产 | $1.5B | $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ARRYZLAB
| Q4 25 | $244.4M | $689.6M | ||
| Q3 25 | $221.5M | $717.2M | ||
| Q2 25 | $377.3M | $732.2M | ||
| Q1 25 | $348.3M | $757.3M | ||
| Q4 24 | $363.0M | $779.7M | ||
| Q3 24 | $332.4M | $616.1M | ||
| Q2 24 | $282.3M | $630.0M | ||
| Q1 24 | $287.6M | $650.8M |
股东权益ARRYZLAB
| Q4 25 | $-206.3M | $715.5M | ||
| Q3 25 | $-46.7M | $759.9M | ||
| Q2 25 | $-70.9M | $791.7M | ||
| Q1 25 | $-97.8M | $810.8M | ||
| Q4 24 | $-118.1M | $840.9M | ||
| Q3 24 | $64.5M | $667.7M | ||
| Q2 24 | $200.0M | $704.2M | ||
| Q1 24 | $231.2M | $762.2M |
总资产ARRYZLAB
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.4B | $1.2B | ||
| Q3 24 | $1.6B | $985.3M | ||
| Q2 24 | $1.7B | $987.4M | ||
| Q1 24 | $1.6B | $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 | $43.6M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $36.2M | $-26.7M |
| 自由现金流率自由现金流/营收 | 16.0% | -21.0% |
| 资本支出强度资本支出/营收 | 3.3% | 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 | $79.8M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流ARRYZLAB
| Q4 25 | $43.6M | $-26.0M | ||
| Q3 25 | $27.4M | $-32.0M | ||
| Q2 25 | $43.8M | $-31.0M | ||
| Q1 25 | $-13.1M | $-61.7M | ||
| Q4 24 | $57.6M | $-55.8M | ||
| Q3 24 | $44.9M | $-26.8M | ||
| Q2 24 | $4.0M | $-42.2M | ||
| Q1 24 | $47.5M | $-90.1M |
自由现金流ARRYZLAB
| Q4 25 | $36.2M | $-26.7M | ||
| Q3 25 | $21.9M | $-35.0M | ||
| Q2 25 | $37.2M | $-33.9M | ||
| Q1 25 | $-15.4M | $-63.2M | ||
| Q4 24 | $55.9M | $-58.4M | ||
| Q3 24 | $43.9M | $-28.2M | ||
| Q2 24 | $1.8M | $-42.9M | ||
| Q1 24 | $45.1M | $-91.1M |
自由现金流率ARRYZLAB
| Q4 25 | 16.0% | -21.0% | ||
| Q3 25 | 5.6% | -30.4% | ||
| Q2 25 | 10.3% | -31.1% | ||
| Q1 25 | -5.1% | -59.9% | ||
| Q4 24 | 20.3% | -53.8% | ||
| Q3 24 | 19.0% | -27.7% | ||
| Q2 24 | 0.7% | -42.9% | ||
| Q1 24 | 29.4% | -104.5% |
资本支出强度ARRYZLAB
| Q4 25 | 3.3% | 0.5% | ||
| Q3 25 | 1.4% | 2.6% | ||
| Q2 25 | 1.8% | 2.6% | ||
| Q1 25 | 0.8% | 1.5% | ||
| Q4 24 | 0.6% | 2.4% | ||
| Q3 24 | 0.5% | 1.3% | ||
| Q2 24 | 0.8% | 0.7% | ||
| Q1 24 | 1.6% | 1.1% |
现金转化率ARRYZLAB
| Q4 25 | — | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 1.01× | — | ||
| Q1 25 | -0.78× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.15× | — | ||
| Q1 24 | 21.94× | — |
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
ARRY
| Array Legacy Operations Segment | $212.0M | 94% |
| STI Operations Segment | $14.0M | 6% |
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% |
