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AVIAT NETWORKS, INC.（AVNW）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AVIAT NETWORKS, INC.的1.1倍（$127.1M vs $111.5M），再鼎医药同比增速更快（17.1% vs -5.7%），AVIAT NETWORKS, INC.自由现金流更多（$22.5M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 0.3%）
Aviat Networks是全球领先的微波传输与回传解决方案供应商，为公共及私营通信运营商提供通信基础设施支撑，同时也面向企业客户提供相关产品与服务，助力客户构建稳定高效的通信网络。
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。
AVNW vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.1倍
$111.5M
营收增速更快
ZLAB
高出22.8%
-5.7%
自由现金流更多
AVNW
多$49.2M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
0.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $111.5M | $127.1M |
| 净利润 | $5.7M | — |
| 毛利率 | 32.4% | 51.0% |
| 营业利润率 | 6.5% | -54.6% |
| 净利率 | 5.1% | — |
| 营收同比 | -5.7% | 17.1% |
| 净利润同比 | 27.2% | — |
| 每股收益（稀释后） | $0.44 | $-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AVNWZLAB
| Q4 25 | $111.5M | $127.1M | ||
| Q3 25 | $107.3M | $115.4M | ||
| Q2 25 | $115.3M | $109.1M | ||
| Q1 25 | $112.6M | $105.7M | ||
| Q4 24 | $118.2M | $108.5M | ||
| Q3 24 | $88.4M | $101.8M | ||
| Q2 24 | $116.7M | $100.1M | ||
| Q1 24 | $110.8M | $87.1M |
净利润AVNWZLAB
| Q4 25 | $5.7M | — | ||
| Q3 25 | $162.0K | $-36.0M | ||
| Q2 25 | $5.2M | $-40.7M | ||
| Q1 25 | $3.5M | $-48.4M | ||
| Q4 24 | $4.5M | — | ||
| Q3 24 | $-11.9M | $-41.7M | ||
| Q2 24 | $1.5M | $-80.3M | ||
| Q1 24 | $3.9M | $-53.5M |
毛利率AVNWZLAB
| Q4 25 | 32.4% | 51.0% | ||
| Q3 25 | 33.2% | 59.5% | ||
| Q2 25 | 34.2% | 60.6% | ||
| Q1 25 | 34.9% | 63.6% | ||
| Q4 24 | 34.6% | 61.5% | ||
| Q3 24 | 22.4% | 64.1% | ||
| Q2 24 | 35.3% | 64.9% | ||
| Q1 24 | 32.5% | 61.4% |
营业利润率AVNWZLAB
| Q4 25 | 6.5% | -54.6% | ||
| Q3 25 | 4.8% | -42.3% | ||
| Q2 25 | 7.7% | -50.3% | ||
| Q1 25 | 8.3% | -53.3% | ||
| Q4 24 | 6.7% | -62.6% | ||
| Q3 24 | -17.6% | -66.6% | ||
| Q2 24 | 4.7% | -76.0% | ||
| Q1 24 | 5.1% | -80.7% |
净利率AVNWZLAB
| Q4 25 | 5.1% | — | ||
| Q3 25 | 0.2% | -31.2% | ||
| Q2 25 | 4.5% | -37.3% | ||
| Q1 25 | 3.1% | -45.8% | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | -13.4% | -40.9% | ||
| Q2 24 | 1.3% | -80.2% | ||
| Q1 24 | 3.5% | -61.4% |
每股收益（稀释后）AVNWZLAB
| Q4 25 | $0.44 | $-0.05 | ||
| Q3 25 | $0.01 | $-0.03 | ||
| Q2 25 | $0.42 | $-0.04 | ||
| Q1 25 | $0.27 | $-0.04 | ||
| Q4 24 | $0.35 | $-0.09 | ||
| Q3 24 | $-0.94 | $-0.04 | ||
| Q2 24 | $0.11 | $-0.08 | ||
| Q1 24 | $0.30 | $-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 | $86.5M | $689.6M |
| 总债务越低越好 | $105.4M | — |
| 股东权益账面价值 | $271.6M | $715.5M |
| 总资产 | $659.4M | $1.2B |
| 负债/权益比越低杠杆越低 | 0.39× | — |
8季度趋势，按日历期对齐
现金及短期投资AVNWZLAB
| Q4 25 | $86.5M | $689.6M | ||
| Q3 25 | $64.8M | $717.2M | ||
| Q2 25 | $59.7M | $732.2M | ||
| Q1 25 | $49.4M | $757.3M | ||
| Q4 24 | $52.6M | $779.7M | ||
| Q3 24 | $51.0M | $616.1M | ||
| Q2 24 | $64.6M | $630.0M | ||
| Q1 24 | $59.2M | $650.8M |
总债务AVNWZLAB
| Q4 25 | $105.4M | — | ||
| Q3 25 | $106.5M | — | ||
| Q2 25 | $87.6M | — | ||
| Q1 25 | $73.9M | — | ||
| Q4 24 | $74.9M | — | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $48.4M | — | ||
| Q1 24 | $48.9M | — |
股东权益AVNWZLAB
| Q4 25 | $271.6M | $715.5M | ||
| Q3 25 | $263.6M | $759.9M | ||
| Q2 25 | $263.2M | $791.7M | ||
| Q1 25 | $256.1M | $810.8M | ||
| Q4 24 | $249.6M | $840.9M | ||
| Q3 24 | $247.1M | $667.7M | ||
| Q2 24 | $255.9M | $704.2M | ||
| Q1 24 | $256.0M | $762.2M |
总资产AVNWZLAB
| Q4 25 | $659.4M | $1.2B | ||
| Q3 25 | $643.3M | $1.2B | ||
| Q2 25 | $633.3M | $1.2B | ||
| Q1 25 | $628.3M | $1.2B | ||
| Q4 24 | $594.1M | $1.2B | ||
| Q3 24 | $590.9M | $985.3M | ||
| Q2 24 | $535.2M | $987.4M | ||
| Q1 24 | $490.3M | $988.4M |
负债/权益比AVNWZLAB
| Q4 25 | 0.39× | — | ||
| Q3 25 | 0.40× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.30× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.19× | — | ||
| Q1 24 | 0.19× | — |
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 | $23.9M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $22.5M | $-26.7M |
| 自由现金流率自由现金流/营收 | 20.2% | -21.0% |
| 资本支出强度资本支出/营收 | 1.3% | 0.5% |
| 现金转化率经营现金流/净利润 | 4.18× | — |
| 过去12个月自由现金流最近4个季度 | $16.1M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流AVNWZLAB
| Q4 25 | $23.9M | $-26.0M | ||
| Q3 25 | $-11.7M | $-32.0M | ||
| Q2 25 | $10.5M | $-31.0M | ||
| Q1 25 | $1.6M | $-61.7M | ||
| Q4 24 | $20.8M | $-55.8M | ||
| Q3 24 | $-27.2M | $-26.8M | ||
| Q2 24 | $8.3M | $-42.2M | ||
| Q1 24 | $15.3M | $-90.1M |
自由现金流AVNWZLAB
| Q4 25 | $22.5M | $-26.7M | ||
| Q3 25 | $-13.5M | $-35.0M | ||
| Q2 25 | $8.2M | $-33.9M | ||
| Q1 25 | $-1.2M | $-63.2M | ||
| Q4 24 | $18.3M | $-58.4M | ||
| Q3 24 | $-32.6M | $-28.2M | ||
| Q2 24 | $7.5M | $-42.9M | ||
| Q1 24 | $14.8M | $-91.1M |
自由现金流率AVNWZLAB
| Q4 25 | 20.2% | -21.0% | ||
| Q3 25 | -12.6% | -30.4% | ||
| Q2 25 | 7.1% | -31.1% | ||
| Q1 25 | -1.0% | -59.9% | ||
| Q4 24 | 15.5% | -53.8% | ||
| Q3 24 | -36.8% | -27.7% | ||
| Q2 24 | 6.4% | -42.9% | ||
| Q1 24 | 13.4% | -104.5% |
资本支出强度AVNWZLAB
| Q4 25 | 1.3% | 0.5% | ||
| Q3 25 | 1.6% | 2.6% | ||
| Q2 25 | 2.0% | 2.6% | ||
| Q1 25 | 2.5% | 1.5% | ||
| Q4 24 | 2.1% | 2.4% | ||
| Q3 24 | 6.1% | 1.3% | ||
| Q2 24 | 0.7% | 0.7% | ||
| Q1 24 | 0.4% | 1.1% |
现金转化率AVNWZLAB
| Q4 25 | 4.18× | — | ||
| Q3 25 | -72.48× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.37× | — | ||
| Q1 24 | 3.96× | — |
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
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
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% |
