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AMERICAN STATES WATER CO（AWR）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
AMERICAN STATES WATER CO的季度营收约是再鼎医药的1.3倍（$164.3M vs $127.1M），再鼎医药同比增速更快（17.1% vs 14.8%），再鼎医药自由现金流更多（$-26.7M vs $-36.0M），过去两年再鼎医药的营收复合增速更高（20.8% vs 10.2%）
美国州水公司是美国的上市公用事业企业，通过旗下子公司在全美范围内提供自来水供应及污水处理相关服务，服务覆盖居民、商业及公共机构等多元客户群体，是当地水务服务领域的重要参与企业。
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。
AWR vs ZLAB — 直观对比
营收规模更大
AWR
是对方的1.3倍
$127.1M
营收增速更快
ZLAB
高出2.3%
14.8%
自由现金流更多
ZLAB
多$9.3M
$-36.0M
两年增速更快
ZLAB
近两年复合增速
10.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $164.3M | $127.1M |
| 净利润 | $28.7M | — |
| 毛利率 | 88.9% | 51.0% |
| 营业利润率 | 27.4% | -54.6% |
| 净利率 | 17.5% | — |
| 营收同比 | 14.8% | 17.1% |
| 净利润同比 | 1.1% | — |
| 每股收益（稀释后） | $0.74 | $-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AWRZLAB
| Q4 25 | $164.3M | $127.1M | ||
| Q3 25 | $182.7M | $115.4M | ||
| Q2 25 | $163.1M | $109.1M | ||
| Q1 25 | $148.0M | $105.7M | ||
| Q4 24 | $143.1M | $108.5M | ||
| Q3 24 | $161.8M | $101.8M | ||
| Q2 24 | $155.3M | $100.1M | ||
| Q1 24 | $135.3M | $87.1M |
净利润AWRZLAB
| Q4 25 | $28.7M | — | ||
| Q3 25 | $41.2M | $-36.0M | ||
| Q2 25 | $33.7M | $-40.7M | ||
| Q1 25 | $26.8M | $-48.4M | ||
| Q4 24 | $28.4M | — | ||
| Q3 24 | $35.8M | $-41.7M | ||
| Q2 24 | $31.9M | $-80.3M | ||
| Q1 24 | $23.1M | $-53.5M |
毛利率AWRZLAB
| Q4 25 | 88.9% | 51.0% | ||
| Q3 25 | 91.0% | 59.5% | ||
| Q2 25 | 92.1% | 60.6% | ||
| Q1 25 | 91.3% | 63.6% | ||
| Q4 24 | 92.4% | 61.5% | ||
| Q3 24 | 92.7% | 64.1% | ||
| Q2 24 | 89.6% | 64.9% | ||
| Q1 24 | 88.4% | 61.4% |
营业利润率AWRZLAB
| Q4 25 | 27.4% | -54.6% | ||
| Q3 25 | 33.8% | -42.3% | ||
| Q2 25 | 31.3% | -50.3% | ||
| Q1 25 | 30.8% | -53.3% | ||
| Q4 24 | 27.0% | -62.6% | ||
| Q3 24 | 34.0% | -66.6% | ||
| Q2 24 | 33.3% | -76.0% | ||
| Q1 24 | 28.8% | -80.7% |
净利率AWRZLAB
| Q4 25 | 17.5% | — | ||
| Q3 25 | 22.5% | -31.2% | ||
| Q2 25 | 20.7% | -37.3% | ||
| Q1 25 | 18.1% | -45.8% | ||
| Q4 24 | 19.9% | — | ||
| Q3 24 | 22.1% | -40.9% | ||
| Q2 24 | 20.5% | -80.2% | ||
| Q1 24 | 17.1% | -61.4% |
每股收益（稀释后）AWRZLAB
| Q4 25 | $0.74 | $-0.05 | ||
| Q3 25 | $1.06 | $-0.03 | ||
| Q2 25 | $0.87 | $-0.04 | ||
| Q1 25 | $0.70 | $-0.04 | ||
| Q4 24 | $0.75 | $-0.09 | ||
| Q3 24 | $0.95 | $-0.04 | ||
| Q2 24 | $0.85 | $-0.08 | ||
| Q1 24 | $0.62 | $-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 | $18.8M | $689.6M |
| 总债务越低越好 | $782.7M | — |
| 股东权益账面价值 | $1.0B | $715.5M |
| 总资产 | $2.7B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.75× | — |
8季度趋势，按日历期对齐
现金及短期投资AWRZLAB
| Q4 25 | $18.8M | $689.6M | ||
| Q3 25 | $26.1M | $717.2M | ||
| Q2 25 | $20.2M | $732.2M | ||
| Q1 25 | $21.2M | $757.3M | ||
| Q4 24 | $26.7M | $779.7M | ||
| Q3 24 | $16.5M | $616.1M | ||
| Q2 24 | $3.6M | $630.0M | ||
| Q1 24 | $17.0M | $650.8M |
总债务AWRZLAB
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AWRZLAB
| Q4 25 | $1.0B | $715.5M | ||
| Q3 25 | $1.0B | $759.9M | ||
| Q2 25 | $972.5M | $791.7M | ||
| Q1 25 | $956.4M | $810.8M | ||
| Q4 24 | $920.1M | $840.9M | ||
| Q3 24 | $879.5M | $667.7M | ||
| Q2 24 | $833.5M | $704.2M | ||
| Q1 24 | $800.5M | $762.2M |
总资产AWRZLAB
| Q4 25 | $2.7B | $1.2B | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $2.6B | $1.2B | ||
| Q1 25 | $2.5B | $1.2B | ||
| Q4 24 | $2.5B | $1.2B | ||
| Q3 24 | $2.4B | $985.3M | ||
| Q2 24 | $2.3B | $987.4M | ||
| Q1 24 | $2.3B | $988.4M |
负债/权益比AWRZLAB
| Q4 25 | 0.75× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $27.7M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-36.0M | $-26.7M |
| 自由现金流率自由现金流/营收 | -21.9% | -21.0% |
| 资本支出强度资本支出/营收 | 38.8% | 0.5% |
| 现金转化率经营现金流/净利润 | 0.96× | — |
| 过去12个月自由现金流最近4个季度 | $-7.1M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流AWRZLAB
| Q4 25 | $27.7M | $-26.0M | ||
| Q3 25 | $92.4M | $-32.0M | ||
| Q2 25 | $64.6M | $-31.0M | ||
| Q1 25 | $45.1M | $-61.7M | ||
| Q4 24 | $64.5M | $-55.8M | ||
| Q3 24 | $63.7M | $-26.8M | ||
| Q2 24 | $24.7M | $-42.2M | ||
| Q1 24 | $45.8M | $-90.1M |
自由现金流AWRZLAB
| Q4 25 | $-36.0M | $-26.7M | ||
| Q3 25 | $37.7M | $-35.0M | ||
| Q2 25 | $13.7M | $-33.9M | ||
| Q1 25 | $-22.5M | $-63.2M | ||
| Q4 24 | $6.0M | $-58.4M | ||
| Q3 24 | $-478.0K | $-28.2M | ||
| Q2 24 | $-37.0M | $-42.9M | ||
| Q1 24 | $-1.7M | $-91.1M |
自由现金流率AWRZLAB
| Q4 25 | -21.9% | -21.0% | ||
| Q3 25 | 20.7% | -30.4% | ||
| Q2 25 | 8.4% | -31.1% | ||
| Q1 25 | -15.2% | -59.9% | ||
| Q4 24 | 4.2% | -53.8% | ||
| Q3 24 | -0.3% | -27.7% | ||
| Q2 24 | -23.8% | -42.9% | ||
| Q1 24 | -1.3% | -104.5% |
资本支出强度AWRZLAB
| Q4 25 | 38.8% | 0.5% | ||
| Q3 25 | 29.9% | 2.6% | ||
| Q2 25 | 31.2% | 2.6% | ||
| Q1 25 | 45.6% | 1.5% | ||
| Q4 24 | 40.9% | 2.4% | ||
| Q3 24 | 39.7% | 1.3% | ||
| Q2 24 | 39.8% | 0.7% | ||
| Q1 24 | 35.2% | 1.1% |
现金转化率AWRZLAB
| Q4 25 | 0.96× | — | ||
| Q3 25 | 2.24× | — | ||
| Q2 25 | 1.92× | — | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 2.27× | — | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | 0.78× | — | ||
| Q1 24 | 1.98× | — |
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
AWR
| Water Service Utility Operations | $110.0M | 67% |
| Public Utilities Inventory Water | $22.3M | 14% |
| Wastewater | $15.9M | 10% |
| Electric Service Utility Operations | $15.2M | 9% |
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% |
