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Biglari Holdings Inc.（BH）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Biglari Holdings Inc.的1.3倍（$127.1M vs $99.9M），再鼎医药同比增速更快（17.1% vs 9.6%），Biglari Holdings Inc.自由现金流更多（$6.4M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 5.7%）
Biglari控股是一家总部位于美国得克萨斯州圣安东尼奥的控股公司，由企业家萨达尔·比格拉里创立。旗下业务涵盖餐饮、出版、保险、石油能源多个领域，旗下子品牌包括Steak 'n Shake、《马克西姆》杂志、第一卫士保险、南先锋保险、南方石油、阿布拉克萨斯石油等。
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。
BH vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.3倍
$99.9M
营收增速更快
ZLAB
高出7.5%
9.6%
自由现金流更多
BH
多$33.1M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
5.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $127.1M |
| 净利润 | $-49.9M | — |
| 毛利率 | 58.3% | 51.0% |
| 营业利润率 | -64.1% | -54.6% |
| 净利率 | -49.9% | — |
| 营收同比 | 9.6% | 17.1% |
| 净利润同比 | -385.3% | — |
| 每股收益（稀释后） | — | $-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BHZLAB
| Q4 25 | $99.9M | $127.1M | ||
| Q3 25 | $99.7M | $115.4M | ||
| Q2 25 | $100.6M | $109.1M | ||
| Q1 25 | $95.0M | $105.7M | ||
| Q4 24 | $91.1M | $108.5M | ||
| Q3 24 | $90.4M | $101.8M | ||
| Q2 24 | $91.1M | $100.1M | ||
| Q1 24 | $89.5M | $87.1M |
净利润BHZLAB
| Q4 25 | $-49.9M | — | ||
| Q3 25 | $-5.3M | $-36.0M | ||
| Q2 25 | $50.9M | $-40.7M | ||
| Q1 25 | $-33.3M | $-48.4M | ||
| Q4 24 | $-10.3M | — | ||
| Q3 24 | $32.1M | $-41.7M | ||
| Q2 24 | $-48.2M | $-80.3M | ||
| Q1 24 | $22.6M | $-53.5M |
毛利率BHZLAB
| Q4 25 | 58.3% | 51.0% | ||
| Q3 25 | 58.1% | 59.5% | ||
| Q2 25 | 60.2% | 60.6% | ||
| Q1 25 | 60.3% | 63.6% | ||
| Q4 24 | 60.6% | 61.5% | ||
| Q3 24 | 59.9% | 64.1% | ||
| Q2 24 | 59.5% | 64.9% | ||
| Q1 24 | 61.5% | 61.4% |
营业利润率BHZLAB
| Q4 25 | -64.1% | -54.6% | ||
| Q3 25 | -7.6% | -42.3% | ||
| Q2 25 | 64.7% | -50.3% | ||
| Q1 25 | -43.3% | -53.3% | ||
| Q4 24 | -19.7% | -62.6% | ||
| Q3 24 | 47.9% | -66.6% | ||
| Q2 24 | -69.0% | -76.0% | ||
| Q1 24 | 32.9% | -80.7% |
净利率BHZLAB
| Q4 25 | -49.9% | — | ||
| Q3 25 | -5.3% | -31.2% | ||
| Q2 25 | 50.6% | -37.3% | ||
| Q1 25 | -35.0% | -45.8% | ||
| Q4 24 | -11.3% | — | ||
| Q3 24 | 35.5% | -40.9% | ||
| Q2 24 | -52.9% | -80.2% | ||
| Q1 24 | 25.2% | -61.4% |
每股收益（稀释后）BHZLAB
| Q4 25 | — | $-0.05 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | — | $-0.04 | ||
| Q1 25 | — | $-0.04 | ||
| Q4 24 | — | $-0.09 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $-0.08 | ||
| Q1 24 | — | $-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 | $268.8M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $523.4M | $715.5M |
| 总资产 | $1.0B | $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BHZLAB
| Q4 25 | $268.8M | $689.6M | ||
| Q3 25 | $272.5M | $717.2M | ||
| Q2 25 | $32.8M | $732.2M | ||
| Q1 25 | $28.7M | $757.3M | ||
| Q4 24 | $30.7M | $779.7M | ||
| Q3 24 | $29.9M | $616.1M | ||
| Q2 24 | $26.9M | $630.0M | ||
| Q1 24 | $34.5M | $650.8M |
股东权益BHZLAB
| Q4 25 | $523.4M | $715.5M | ||
| Q3 25 | $580.3M | $759.9M | ||
| Q2 25 | $589.3M | $791.7M | ||
| Q1 25 | $539.8M | $810.8M | ||
| Q4 24 | $573.0M | $840.9M | ||
| Q3 24 | $601.8M | $667.7M | ||
| Q2 24 | $569.2M | $704.2M | ||
| Q1 24 | $618.6M | $762.2M |
总资产BHZLAB
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $863.6M | $1.2B | ||
| Q1 25 | $829.1M | $1.2B | ||
| Q4 24 | $866.1M | $1.2B | ||
| Q3 24 | $865.1M | $985.3M | ||
| Q2 24 | $809.1M | $987.4M | ||
| Q1 24 | $885.3M | $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 | $17.8M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $6.4M | $-26.7M |
| 自由现金流率自由现金流/营收 | 6.4% | -21.0% |
| 资本支出强度资本支出/营收 | 11.4% | 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 | $76.6M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流BHZLAB
| Q4 25 | $17.8M | $-26.0M | ||
| Q3 25 | $31.2M | $-32.0M | ||
| Q2 25 | $42.1M | $-31.0M | ||
| Q1 25 | $15.8M | $-61.7M | ||
| Q4 24 | $18.0M | $-55.8M | ||
| Q3 24 | $10.8M | $-26.8M | ||
| Q2 24 | $1.8M | $-42.2M | ||
| Q1 24 | $19.1M | $-90.1M |
自由现金流BHZLAB
| Q4 25 | $6.4M | $-26.7M | ||
| Q3 25 | $22.3M | $-35.0M | ||
| Q2 25 | $39.4M | $-33.9M | ||
| Q1 25 | $8.5M | $-63.2M | ||
| Q4 24 | $10.9M | $-58.4M | ||
| Q3 24 | $3.7M | $-28.2M | ||
| Q2 24 | $-10.0M | $-42.9M | ||
| Q1 24 | $14.5M | $-91.1M |
自由现金流率BHZLAB
| Q4 25 | 6.4% | -21.0% | ||
| Q3 25 | 22.4% | -30.4% | ||
| Q2 25 | 39.2% | -31.1% | ||
| Q1 25 | 8.9% | -59.9% | ||
| Q4 24 | 12.0% | -53.8% | ||
| Q3 24 | 4.1% | -27.7% | ||
| Q2 24 | -11.0% | -42.9% | ||
| Q1 24 | 16.2% | -104.5% |
资本支出强度BHZLAB
| Q4 25 | 11.4% | 0.5% | ||
| Q3 25 | 9.0% | 2.6% | ||
| Q2 25 | 2.7% | 2.6% | ||
| Q1 25 | 7.7% | 1.5% | ||
| Q4 24 | 7.8% | 2.4% | ||
| Q3 24 | 7.8% | 1.3% | ||
| Q2 24 | 13.0% | 0.7% | ||
| Q1 24 | 5.1% | 1.1% |
现金转化率BHZLAB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.83× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.33× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.85× | — |
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
BH
| Products | $45.9M | 46% |
| Franchisor | $20.5M | 21% |
| Insurance Operations | $19.1M | 19% |
| Oil And Gas Segment | $5.4M | 5% |
| Royalty | $4.1M | 4% |
| Abraxas Petroleum | $2.7M | 3% |
| Other | $2.2M | 2% |
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% |
