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BLACK HILLS CORP（BKH）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
BLACK HILLS CORP的季度营收约是再鼎医药的1.9倍（$241.6M vs $127.1M），再鼎医药同比增速更快（17.1% vs -3.0%），过去两年再鼎医药的营收复合增速更高（20.8% vs -22.0%）
布莱克山集团是美国多元化能源企业，总部位于南达科他州拉皮德城，名称来源于当地的布莱克山区域。公司主营电力与天然气公用事业，服务覆盖南达科他、蒙大拿、怀俄明、科罗拉多等多个州，电力产品行销整个美国西部地区。
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。
BKH vs ZLAB — 直观对比
营收规模更大
BKH
是对方的1.9倍
$127.1M
营收增速更快
ZLAB
高出20.2%
-3.0%
两年增速更快
ZLAB
近两年复合增速
-22.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $241.6M | $127.1M |
| 净利润 | $133.1M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 83.6% | -54.6% |
| 净利率 | 55.1% | — |
| 营收同比 | -3.0% | 17.1% |
| 净利润同比 | -2.4% | — |
| 每股收益（稀释后） | $1.73 | $-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BKHZLAB
| Q1 26 | $241.6M | — | ||
| Q4 25 | $622.7M | $127.1M | ||
| Q3 25 | $427.4M | $115.4M | ||
| Q2 25 | $435.7M | $109.1M | ||
| Q1 25 | $800.4M | $105.7M | ||
| Q4 24 | $585.1M | $108.5M | ||
| Q3 24 | $398.6M | $101.8M | ||
| Q2 24 | $397.1M | $100.1M |
净利润BKHZLAB
| Q1 26 | $133.1M | — | ||
| Q4 25 | $104.9M | — | ||
| Q3 25 | $24.9M | $-36.0M | ||
| Q2 25 | $27.5M | $-40.7M | ||
| Q1 25 | $134.3M | $-48.4M | ||
| Q4 24 | $98.0M | — | ||
| Q3 24 | $24.4M | $-41.7M | ||
| Q2 24 | $22.8M | $-80.3M |
毛利率BKHZLAB
| Q1 26 | — | — | ||
| Q4 25 | — | 51.0% | ||
| Q3 25 | — | 59.5% | ||
| Q2 25 | — | 60.6% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 64.1% | ||
| Q2 24 | — | 64.9% |
营业利润率BKHZLAB
| Q1 26 | 83.6% | — | ||
| Q4 25 | 27.5% | -54.6% | ||
| Q3 25 | 18.4% | -42.3% | ||
| Q2 25 | 18.9% | -50.3% | ||
| Q1 25 | 25.6% | -53.3% | ||
| Q4 24 | 27.9% | -62.6% | ||
| Q3 24 | 19.0% | -66.6% | ||
| Q2 24 | 17.8% | -76.0% |
净利率BKHZLAB
| Q1 26 | 55.1% | — | ||
| Q4 25 | 16.8% | — | ||
| Q3 25 | 5.8% | -31.2% | ||
| Q2 25 | 6.3% | -37.3% | ||
| Q1 25 | 16.8% | -45.8% | ||
| Q4 24 | 16.7% | — | ||
| Q3 24 | 6.1% | -40.9% | ||
| Q2 24 | 5.7% | -80.2% |
每股收益（稀释后）BKHZLAB
| Q1 26 | $1.73 | — | ||
| Q4 25 | $1.39 | $-0.05 | ||
| Q3 25 | $0.34 | $-0.03 | ||
| Q2 25 | $0.38 | $-0.04 | ||
| Q1 25 | $1.87 | $-0.04 | ||
| Q4 24 | $1.36 | $-0.09 | ||
| Q3 24 | $0.35 | $-0.04 | ||
| Q2 24 | $0.33 | $-0.08 |
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 | — | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $715.5M |
| 总资产 | — | $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BKHZLAB
| Q1 26 | — | — | ||
| Q4 25 | $182.8M | $689.6M | ||
| Q3 25 | $21.1M | $717.2M | ||
| Q2 25 | $8.1M | $732.2M | ||
| Q1 25 | $6.6M | $757.3M | ||
| Q4 24 | $16.1M | $779.7M | ||
| Q3 24 | $12.5M | $616.1M | ||
| Q2 24 | $624.8M | $630.0M |
股东权益BKHZLAB
| Q1 26 | — | — | ||
| Q4 25 | $3.8B | $715.5M | ||
| Q3 25 | $3.8B | $759.9M | ||
| Q2 25 | $3.6B | $791.7M | ||
| Q1 25 | $3.6B | $810.8M | ||
| Q4 24 | $3.5B | $840.9M | ||
| Q3 24 | $3.4B | $667.7M | ||
| Q2 24 | $3.4B | $704.2M |
总资产BKHZLAB
| Q1 26 | — | — | ||
| Q4 25 | $10.9B | $1.2B | ||
| Q3 25 | $10.3B | $1.2B | ||
| Q2 25 | $10.1B | $1.2B | ||
| Q1 25 | $10.1B | $1.2B | ||
| Q4 24 | $10.0B | $1.2B | ||
| Q3 24 | $9.7B | $985.3M | ||
| Q2 24 | $10.2B | $987.4M |
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 | — | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-26.7M |
| 自由现金流率自由现金流/营收 | — | -21.0% |
| 资本支出强度资本支出/营收 | — | 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 | — | $-158.9M |
8季度趋势，按日历期对齐
经营现金流BKHZLAB
| Q1 26 | — | — | ||
| Q4 25 | $168.1M | $-26.0M | ||
| Q3 25 | $88.9M | $-32.0M | ||
| Q2 25 | $188.6M | $-31.0M | ||
| Q1 25 | $227.8M | $-61.7M | ||
| Q4 24 | $153.2M | $-55.8M | ||
| Q3 24 | $102.1M | $-26.8M | ||
| Q2 24 | $230.6M | $-42.2M |
自由现金流BKHZLAB
| Q1 26 | — | — | ||
| Q4 25 | $-101.5M | $-26.7M | ||
| Q3 25 | $-89.5M | $-35.0M | ||
| Q2 25 | $-30.3M | $-33.9M | ||
| Q1 25 | $74.9M | $-63.2M | ||
| Q4 24 | $-60.5M | $-58.4M | ||
| Q3 24 | $-86.0M | $-28.2M | ||
| Q2 24 | $64.4M | $-42.9M |
自由现金流率BKHZLAB
| Q1 26 | — | — | ||
| Q4 25 | -16.3% | -21.0% | ||
| Q3 25 | -20.9% | -30.4% | ||
| Q2 25 | -7.0% | -31.1% | ||
| Q1 25 | 9.4% | -59.9% | ||
| Q4 24 | -10.3% | -53.8% | ||
| Q3 24 | -21.6% | -27.7% | ||
| Q2 24 | 16.2% | -42.9% |
资本支出强度BKHZLAB
| Q1 26 | — | — | ||
| Q4 25 | 43.3% | 0.5% | ||
| Q3 25 | 41.7% | 2.6% | ||
| Q2 25 | 50.2% | 2.6% | ||
| Q1 25 | 19.1% | 1.5% | ||
| Q4 24 | 36.5% | 2.4% | ||
| Q3 24 | 47.2% | 1.3% | ||
| Q2 24 | 41.9% | 0.7% |
现金转化率BKHZLAB
| Q1 26 | — | — | ||
| Q4 25 | 1.60× | — | ||
| Q3 25 | 3.57× | — | ||
| Q2 25 | 6.86× | — | ||
| Q1 25 | 1.70× | — | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 4.18× | — | ||
| Q2 24 | 10.11× | — |
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
BKH
暂无分部数据
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% |
