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BLACKLINE, INC.（BL）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
BLACKLINE, INC.的季度营收约是再鼎医药的1.4倍（$183.2M vs $127.1M），再鼎医药同比增速更快（17.1% vs 8.1%），BLACKLINE, INC.自由现金流更多（$26.1M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 7.9%）
BlackLine是一家美国企业级软件公司，总部位于洛杉矶，在全球设有17个办事处，专注于开发云服务，可实现财务结账全流程自动化与管理，同时覆盖财务合并、发票到回款流程及公司间会计核算等业务场景。
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。
BL vs ZLAB — 直观对比
营收规模更大
BL
是对方的1.4倍
$127.1M
营收增速更快
ZLAB
高出9.0%
8.1%
自由现金流更多
BL
多$52.8M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $183.2M | $127.1M |
| 净利润 | $4.9M | — |
| 毛利率 | 75.2% | 51.0% |
| 营业利润率 | 3.7% | -54.6% |
| 净利率 | 2.7% | — |
| 营收同比 | 8.1% | 17.1% |
| 净利润同比 | -91.3% | — |
| 每股收益（稀释后） | $0.07 | $-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BLZLAB
| Q4 25 | $183.2M | $127.1M | ||
| Q3 25 | $178.3M | $115.4M | ||
| Q2 25 | $172.0M | $109.1M | ||
| Q1 25 | $166.9M | $105.7M | ||
| Q4 24 | $169.5M | $108.5M | ||
| Q3 24 | $165.9M | $101.8M | ||
| Q2 24 | $160.5M | $100.1M | ||
| Q1 24 | $157.5M | $87.1M |
净利润BLZLAB
| Q4 25 | $4.9M | — | ||
| Q3 25 | $5.3M | $-36.0M | ||
| Q2 25 | $8.3M | $-40.7M | ||
| Q1 25 | $6.1M | $-48.4M | ||
| Q4 24 | $56.4M | — | ||
| Q3 24 | $17.2M | $-41.7M | ||
| Q2 24 | $76.7M | $-80.3M | ||
| Q1 24 | $10.8M | $-53.5M |
毛利率BLZLAB
| Q4 25 | 75.2% | 51.0% | ||
| Q3 25 | 75.1% | 59.5% | ||
| Q2 25 | 75.2% | 60.6% | ||
| Q1 25 | 75.5% | 63.6% | ||
| Q4 24 | 75.6% | 61.5% | ||
| Q3 24 | 75.2% | 64.1% | ||
| Q2 24 | 74.9% | 64.9% | ||
| Q1 24 | 75.2% | 61.4% |
营业利润率BLZLAB
| Q4 25 | 3.7% | -54.6% | ||
| Q3 25 | 4.3% | -42.3% | ||
| Q2 25 | 4.4% | -50.3% | ||
| Q1 25 | 2.1% | -53.3% | ||
| Q4 24 | 3.7% | -62.6% | ||
| Q3 24 | 5.0% | -66.6% | ||
| Q2 24 | 1.4% | -76.0% | ||
| Q1 24 | 1.1% | -80.7% |
净利率BLZLAB
| Q4 25 | 2.7% | — | ||
| Q3 25 | 3.0% | -31.2% | ||
| Q2 25 | 4.8% | -37.3% | ||
| Q1 25 | 3.6% | -45.8% | ||
| Q4 24 | 33.3% | — | ||
| Q3 24 | 10.4% | -40.9% | ||
| Q2 24 | 47.8% | -80.2% | ||
| Q1 24 | 6.9% | -61.4% |
每股收益（稀释后）BLZLAB
| Q4 25 | $0.07 | $-0.05 | ||
| Q3 25 | $0.09 | $-0.03 | ||
| Q2 25 | $0.13 | $-0.04 | ||
| Q1 25 | $0.10 | $-0.04 | ||
| Q4 24 | $0.79 | $-0.09 | ||
| Q3 24 | $0.27 | $-0.04 | ||
| Q2 24 | $0.22 | $-0.08 | ||
| Q1 24 | $0.17 | $-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 | $390.0M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $332.3M | $715.5M |
| 总资产 | $1.8B | $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BLZLAB
| Q4 25 | $390.0M | $689.6M | ||
| Q3 25 | $419.9M | $717.2M | ||
| Q2 25 | $459.1M | $732.2M | ||
| Q1 25 | $479.5M | $757.3M | ||
| Q4 24 | $885.9M | $779.7M | ||
| Q3 24 | $725.3M | $616.1M | ||
| Q2 24 | $616.6M | $630.0M | ||
| Q1 24 | $331.4M | $650.8M |
股东权益BLZLAB
| Q4 25 | $332.3M | $715.5M | ||
| Q3 25 | $328.3M | $759.9M | ||
| Q2 25 | $414.0M | $791.7M | ||
| Q1 25 | $417.9M | $810.8M | ||
| Q4 24 | $446.7M | $840.9M | ||
| Q3 24 | $367.9M | $667.7M | ||
| Q2 24 | $325.8M | $704.2M | ||
| Q1 24 | $279.8M | $762.2M |
总资产BLZLAB
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.8B | $1.2B | ||
| Q4 24 | $1.8B | $1.2B | ||
| Q3 24 | $1.7B | $985.3M | ||
| Q2 24 | $1.9B | $987.4M | ||
| Q1 24 | $2.1B | $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 | $26.7M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $26.1M | $-26.7M |
| 自由现金流率自由现金流/营收 | 14.2% | -21.0% |
| 资本支出强度资本支出/营收 | 0.3% | 0.5% |
| 现金转化率经营现金流/净利润 | 5.46× | — |
| 过去12个月自由现金流最近4个季度 | $161.5M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流BLZLAB
| Q4 25 | $26.7M | $-26.0M | ||
| Q3 25 | $63.8M | $-32.0M | ||
| Q2 25 | $32.3M | $-31.0M | ||
| Q1 25 | $46.7M | $-61.7M | ||
| Q4 24 | $43.8M | $-55.8M | ||
| Q3 24 | $55.9M | $-26.8M | ||
| Q2 24 | $40.7M | $-42.2M | ||
| Q1 24 | $50.4M | $-90.1M |
自由现金流BLZLAB
| Q4 25 | $26.1M | $-26.7M | ||
| Q3 25 | $63.3M | $-35.0M | ||
| Q2 25 | $31.4M | $-33.9M | ||
| Q1 25 | $40.8M | $-63.2M | ||
| Q4 24 | $43.0M | $-58.4M | ||
| Q3 24 | $55.5M | $-28.2M | ||
| Q2 24 | $40.0M | $-42.9M | ||
| Q1 24 | $50.1M | $-91.1M |
自由现金流率BLZLAB
| Q4 25 | 14.2% | -21.0% | ||
| Q3 25 | 35.5% | -30.4% | ||
| Q2 25 | 18.2% | -31.1% | ||
| Q1 25 | 24.4% | -59.9% | ||
| Q4 24 | 25.4% | -53.8% | ||
| Q3 24 | 33.5% | -27.7% | ||
| Q2 24 | 24.9% | -42.9% | ||
| Q1 24 | 31.8% | -104.5% |
资本支出强度BLZLAB
| Q4 25 | 0.3% | 0.5% | ||
| Q3 25 | 0.3% | 2.6% | ||
| Q2 25 | 0.6% | 2.6% | ||
| Q1 25 | 3.6% | 1.5% | ||
| Q4 24 | 0.4% | 2.4% | ||
| Q3 24 | 0.2% | 1.3% | ||
| Q2 24 | 0.4% | 0.7% | ||
| Q1 24 | 0.2% | 1.1% |
现金转化率BLZLAB
| Q4 25 | 5.46× | — | ||
| Q3 25 | 12.07× | — | ||
| Q2 25 | 3.90× | — | ||
| Q1 25 | 7.72× | — | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | 3.24× | — | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 4.66× | — |
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
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
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% |
