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BADGER METER INC（BMI）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
BADGER METER INC的季度营收约是再鼎医药的1.8倍（$234.1M vs $127.1M），再鼎医药同比增速更快（17.1% vs 14.1%），BADGER METER INC自由现金流更多（$50.8M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 9.2%）
Badger Meter Inc是全球领先的流量测量与控制解决方案供应商，主要服务水务企业、工业、商业及住宅客户群体，核心产品包括智能水表、物联网使用监测系统及配套软件，可帮助客户追踪资源消耗、减少浪费、提升运营效率，核心市场覆盖北美、欧洲及亚太地区。
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。
BMI vs ZLAB — 直观对比
营收规模更大
BMI
是对方的1.8倍
$127.1M
营收增速更快
ZLAB
高出3.0%
14.1%
自由现金流更多
BMI
多$77.5M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
9.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $234.1M | $127.1M |
| 净利润 | $33.6M | — |
| 毛利率 | 39.7% | 51.0% |
| 营业利润率 | 18.4% | -54.6% |
| 净利率 | 14.3% | — |
| 营收同比 | 14.1% | 17.1% |
| 净利润同比 | 9.3% | — |
| 每股收益（稀释后） | $1.13 | $-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BMIZLAB
| Q4 25 | $234.1M | $127.1M | ||
| Q3 25 | $222.2M | $115.4M | ||
| Q2 25 | $238.1M | $109.1M | ||
| Q1 25 | $222.2M | $105.7M | ||
| Q4 24 | $205.2M | $108.5M | ||
| Q3 24 | $208.4M | $101.8M | ||
| Q2 24 | $216.7M | $100.1M | ||
| Q1 24 | $196.3M | $87.1M |
净利润BMIZLAB
| Q4 25 | $33.6M | — | ||
| Q3 25 | $35.1M | $-36.0M | ||
| Q2 25 | $34.6M | $-40.7M | ||
| Q1 25 | $38.4M | $-48.4M | ||
| Q4 24 | $30.7M | — | ||
| Q3 24 | $32.0M | $-41.7M | ||
| Q2 24 | $33.1M | $-80.3M | ||
| Q1 24 | $29.1M | $-53.5M |
毛利率BMIZLAB
| Q4 25 | 39.7% | 51.0% | ||
| Q3 25 | 43.1% | 59.5% | ||
| Q2 25 | 41.1% | 60.6% | ||
| Q1 25 | 42.9% | 63.6% | ||
| Q4 24 | 40.3% | 61.5% | ||
| Q3 24 | 40.2% | 64.1% | ||
| Q2 24 | 39.4% | 64.9% | ||
| Q1 24 | 39.3% | 61.4% |
营业利润率BMIZLAB
| Q4 25 | 18.4% | -54.6% | ||
| Q3 25 | 20.7% | -42.3% | ||
| Q2 25 | 18.8% | -50.3% | ||
| Q1 25 | 22.2% | -53.3% | ||
| Q4 24 | 19.1% | -62.6% | ||
| Q3 24 | 19.5% | -66.6% | ||
| Q2 24 | 19.2% | -76.0% | ||
| Q1 24 | 18.6% | -80.7% |
净利率BMIZLAB
| Q4 25 | 14.3% | — | ||
| Q3 25 | 15.8% | -31.2% | ||
| Q2 25 | 14.5% | -37.3% | ||
| Q1 25 | 17.3% | -45.8% | ||
| Q4 24 | 15.0% | — | ||
| Q3 24 | 15.4% | -40.9% | ||
| Q2 24 | 15.3% | -80.2% | ||
| Q1 24 | 14.8% | -61.4% |
每股收益（稀释后）BMIZLAB
| Q4 25 | $1.13 | $-0.05 | ||
| Q3 25 | $1.19 | $-0.03 | ||
| Q2 25 | $1.17 | $-0.04 | ||
| Q1 25 | $1.30 | $-0.04 | ||
| Q4 24 | $1.04 | $-0.09 | ||
| Q3 24 | $1.08 | $-0.04 | ||
| Q2 24 | $1.12 | $-0.08 | ||
| Q1 24 | $0.99 | $-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 | — | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $713.3M | $715.5M |
| 总资产 | $973.6M | $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BMIZLAB
| Q4 25 | — | $689.6M | ||
| Q3 25 | — | $717.2M | ||
| Q2 25 | — | $732.2M | ||
| Q1 25 | — | $757.3M | ||
| Q4 24 | — | $779.7M | ||
| Q3 24 | — | $616.1M | ||
| Q2 24 | — | $630.0M | ||
| Q1 24 | — | $650.8M |
股东权益BMIZLAB
| Q4 25 | $713.3M | $715.5M | ||
| Q3 25 | $702.5M | $759.9M | ||
| Q2 25 | $677.6M | $791.7M | ||
| Q1 25 | $641.7M | $810.8M | ||
| Q4 24 | $606.2M | $840.9M | ||
| Q3 24 | $591.2M | $667.7M | ||
| Q2 24 | $563.1M | $704.2M | ||
| Q1 24 | $535.6M | $762.2M |
总资产BMIZLAB
| Q4 25 | $973.6M | $1.2B | ||
| Q3 25 | $978.3M | $1.2B | ||
| Q2 25 | $936.4M | $1.2B | ||
| Q1 25 | $899.6M | $1.2B | ||
| Q4 24 | $816.4M | $1.2B | ||
| Q3 24 | $802.9M | $985.3M | ||
| Q2 24 | $781.3M | $987.4M | ||
| Q1 24 | $743.5M | $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 | $54.8M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $50.8M | $-26.7M |
| 自由现金流率自由现金流/营收 | 21.7% | -21.0% |
| 资本支出强度资本支出/营收 | 1.7% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.63× | — |
| 过去12个月自由现金流最近4个季度 | $169.7M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流BMIZLAB
| Q4 25 | $54.8M | $-26.0M | ||
| Q3 25 | $51.3M | $-32.0M | ||
| Q2 25 | $44.6M | $-31.0M | ||
| Q1 25 | $33.0M | $-61.7M | ||
| Q4 24 | $52.1M | $-55.8M | ||
| Q3 24 | $45.1M | $-26.8M | ||
| Q2 24 | $36.4M | $-42.2M | ||
| Q1 24 | $21.5M | $-90.1M |
自由现金流BMIZLAB
| Q4 25 | $50.8M | $-26.7M | ||
| Q3 25 | $48.2M | $-35.0M | ||
| Q2 25 | $40.6M | $-33.9M | ||
| Q1 25 | $30.1M | $-63.2M | ||
| Q4 24 | $47.4M | $-58.4M | ||
| Q3 24 | $42.0M | $-28.2M | ||
| Q2 24 | $34.1M | $-42.9M | ||
| Q1 24 | $18.8M | $-91.1M |
自由现金流率BMIZLAB
| Q4 25 | 21.7% | -21.0% | ||
| Q3 25 | 21.7% | -30.4% | ||
| Q2 25 | 17.1% | -31.1% | ||
| Q1 25 | 13.5% | -59.9% | ||
| Q4 24 | 23.1% | -53.8% | ||
| Q3 24 | 20.1% | -27.7% | ||
| Q2 24 | 15.7% | -42.9% | ||
| Q1 24 | 9.6% | -104.5% |
资本支出强度BMIZLAB
| Q4 25 | 1.7% | 0.5% | ||
| Q3 25 | 1.4% | 2.6% | ||
| Q2 25 | 1.7% | 2.6% | ||
| Q1 25 | 1.3% | 1.5% | ||
| Q4 24 | 2.3% | 2.4% | ||
| Q3 24 | 1.5% | 1.3% | ||
| Q2 24 | 1.1% | 0.7% | ||
| Q1 24 | 1.4% | 1.1% |
现金转化率BMIZLAB
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.29× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.10× | — | ||
| Q1 24 | 0.74× | — |
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
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
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% |
