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Clarus Corp（CLAR）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Clarus Corp的1.9倍（$127.1M vs $65.4M），再鼎医药同比增速更快（17.1% vs -8.4%），Clarus Corp自由现金流更多（$11.6M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs -2.9%）
Clarus Corp是一家全球性企业，主营高性能户外休闲、登山、露营及生活方式产品的设计、生产与分销，旗下拥有多个知名消费品牌，为北美、欧洲及亚太地区的户外爱好者、专业运动员和零售合作伙伴提供创新耐用的运动装备。
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。
CLAR vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.9倍
$65.4M
营收增速更快
ZLAB
高出25.5%
-8.4%
自由现金流更多
CLAR
多$38.3M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $65.4M | $127.1M |
| 净利润 | $-31.3M | — |
| 毛利率 | 27.7% | 51.0% |
| 营业利润率 | -59.6% | -54.6% |
| 净利率 | -47.8% | — |
| 营收同比 | -8.4% | 17.1% |
| 净利润同比 | 52.3% | — |
| 每股收益（稀释后） | $-0.81 | $-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CLARZLAB
| Q4 25 | $65.4M | $127.1M | ||
| Q3 25 | $69.3M | $115.4M | ||
| Q2 25 | $55.2M | $109.1M | ||
| Q1 25 | $60.4M | $105.7M | ||
| Q4 24 | $71.4M | $108.5M | ||
| Q3 24 | $67.1M | $101.8M | ||
| Q2 24 | $56.5M | $100.1M | ||
| Q1 24 | $69.3M | $87.1M |
净利润CLARZLAB
| Q4 25 | $-31.3M | — | ||
| Q3 25 | $-1.6M | $-36.0M | ||
| Q2 25 | $-8.4M | $-40.7M | ||
| Q1 25 | $-5.2M | $-48.4M | ||
| Q4 24 | $-65.5M | — | ||
| Q3 24 | $-3.2M | $-41.7M | ||
| Q2 24 | $-5.5M | $-80.3M | ||
| Q1 24 | $21.9M | $-53.5M |
毛利率CLARZLAB
| Q4 25 | 27.7% | 51.0% | ||
| Q3 25 | 35.1% | 59.5% | ||
| Q2 25 | 35.6% | 60.6% | ||
| Q1 25 | 34.4% | 63.6% | ||
| Q4 24 | 33.4% | 61.5% | ||
| Q3 24 | 35.0% | 64.1% | ||
| Q2 24 | 36.1% | 64.9% | ||
| Q1 24 | 35.9% | 61.4% |
营业利润率CLARZLAB
| Q4 25 | -59.6% | -54.6% | ||
| Q3 25 | -4.4% | -42.3% | ||
| Q2 25 | -19.7% | -50.3% | ||
| Q1 25 | -11.2% | -53.3% | ||
| Q4 24 | -70.2% | -62.6% | ||
| Q3 24 | -8.0% | -66.6% | ||
| Q2 24 | -14.4% | -76.0% | ||
| Q1 24 | -9.8% | -80.7% |
净利率CLARZLAB
| Q4 25 | -47.8% | — | ||
| Q3 25 | -2.3% | -31.2% | ||
| Q2 25 | -15.3% | -37.3% | ||
| Q1 25 | -8.7% | -45.8% | ||
| Q4 24 | -91.8% | — | ||
| Q3 24 | -4.7% | -40.9% | ||
| Q2 24 | -9.7% | -80.2% | ||
| Q1 24 | 31.6% | -61.4% |
每股收益（稀释后）CLARZLAB
| Q4 25 | $-0.81 | $-0.05 | ||
| Q3 25 | $-0.04 | $-0.03 | ||
| Q2 25 | $-0.22 | $-0.04 | ||
| Q1 25 | $-0.14 | $-0.04 | ||
| Q4 24 | $-1.72 | $-0.09 | ||
| Q3 24 | $-0.08 | $-0.04 | ||
| Q2 24 | $-0.14 | $-0.08 | ||
| Q1 24 | $0.57 | $-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 | $36.7M | $689.6M |
| 总债务越低越好 | $0 | — |
| 股东权益账面价值 | $196.4M | $715.5M |
| 总资产 | $249.0M | $1.2B |
| 负债/权益比越低杠杆越低 | 0.00× | — |
8季度趋势，按日历期对齐
现金及短期投资CLARZLAB
| Q4 25 | $36.7M | $689.6M | ||
| Q3 25 | $29.5M | $717.2M | ||
| Q2 25 | $28.5M | $732.2M | ||
| Q1 25 | $41.3M | $757.3M | ||
| Q4 24 | $45.4M | $779.7M | ||
| Q3 24 | $36.4M | $616.1M | ||
| Q2 24 | $46.2M | $630.0M | ||
| Q1 24 | $47.5M | $650.8M |
总债务CLARZLAB
| Q4 25 | $0 | — | ||
| Q3 25 | $2.0M | — | ||
| Q2 25 | $1.9M | — | ||
| Q1 25 | $1.9M | — | ||
| Q4 24 | $1.9M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $37.0K | — |
股东权益CLARZLAB
| Q4 25 | $196.4M | $715.5M | ||
| Q3 25 | $225.8M | $759.9M | ||
| Q2 25 | $225.1M | $791.7M | ||
| Q1 25 | $229.3M | $810.8M | ||
| Q4 24 | $233.1M | $840.9M | ||
| Q3 24 | $308.5M | $667.7M | ||
| Q2 24 | $307.3M | $704.2M | ||
| Q1 24 | $310.4M | $762.2M |
总资产CLARZLAB
| Q4 25 | $249.0M | $1.2B | ||
| Q3 25 | $283.1M | $1.2B | ||
| Q2 25 | $286.5M | $1.2B | ||
| Q1 25 | $292.8M | $1.2B | ||
| Q4 24 | $294.1M | $1.2B | ||
| Q3 24 | $375.3M | $985.3M | ||
| Q2 24 | $369.4M | $987.4M | ||
| Q1 24 | $377.0M | $988.4M |
负债/权益比CLARZLAB
| Q4 25 | 0.00× | — | ||
| Q3 25 | 0.01× | — | ||
| Q2 25 | 0.01× | — | ||
| Q1 25 | 0.01× | — | ||
| Q4 24 | 0.01× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.00× | — |
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 | $12.5M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $11.6M | $-26.7M |
| 自由现金流率自由现金流/营收 | 17.7% | -21.0% |
| 资本支出强度资本支出/营收 | 1.4% | 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 | $-9.9M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流CLARZLAB
| Q4 25 | $12.5M | $-26.0M | ||
| Q3 25 | $-5.7M | $-32.0M | ||
| Q2 25 | $-9.4M | $-31.0M | ||
| Q1 25 | $-2.1M | $-61.7M | ||
| Q4 24 | $16.6M | $-55.8M | ||
| Q3 24 | $-8.3M | $-26.8M | ||
| Q2 24 | $834.0K | $-42.2M | ||
| Q1 24 | $-16.4M | $-90.1M |
自由现金流CLARZLAB
| Q4 25 | $11.6M | $-26.7M | ||
| Q3 25 | $-7.0M | $-35.0M | ||
| Q2 25 | $-11.3M | $-33.9M | ||
| Q1 25 | $-3.3M | $-63.2M | ||
| Q4 24 | $14.4M | $-58.4M | ||
| Q3 24 | $-9.4M | $-28.2M | ||
| Q2 24 | $-744.0K | $-42.9M | ||
| Q1 24 | $-18.3M | $-91.1M |
自由现金流率CLARZLAB
| Q4 25 | 17.7% | -21.0% | ||
| Q3 25 | -10.0% | -30.4% | ||
| Q2 25 | -20.4% | -31.1% | ||
| Q1 25 | -5.4% | -59.9% | ||
| Q4 24 | 20.1% | -53.8% | ||
| Q3 24 | -14.0% | -27.7% | ||
| Q2 24 | -1.3% | -42.9% | ||
| Q1 24 | -26.3% | -104.5% |
资本支出强度CLARZLAB
| Q4 25 | 1.4% | 0.5% | ||
| Q3 25 | 1.8% | 2.6% | ||
| Q2 25 | 3.4% | 2.6% | ||
| Q1 25 | 2.0% | 1.5% | ||
| Q4 24 | 3.1% | 2.4% | ||
| Q3 24 | 1.6% | 1.3% | ||
| Q2 24 | 2.8% | 0.7% | ||
| Q1 24 | 2.7% | 1.1% |
现金转化率CLARZLAB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.75× | — |
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
CLAR
| Other | $37.1M | 57% |
| Outdoor Segment | $25.3M | 39% |
| Adventure Segment | $3.0M | 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% |
