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Commerce.com, Inc.（CMRC）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Commerce.com, Inc.的1.4倍（$127.1M vs $89.5M），再鼎医药同比增速更快（17.1% vs 2.9%），Commerce.com, Inc.自由现金流更多（$-2.2M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 5.5%）
SPS Commerce是一家总部位于美国明尼苏达州明尼阿波利斯市的科技企业，核心业务是为客户提供基于云端的供应链管理软件解决方案。公司除在美国本土设有分支机构外，还在阿姆斯特丹、北京、香港、多伦多、悉尼等全球多个城市布局了办公网点。
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。
CMRC vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.4倍
$89.5M
营收增速更快
ZLAB
高出14.3%
2.9%
自由现金流更多
CMRC
多$24.5M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
5.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $89.5M | $127.1M |
| 净利润 | $-8.4M | — |
| 毛利率 | 78.3% | 51.0% |
| 营业利润率 | -7.4% | -54.6% |
| 净利率 | -9.3% | — |
| 营收同比 | 2.9% | 17.1% |
| 净利润同比 | -250.0% | — |
| 每股收益（稀释后） | $-0.11 | $-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CMRCZLAB
| Q4 25 | $89.5M | $127.1M | ||
| Q3 25 | $86.0M | $115.4M | ||
| Q2 25 | $84.4M | $109.1M | ||
| Q1 25 | $82.4M | $105.7M | ||
| Q4 24 | $87.0M | $108.5M | ||
| Q3 24 | $83.7M | $101.8M | ||
| Q2 24 | $81.8M | $100.1M | ||
| Q1 24 | $80.4M | $87.1M |
净利润CMRCZLAB
| Q4 25 | $-8.4M | — | ||
| Q3 25 | $-2.2M | $-36.0M | ||
| Q2 25 | $-8.4M | $-40.7M | ||
| Q1 25 | $-353.0K | $-48.4M | ||
| Q4 24 | $-2.4M | — | ||
| Q3 24 | $-7.0M | $-41.7M | ||
| Q2 24 | $-11.3M | $-80.3M | ||
| Q1 24 | $-6.4M | $-53.5M |
毛利率CMRCZLAB
| Q4 25 | 78.3% | 51.0% | ||
| Q3 25 | 78.4% | 59.5% | ||
| Q2 25 | 79.0% | 60.6% | ||
| Q1 25 | 79.4% | 63.6% | ||
| Q4 24 | 77.6% | 61.5% | ||
| Q3 24 | 76.3% | 64.1% | ||
| Q2 24 | 75.8% | 64.9% | ||
| Q1 24 | 77.1% | 61.4% |
营业利润率CMRCZLAB
| Q4 25 | -7.4% | -54.6% | ||
| Q3 25 | -0.5% | -42.3% | ||
| Q2 25 | -8.0% | -50.3% | ||
| Q1 25 | -2.9% | -53.3% | ||
| Q4 24 | -0.9% | -62.6% | ||
| Q3 24 | -23.0% | -66.6% | ||
| Q2 24 | -16.5% | -76.0% | ||
| Q1 24 | -10.2% | -80.7% |
净利率CMRCZLAB
| Q4 25 | -9.3% | — | ||
| Q3 25 | -2.6% | -31.2% | ||
| Q2 25 | -9.9% | -37.3% | ||
| Q1 25 | -0.4% | -45.8% | ||
| Q4 24 | -2.7% | — | ||
| Q3 24 | -8.4% | -40.9% | ||
| Q2 24 | -13.8% | -80.2% | ||
| Q1 24 | -8.0% | -61.4% |
每股收益（稀释后）CMRCZLAB
| Q4 25 | $-0.11 | $-0.05 | ||
| Q3 25 | $-0.03 | $-0.03 | ||
| Q2 25 | $-0.10 | $-0.04 | ||
| Q1 25 | $0.00 | $-0.04 | ||
| Q4 24 | $-0.03 | $-0.09 | ||
| Q3 24 | $-0.09 | $-0.04 | ||
| Q2 24 | $-0.15 | $-0.08 | ||
| Q1 24 | $-0.08 | $-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 | $141.1M | $689.6M |
| 总债务越低越好 | $157.0M | — |
| 股东权益账面价值 | $39.4M | $715.5M |
| 总资产 | $308.8M | $1.2B |
| 负债/权益比越低杠杆越低 | 3.99× | — |
8季度趋势，按日历期对齐
现金及短期投资CMRCZLAB
| Q4 25 | $141.1M | $689.6M | ||
| Q3 25 | $142.0M | $717.2M | ||
| Q2 25 | $134.5M | $732.2M | ||
| Q1 25 | $120.7M | $757.3M | ||
| Q4 24 | $178.2M | $779.7M | ||
| Q3 24 | $168.4M | $616.1M | ||
| Q2 24 | $275.8M | $630.0M | ||
| Q1 24 | $265.2M | $650.8M |
总债务CMRCZLAB
| Q4 25 | $157.0M | — | ||
| Q3 25 | $157.3M | — | ||
| Q2 25 | $157.5M | — | ||
| Q1 25 | $157.8M | — | ||
| Q4 24 | $216.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $340.9M | — | ||
| Q1 24 | $340.5M | — |
股东权益CMRCZLAB
| Q4 25 | $39.4M | $715.5M | ||
| Q3 25 | $42.8M | $759.9M | ||
| Q2 25 | $38.8M | $791.7M | ||
| Q1 25 | $38.1M | $810.8M | ||
| Q4 24 | $33.4M | $840.9M | ||
| Q3 24 | $29.0M | $667.7M | ||
| Q2 24 | $26.1M | $704.2M | ||
| Q1 24 | $26.9M | $762.2M |
总资产CMRCZLAB
| Q4 25 | $308.8M | $1.2B | ||
| Q3 25 | $309.5M | $1.2B | ||
| Q2 25 | $302.5M | $1.2B | ||
| Q1 25 | $286.3M | $1.2B | ||
| Q4 24 | $340.3M | $1.2B | ||
| Q3 24 | $335.1M | $985.3M | ||
| Q2 24 | $452.5M | $987.4M | ||
| Q1 24 | $442.5M | $988.4M |
负债/权益比CMRCZLAB
| Q4 25 | 3.99× | — | ||
| Q3 25 | 3.67× | — | ||
| Q2 25 | 4.06× | — | ||
| Q1 25 | 4.14× | — | ||
| Q4 24 | 6.49× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 13.06× | — | ||
| Q1 24 | 12.65× | — |
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 | $980.0K | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-2.2M | $-26.7M |
| 自由现金流率自由现金流/营收 | -2.4% | -21.0% |
| 资本支出强度资本支出/营收 | 3.5% | 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 | $16.9M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流CMRCZLAB
| Q4 25 | $980.0K | $-26.0M | ||
| Q3 25 | $10.6M | $-32.0M | ||
| Q2 25 | $13.6M | $-31.0M | ||
| Q1 25 | $401.0K | $-61.7M | ||
| Q4 24 | $12.4M | $-55.8M | ||
| Q3 24 | $5.6M | $-26.8M | ||
| Q2 24 | $11.7M | $-42.2M | ||
| Q1 24 | $-3.4M | $-90.1M |
自由现金流CMRCZLAB
| Q4 25 | $-2.2M | $-26.7M | ||
| Q3 25 | $7.6M | $-35.0M | ||
| Q2 25 | $11.9M | $-33.9M | ||
| Q1 25 | $-424.0K | $-63.2M | ||
| Q4 24 | $11.6M | $-58.4M | ||
| Q3 24 | $4.5M | $-28.2M | ||
| Q2 24 | $10.7M | $-42.9M | ||
| Q1 24 | $-4.2M | $-91.1M |
自由现金流率CMRCZLAB
| Q4 25 | -2.4% | -21.0% | ||
| Q3 25 | 8.8% | -30.4% | ||
| Q2 25 | 14.1% | -31.1% | ||
| Q1 25 | -0.5% | -59.9% | ||
| Q4 24 | 13.3% | -53.8% | ||
| Q3 24 | 5.4% | -27.7% | ||
| Q2 24 | 13.0% | -42.9% | ||
| Q1 24 | -5.3% | -104.5% |
资本支出强度CMRCZLAB
| Q4 25 | 3.5% | 0.5% | ||
| Q3 25 | 3.4% | 2.6% | ||
| Q2 25 | 2.0% | 2.6% | ||
| Q1 25 | 1.0% | 1.5% | ||
| Q4 24 | 0.9% | 2.4% | ||
| Q3 24 | 1.3% | 1.3% | ||
| Q2 24 | 1.3% | 0.7% | ||
| Q1 24 | 1.0% | 1.1% |
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
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
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% |
