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COMTECH TELECOMMUNICATIONS CORP（CMTL）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COMTECH TELECOMMUNICATIONS CORP的1.1倍（$127.1M vs $111.0M），再鼎医药同比增速更快（17.1% vs -4.1%），COMTECH TELECOMMUNICATIONS CORP自由现金流更多（$4.8M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs -9.0%）
Comtech Telecommunications是一家总部位于美国的全球通信技术提供商，主营卫星通信系统、地面网络基础设施及定位服务，客户覆盖政府、国防、移动运营商和企业领域，为各类关键应用场景提供安全可靠的连接解决方案。
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。
CMTL vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.1倍
$111.0M
营收增速更快
ZLAB
高出21.2%
-4.1%
自由现金流更多
CMTL
多$31.5M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
-9.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $111.0M | $127.1M |
| 净利润 | $-15.9M | — |
| 毛利率 | 33.1% | 51.0% |
| 营业利润率 | -2.5% | -54.6% |
| 净利率 | -14.3% | — |
| 营收同比 | -4.1% | 17.1% |
| 净利润同比 | 89.3% | — |
| 每股收益（稀释后） | $-0.67 | $-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CMTLZLAB
| Q4 25 | $111.0M | $127.1M | ||
| Q3 25 | $130.4M | $115.4M | ||
| Q2 25 | $126.8M | $109.1M | ||
| Q1 25 | $126.6M | $105.7M | ||
| Q4 24 | $115.8M | $108.5M | ||
| Q3 24 | $126.2M | $101.8M | ||
| Q2 24 | $128.1M | $100.1M | ||
| Q1 24 | $134.2M | $87.1M |
净利润CMTLZLAB
| Q4 25 | $-15.9M | — | ||
| Q3 25 | $7.9M | $-36.0M | ||
| Q2 25 | $33.9M | $-40.7M | ||
| Q1 25 | $-48.7M | $-48.4M | ||
| Q4 24 | $-148.4M | — | ||
| Q3 24 | $-90.8M | $-41.7M | ||
| Q2 24 | $2.8M | $-80.3M | ||
| Q1 24 | $-10.6M | $-53.5M |
毛利率CMTLZLAB
| Q4 25 | 33.1% | 51.0% | ||
| Q3 25 | 31.2% | 59.5% | ||
| Q2 25 | 30.7% | 60.6% | ||
| Q1 25 | 26.7% | 63.6% | ||
| Q4 24 | 12.5% | 61.5% | ||
| Q3 24 | 21.5% | 64.1% | ||
| Q2 24 | 30.4% | 64.9% | ||
| Q1 24 | 32.2% | 61.4% |
营业利润率CMTLZLAB
| Q4 25 | -2.5% | -54.6% | ||
| Q3 25 | 1.4% | -42.3% | ||
| Q2 25 | -1.2% | -50.3% | ||
| Q1 25 | -8.1% | -53.3% | ||
| Q4 24 | -111.5% | -62.6% | ||
| Q3 24 | -64.6% | -66.6% | ||
| Q2 24 | -2.7% | -76.0% | ||
| Q1 24 | 2.2% | -80.7% |
净利率CMTLZLAB
| Q4 25 | -14.3% | — | ||
| Q3 25 | 6.1% | -31.2% | ||
| Q2 25 | 26.8% | -37.3% | ||
| Q1 25 | -38.5% | -45.8% | ||
| Q4 24 | -128.2% | — | ||
| Q3 24 | -71.9% | -40.9% | ||
| Q2 24 | 2.2% | -80.2% | ||
| Q1 24 | -7.9% | -61.4% |
每股收益（稀释后）CMTLZLAB
| Q4 25 | $-0.67 | $-0.05 | ||
| Q3 25 | $-0.41 | $-0.03 | ||
| Q2 25 | $-0.49 | $-0.04 | ||
| Q1 25 | $-0.76 | $-0.04 | ||
| Q4 24 | $-5.29 | $-0.09 | ||
| Q3 24 | $-3.48 | $-0.04 | ||
| Q2 24 | $-0.04 | $-0.08 | ||
| Q1 24 | $-1.07 | $-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 | $43.6M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $85.6M | $715.5M |
| 总资产 | $734.1M | $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CMTLZLAB
| Q4 25 | $43.6M | $689.6M | ||
| Q3 25 | $40.0M | $717.2M | ||
| Q2 25 | $28.4M | $732.2M | ||
| Q1 25 | $26.7M | $757.3M | ||
| Q4 24 | $29.6M | $779.7M | ||
| Q3 24 | $32.4M | $616.1M | ||
| Q2 24 | $27.2M | $630.0M | ||
| Q1 24 | $40.0M | $650.8M |
股东权益CMTLZLAB
| Q4 25 | $85.6M | $715.5M | ||
| Q3 25 | $104.4M | $759.9M | ||
| Q2 25 | $115.4M | $791.7M | ||
| Q1 25 | $128.7M | $810.8M | ||
| Q4 24 | $150.4M | $840.9M | ||
| Q3 24 | $306.3M | $667.7M | ||
| Q2 24 | $406.4M | $704.2M | ||
| Q1 24 | $407.0M | $762.2M |
总资产CMTLZLAB
| Q4 25 | $734.1M | $1.2B | ||
| Q3 25 | $740.8M | $1.2B | ||
| Q2 25 | $751.1M | $1.2B | ||
| Q1 25 | $770.6M | $1.2B | ||
| Q4 24 | $793.2M | $1.2B | ||
| Q3 24 | $793.2M | $985.3M | ||
| Q2 24 | $991.0M | $987.4M | ||
| Q1 24 | $996.8M | $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 | $8.1M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $4.8M | $-26.7M |
| 自由现金流率自由现金流/营收 | 4.3% | -21.0% |
| 资本支出强度资本支出/营收 | 2.9% | 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 | $12.2M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流CMTLZLAB
| Q4 25 | $8.1M | $-26.0M | ||
| Q3 25 | $11.4M | $-32.0M | ||
| Q2 25 | $2.3M | $-31.0M | ||
| Q1 25 | $-234.0K | $-61.7M | ||
| Q4 24 | $-21.8M | $-55.8M | ||
| Q3 24 | $-9.5M | $-26.8M | ||
| Q2 24 | $-3.8M | $-42.2M | ||
| Q1 24 | $-26.7M | $-90.1M |
自由现金流CMTLZLAB
| Q4 25 | $4.8M | $-26.7M | ||
| Q3 25 | $9.4M | $-35.0M | ||
| Q2 25 | $-160.0K | $-33.9M | ||
| Q1 25 | $-1.9M | $-63.2M | ||
| Q4 24 | $-24.2M | $-58.4M | ||
| Q3 24 | $-12.4M | $-28.2M | ||
| Q2 24 | $-6.5M | $-42.9M | ||
| Q1 24 | $-30.9M | $-91.1M |
自由现金流率CMTLZLAB
| Q4 25 | 4.3% | -21.0% | ||
| Q3 25 | 7.2% | -30.4% | ||
| Q2 25 | -0.1% | -31.1% | ||
| Q1 25 | -1.5% | -59.9% | ||
| Q4 24 | -20.9% | -53.8% | ||
| Q3 24 | -9.8% | -27.7% | ||
| Q2 24 | -5.0% | -42.9% | ||
| Q1 24 | -23.0% | -104.5% |
资本支出强度CMTLZLAB
| Q4 25 | 2.9% | 0.5% | ||
| Q3 25 | 1.6% | 2.6% | ||
| Q2 25 | 1.9% | 2.6% | ||
| Q1 25 | 1.3% | 1.5% | ||
| Q4 24 | 2.1% | 2.4% | ||
| Q3 24 | 2.3% | 1.3% | ||
| Q2 24 | 2.1% | 0.7% | ||
| Q1 24 | 3.2% | 1.1% |
现金转化率CMTLZLAB
| Q4 25 | — | — | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 0.07× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -1.36× | — | ||
| Q1 24 | — | — |
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
CMTL
| Satellite And Space Communications Segment | $55.1M | 50% |
| Transferred At Point In Time | $39.4M | 36% |
| Satellite And Space Communications | $16.3M | 15% |
| Terrestrial And Wireless Networks | $1.1M | 1% |
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% |
