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Coursera, Inc.（COUR）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
Coursera, Inc.的季度营收约是再鼎医药的1.5倍（$196.9M vs $127.1M），再鼎医药同比增速更快（17.1% vs 9.9%），Coursera, Inc.自由现金流更多（$5.4M 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%）
Coursera Inc.是美国营利性在线教育平台，由斯坦福大学计算机科学教授吴恩达与达芙妮·科勒于2012年创立。创立初期它作为全球大型开放式网络课程平台运营，目前和全球多所大学及各类机构合作，提供涵盖多个学科领域的在线课程、证书与学位项目。
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。
COUR vs ZLAB — 直观对比
营收规模更大
COUR
是对方的1.5倍
$127.1M
营收增速更快
ZLAB
高出7.2%
9.9%
自由现金流更多
COUR
多$32.1M
$-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 | $196.9M | $127.1M |
| 净利润 | $-26.8M | — |
| 毛利率 | 54.2% | 51.0% |
| 营业利润率 | -16.4% | -54.6% |
| 净利率 | -13.6% | — |
| 营收同比 | 9.9% | 17.1% |
| 净利润同比 | -24.1% | — |
| 每股收益（稀释后） | $-0.16 | $-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COURZLAB
| Q4 25 | $196.9M | $127.1M | ||
| Q3 25 | $194.2M | $115.4M | ||
| Q2 25 | $187.1M | $109.1M | ||
| Q1 25 | $179.3M | $105.7M | ||
| Q4 24 | $179.2M | $108.5M | ||
| Q3 24 | $176.1M | $101.8M | ||
| Q2 24 | $170.3M | $100.1M | ||
| Q1 24 | $169.1M | $87.1M |
净利润COURZLAB
| Q4 25 | $-26.8M | — | ||
| Q3 25 | $-8.6M | $-36.0M | ||
| Q2 25 | $-7.8M | $-40.7M | ||
| Q1 25 | $-7.8M | $-48.4M | ||
| Q4 24 | $-21.6M | — | ||
| Q3 24 | $-13.7M | $-41.7M | ||
| Q2 24 | $-22.9M | $-80.3M | ||
| Q1 24 | $-21.3M | $-53.5M |
毛利率COURZLAB
| Q4 25 | 54.2% | 51.0% | ||
| Q3 25 | 54.6% | 59.5% | ||
| Q2 25 | 54.9% | 60.6% | ||
| Q1 25 | 54.6% | 63.6% | ||
| Q4 24 | 53.3% | 61.5% | ||
| Q3 24 | 54.6% | 64.1% | ||
| Q2 24 | 53.0% | 64.9% | ||
| Q1 24 | 52.9% | 61.4% |
营业利润率COURZLAB
| Q4 25 | -16.4% | -54.6% | ||
| Q3 25 | -8.0% | -42.3% | ||
| Q2 25 | -8.1% | -50.3% | ||
| Q1 25 | -8.0% | -53.3% | ||
| Q4 24 | -17.0% | -62.6% | ||
| Q3 24 | -12.3% | -66.6% | ||
| Q2 24 | -18.3% | -76.0% | ||
| Q1 24 | -17.6% | -80.7% |
净利率COURZLAB
| Q4 25 | -13.6% | — | ||
| Q3 25 | -4.4% | -31.2% | ||
| Q2 25 | -4.2% | -37.3% | ||
| Q1 25 | -4.4% | -45.8% | ||
| Q4 24 | -12.1% | — | ||
| Q3 24 | -7.8% | -40.9% | ||
| Q2 24 | -13.4% | -80.2% | ||
| Q1 24 | -12.6% | -61.4% |
每股收益（稀释后）COURZLAB
| Q4 25 | $-0.16 | $-0.05 | ||
| Q3 25 | $-0.05 | $-0.03 | ||
| Q2 25 | $-0.05 | $-0.04 | ||
| Q1 25 | $-0.05 | $-0.04 | ||
| Q4 24 | $-0.13 | $-0.09 | ||
| Q3 24 | $-0.09 | $-0.04 | ||
| Q2 24 | $-0.15 | $-0.08 | ||
| Q1 24 | $-0.14 | $-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 | $792.6M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $635.7M | $715.5M |
| 总资产 | $1.0B | $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COURZLAB
| Q4 25 | $792.6M | $689.6M | ||
| Q3 25 | $797.7M | $717.2M | ||
| Q2 25 | $775.1M | $732.2M | ||
| Q1 25 | $748.0M | $757.3M | ||
| Q4 24 | $726.1M | $779.7M | ||
| Q3 24 | $719.4M | $616.1M | ||
| Q2 24 | $708.8M | $630.0M | ||
| Q1 24 | $725.4M | $650.8M |
股东权益COURZLAB
| Q4 25 | $635.7M | $715.5M | ||
| Q3 25 | $639.5M | $759.9M | ||
| Q2 25 | $627.0M | $791.7M | ||
| Q1 25 | $610.5M | $810.8M | ||
| Q4 24 | $597.4M | $840.9M | ||
| Q3 24 | $593.3M | $667.7M | ||
| Q2 24 | $585.2M | $704.2M | ||
| Q1 24 | $609.1M | $762.2M |
总资产COURZLAB
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $995.3M | $1.2B | ||
| Q2 25 | $979.9M | $1.2B | ||
| Q1 25 | $951.2M | $1.2B | ||
| Q4 24 | $930.3M | $1.2B | ||
| Q3 24 | $914.1M | $985.3M | ||
| Q2 24 | $904.4M | $987.4M | ||
| Q1 24 | $916.3M | $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 | $5.8M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $5.4M | $-26.7M |
| 自由现金流率自由现金流/营收 | 2.7% | -21.0% |
| 资本支出强度资本支出/营收 | 0.2% | 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 | $107.2M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流COURZLAB
| Q4 25 | $5.8M | $-26.0M | ||
| Q3 25 | $33.9M | $-32.0M | ||
| Q2 25 | $35.5M | $-31.0M | ||
| Q1 25 | $33.5M | $-61.7M | ||
| Q4 24 | $19.2M | $-55.8M | ||
| Q3 24 | $27.9M | $-26.8M | ||
| Q2 24 | $23.8M | $-42.2M | ||
| Q1 24 | $24.5M | $-90.1M |
自由现金流COURZLAB
| Q4 25 | $5.4M | $-26.7M | ||
| Q3 25 | $33.7M | $-35.0M | ||
| Q2 25 | $35.1M | $-33.9M | ||
| Q1 25 | $33.0M | $-63.2M | ||
| Q4 24 | $18.1M | $-58.4M | ||
| Q3 24 | $27.7M | $-28.2M | ||
| Q2 24 | $23.6M | $-42.9M | ||
| Q1 24 | $24.4M | $-91.1M |
自由现金流率COURZLAB
| Q4 25 | 2.7% | -21.0% | ||
| Q3 25 | 17.4% | -30.4% | ||
| Q2 25 | 18.8% | -31.1% | ||
| Q1 25 | 18.4% | -59.9% | ||
| Q4 24 | 10.1% | -53.8% | ||
| Q3 24 | 15.7% | -27.7% | ||
| Q2 24 | 13.9% | -42.9% | ||
| Q1 24 | 14.4% | -104.5% |
资本支出强度COURZLAB
| Q4 25 | 0.2% | 0.5% | ||
| Q3 25 | 0.1% | 2.6% | ||
| Q2 25 | 0.2% | 2.6% | ||
| Q1 25 | 0.3% | 1.5% | ||
| Q4 24 | 0.6% | 2.4% | ||
| Q3 24 | 0.1% | 1.3% | ||
| Q2 24 | 0.1% | 0.7% | ||
| Q1 24 | 0.1% | 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
COUR
| Consumer Segment | $131.5M | 67% |
| Enterprise Segment | $65.4M | 33% |
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% |
