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CALIFORNIA WATER SERVICE GROUP（CWT）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
CALIFORNIA WATER SERVICE GROUP的季度营收约是再鼎医药的1.7倍（$210.7M vs $127.1M），再鼎医药同比增速更快（17.1% vs -3.3%），过去两年再鼎医药的营收复合增速更高（20.8% vs 16.6%）
加利福尼亚水务集团是美国公共事业企业，主营饮用水及污水处理服务，是美国第三大上市投资者所有水务公司，通过加利福尼亚、夏威夷、新墨西哥、华盛顿等州的子公司，为约200万民众提供服务。集团成立于1997年，作为加州水务的控股主体，推动业务向美国其他各州拓展。
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。
CWT vs ZLAB — 直观对比
营收规模更大
CWT
是对方的1.7倍
$127.1M
营收增速更快
ZLAB
高出20.4%
-3.3%
两年增速更快
ZLAB
近两年复合增速
16.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $210.7M | $127.1M |
| 净利润 | $11.5M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 12.2% | -54.6% |
| 净利率 | 5.4% | — |
| 营收同比 | -3.3% | 17.1% |
| 净利润同比 | -41.0% | — |
| 每股收益（稀释后） | $0.19 | $-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CWTZLAB
| Q4 25 | $210.7M | $127.1M | ||
| Q3 25 | $314.1M | $115.4M | ||
| Q2 25 | $256.2M | $109.1M | ||
| Q1 25 | $182.7M | $105.7M | ||
| Q4 24 | $217.8M | $108.5M | ||
| Q3 24 | $306.2M | $101.8M | ||
| Q2 24 | $226.7M | $100.1M | ||
| Q1 24 | $154.9M | $87.1M |
净利润CWTZLAB
| Q4 25 | $11.5M | — | ||
| Q3 25 | $61.2M | $-36.0M | ||
| Q2 25 | $42.2M | $-40.7M | ||
| Q1 25 | $13.3M | $-48.4M | ||
| Q4 24 | $19.5M | — | ||
| Q3 24 | $60.7M | $-41.7M | ||
| Q2 24 | $40.6M | $-80.3M | ||
| Q1 24 | $69.9M | $-53.5M |
毛利率CWTZLAB
| Q4 25 | — | 51.0% | ||
| Q3 25 | — | 59.5% | ||
| Q2 25 | — | 60.6% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 64.1% | ||
| Q2 24 | — | 64.9% | ||
| Q1 24 | — | 61.4% |
营业利润率CWTZLAB
| Q4 25 | 12.2% | -54.6% | ||
| Q3 25 | 22.5% | -42.3% | ||
| Q2 25 | 20.2% | -50.3% | ||
| Q1 25 | 12.2% | -53.3% | ||
| Q4 24 | 14.8% | -62.6% | ||
| Q3 24 | 21.8% | -66.6% | ||
| Q2 24 | 21.2% | -76.0% | ||
| Q1 24 | 50.3% | -80.7% |
净利率CWTZLAB
| Q4 25 | 5.4% | — | ||
| Q3 25 | 19.5% | -31.2% | ||
| Q2 25 | 16.5% | -37.3% | ||
| Q1 25 | 7.3% | -45.8% | ||
| Q4 24 | 8.9% | — | ||
| Q3 24 | 19.8% | -40.9% | ||
| Q2 24 | 17.9% | -80.2% | ||
| Q1 24 | 45.1% | -61.4% |
每股收益（稀释后）CWTZLAB
| Q4 25 | $0.19 | $-0.05 | ||
| Q3 25 | $1.03 | $-0.03 | ||
| Q2 25 | $0.71 | $-0.04 | ||
| Q1 25 | $0.22 | $-0.04 | ||
| Q4 24 | $0.31 | $-0.09 | ||
| Q3 24 | $1.03 | $-0.04 | ||
| Q2 24 | $0.70 | $-0.08 | ||
| Q1 24 | $1.21 | $-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 | $51.8M | $689.6M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $1.7B | $715.5M |
| 总资产 | $5.7B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.87× | — |
8季度趋势，按日历期对齐
现金及短期投资CWTZLAB
| Q4 25 | $51.8M | $689.6M | ||
| Q3 25 | $76.0M | $717.2M | ||
| Q2 25 | $50.5M | $732.2M | ||
| Q1 25 | $44.5M | $757.3M | ||
| Q4 24 | $50.1M | $779.7M | ||
| Q3 24 | $59.6M | $616.1M | ||
| Q2 24 | $37.3M | $630.0M | ||
| Q1 24 | $42.8M | $650.8M |
总债务CWTZLAB
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CWTZLAB
| Q4 25 | $1.7B | $715.5M | ||
| Q3 25 | $1.7B | $759.9M | ||
| Q2 25 | $1.7B | $791.7M | ||
| Q1 25 | $1.6B | $810.8M | ||
| Q4 24 | $1.6B | $840.9M | ||
| Q3 24 | $1.6B | $667.7M | ||
| Q2 24 | $1.5B | $704.2M | ||
| Q1 24 | $1.5B | $762.2M |
总资产CWTZLAB
| Q4 25 | $5.7B | $1.2B | ||
| Q3 25 | $5.5B | $1.2B | ||
| Q2 25 | $5.4B | $1.2B | ||
| Q1 25 | $5.3B | $1.2B | ||
| Q4 24 | $5.2B | $1.2B | ||
| Q3 24 | $5.0B | $985.3M | ||
| Q2 24 | $4.9B | $987.4M | ||
| Q1 24 | $4.8B | $988.4M |
负债/权益比CWTZLAB
| Q4 25 | 0.87× | — | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 0.68× | — | ||
| Q4 24 | 0.67× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $47.9M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-26.7M |
| 自由现金流率自由现金流/营收 | — | -21.0% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | 4.17× | — |
| 过去12个月自由现金流最近4个季度 | — | $-158.9M |
8季度趋势，按日历期对齐
经营现金流CWTZLAB
| Q4 25 | $47.9M | $-26.0M | ||
| Q3 25 | $167.3M | $-32.0M | ||
| Q2 25 | $48.9M | $-31.0M | ||
| Q1 25 | $38.4M | $-61.7M | ||
| Q4 24 | $68.1M | $-55.8M | ||
| Q3 24 | $101.8M | $-26.8M | ||
| Q2 24 | $94.4M | $-42.2M | ||
| Q1 24 | $26.5M | $-90.1M |
自由现金流CWTZLAB
| Q4 25 | — | $-26.7M | ||
| Q3 25 | — | $-35.0M | ||
| Q2 25 | — | $-33.9M | ||
| Q1 25 | — | $-63.2M | ||
| Q4 24 | — | $-58.4M | ||
| Q3 24 | — | $-28.2M | ||
| Q2 24 | — | $-42.9M | ||
| Q1 24 | — | $-91.1M |
自由现金流率CWTZLAB
| Q4 25 | — | -21.0% | ||
| Q3 25 | — | -30.4% | ||
| Q2 25 | — | -31.1% | ||
| Q1 25 | — | -59.9% | ||
| Q4 24 | — | -53.8% | ||
| Q3 24 | — | -27.7% | ||
| Q2 24 | — | -42.9% | ||
| Q1 24 | — | -104.5% |
资本支出强度CWTZLAB
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.1% |
现金转化率CWTZLAB
| Q4 25 | 4.17× | — | ||
| Q3 25 | 2.73× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 2.88× | — | ||
| Q4 24 | 3.50× | — | ||
| Q3 24 | 1.68× | — | ||
| Q2 24 | 2.33× | — | ||
| Q1 24 | 0.38× | — |
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
CWT
| Residential | $133.2M | 63% |
| Business | $47.7M | 23% |
| Public Authorities | $13.4M | 6% |
| Industrial | $6.9M | 3% |
| Non Regulated Services | $4.8M | 2% |
| Other Non Regulated Service | $1.2M | 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% |
