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DLH Holdings Corp.（DLHC）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DLH Holdings Corp.的1.8倍（$127.1M vs $68.9M），再鼎医药同比增速更快（17.1% vs -24.1%），DLH Holdings Corp.自由现金流更多（$-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 -17.4%）
DLH Holdings Corp.是一家总部位于美国的政府服务供应商，主要为退伍军人事务部、国防部、卫生与公众服务部等联邦机构提供技术赋能的医疗、物流、工程及任务支持服务，同时服务部分州及地方公共部门客户。
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。
DLHC vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.8倍
$68.9M
营收增速更快
ZLAB
高出41.2%
-24.1%
自由现金流更多
DLHC
多$21.9M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
-17.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $68.9M | $127.1M |
| 净利润 | $-1.3M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 2.1% | -54.6% |
| 净利率 | -1.9% | — |
| 营收同比 | -24.1% | 17.1% |
| 净利润同比 | -218.7% | — |
| 每股收益（稀释后） | $-0.09 | $-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DLHCZLAB
| Q4 25 | $68.9M | $127.1M | ||
| Q3 25 | $81.2M | $115.4M | ||
| Q2 25 | $83.3M | $109.1M | ||
| Q1 25 | $89.2M | $105.7M | ||
| Q4 24 | $90.8M | $108.5M | ||
| Q3 24 | $96.4M | $101.8M | ||
| Q2 24 | $100.7M | $100.1M | ||
| Q1 24 | $101.0M | $87.1M |
净利润DLHCZLAB
| Q4 25 | $-1.3M | — | ||
| Q3 25 | $-920.0K | $-36.0M | ||
| Q2 25 | $289.0K | $-40.7M | ||
| Q1 25 | $878.0K | $-48.4M | ||
| Q4 24 | $1.1M | — | ||
| Q3 24 | $2.3M | $-41.7M | ||
| Q2 24 | $1.1M | $-80.3M | ||
| Q1 24 | $1.8M | $-53.5M |
毛利率DLHCZLAB
| 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DLHCZLAB
| Q4 25 | 2.1% | -54.6% | ||
| Q3 25 | 2.8% | -42.3% | ||
| Q2 25 | 4.5% | -50.3% | ||
| Q1 25 | 5.7% | -53.3% | ||
| Q4 24 | 6.2% | -62.6% | ||
| Q3 24 | 6.6% | -66.6% | ||
| Q2 24 | 5.7% | -76.0% | ||
| Q1 24 | 5.9% | -80.7% |
净利率DLHCZLAB
| Q4 25 | -1.9% | — | ||
| Q3 25 | -1.1% | -31.2% | ||
| Q2 25 | 0.3% | -37.3% | ||
| Q1 25 | 1.0% | -45.8% | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | 2.4% | -40.9% | ||
| Q2 24 | 1.1% | -80.2% | ||
| Q1 24 | 1.8% | -61.4% |
每股收益（稀释后）DLHCZLAB
| Q4 25 | $-0.09 | $-0.05 | ||
| Q3 25 | $-0.07 | $-0.03 | ||
| Q2 25 | $0.02 | $-0.04 | ||
| Q1 25 | $0.06 | $-0.04 | ||
| Q4 24 | $0.08 | $-0.09 | ||
| Q3 24 | $0.16 | $-0.04 | ||
| Q2 24 | $0.08 | $-0.08 | ||
| Q1 24 | $0.12 | $-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 | $257.0K | $689.6M |
| 总债务越低越好 | $133.5M | — |
| 股东权益账面价值 | $112.2M | $715.5M |
| 总资产 | $283.5M | $1.2B |
| 负债/权益比越低杠杆越低 | 1.19× | — |
8季度趋势，按日历期对齐
现金及短期投资DLHCZLAB
| Q4 25 | $257.0K | $689.6M | ||
| Q3 25 | $125.0K | $717.2M | ||
| Q2 25 | $194.0K | $732.2M | ||
| Q1 25 | $196.0K | $757.3M | ||
| Q4 24 | $451.0K | $779.7M | ||
| Q3 24 | $342.0K | $616.1M | ||
| Q2 24 | $423.0K | $630.0M | ||
| Q1 24 | $238.0K | $650.8M |
总债务DLHCZLAB
| Q4 25 | $133.5M | — | ||
| Q3 25 | $128.0M | — | ||
| Q2 25 | $138.3M | — | ||
| Q1 25 | $147.3M | — | ||
| Q4 24 | $162.2M | — | ||
| Q3 24 | $149.4M | — | ||
| Q2 24 | $160.9M | — | ||
| Q1 24 | $164.8M | — |
股东权益DLHCZLAB
| Q4 25 | $112.2M | $715.5M | ||
| Q3 25 | $113.0M | $759.9M | ||
| Q2 25 | $113.7M | $791.7M | ||
| Q1 25 | $112.8M | $810.8M | ||
| Q4 24 | $111.4M | $840.9M | ||
| Q3 24 | $110.1M | $667.7M | ||
| Q2 24 | $108.6M | $704.2M | ||
| Q1 24 | $106.8M | $762.2M |
总资产DLHCZLAB
| Q4 25 | $283.5M | $1.2B | ||
| Q3 25 | $290.7M | $1.2B | ||
| Q2 25 | $299.3M | $1.2B | ||
| Q1 25 | $306.6M | $1.2B | ||
| Q4 24 | $325.0M | $1.2B | ||
| Q3 24 | $314.4M | $985.3M | ||
| Q2 24 | $325.0M | $987.4M | ||
| Q1 24 | $325.9M | $988.4M |
负债/权益比DLHCZLAB
| Q4 25 | 1.19× | — | ||
| Q3 25 | 1.13× | — | ||
| Q2 25 | 1.22× | — | ||
| Q1 25 | 1.31× | — | ||
| Q4 24 | 1.46× | — | ||
| Q3 24 | 1.36× | — | ||
| Q2 24 | 1.48× | — | ||
| Q1 24 | 1.54× | — |
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 | $-4.8M | $-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 | -7.0% | -21.0% |
| 资本支出强度资本支出/营收 | 0.1% | 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 | $29.2M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流DLHCZLAB
| Q4 25 | $-4.8M | $-26.0M | ||
| Q3 25 | $10.7M | $-32.0M | ||
| Q2 25 | $9.6M | $-31.0M | ||
| Q1 25 | $14.5M | $-61.7M | ||
| Q4 24 | $-11.5M | $-55.8M | ||
| Q3 24 | $12.4M | $-26.8M | ||
| Q2 24 | $4.6M | $-42.2M | ||
| Q1 24 | $5.2M | $-90.1M |
自由现金流DLHCZLAB
| Q4 25 | $-4.8M | $-26.7M | ||
| Q3 25 | $10.7M | $-35.0M | ||
| Q2 25 | $9.4M | $-33.9M | ||
| Q1 25 | $14.0M | $-63.2M | ||
| Q4 24 | $-12.1M | $-58.4M | ||
| Q3 24 | $12.2M | $-28.2M | ||
| Q2 24 | $4.5M | $-42.9M | ||
| Q1 24 | $4.9M | $-91.1M |
自由现金流率DLHCZLAB
| Q4 25 | -7.0% | -21.0% | ||
| Q3 25 | 13.1% | -30.4% | ||
| Q2 25 | 11.2% | -31.1% | ||
| Q1 25 | 15.6% | -59.9% | ||
| Q4 24 | -13.3% | -53.8% | ||
| Q3 24 | 12.7% | -27.7% | ||
| Q2 24 | 4.4% | -42.9% | ||
| Q1 24 | 4.9% | -104.5% |
资本支出强度DLHCZLAB
| Q4 25 | 0.1% | 0.5% | ||
| Q3 25 | 0.0% | 2.6% | ||
| Q2 25 | 0.3% | 2.6% | ||
| Q1 25 | 0.6% | 1.5% | ||
| Q4 24 | 0.6% | 2.4% | ||
| Q3 24 | 0.2% | 1.3% | ||
| Q2 24 | 0.2% | 0.7% | ||
| Q1 24 | 0.3% | 1.1% |
现金转化率DLHCZLAB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 33.12× | — | ||
| Q1 25 | 16.52× | — | ||
| Q4 24 | -10.35× | — | ||
| Q3 24 | 5.42× | — | ||
| Q2 24 | 4.06× | — | ||
| Q1 24 | 2.89× | — |
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
DLHC
| Sales Channel Directly To Consumer | $64.5M | 94% |
| Sales Channel Through Intermediary | $4.4M | 6% |
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% |
