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EXPONENT INC（EXPO）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
EXPONENT INC的季度营收约是再鼎医药的1.3倍（$166.3M vs $127.1M），再鼎医药同比增速更快（17.1% vs 14.3%），过去两年再鼎医药的营收复合增速更高（20.8% vs 8.8%）
Exponent Inc.是美国知名工程与科学咨询企业，汇集科学家、医师、工程师及商业咨询专家，可在90余个技术领域开展研究与分析工作，目前在美国本土设有20个办事处，境外另有5个办事网点。
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。
EXPO vs ZLAB — 直观对比
营收规模更大
EXPO
是对方的1.3倍
$127.1M
营收增速更快
ZLAB
高出2.8%
14.3%
两年增速更快
ZLAB
近两年复合增速
8.8%
损益表 — Q1 FY2027 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $166.3M | $127.1M |
| 净利润 | $29.6M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 24.9% | -54.6% |
| 净利率 | 17.8% | — |
| 营收同比 | 14.3% | 17.1% |
| 净利润同比 | 11.0% | — |
| 每股收益（稀释后） | $0.59 | $-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EXPOZLAB
| Q1 26 | $166.3M | — | ||
| Q4 25 | $147.1M | $127.1M | ||
| Q3 25 | $142.0M | $115.4M | ||
| Q2 25 | $145.5M | $109.1M | ||
| Q1 25 | $136.8M | $105.7M | ||
| Q4 24 | — | $108.5M | ||
| Q3 24 | $136.3M | $101.8M | ||
| Q2 24 | $140.5M | $100.1M |
净利润EXPOZLAB
| Q1 26 | $29.6M | — | ||
| Q4 25 | $28.0M | — | ||
| Q3 25 | $26.6M | $-36.0M | ||
| Q2 25 | $26.6M | $-40.7M | ||
| Q1 25 | $23.6M | $-48.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | $26.0M | $-41.7M | ||
| Q2 24 | $29.2M | $-80.3M |
毛利率EXPOZLAB
| Q1 26 | — | — | ||
| 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% |
营业利润率EXPOZLAB
| Q1 26 | 24.9% | — | ||
| Q4 25 | 19.7% | -54.6% | ||
| Q3 25 | 12.1% | -42.3% | ||
| Q2 25 | 30.5% | -50.3% | ||
| Q1 25 | 19.9% | -53.3% | ||
| Q4 24 | — | -62.6% | ||
| Q3 24 | 19.0% | -66.6% | ||
| Q2 24 | 25.4% | -76.0% |
净利率EXPOZLAB
| Q1 26 | 17.8% | — | ||
| Q4 25 | 19.1% | — | ||
| Q3 25 | 18.7% | -31.2% | ||
| Q2 25 | 18.3% | -37.3% | ||
| Q1 25 | 17.2% | -45.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | 19.1% | -40.9% | ||
| Q2 24 | 20.8% | -80.2% |
每股收益（稀释后）EXPOZLAB
| Q1 26 | $0.59 | — | ||
| Q4 25 | $0.55 | $-0.05 | ||
| Q3 25 | $0.52 | $-0.03 | ||
| Q2 25 | $0.52 | $-0.04 | ||
| Q1 25 | $0.45 | $-0.04 | ||
| Q4 24 | — | $-0.09 | ||
| Q3 24 | $0.50 | $-0.04 | ||
| Q2 24 | $0.57 | $-0.08 |
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 | $118.6M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $338.3M | $715.5M |
| 总资产 | $687.4M | $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EXPOZLAB
| Q1 26 | $118.6M | — | ||
| Q4 25 | $207.4M | $689.6M | ||
| Q3 25 | $231.8M | $717.2M | ||
| Q2 25 | $245.1M | $732.2M | ||
| Q1 25 | $258.9M | $757.3M | ||
| Q4 24 | — | $779.7M | ||
| Q3 24 | $219.7M | $616.1M | ||
| Q2 24 | $203.3M | $630.0M |
股东权益EXPOZLAB
| Q1 26 | $338.3M | — | ||
| Q4 25 | $402.9M | $715.5M | ||
| Q3 25 | $427.8M | $759.9M | ||
| Q2 25 | $441.4M | $791.7M | ||
| Q1 25 | $421.1M | $810.8M | ||
| Q4 24 | — | $840.9M | ||
| Q3 24 | $410.3M | $667.7M | ||
| Q2 24 | $393.2M | $704.2M |
总资产EXPOZLAB
| Q1 26 | $687.4M | — | ||
| Q4 25 | $761.4M | $1.2B | ||
| Q3 25 | $759.4M | $1.2B | ||
| Q2 25 | $763.2M | $1.2B | ||
| Q1 25 | $777.3M | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $744.1M | $985.3M | ||
| Q2 24 | $709.2M | $987.4M |
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 | — | $-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 | — | — |
| 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EXPOZLAB
| Q1 26 | — | — | ||
| Q4 25 | $32.7M | $-26.0M | ||
| Q3 25 | $36.2M | $-32.0M | ||
| Q2 25 | $7.3M | $-31.0M | ||
| Q1 25 | $56.1M | $-61.7M | ||
| Q4 24 | — | $-55.8M | ||
| Q3 24 | $29.7M | $-26.8M | ||
| Q2 24 | $48.3M | $-42.2M |
自由现金流EXPOZLAB
| Q1 26 | — | — | ||
| Q4 25 | $30.0M | $-26.7M | ||
| Q3 25 | $33.9M | $-35.0M | ||
| Q2 25 | $5.5M | $-33.9M | ||
| Q1 25 | $53.5M | $-63.2M | ||
| Q4 24 | — | $-58.4M | ||
| Q3 24 | $28.0M | $-28.2M | ||
| Q2 24 | $47.2M | $-42.9M |
自由现金流率EXPOZLAB
| Q1 26 | — | — | ||
| Q4 25 | 20.4% | -21.0% | ||
| Q3 25 | 23.9% | -30.4% | ||
| Q2 25 | 3.8% | -31.1% | ||
| Q1 25 | 39.1% | -59.9% | ||
| Q4 24 | — | -53.8% | ||
| Q3 24 | 20.5% | -27.7% | ||
| Q2 24 | 33.6% | -42.9% |
资本支出强度EXPOZLAB
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | 0.5% | ||
| Q3 25 | 1.6% | 2.6% | ||
| Q2 25 | 1.2% | 2.6% | ||
| Q1 25 | 1.9% | 1.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | 1.3% | 1.3% | ||
| Q2 24 | 0.8% | 0.7% |
现金转化率EXPOZLAB
| Q1 26 | — | — | ||
| Q4 25 | 1.16× | — | ||
| Q3 25 | 1.36× | — | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | 2.38× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.14× | — | ||
| Q2 24 | 1.65× | — |
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
EXPO
| Revenues before reimbursements | $151.8M | 91% |
| Reimbursements | $14.5M | 9% |
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% |
