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Fat Brands, Inc（FAT）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
Fat Brands, Inc的季度营收约是再鼎医药的1.1倍（$140.0M vs $127.1M），再鼎医药同比增速更快（17.1% vs -2.3%），Fat Brands, Inc自由现金流更多（$-16.9M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs -6.1%）
FAT Brands是来自美国的多品牌餐饮与体育酒吧连锁运营商，总部位于加利福尼亚州比弗利山庄，主要开展餐饮品牌的连锁加盟运营业务，旗下涵盖多个餐饮及休闲体育酒吧品牌。
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。
FAT vs ZLAB — 直观对比
营收规模更大
FAT
是对方的1.1倍
$127.1M
营收增速更快
ZLAB
高出19.5%
-2.3%
自由现金流更多
FAT
多$9.8M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
-6.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $140.0M | $127.1M |
| 净利润 | $-58.2M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | -12.4% | -54.6% |
| 净利率 | -41.6% | — |
| 营收同比 | -2.3% | 17.1% |
| 净利润同比 | -30.1% | — |
| 每股收益（稀释后） | $-3.39 | $-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FATZLAB
| Q4 25 | — | $127.1M | ||
| Q3 25 | $140.0M | $115.4M | ||
| Q2 25 | $146.8M | $109.1M | ||
| Q1 25 | $142.0M | $105.7M | ||
| Q4 24 | $145.3M | $108.5M | ||
| Q3 24 | $143.4M | $101.8M | ||
| Q2 24 | $152.0M | $100.1M | ||
| Q1 24 | $152.0M | $87.1M |
净利润FATZLAB
| Q4 25 | — | — | ||
| Q3 25 | $-58.2M | $-36.0M | ||
| Q2 25 | $-54.2M | $-40.7M | ||
| Q1 25 | $-46.0M | $-48.4M | ||
| Q4 24 | $-67.4M | — | ||
| Q3 24 | $-44.8M | $-41.7M | ||
| Q2 24 | $-39.4M | $-80.3M | ||
| Q1 24 | $-38.3M | $-53.5M |
毛利率FATZLAB
| 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FATZLAB
| Q4 25 | — | -54.6% | ||
| Q3 25 | -12.4% | -42.3% | ||
| Q2 25 | -10.6% | -50.3% | ||
| Q1 25 | -6.0% | -53.3% | ||
| Q4 24 | -27.1% | -62.6% | ||
| Q3 24 | -6.2% | -66.6% | ||
| Q2 24 | -1.8% | -76.0% | ||
| Q1 24 | -0.9% | -80.7% |
净利率FATZLAB
| Q4 25 | — | — | ||
| Q3 25 | -41.6% | -31.2% | ||
| Q2 25 | -36.9% | -37.3% | ||
| Q1 25 | -32.4% | -45.8% | ||
| Q4 24 | -46.4% | — | ||
| Q3 24 | -31.2% | -40.9% | ||
| Q2 24 | -25.9% | -80.2% | ||
| Q1 24 | -25.2% | -61.4% |
每股收益（稀释后）FATZLAB
| Q4 25 | — | $-0.05 | ||
| Q3 25 | $-3.39 | $-0.03 | ||
| Q2 25 | $-3.17 | $-0.04 | ||
| Q1 25 | $-2.73 | $-0.04 | ||
| Q4 24 | $-4.06 | $-0.09 | ||
| Q3 24 | $-2.74 | $-0.04 | ||
| Q2 24 | $-2.43 | $-0.08 | ||
| Q1 24 | $-2.37 | $-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 | — | $689.6M |
| 总债务越低越好 | $1.3B | — |
| 股东权益账面价值 | $-585.8M | $715.5M |
| 总资产 | $1.2B | $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FATZLAB
| Q4 25 | — | $689.6M | ||
| Q3 25 | — | $717.2M | ||
| Q2 25 | — | $732.2M | ||
| Q1 25 | — | $757.3M | ||
| Q4 24 | — | $779.7M | ||
| Q3 24 | — | $616.1M | ||
| Q2 24 | — | $630.0M | ||
| Q1 24 | — | $650.8M |
总债务FATZLAB
| Q4 25 | — | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
股东权益FATZLAB
| Q4 25 | — | $715.5M | ||
| Q3 25 | $-585.8M | $759.9M | ||
| Q2 25 | $-536.5M | $791.7M | ||
| Q1 25 | $-493.9M | $810.8M | ||
| Q4 24 | $-455.7M | $840.9M | ||
| Q3 24 | $-386.1M | $667.7M | ||
| Q2 24 | $-338.6M | $704.2M | ||
| Q1 24 | $-296.8M | $762.2M |
总资产FATZLAB
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.3B | $985.3M | ||
| Q2 24 | $1.4B | $987.4M | ||
| Q1 24 | $1.4B | $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 | $-14.5M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-16.9M | $-26.7M |
| 自由现金流率自由现金流/营收 | -12.1% | -21.0% |
| 资本支出强度资本支出/营收 | 1.7% | 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 | $-75.0M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流FATZLAB
| Q4 25 | — | $-26.0M | ||
| Q3 25 | $-14.5M | $-32.0M | ||
| Q2 25 | $-26.9M | $-31.0M | ||
| Q1 25 | $-13.2M | $-61.7M | ||
| Q4 24 | $-10.4M | $-55.8M | ||
| Q3 24 | $-3.2M | $-26.8M | ||
| Q2 24 | $-14.2M | $-42.2M | ||
| Q1 24 | $-28.4M | $-90.1M |
自由现金流FATZLAB
| Q4 25 | — | $-26.7M | ||
| Q3 25 | $-16.9M | $-35.0M | ||
| Q2 25 | $-29.3M | $-33.9M | ||
| Q1 25 | $-17.8M | $-63.2M | ||
| Q4 24 | $-11.0M | $-58.4M | ||
| Q3 24 | $-11.1M | $-28.2M | ||
| Q2 24 | $-24.4M | $-42.9M | ||
| Q1 24 | $-32.5M | $-91.1M |
自由现金流率FATZLAB
| Q4 25 | — | -21.0% | ||
| Q3 25 | -12.1% | -30.4% | ||
| Q2 25 | -20.0% | -31.1% | ||
| Q1 25 | -12.5% | -59.9% | ||
| Q4 24 | -7.6% | -53.8% | ||
| Q3 24 | -7.7% | -27.7% | ||
| Q2 24 | -16.1% | -42.9% | ||
| Q1 24 | -21.4% | -104.5% |
资本支出强度FATZLAB
| Q4 25 | — | 0.5% | ||
| Q3 25 | 1.7% | 2.6% | ||
| Q2 25 | 1.6% | 2.6% | ||
| Q1 25 | 3.2% | 1.5% | ||
| Q4 24 | 0.4% | 2.4% | ||
| Q3 24 | 5.5% | 1.3% | ||
| Q2 24 | 6.7% | 0.7% | ||
| Q1 24 | 2.7% | 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
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 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% |
