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弗雷斯特研究公司（FORR）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弗雷斯特研究公司的1.3倍（$127.1M vs $101.1M），再鼎医药同比增速更快（17.1% vs -6.5%），弗雷斯特研究公司自由现金流更多（$-4.3M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 0.5%）
福雷斯特研究公司是一家全球领先的研究咨询机构，主营业务涵盖行业研究、管理咨询与行业峰会举办，客户群体包括全球大型企业、科技公司与消费领域领军企业，公司总部位于美国马萨诸塞州剑桥市。
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。
FORR vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.3倍
$101.1M
营收增速更快
ZLAB
高出23.6%
-6.5%
自由现金流更多
FORR
多$22.4M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $127.1M |
| 净利润 | $-33.9M | — |
| 毛利率 | 56.7% | 51.0% |
| 营业利润率 | -36.6% | -54.6% |
| 净利率 | -33.5% | — |
| 营收同比 | -6.5% | 17.1% |
| 净利润同比 | -7941.4% | — |
| 每股收益（稀释后） | $-1.75 | $-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FORRZLAB
| Q4 25 | $101.1M | $127.1M | ||
| Q3 25 | $94.3M | $115.4M | ||
| Q2 25 | $111.7M | $109.1M | ||
| Q1 25 | $89.9M | $105.7M | ||
| Q4 24 | $108.0M | $108.5M | ||
| Q3 24 | $102.5M | $101.8M | ||
| Q2 24 | $121.8M | $100.1M | ||
| Q1 24 | $100.1M | $87.1M |
净利润FORRZLAB
| Q4 25 | $-33.9M | — | ||
| Q3 25 | $-2.1M | $-36.0M | ||
| Q2 25 | $3.9M | $-40.7M | ||
| Q1 25 | $-87.3M | $-48.4M | ||
| Q4 24 | $432.0K | — | ||
| Q3 24 | $-5.8M | $-41.7M | ||
| Q2 24 | $6.3M | $-80.3M | ||
| Q1 24 | $-6.7M | $-53.5M |
毛利率FORRZLAB
| Q4 25 | 56.7% | 51.0% | ||
| Q3 25 | 60.0% | 59.5% | ||
| Q2 25 | 55.5% | 60.6% | ||
| Q1 25 | 55.9% | 63.6% | ||
| Q4 24 | 58.8% | 61.5% | ||
| Q3 24 | 60.5% | 64.1% | ||
| Q2 24 | 57.3% | 64.9% | ||
| Q1 24 | 54.9% | 61.4% |
营业利润率FORRZLAB
| Q4 25 | -36.6% | -54.6% | ||
| Q3 25 | 4.7% | -42.3% | ||
| Q2 25 | 6.2% | -50.3% | ||
| Q1 25 | -97.5% | -53.3% | ||
| Q4 24 | -0.5% | -62.6% | ||
| Q3 24 | -0.7% | -66.6% | ||
| Q2 24 | 9.3% | -76.0% | ||
| Q1 24 | -9.3% | -80.7% |
净利率FORRZLAB
| Q4 25 | -33.5% | — | ||
| Q3 25 | -2.3% | -31.2% | ||
| Q2 25 | 3.5% | -37.3% | ||
| Q1 25 | -97.1% | -45.8% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | -5.7% | -40.9% | ||
| Q2 24 | 5.2% | -80.2% | ||
| Q1 24 | -6.7% | -61.4% |
每股收益（稀释后）FORRZLAB
| Q4 25 | $-1.75 | $-0.05 | ||
| Q3 25 | $-0.11 | $-0.03 | ||
| Q2 25 | $0.20 | $-0.04 | ||
| Q1 25 | $-4.62 | $-0.04 | ||
| Q4 24 | $0.02 | $-0.09 | ||
| Q3 24 | $-0.30 | $-0.04 | ||
| Q2 24 | $0.33 | $-0.08 | ||
| Q1 24 | $-0.35 | $-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 | $63.3M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | $715.5M |
| 总资产 | $404.0M | $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FORRZLAB
| Q4 25 | $63.3M | $689.6M | ||
| Q3 25 | $65.1M | $717.2M | ||
| Q2 25 | $67.8M | $732.2M | ||
| Q1 25 | $75.6M | $757.3M | ||
| Q4 24 | $56.1M | $779.7M | ||
| Q3 24 | $62.8M | $616.1M | ||
| Q2 24 | $58.9M | $630.0M | ||
| Q1 24 | $61.4M | $650.8M |
股东权益FORRZLAB
| Q4 25 | $126.5M | $715.5M | ||
| Q3 25 | $157.7M | $759.9M | ||
| Q2 25 | $159.5M | $791.7M | ||
| Q1 25 | $147.4M | $810.8M | ||
| Q4 24 | $229.5M | $840.9M | ||
| Q3 24 | $234.3M | $667.7M | ||
| Q2 24 | $237.1M | $704.2M | ||
| Q1 24 | $230.9M | $762.2M |
总资产FORRZLAB
| Q4 25 | $404.0M | $1.2B | ||
| Q3 25 | $414.2M | $1.2B | ||
| Q2 25 | $436.0M | $1.2B | ||
| Q1 25 | $439.8M | $1.2B | ||
| Q4 24 | $503.9M | $1.2B | ||
| Q3 24 | $505.3M | $985.3M | ||
| Q2 24 | $524.2M | $987.4M | ||
| Q1 24 | $555.7M | $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 | $-3.2M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $-26.7M |
| 自由现金流率自由现金流/营收 | -4.2% | -21.0% |
| 资本支出强度资本支出/营收 | 1.1% | 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 | $18.1M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流FORRZLAB
| Q4 25 | $-3.2M | $-26.0M | ||
| Q3 25 | $1.2M | $-32.0M | ||
| Q2 25 | $-3.6M | $-31.0M | ||
| Q1 25 | $26.7M | $-61.7M | ||
| Q4 24 | $-1.8M | $-55.8M | ||
| Q3 24 | $264.0K | $-26.8M | ||
| Q2 24 | $-2.9M | $-42.2M | ||
| Q1 24 | $611.0K | $-90.1M |
自由现金流FORRZLAB
| Q4 25 | $-4.3M | $-26.7M | ||
| Q3 25 | $524.0K | $-35.0M | ||
| Q2 25 | $-4.2M | $-33.9M | ||
| Q1 25 | $26.1M | $-63.2M | ||
| Q4 24 | $-2.5M | $-58.4M | ||
| Q3 24 | $-223.0K | $-28.2M | ||
| Q2 24 | $-3.7M | $-42.9M | ||
| Q1 24 | $-815.0K | $-91.1M |
自由现金流率FORRZLAB
| Q4 25 | -4.2% | -21.0% | ||
| Q3 25 | 0.6% | -30.4% | ||
| Q2 25 | -3.8% | -31.1% | ||
| Q1 25 | 29.0% | -59.9% | ||
| Q4 24 | -2.3% | -53.8% | ||
| Q3 24 | -0.2% | -27.7% | ||
| Q2 24 | -3.1% | -42.9% | ||
| Q1 24 | -0.8% | -104.5% |
资本支出强度FORRZLAB
| Q4 25 | 1.1% | 0.5% | ||
| Q3 25 | 0.7% | 2.6% | ||
| Q2 25 | 0.5% | 2.6% | ||
| Q1 25 | 0.7% | 1.5% | ||
| Q4 24 | 0.6% | 2.4% | ||
| Q3 24 | 0.5% | 1.3% | ||
| Q2 24 | 0.7% | 0.7% | ||
| Q1 24 | 1.4% | 1.1% |
现金转化率FORRZLAB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.46× | — | ||
| Q1 24 | — | — |
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
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 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% |
