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FRIEDMAN INDUSTRIES INC（FRD）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
FRIEDMAN INDUSTRIES INC的季度营收约是再鼎医药的1.3倍（$168.0M vs $127.1M），FRIEDMAN INDUSTRIES INC同比增速更快（78.6% vs 17.1%），FRIEDMAN INDUSTRIES INC自由现金流更多（$-6.3M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 13.3%）
赫尔曼与弗里德曼（H&F）是一家美国私募股权公司，由沃伦·赫尔曼与塔利·弗里德曼于1984年创立，主要通过杠杆收购及成长资本开展投资业务，核心投资方向覆盖传媒、金融服务、专业服务与信息服务等多个领域。
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。
FRD vs ZLAB — 直观对比
营收规模更大
FRD
是对方的1.3倍
$127.1M
营收增速更快
FRD
高出61.4%
17.1%
自由现金流更多
FRD
多$20.4M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
13.3%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $168.0M | $127.1M |
| 净利润 | $3.0M | — |
| 毛利率 | 2.3% | 51.0% |
| 营业利润率 | 2.3% | -54.6% |
| 净利率 | 1.8% | — |
| 营收同比 | 78.6% | 17.1% |
| 净利润同比 | 364.1% | — |
| 每股收益（稀释后） | $0.43 | $-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FRDZLAB
| Q4 25 | $168.0M | $127.1M | ||
| Q3 25 | $152.4M | $115.4M | ||
| Q2 25 | $134.8M | $109.1M | ||
| Q1 25 | — | $105.7M | ||
| Q4 24 | $94.1M | $108.5M | ||
| Q3 24 | $106.8M | $101.8M | ||
| Q2 24 | $114.6M | $100.1M | ||
| Q1 24 | — | $87.1M |
净利润FRDZLAB
| Q4 25 | $3.0M | — | ||
| Q3 25 | $2.2M | $-36.0M | ||
| Q2 25 | $5.0M | $-40.7M | ||
| Q1 25 | — | $-48.4M | ||
| Q4 24 | $-1.2M | — | ||
| Q3 24 | $-675.0K | $-41.7M | ||
| Q2 24 | $2.6M | $-80.3M | ||
| Q1 24 | — | $-53.5M |
毛利率FRDZLAB
| Q4 25 | 2.3% | 51.0% | ||
| Q3 25 | 1.9% | 59.5% | ||
| Q2 25 | 5.2% | 60.6% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | -0.2% | 64.1% | ||
| Q2 24 | -1.2% | 64.9% | ||
| Q1 24 | — | 61.4% |
营业利润率FRDZLAB
| Q4 25 | 2.3% | -54.6% | ||
| Q3 25 | 1.9% | -42.3% | ||
| Q2 25 | 5.2% | -50.3% | ||
| Q1 25 | — | -53.3% | ||
| Q4 24 | -1.3% | -62.6% | ||
| Q3 24 | -0.2% | -66.6% | ||
| Q2 24 | -1.2% | -76.0% | ||
| Q1 24 | — | -80.7% |
净利率FRDZLAB
| Q4 25 | 1.8% | — | ||
| Q3 25 | 1.5% | -31.2% | ||
| Q2 25 | 3.7% | -37.3% | ||
| Q1 25 | — | -45.8% | ||
| Q4 24 | -1.2% | — | ||
| Q3 24 | -0.6% | -40.9% | ||
| Q2 24 | 2.2% | -80.2% | ||
| Q1 24 | — | -61.4% |
每股收益（稀释后）FRDZLAB
| Q4 25 | $0.43 | $-0.05 | ||
| Q3 25 | $0.32 | $-0.03 | ||
| Q2 25 | $0.71 | $-0.04 | ||
| Q1 25 | — | $-0.04 | ||
| Q4 24 | $-0.17 | $-0.09 | ||
| Q3 24 | $-0.10 | $-0.04 | ||
| Q2 24 | $0.37 | $-0.08 | ||
| Q1 24 | — | $-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 | $3.0M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $142.2M | $715.5M |
| 总资产 | $311.9M | $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FRDZLAB
| Q4 25 | $3.0M | $689.6M | ||
| Q3 25 | $4.6M | $717.2M | ||
| Q2 25 | $2.1M | $732.2M | ||
| Q1 25 | — | $757.3M | ||
| Q4 24 | $1.1M | $779.7M | ||
| Q3 24 | $2.5M | $616.1M | ||
| Q2 24 | $4.1M | $630.0M | ||
| Q1 24 | — | $650.8M |
股东权益FRDZLAB
| Q4 25 | $142.2M | $715.5M | ||
| Q3 25 | $139.3M | $759.9M | ||
| Q2 25 | $137.3M | $791.7M | ||
| Q1 25 | — | $810.8M | ||
| Q4 24 | $127.3M | $840.9M | ||
| Q3 24 | $128.8M | $667.7M | ||
| Q2 24 | $129.7M | $704.2M | ||
| Q1 24 | — | $762.2M |
总资产FRDZLAB
| Q4 25 | $311.9M | $1.2B | ||
| Q3 25 | $311.3M | $1.2B | ||
| Q2 25 | $219.1M | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $210.3M | $1.2B | ||
| Q3 24 | $209.2M | $985.3M | ||
| Q2 24 | $222.8M | $987.4M | ||
| Q1 24 | — | $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 | $-4.7M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-6.3M | $-26.7M |
| 自由现金流率自由现金流/营收 | -3.8% | -21.0% |
| 资本支出强度资本支出/营收 | 1.0% | 0.5% |
| 现金转化率经营现金流/净利润 | -1.56× | — |
| 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FRDZLAB
| Q4 25 | $-4.7M | $-26.0M | ||
| Q3 25 | $434.0K | $-32.0M | ||
| Q2 25 | $15.5M | $-31.0M | ||
| Q1 25 | — | $-61.7M | ||
| Q4 24 | — | $-55.8M | ||
| Q3 24 | — | $-26.8M | ||
| Q2 24 | $-6.1M | $-42.2M | ||
| Q1 24 | — | $-90.1M |
自由现金流FRDZLAB
| Q4 25 | $-6.3M | $-26.7M | ||
| Q3 25 | $-2.0M | $-35.0M | ||
| Q2 25 | $13.7M | $-33.9M | ||
| Q1 25 | — | $-63.2M | ||
| Q4 24 | — | $-58.4M | ||
| Q3 24 | — | $-28.2M | ||
| Q2 24 | $-7.1M | $-42.9M | ||
| Q1 24 | — | $-91.1M |
自由现金流率FRDZLAB
| Q4 25 | -3.8% | -21.0% | ||
| Q3 25 | -1.3% | -30.4% | ||
| Q2 25 | 10.2% | -31.1% | ||
| Q1 25 | — | -59.9% | ||
| Q4 24 | — | -53.8% | ||
| Q3 24 | — | -27.7% | ||
| Q2 24 | -6.2% | -42.9% | ||
| Q1 24 | — | -104.5% |
资本支出强度FRDZLAB
| Q4 25 | 1.0% | 0.5% | ||
| Q3 25 | 1.6% | 2.6% | ||
| Q2 25 | 1.3% | 2.6% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | 0.9% | 0.7% | ||
| Q1 24 | — | 1.1% |
现金转化率FRDZLAB
| Q4 25 | -1.56× | — | ||
| Q3 25 | 0.19× | — | ||
| Q2 25 | 3.08× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -2.36× | — | ||
| 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
FRD
| Prime Coil | $152.0M | 90% |
| Manufactured Pipe | $14.9M | 9% |
| Customer Owned | $1.1M | 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% |
