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FIRST MERCHANTS CORP（FRME）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
FIRST MERCHANTS CORP的季度营收约是再鼎医药的1.2倍（$157.1M vs $127.1M），过去两年再鼎医药的营收复合增速更高（20.8% vs -0.9%）
第一商人集团是总部位于美国印第安纳州曼西的金融控股公司，业务覆盖印第安纳州中部地区，旗下拥有第一商人银行、第一商人私人财富顾问两大板块，在纳斯达克上市，股票代码为FRME。截至2023年3月，集团总资产达182亿美元，为客户提供商业银行、个人银行及投资顾问服务。
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。
FRME vs ZLAB — 直观对比
营收规模更大
FRME
是对方的1.2倍
$127.1M
两年增速更快
ZLAB
近两年复合增速
-0.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $157.1M | $127.1M |
| 净利润 | $28.2M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | — | -54.6% |
| 净利率 | 17.9% | — |
| 营收同比 | — | 17.1% |
| 净利润同比 | -49.1% | — |
| 每股收益（稀释后） | $0.45 | $-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FRMEZLAB
| Q1 26 | $157.1M | — | ||
| Q4 25 | $172.2M | $127.1M | ||
| Q3 25 | $166.1M | $115.4M | ||
| Q2 25 | $164.3M | $109.1M | ||
| Q1 25 | $160.3M | $105.7M | ||
| Q4 24 | $177.1M | $108.5M | ||
| Q3 24 | $156.0M | $101.8M | ||
| Q2 24 | $159.9M | $100.1M |
净利润FRMEZLAB
| Q1 26 | $28.2M | — | ||
| Q4 25 | $57.1M | — | ||
| Q3 25 | $56.8M | $-36.0M | ||
| Q2 25 | $56.8M | $-40.7M | ||
| Q1 25 | $55.3M | $-48.4M | ||
| Q4 24 | $64.3M | — | ||
| Q3 24 | $49.2M | $-41.7M | ||
| Q2 24 | $39.9M | $-80.3M |
毛利率FRMEZLAB
| 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FRMEZLAB
| Q1 26 | — | — | ||
| Q4 25 | 38.0% | -54.6% | ||
| Q3 25 | 39.3% | -42.3% | ||
| Q2 25 | 39.6% | -50.3% | ||
| Q1 25 | 39.4% | -53.3% | ||
| Q4 24 | 43.3% | -62.6% | ||
| Q3 24 | 36.1% | -66.6% | ||
| Q2 24 | 27.5% | -76.0% |
净利率FRMEZLAB
| Q1 26 | 17.9% | — | ||
| Q4 25 | 33.1% | — | ||
| Q3 25 | 34.2% | -31.2% | ||
| Q2 25 | 34.6% | -37.3% | ||
| Q1 25 | 34.5% | -45.8% | ||
| Q4 24 | 36.3% | — | ||
| Q3 24 | 31.5% | -40.9% | ||
| Q2 24 | 25.0% | -80.2% |
每股收益（稀释后）FRMEZLAB
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.98 | $-0.05 | ||
| Q3 25 | $0.98 | $-0.03 | ||
| Q2 25 | $0.98 | $-0.04 | ||
| Q1 25 | $0.94 | $-0.04 | ||
| Q4 24 | $1.09 | $-0.09 | ||
| Q3 24 | $0.84 | $-0.04 | ||
| Q2 24 | $0.68 | $-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 | — | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.7B | $715.5M |
| 总资产 | $21.1B | $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FRMEZLAB
| Q1 26 | — | — | ||
| 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 |
股东权益FRMEZLAB
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.5B | $715.5M | ||
| Q3 25 | $2.4B | $759.9M | ||
| Q2 25 | $2.3B | $791.7M | ||
| Q1 25 | $2.3B | $810.8M | ||
| Q4 24 | $2.3B | $840.9M | ||
| Q3 24 | $2.3B | $667.7M | ||
| Q2 24 | $2.2B | $704.2M |
总资产FRMEZLAB
| Q1 26 | $21.1B | — | ||
| Q4 25 | $19.0B | $1.2B | ||
| Q3 25 | $18.8B | $1.2B | ||
| Q2 25 | $18.6B | $1.2B | ||
| Q1 25 | $18.4B | $1.2B | ||
| Q4 24 | $18.3B | $1.2B | ||
| Q3 24 | $18.3B | $985.3M | ||
| Q2 24 | $18.3B | $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FRMEZLAB
| Q1 26 | — | — | ||
| Q4 25 | $283.6M | $-26.0M | ||
| Q3 25 | $87.6M | $-32.0M | ||
| Q2 25 | $53.7M | $-31.0M | ||
| Q1 25 | $61.7M | $-61.7M | ||
| Q4 24 | $266.2M | $-55.8M | ||
| Q3 24 | $76.8M | $-26.8M | ||
| Q2 24 | $63.0M | $-42.2M |
自由现金流FRMEZLAB
| Q1 26 | — | — | ||
| Q4 25 | — | $-26.7M | ||
| Q3 25 | — | $-35.0M | ||
| Q2 25 | — | $-33.9M | ||
| Q1 25 | — | $-63.2M | ||
| Q4 24 | — | $-58.4M | ||
| Q3 24 | — | $-28.2M | ||
| Q2 24 | — | $-42.9M |
自由现金流率FRMEZLAB
| Q1 26 | — | — | ||
| Q4 25 | — | -21.0% | ||
| Q3 25 | — | -30.4% | ||
| Q2 25 | — | -31.1% | ||
| Q1 25 | — | -59.9% | ||
| Q4 24 | — | -53.8% | ||
| Q3 24 | — | -27.7% | ||
| Q2 24 | — | -42.9% |
资本支出强度FRMEZLAB
| Q1 26 | — | — | ||
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 0.7% |
现金转化率FRMEZLAB
| Q1 26 | — | — | ||
| Q4 25 | 4.97× | — | ||
| Q3 25 | 1.54× | — | ||
| Q2 25 | 0.94× | — | ||
| Q1 25 | 1.11× | — | ||
| Q4 24 | 4.14× | — | ||
| Q3 24 | 1.56× | — | ||
| Q2 24 | 1.58× | — |
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
FRME
| Net Interest Income | $151.3M | 96% |
| Noninterest Income | $5.8M | 4% |
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% |
