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Hess Midstream LP（HESM）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
Hess Midstream LP的季度营收约是再鼎医药的1.6倍（$204.1M vs $127.1M），再鼎医药同比增速更快（17.1% vs 2.1%），过去两年再鼎医药的营收复合增速更高（20.8% vs -25.3%）
赫斯是美国全球化独立能源企业，主要从事原油与天然气的勘探、生产业务。公司于1968年由赫斯石油化工和阿美拉达石油合并成立，2023年10月同意被雪佛龙收购，相关交易已于2025年7月完成交割。
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。
HESM vs ZLAB — 直观对比
营收规模更大
HESM
是对方的1.6倍
$127.1M
营收增速更快
ZLAB
高出15.0%
2.1%
两年增速更快
ZLAB
近两年复合增速
-25.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $204.1M | $127.1M |
| 净利润 | $157.7M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 116.7% | -54.6% |
| 净利率 | 77.3% | — |
| 营收同比 | 2.1% | 17.1% |
| 净利润同比 | -2.3% | — |
| 每股收益（稀释后） | $0.68 | $-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HESMZLAB
| Q1 26 | $204.1M | — | ||
| Q4 25 | $404.2M | $127.1M | ||
| Q3 25 | $420.9M | $115.4M | ||
| Q2 25 | $414.2M | $109.1M | ||
| Q1 25 | $382.0M | $105.7M | ||
| Q4 24 | $395.9M | $108.5M | ||
| Q3 24 | $378.5M | $101.8M | ||
| Q2 24 | $365.5M | $100.1M |
净利润HESMZLAB
| Q1 26 | $157.7M | — | ||
| Q4 25 | $93.3M | — | ||
| Q3 25 | $97.7M | $-36.0M | ||
| Q2 25 | $90.3M | $-40.7M | ||
| Q1 25 | $71.6M | $-48.4M | ||
| Q4 24 | $70.4M | — | ||
| Q3 24 | $58.6M | $-41.7M | ||
| Q2 24 | $49.5M | $-80.3M |
毛利率HESMZLAB
| 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HESMZLAB
| Q1 26 | 116.7% | — | ||
| Q4 25 | 62.2% | -54.6% | ||
| Q3 25 | 61.5% | -42.3% | ||
| Q2 25 | 62.8% | -50.3% | ||
| Q1 25 | 62.1% | -53.3% | ||
| Q4 24 | 61.4% | -62.6% | ||
| Q3 24 | 61.2% | -66.6% | ||
| Q2 24 | 60.8% | -76.0% |
净利率HESMZLAB
| Q1 26 | 77.3% | — | ||
| Q4 25 | 23.1% | — | ||
| Q3 25 | 23.2% | -31.2% | ||
| Q2 25 | 21.8% | -37.3% | ||
| Q1 25 | 18.7% | -45.8% | ||
| Q4 24 | 17.8% | — | ||
| Q3 24 | 15.5% | -40.9% | ||
| Q2 24 | 13.5% | -80.2% |
每股收益（稀释后）HESMZLAB
| Q1 26 | $0.68 | — | ||
| Q4 25 | — | $-0.05 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | — | $-0.04 | ||
| Q1 25 | — | $-0.04 | ||
| Q4 24 | — | $-0.09 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $-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 | — | $715.5M |
| 总资产 | — | $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HESMZLAB
| Q1 26 | — | — | ||
| Q4 25 | $1.9M | $689.6M | ||
| Q3 25 | $5.5M | $717.2M | ||
| Q2 25 | $4.5M | $732.2M | ||
| Q1 25 | $6.1M | $757.3M | ||
| Q4 24 | $4.3M | $779.7M | ||
| Q3 24 | $10.3M | $616.1M | ||
| Q2 24 | $99.6M | $630.0M |
总债务HESMZLAB
| Q1 26 | — | — | ||
| Q4 25 | $3.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益HESMZLAB
| Q1 26 | — | — | ||
| Q4 25 | — | $715.5M | ||
| Q3 25 | — | $759.9M | ||
| Q2 25 | — | $791.7M | ||
| Q1 25 | — | $810.8M | ||
| Q4 24 | — | $840.9M | ||
| Q3 24 | — | $667.7M | ||
| Q2 24 | — | $704.2M |
总资产HESMZLAB
| Q1 26 | — | — | ||
| Q4 25 | $4.4B | $1.2B | ||
| Q3 25 | $4.4B | $1.2B | ||
| Q2 25 | $4.4B | $1.2B | ||
| Q1 25 | $4.3B | $1.2B | ||
| Q4 24 | $4.2B | $1.2B | ||
| Q3 24 | $4.1B | $985.3M | ||
| Q2 24 | $4.1B | $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 | $253.3M | $-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 | 51.4% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.61× | — |
| 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HESMZLAB
| Q1 26 | $253.3M | — | ||
| Q4 25 | $245.6M | $-26.0M | ||
| Q3 25 | $258.9M | $-32.0M | ||
| Q2 25 | $276.9M | $-31.0M | ||
| Q1 25 | $202.4M | $-61.7M | ||
| Q4 24 | $258.5M | $-55.8M | ||
| Q3 24 | $224.9M | $-26.8M | ||
| Q2 24 | $271.6M | $-42.2M |
自由现金流HESMZLAB
| Q1 26 | — | — | ||
| Q4 25 | $178.9M | $-26.7M | ||
| Q3 25 | $178.9M | $-35.0M | ||
| Q2 25 | $213.5M | $-33.9M | ||
| Q1 25 | $156.9M | $-63.2M | ||
| Q4 24 | $163.4M | $-58.4M | ||
| Q3 24 | $132.6M | $-28.2M | ||
| Q2 24 | $207.7M | $-42.9M |
自由现金流率HESMZLAB
| Q1 26 | — | — | ||
| Q4 25 | 44.3% | -21.0% | ||
| Q3 25 | 42.5% | -30.4% | ||
| Q2 25 | 51.5% | -31.1% | ||
| Q1 25 | 41.1% | -59.9% | ||
| Q4 24 | 41.3% | -53.8% | ||
| Q3 24 | 35.0% | -27.7% | ||
| Q2 24 | 56.8% | -42.9% |
资本支出强度HESMZLAB
| Q1 26 | 51.4% | — | ||
| Q4 25 | 16.5% | 0.5% | ||
| Q3 25 | 19.0% | 2.6% | ||
| Q2 25 | 15.3% | 2.6% | ||
| Q1 25 | 11.9% | 1.5% | ||
| Q4 24 | 24.0% | 2.4% | ||
| Q3 24 | 24.4% | 1.3% | ||
| Q2 24 | 17.5% | 0.7% |
现金转化率HESMZLAB
| Q1 26 | 1.61× | — | ||
| Q4 25 | 2.63× | — | ||
| Q3 25 | 2.65× | — | ||
| Q2 25 | 3.07× | — | ||
| Q1 25 | 2.83× | — | ||
| Q4 24 | 3.67× | — | ||
| Q3 24 | 3.84× | — | ||
| Q2 24 | 5.49× | — |
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
HESM
| Affiliate services | $197.9M | 97% |
| Third-party services | $6.2M | 3% |
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% |
