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IBEX Ltd（IBEX）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
IBEX Ltd的季度营收约是再鼎医药的1.3倍（$164.2M vs $127.1M），再鼎医药同比增速更快（17.1% vs 16.7%），IBEX Ltd自由现金流更多（$-5.1M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 13.8%）
IBEX 35是西班牙主要交易所马德里证券交易所的基准股票指数，该指数始创于1992年，由西班牙证券市场集团BME旗下的交易所公司负责计算与管理。它以市值加权编制，涵盖马德里证券交易所流动性最高的35只西班牙股票，每年进行两次成分股调整。
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。
IBEX vs ZLAB — 直观对比
营收规模更大
IBEX
是对方的1.3倍
$127.1M
营收增速更快
ZLAB
高出0.4%
16.7%
自由现金流更多
IBEX
多$21.6M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
13.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $164.2M | $127.1M |
| 净利润 | $12.2M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 9.3% | -54.6% |
| 净利率 | 7.4% | — |
| 营收同比 | 16.7% | 17.1% |
| 净利润同比 | 31.8% | — |
| 每股收益（稀释后） | $0.83 | $-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IBEXZLAB
| Q4 25 | $164.2M | $127.1M | ||
| Q3 25 | $151.2M | $115.4M | ||
| Q2 25 | $147.1M | $109.1M | ||
| Q1 25 | $140.7M | $105.7M | ||
| Q4 24 | $140.7M | $108.5M | ||
| Q3 24 | $129.7M | $101.8M | ||
| Q2 24 | $124.5M | $100.1M | ||
| Q1 24 | $126.8M | $87.1M |
净利润IBEXZLAB
| Q4 25 | $12.2M | — | ||
| Q3 25 | $12.0M | $-36.0M | ||
| Q2 25 | $9.6M | $-40.7M | ||
| Q1 25 | $10.5M | $-48.4M | ||
| Q4 24 | $9.3M | — | ||
| Q3 24 | $7.5M | $-41.7M | ||
| Q2 24 | $9.8M | $-80.3M | ||
| Q1 24 | $10.3M | $-53.5M |
毛利率IBEXZLAB
| 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IBEXZLAB
| Q4 25 | 9.3% | -54.6% | ||
| Q3 25 | 9.1% | -42.3% | ||
| Q2 25 | 8.3% | -50.3% | ||
| Q1 25 | 9.5% | -53.3% | ||
| Q4 24 | 8.5% | -62.6% | ||
| Q3 24 | 7.0% | -66.6% | ||
| Q2 24 | 10.3% | -76.0% | ||
| Q1 24 | 8.9% | -80.7% |
净利率IBEXZLAB
| Q4 25 | 7.4% | — | ||
| Q3 25 | 8.0% | -31.2% | ||
| Q2 25 | 6.5% | -37.3% | ||
| Q1 25 | 7.4% | -45.8% | ||
| Q4 24 | 6.6% | — | ||
| Q3 24 | 5.8% | -40.9% | ||
| Q2 24 | 7.9% | -80.2% | ||
| Q1 24 | 8.1% | -61.4% |
每股收益（稀释后）IBEXZLAB
| Q4 25 | $0.83 | $-0.05 | ||
| Q3 25 | $0.82 | $-0.03 | ||
| Q2 25 | $0.63 | $-0.04 | ||
| Q1 25 | $0.73 | $-0.04 | ||
| Q4 24 | $0.57 | $-0.09 | ||
| Q3 24 | $0.43 | $-0.04 | ||
| Q2 24 | $0.55 | $-0.08 | ||
| Q1 24 | $0.57 | $-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 | $15.5M | $689.6M |
| 总债务越低越好 | $594.0K | — |
| 股东权益账面价值 | $154.5M | $715.5M |
| 总资产 | $295.8M | $1.2B |
| 负债/权益比越低杠杆越低 | 0.00× | — |
8季度趋势，按日历期对齐
现金及短期投资IBEXZLAB
| Q4 25 | $15.5M | $689.6M | ||
| Q3 25 | $22.7M | $717.2M | ||
| Q2 25 | $15.3M | $732.2M | ||
| Q1 25 | $13.0M | $757.3M | ||
| Q4 24 | $20.2M | $779.7M | ||
| Q3 24 | $62.3M | $616.1M | ||
| Q2 24 | $62.7M | $630.0M | ||
| Q1 24 | $50.7M | $650.8M |
总债务IBEXZLAB
| Q4 25 | $594.0K | — | ||
| Q3 25 | $726.0K | — | ||
| Q2 25 | $796.0K | — | ||
| Q1 25 | $735.0K | — | ||
| Q4 24 | $695.0K | — | ||
| Q3 24 | $802.0K | — | ||
| Q2 24 | $867.0K | — | ||
| Q1 24 | $820.0K | — |
股东权益IBEXZLAB
| Q4 25 | $154.5M | $715.5M | ||
| Q3 25 | $143.6M | $759.9M | ||
| Q2 25 | $134.3M | $791.7M | ||
| Q1 25 | $124.2M | $810.8M | ||
| Q4 24 | $108.9M | $840.9M | ||
| Q3 24 | $171.1M | $667.7M | ||
| Q2 24 | $165.8M | $704.2M | ||
| Q1 24 | $159.3M | $762.2M |
总资产IBEXZLAB
| Q4 25 | $295.8M | $1.2B | ||
| Q3 25 | $283.9M | $1.2B | ||
| Q2 25 | $273.2M | $1.2B | ||
| Q1 25 | $274.7M | $1.2B | ||
| Q4 24 | $272.5M | $1.2B | ||
| Q3 24 | $306.3M | $985.3M | ||
| Q2 24 | $293.9M | $987.4M | ||
| Q1 24 | $289.6M | $988.4M |
负债/权益比IBEXZLAB
| Q4 25 | 0.00× | — | ||
| Q3 25 | 0.01× | — | ||
| Q2 25 | 0.01× | — | ||
| Q1 25 | 0.01× | — | ||
| Q4 24 | 0.01× | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.01× | — | ||
| Q1 24 | 0.01× | — |
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 | $6.6M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-5.1M | $-26.7M |
| 自由现金流率自由现金流/营收 | -3.1% | -21.0% |
| 资本支出强度资本支出/营收 | 7.1% | 0.5% |
| 现金转化率经营现金流/净利润 | 0.54× | — |
| 过去12个月自由现金流最近4个季度 | $29.3M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流IBEXZLAB
| Q4 25 | $6.6M | $-26.0M | ||
| Q3 25 | $15.7M | $-32.0M | ||
| Q2 25 | $27.9M | $-31.0M | ||
| Q1 25 | $8.8M | $-61.7M | ||
| Q4 24 | $1.1M | $-55.8M | ||
| Q3 24 | $7.8M | $-26.8M | ||
| Q2 24 | $17.4M | $-42.2M | ||
| Q1 24 | $11.4M | $-90.1M |
自由现金流IBEXZLAB
| Q4 25 | $-5.1M | $-26.7M | ||
| Q3 25 | $8.0M | $-35.0M | ||
| Q2 25 | $22.8M | $-33.9M | ||
| Q1 25 | $3.6M | $-63.2M | ||
| Q4 24 | $-3.2M | $-58.4M | ||
| Q3 24 | $4.1M | $-28.2M | ||
| Q2 24 | $15.2M | $-42.9M | ||
| Q1 24 | $9.7M | $-91.1M |
自由现金流率IBEXZLAB
| Q4 25 | -3.1% | -21.0% | ||
| Q3 25 | 5.3% | -30.4% | ||
| Q2 25 | 15.5% | -31.1% | ||
| Q1 25 | 2.5% | -59.9% | ||
| Q4 24 | -2.3% | -53.8% | ||
| Q3 24 | 3.2% | -27.7% | ||
| Q2 24 | 12.2% | -42.9% | ||
| Q1 24 | 7.7% | -104.5% |
资本支出强度IBEXZLAB
| Q4 25 | 7.1% | 0.5% | ||
| Q3 25 | 5.1% | 2.6% | ||
| Q2 25 | 3.5% | 2.6% | ||
| Q1 25 | 3.7% | 1.5% | ||
| Q4 24 | 3.1% | 2.4% | ||
| Q3 24 | 2.8% | 1.3% | ||
| Q2 24 | 1.8% | 0.7% | ||
| Q1 24 | 1.3% | 1.1% |
现金转化率IBEXZLAB
| Q4 25 | 0.54× | — | ||
| Q3 25 | 1.30× | — | ||
| Q2 25 | 2.91× | — | ||
| Q1 25 | 0.84× | — | ||
| Q4 24 | 0.12× | — | ||
| Q3 24 | 1.03× | — | ||
| Q2 24 | 1.77× | — | ||
| Q1 24 | 1.11× | — |
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
IBEX
| Transferred Over Time | $147.1M | 90% |
| Transferred At Point In Time | $17.1M | 10% |
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% |
