vs
IREN Ltd（IREN）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
IREN Ltd的季度营收约是再鼎医药的1.5倍（$184.7M vs $127.1M），IREN Ltd同比增速更快（59.0% vs 17.1%），再鼎医药自由现金流更多（$-26.7M vs $-468.0M）
IREN Ltd是一家垂直整合的数据中心企业，依托可再生能源为比特币、人工智能等前沿领域发展提供算力支撑，旗下设施策略性布局于美国及加拿大境内可再生能源丰富、光纤网络完善的区域。
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。
IREN vs ZLAB — 直观对比
营收规模更大
IREN
是对方的1.5倍
$127.1M
营收增速更快
IREN
高出41.9%
17.1%
自由现金流更多
ZLAB
多$441.3M
$-468.0M
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $184.7M | $127.1M |
| 净利润 | $-155.4M | — |
| 毛利率 | 64.4% | 51.0% |
| 营业利润率 | -63.0% | -54.6% |
| 净利率 | -84.1% | — |
| 营收同比 | 59.0% | 17.1% |
| 净利润同比 | -610.0% | — |
| 每股收益（稀释后） | $-0.52 | $-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IRENZLAB
| Q4 25 | $184.7M | $127.1M | ||
| Q3 25 | $240.3M | $115.4M | ||
| Q2 25 | — | $109.1M | ||
| Q1 25 | — | $105.7M | ||
| Q4 24 | $116.1M | $108.5M | ||
| Q3 24 | $52.8M | $101.8M | ||
| Q2 24 | — | $100.1M | ||
| Q1 24 | $54.3M | $87.1M |
净利润IRENZLAB
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | $-36.0M | ||
| Q2 25 | — | $-40.7M | ||
| Q1 25 | — | $-48.4M | ||
| Q4 24 | $-21.9M | — | ||
| Q3 24 | $-51.7M | $-41.7M | ||
| Q2 24 | — | $-80.3M | ||
| Q1 24 | $8.6M | $-53.5M |
毛利率IRENZLAB
| Q4 25 | 64.4% | 51.0% | ||
| Q3 25 | 66.4% | 59.5% | ||
| Q2 25 | — | 60.6% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | 72.2% | 61.5% | ||
| Q3 24 | 39.6% | 64.1% | ||
| Q2 24 | — | 64.9% | ||
| Q1 24 | — | 61.4% |
营业利润率IRENZLAB
| Q4 25 | -63.0% | -54.6% | ||
| Q3 25 | -31.8% | -42.3% | ||
| Q2 25 | — | -50.3% | ||
| Q1 25 | — | -53.3% | ||
| Q4 24 | 14.9% | -62.6% | ||
| Q3 24 | -89.2% | -66.6% | ||
| Q2 24 | — | -76.0% | ||
| Q1 24 | 11.1% | -80.7% |
净利率IRENZLAB
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | -31.2% | ||
| Q2 25 | — | -37.3% | ||
| Q1 25 | — | -45.8% | ||
| Q4 24 | -18.8% | — | ||
| Q3 24 | -98.0% | -40.9% | ||
| Q2 24 | — | -80.2% | ||
| Q1 24 | 15.9% | -61.4% |
每股收益（稀释后）IRENZLAB
| Q4 25 | $-0.52 | $-0.05 | ||
| Q3 25 | $1.08 | $-0.03 | ||
| Q2 25 | — | $-0.04 | ||
| Q1 25 | — | $-0.04 | ||
| Q4 24 | $-0.10 | $-0.09 | ||
| Q3 24 | $-0.27 | $-0.04 | ||
| Q2 24 | — | $-0.08 | ||
| Q1 24 | $0.00 | $-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 | $3.3B | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $715.5M |
| 总资产 | $7.0B | $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IRENZLAB
| Q4 25 | $3.3B | $689.6M | ||
| Q3 25 | $1.0B | $717.2M | ||
| Q2 25 | — | $732.2M | ||
| Q1 25 | — | $757.3M | ||
| Q4 24 | $427.3M | $779.7M | ||
| Q3 24 | $98.6M | $616.1M | ||
| Q2 24 | — | $630.0M | ||
| Q1 24 | $259.7M | $650.8M |
股东权益IRENZLAB
| Q4 25 | $2.5B | $715.5M | ||
| Q3 25 | $2.9B | $759.9M | ||
| Q2 25 | — | $791.7M | ||
| Q1 25 | — | $810.8M | ||
| Q4 24 | $1.2B | $840.9M | ||
| Q3 24 | $1.1B | $667.7M | ||
| Q2 24 | — | $704.2M | ||
| Q1 24 | $677.2M | $762.2M |
总资产IRENZLAB
| Q4 25 | $7.0B | $1.2B | ||
| Q3 25 | $4.3B | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $1.9B | $1.2B | ||
| Q3 24 | $1.3B | $985.3M | ||
| Q2 24 | — | $987.4M | ||
| Q1 24 | $723.6M | $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 | $71.7M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-468.0M | $-26.7M |
| 自由现金流率自由现金流/营收 | -253.4% | -21.0% |
| 资本支出强度资本支出/营收 | 292.2% | 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 | $-701.2M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流IRENZLAB
| Q4 25 | $71.7M | $-26.0M | ||
| Q3 25 | $142.4M | $-32.0M | ||
| Q2 25 | — | $-31.0M | ||
| Q1 25 | — | $-61.7M | ||
| Q4 24 | $53.6M | $-55.8M | ||
| Q3 24 | $-3.9M | $-26.8M | ||
| Q2 24 | — | $-42.2M | ||
| Q1 24 | $-27.1M | $-90.1M |
自由现金流IRENZLAB
| Q4 25 | $-468.0M | $-26.7M | ||
| Q3 25 | $-38.0M | $-35.0M | ||
| Q2 25 | — | $-33.9M | ||
| Q1 25 | — | $-63.2M | ||
| Q4 24 | $-85.5M | $-58.4M | ||
| Q3 24 | $-109.7M | $-28.2M | ||
| Q2 24 | — | $-42.9M | ||
| Q1 24 | $-108.3M | $-91.1M |
自由现金流率IRENZLAB
| Q4 25 | -253.4% | -21.0% | ||
| Q3 25 | -15.8% | -30.4% | ||
| Q2 25 | — | -31.1% | ||
| Q1 25 | — | -59.9% | ||
| Q4 24 | -73.6% | -53.8% | ||
| Q3 24 | -208.0% | -27.7% | ||
| Q2 24 | — | -42.9% | ||
| Q1 24 | -199.4% | -104.5% |
资本支出强度IRENZLAB
| Q4 25 | 292.2% | 0.5% | ||
| Q3 25 | 75.0% | 2.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | 119.7% | 2.4% | ||
| Q3 24 | 200.6% | 1.3% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | 149.5% | 1.1% |
现金转化率IRENZLAB
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.13× | — |
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
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
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% |
