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NLIGHT, INC.（LASR）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
再鼎医药的季度营收约是NLIGHT, INC.的1.6倍（$127.1M vs $81.2M），NLIGHT, INC.同比增速更快（71.3% vs 17.1%），NLIGHT, INC.自由现金流更多（$15.9M vs $-26.7M），过去两年NLIGHT, INC.的营收复合增速更高（35.0% vs 20.8%）
nLight Inc.是全球领先的高性能半导体激光器、光纤激光器及相关光学组件研发生产商，产品广泛应用于工业精密制造、航空航天与国防、医疗设备、前沿研究等核心领域，客户遍及北美、欧洲及亚太地区。
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。
LASR vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.6倍
$81.2M
营收增速更快
LASR
高出54.2%
17.1%
自由现金流更多
LASR
多$42.6M
$-26.7M
两年增速更快
LASR
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $81.2M | $127.1M |
| 净利润 | $-4.9M | — |
| 毛利率 | 30.7% | 51.0% |
| 营业利润率 | -6.7% | -54.6% |
| 净利率 | -6.0% | — |
| 营收同比 | 71.3% | 17.1% |
| 净利润同比 | 80.3% | — |
| 每股收益（稀释后） | $-0.10 | $-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LASRZLAB
| Q4 25 | $81.2M | $127.1M | ||
| Q3 25 | $66.7M | $115.4M | ||
| Q2 25 | $61.7M | $109.1M | ||
| Q1 25 | $51.7M | $105.7M | ||
| Q4 24 | $47.4M | $108.5M | ||
| Q3 24 | $56.1M | $101.8M | ||
| Q2 24 | $50.5M | $100.1M | ||
| Q1 24 | $44.5M | $87.1M |
净利润LASRZLAB
| Q4 25 | $-4.9M | — | ||
| Q3 25 | $-6.9M | $-36.0M | ||
| Q2 25 | $-3.6M | $-40.7M | ||
| Q1 25 | $-8.1M | $-48.4M | ||
| Q4 24 | $-25.0M | — | ||
| Q3 24 | $-10.3M | $-41.7M | ||
| Q2 24 | $-11.7M | $-80.3M | ||
| Q1 24 | $-13.8M | $-53.5M |
毛利率LASRZLAB
| Q4 25 | 30.7% | 51.0% | ||
| Q3 25 | 31.1% | 59.5% | ||
| Q2 25 | 29.9% | 60.6% | ||
| Q1 25 | 26.7% | 63.6% | ||
| Q4 24 | 2.4% | 61.5% | ||
| Q3 24 | 22.4% | 64.1% | ||
| Q2 24 | 23.5% | 64.9% | ||
| Q1 24 | 16.8% | 61.4% |
营业利润率LASRZLAB
| Q4 25 | -6.7% | -54.6% | ||
| Q3 25 | -10.9% | -42.3% | ||
| Q2 25 | -6.9% | -50.3% | ||
| Q1 25 | -18.6% | -53.3% | ||
| Q4 24 | -55.8% | -62.6% | ||
| Q3 24 | -21.0% | -66.6% | ||
| Q2 24 | -25.1% | -76.0% | ||
| Q1 24 | -33.1% | -80.7% |
净利率LASRZLAB
| Q4 25 | -6.0% | — | ||
| Q3 25 | -10.3% | -31.2% | ||
| Q2 25 | -5.8% | -37.3% | ||
| Q1 25 | -15.7% | -45.8% | ||
| Q4 24 | -52.7% | — | ||
| Q3 24 | -18.4% | -40.9% | ||
| Q2 24 | -23.2% | -80.2% | ||
| Q1 24 | -30.9% | -61.4% |
每股收益（稀释后）LASRZLAB
| Q4 25 | $-0.10 | $-0.05 | ||
| Q3 25 | $-0.14 | $-0.03 | ||
| Q2 25 | $-0.07 | $-0.04 | ||
| Q1 25 | $-0.16 | $-0.04 | ||
| Q4 24 | $-0.52 | $-0.09 | ||
| Q3 24 | $-0.21 | $-0.04 | ||
| Q2 24 | $-0.25 | $-0.08 | ||
| Q1 24 | $-0.29 | $-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 | $98.7M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $226.7M | $715.5M |
| 总资产 | $315.2M | $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LASRZLAB
| Q4 25 | $98.7M | $689.6M | ||
| Q3 25 | $81.1M | $717.2M | ||
| Q2 25 | $78.8M | $732.2M | ||
| Q1 25 | $82.2M | $757.3M | ||
| Q4 24 | $65.8M | $779.7M | ||
| Q3 24 | $41.5M | $616.1M | ||
| Q2 24 | $49.4M | $630.0M | ||
| Q1 24 | $61.3M | $650.8M |
股东权益LASRZLAB
| Q4 25 | $226.7M | $715.5M | ||
| Q3 25 | $218.5M | $759.9M | ||
| Q2 25 | $216.0M | $791.7M | ||
| Q1 25 | $212.8M | $810.8M | ||
| Q4 24 | $216.4M | $840.9M | ||
| Q3 24 | $235.3M | $667.7M | ||
| Q2 24 | $239.5M | $704.2M | ||
| Q1 24 | $244.4M | $762.2M |
总资产LASRZLAB
| Q4 25 | $315.2M | $1.2B | ||
| Q3 25 | $298.7M | $1.2B | ||
| Q2 25 | $295.3M | $1.2B | ||
| Q1 25 | $290.0M | $1.2B | ||
| Q4 24 | $270.2M | $1.2B | ||
| Q3 24 | $291.3M | $985.3M | ||
| Q2 24 | $294.3M | $987.4M | ||
| Q1 24 | $302.8M | $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 | $17.5M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $15.9M | $-26.7M |
| 自由现金流率自由现金流/营收 | 19.6% | -21.0% |
| 资本支出强度资本支出/营收 | 2.0% | 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 | $12.3M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流LASRZLAB
| Q4 25 | $17.5M | $-26.0M | ||
| Q3 25 | $5.2M | $-32.0M | ||
| Q2 25 | $-1.4M | $-31.0M | ||
| Q1 25 | $-20.0K | $-61.7M | ||
| Q4 24 | $-3.9M | $-55.8M | ||
| Q3 24 | $-5.6M | $-26.8M | ||
| Q2 24 | $-4.2M | $-42.2M | ||
| Q1 24 | $11.4M | $-90.1M |
自由现金流LASRZLAB
| Q4 25 | $15.9M | $-26.7M | ||
| Q3 25 | $2.4M | $-35.0M | ||
| Q2 25 | $-3.8M | $-33.9M | ||
| Q1 25 | $-2.3M | $-63.2M | ||
| Q4 24 | $-6.5M | $-58.4M | ||
| Q3 24 | $-7.2M | $-28.2M | ||
| Q2 24 | $-6.4M | $-42.9M | ||
| Q1 24 | $9.8M | $-91.1M |
自由现金流率LASRZLAB
| Q4 25 | 19.6% | -21.0% | ||
| Q3 25 | 3.7% | -30.4% | ||
| Q2 25 | -6.1% | -31.1% | ||
| Q1 25 | -4.5% | -59.9% | ||
| Q4 24 | -13.7% | -53.8% | ||
| Q3 24 | -12.9% | -27.7% | ||
| Q2 24 | -12.6% | -42.9% | ||
| Q1 24 | 22.1% | -104.5% |
资本支出强度LASRZLAB
| Q4 25 | 2.0% | 0.5% | ||
| Q3 25 | 4.2% | 2.6% | ||
| Q2 25 | 3.9% | 2.6% | ||
| Q1 25 | 4.4% | 1.5% | ||
| Q4 24 | 5.5% | 2.4% | ||
| Q3 24 | 2.9% | 1.3% | ||
| Q2 24 | 4.2% | 0.7% | ||
| Q1 24 | 3.5% | 1.1% |
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
LASR
| Aerospaceand Defense | $56.3M | 69% |
| Microfabrication | $14.2M | 18% |
| Industrial | $10.7M | 13% |
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% |
