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拉扎德（LAZ）与Royalty Pharma plc（RPRX）财务数据对比。点击上方公司名可切换其他公司
拉扎德的季度营收约是Royalty Pharma plc的1.5倍（$929.4M vs $622.0M），Royalty Pharma plc净利率更高（34.4% vs 5.4%，领先29.1%），拉扎德同比增速更快（10.8% vs 4.8%），过去两年拉扎德的营收复合增速更高（8.8% vs 4.6%）
拉扎德公司是一家美国金融咨询与资产管理机构，业务覆盖投资银行、资产管理及其他金融服务，核心客户以机构客户为主。作为全球规模最大的独立投资银行，其主要行政办公室分布于纽约、巴黎及伦敦三地。
本公司是总部位于美国马萨诸塞州剑桥市的临床阶段生物制药企业，专注于研发可调节转化生长因子β（TGF-β）超家族蛋白的药物，该类蛋白在红细胞、肌肉、骨骼、血管等细胞与组织的生长修复过程中发挥核心作用。
LAZ vs RPRX — 直观对比
营收规模更大
LAZ
是对方的1.5倍
$622.0M
营收增速更快
LAZ
高出6.0%
4.8%
净利率更高
RPRX
高出29.1%
5.4%
两年增速更快
LAZ
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $929.4M | $622.0M |
| 净利润 | $49.9M | $214.2M |
| 毛利率 | — | — |
| 营业利润率 | 9.1% | 62.4% |
| 净利率 | 5.4% | 34.4% |
| 营收同比 | 10.8% | 4.8% |
| 净利润同比 | -42.2% | 2.9% |
| 每股收益（稀释后） | $0.44 | $0.49 |
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LAZRPRX
| Q4 25 | $929.4M | $622.0M | ||
| Q3 25 | $770.8M | $609.3M | ||
| Q2 25 | $817.2M | $578.7M | ||
| Q1 25 | $669.2M | $568.2M | ||
| Q4 24 | $839.0M | $593.6M | ||
| Q3 24 | $807.4M | $564.7M | ||
| Q2 24 | $708.0M | $537.3M | ||
| Q1 24 | $785.5M | $568.0M |
净利润LAZRPRX
| Q4 25 | $49.9M | $214.2M | ||
| Q3 25 | $71.2M | $288.2M | ||
| Q2 25 | $55.3M | $30.2M | ||
| Q1 25 | $60.4M | $238.3M | ||
| Q4 24 | $86.3M | $208.2M | ||
| Q3 24 | $107.9M | $544.0M | ||
| Q2 24 | $49.9M | $102.0M | ||
| Q1 24 | $35.8M | $4.8M |
营业利润率LAZRPRX
| Q4 25 | 9.1% | 62.4% | ||
| Q3 25 | 12.3% | 70.1% | ||
| Q2 25 | 11.4% | 36.3% | ||
| Q1 25 | 8.2% | 94.0% | ||
| Q4 24 | 12.8% | 60.9% | ||
| Q3 24 | 20.0% | — | ||
| Q2 24 | 9.0% | 50.2% | ||
| Q1 24 | 6.9% | -13.0% |
净利率LAZRPRX
| Q4 25 | 5.4% | 34.4% | ||
| Q3 25 | 9.2% | 47.3% | ||
| Q2 25 | 6.8% | 5.2% | ||
| Q1 25 | 9.0% | 41.9% | ||
| Q4 24 | 10.3% | 35.1% | ||
| Q3 24 | 13.4% | 96.3% | ||
| Q2 24 | 7.0% | 19.0% | ||
| Q1 24 | 4.6% | 0.8% |
每股收益（稀释后）LAZRPRX
| Q4 25 | $0.44 | $0.49 | ||
| Q3 25 | $0.65 | $0.67 | ||
| Q2 25 | $0.52 | $0.07 | ||
| Q1 25 | $0.56 | $0.55 | ||
| Q4 24 | $0.82 | $0.46 | ||
| Q3 24 | $1.02 | $1.21 | ||
| Q2 24 | $0.49 | $0.23 | ||
| Q1 24 | $0.35 | $0.01 |
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 | $1.5B | $618.7M |
| 总债务越低越好 | $1.7B | $9.0B |
| 股东权益账面价值 | $873.7M | $9.7B |
| 总资产 | $4.9B | $19.6B |
| 负债/权益比越低杠杆越低 | 1.93× | 0.92× |
8季度趋势，按日历期对齐
现金及短期投资LAZRPRX
| Q4 25 | $1.5B | $618.7M | ||
| Q3 25 | $1.2B | $938.9M | ||
| Q2 25 | $978.3M | $631.9M | ||
| Q1 25 | $908.6M | $1.1B | ||
| Q4 24 | $1.3B | $929.0M | ||
| Q3 24 | $1.2B | $950.1M | ||
| Q2 24 | $847.6M | $1.8B | ||
| Q1 24 | $923.2M | $843.0M |
总债务LAZRPRX
| Q4 25 | $1.7B | $9.0B | ||
| Q3 25 | $1.7B | $8.9B | ||
| Q2 25 | $1.7B | $8.0B | ||
| Q1 25 | $1.7B | $7.6B | ||
| Q4 24 | $1.7B | $7.6B | ||
| Q3 24 | $1.9B | $7.6B | ||
| Q2 24 | $1.9B | $7.6B | ||
| Q1 24 | $1.9B | $6.1B |
股东权益LAZRPRX
| Q4 25 | $873.7M | $9.7B | ||
| Q3 25 | $841.5M | $9.6B | ||
| Q2 25 | $741.6M | $9.5B | ||
| Q1 25 | $603.0M | $9.8B | ||
| Q4 24 | $636.2M | $10.3B | ||
| Q3 24 | $624.3M | $10.3B | ||
| Q2 24 | $458.7M | $9.8B | ||
| Q1 24 | $392.7M | $9.9B |
总资产LAZRPRX
| Q4 25 | $4.9B | $19.6B | ||
| Q3 25 | $4.6B | $19.3B | ||
| Q2 25 | $4.5B | $18.3B | ||
| Q1 25 | $4.2B | $17.6B | ||
| Q4 24 | $4.8B | $18.2B | ||
| Q3 24 | $4.8B | $18.0B | ||
| Q2 24 | $4.5B | $17.7B | ||
| Q1 24 | $4.6B | $16.1B |
负债/权益比LAZRPRX
| Q4 25 | 1.93× | 0.92× | ||
| Q3 25 | 2.01× | 0.93× | ||
| Q2 25 | 2.28× | 0.84× | ||
| Q1 25 | 2.80× | 0.78× | ||
| Q4 24 | 2.65× | 0.74× | ||
| Q3 24 | 2.97× | 0.74× | ||
| Q2 24 | 4.04× | 0.78× | ||
| Q1 24 | 4.71× | 0.62× |
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 | $399.7M | $827.1M |
| 自由现金流经营现金流 - 资本支出 | $396.1M | — |
| 自由现金流率自由现金流/营收 | 42.6% | — |
| 资本支出强度资本支出/营收 | 0.4% | — |
| 现金转化率经营现金流/净利润 | 8.02× | 3.86× |
| 过去12个月自由现金流最近4个季度 | $487.4M | — |
8季度趋势，按日历期对齐
经营现金流LAZRPRX
| Q4 25 | $399.7M | $827.1M | ||
| Q3 25 | $287.5M | $702.6M | ||
| Q2 25 | $49.7M | $364.0M | ||
| Q1 25 | $-217.5M | $596.1M | ||
| Q4 24 | $362.9M | $742.5M | ||
| Q3 24 | $293.7M | $703.6M | ||
| Q2 24 | $176.2M | $658.2M | ||
| Q1 24 | $-90.0M | $664.6M |
自由现金流LAZRPRX
| Q4 25 | $396.1M | — | ||
| Q3 25 | $284.6M | — | ||
| Q2 25 | $38.0M | — | ||
| Q1 25 | $-231.3M | — | ||
| Q4 24 | $348.0M | — | ||
| Q3 24 | $276.2M | — | ||
| Q2 24 | $169.8M | — | ||
| Q1 24 | $-96.6M | — |
自由现金流率LAZRPRX
| Q4 25 | 42.6% | — | ||
| Q3 25 | 36.9% | — | ||
| Q2 25 | 4.6% | — | ||
| Q1 25 | -34.6% | — | ||
| Q4 24 | 41.5% | — | ||
| Q3 24 | 34.2% | — | ||
| Q2 24 | 24.0% | — | ||
| Q1 24 | -12.3% | — |
资本支出强度LAZRPRX
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 2.1% | — | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 2.2% | — | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | 0.8% | — |
现金转化率LAZRPRX
| Q4 25 | 8.02× | 3.86× | ||
| Q3 25 | 4.03× | 2.44× | ||
| Q2 25 | 0.90× | 12.06× | ||
| Q1 25 | -3.60× | 2.50× | ||
| Q4 24 | 4.20× | 3.57× | ||
| Q3 24 | 2.72× | 1.29× | ||
| Q2 24 | 3.53× | 6.45× | ||
| Q1 24 | -2.52× | 139.10× |
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
LAZ
| Financial Advisory Segment | $542.3M | 58% |
| Asset Management1 | $347.8M | 37% |
| Incentive Fees | $40.9M | 4% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
