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拉扎德（LAZ）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
斑马技术的季度营收约是拉扎德的1.6倍（$1.5B vs $929.4M），拉扎德净利率更高（5.4% vs 4.7%，领先0.6%），拉扎德同比增速更快（10.8% vs 10.6%），拉扎德自由现金流更多（$396.1M vs $327.0M），过去两年斑马技术的营收复合增速更高（12.0% vs 8.8%）
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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
LAZ vs ZBRA — 直观对比
营收规模更大
ZBRA
是对方的1.6倍
$929.4M
营收增速更快
LAZ
高出0.2%
10.6%
净利率更高
LAZ
高出0.6%
4.7%
自由现金流更多
LAZ
多$69.1M
$327.0M
两年增速更快
ZBRA
近两年复合增速
8.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $929.4M | $1.5B |
| 净利润 | $49.9M | $70.0M |
| 毛利率 | — | 47.3% |
| 营业利润率 | 9.1% | 9.4% |
| 净利率 | 5.4% | 4.7% |
| 营收同比 | 10.8% | 10.6% |
| 净利润同比 | -42.2% | -57.1% |
| 每股收益（稀释后） | $0.44 | $1.40 |
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LAZZBRA
| Q4 25 | $929.4M | $1.5B | ||
| Q3 25 | $770.8M | $1.3B | ||
| Q2 25 | $817.2M | $1.3B | ||
| Q1 25 | $669.2M | $1.3B | ||
| Q4 24 | $839.0M | $1.3B | ||
| Q3 24 | $807.4M | $1.3B | ||
| Q2 24 | $708.0M | $1.2B | ||
| Q1 24 | $785.5M | $1.2B |
净利润LAZZBRA
| Q4 25 | $49.9M | $70.0M | ||
| Q3 25 | $71.2M | $101.0M | ||
| Q2 25 | $55.3M | $112.0M | ||
| Q1 25 | $60.4M | $136.0M | ||
| Q4 24 | $86.3M | $163.0M | ||
| Q3 24 | $107.9M | $137.0M | ||
| Q2 24 | $49.9M | $113.0M | ||
| Q1 24 | $35.8M | $115.0M |
毛利率LAZZBRA
| Q4 25 | — | 47.3% | ||
| Q3 25 | — | 48.0% | ||
| Q2 25 | — | 47.6% | ||
| Q1 25 | — | 49.3% | ||
| Q4 24 | — | 48.6% | ||
| Q3 24 | — | 48.8% | ||
| Q2 24 | — | 48.4% | ||
| Q1 24 | — | 47.9% |
营业利润率LAZZBRA
| Q4 25 | 9.1% | 9.4% | ||
| Q3 25 | 12.3% | 13.9% | ||
| Q2 25 | 11.4% | 14.2% | ||
| Q1 25 | 8.2% | 14.9% | ||
| Q4 24 | 12.8% | 16.9% | ||
| Q3 24 | 20.0% | 15.2% | ||
| Q2 24 | 9.0% | 13.7% | ||
| Q1 24 | 6.9% | 13.5% |
净利率LAZZBRA
| Q4 25 | 5.4% | 4.7% | ||
| Q3 25 | 9.2% | 7.7% | ||
| Q2 25 | 6.8% | 8.7% | ||
| Q1 25 | 9.0% | 10.4% | ||
| Q4 24 | 10.3% | 12.2% | ||
| Q3 24 | 13.4% | 10.9% | ||
| Q2 24 | 7.0% | 9.3% | ||
| Q1 24 | 4.6% | 9.8% |
每股收益（稀释后）LAZZBRA
| Q4 25 | $0.44 | $1.40 | ||
| Q3 25 | $0.65 | $1.97 | ||
| Q2 25 | $0.52 | $2.19 | ||
| Q1 25 | $0.56 | $2.62 | ||
| Q4 24 | $0.82 | $3.14 | ||
| Q3 24 | $1.02 | $2.64 | ||
| Q2 24 | $0.49 | $2.17 | ||
| Q1 24 | $0.35 | $2.23 |
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 | $125.0M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $873.7M | $3.6B |
| 总资产 | $4.9B | $8.5B |
| 负债/权益比越低杠杆越低 | 1.93× | — |
8季度趋势，按日历期对齐
现金及短期投资LAZZBRA
| Q4 25 | $1.5B | $125.0M | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $978.3M | $872.0M | ||
| Q1 25 | $908.6M | $879.0M | ||
| Q4 24 | $1.3B | $901.0M | ||
| Q3 24 | $1.2B | $676.0M | ||
| Q2 24 | $847.6M | $411.0M | ||
| Q1 24 | $923.2M | $127.0M |
总债务LAZZBRA
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | $2.2B | ||
| Q2 25 | $1.7B | $2.2B | ||
| Q1 25 | $1.7B | $2.2B | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.9B | $2.2B | ||
| Q2 24 | $1.9B | $2.2B | ||
| Q1 24 | $1.9B | $2.1B |
股东权益LAZZBRA
| Q4 25 | $873.7M | $3.6B | ||
| Q3 25 | $841.5M | $3.7B | ||
| Q2 25 | $741.6M | $3.6B | ||
| Q1 25 | $603.0M | $3.6B | ||
| Q4 24 | $636.2M | $3.6B | ||
| Q3 24 | $624.3M | $3.4B | ||
| Q2 24 | $458.7M | $3.3B | ||
| Q1 24 | $392.7M | $3.2B |
总资产LAZZBRA
| Q4 25 | $4.9B | $8.5B | ||
| Q3 25 | $4.6B | $8.1B | ||
| Q2 25 | $4.5B | $7.9B | ||
| Q1 25 | $4.2B | $7.9B | ||
| Q4 24 | $4.8B | $8.0B | ||
| Q3 24 | $4.8B | $7.7B | ||
| Q2 24 | $4.5B | $7.5B | ||
| Q1 24 | $4.6B | $7.3B |
负债/权益比LAZZBRA
| Q4 25 | 1.93× | — | ||
| Q3 25 | 2.01× | 0.58× | ||
| Q2 25 | 2.28× | 0.60× | ||
| Q1 25 | 2.80× | 0.60× | ||
| Q4 24 | 2.65× | — | ||
| Q3 24 | 2.97× | 0.64× | ||
| Q2 24 | 4.04× | 0.66× | ||
| Q1 24 | 4.71× | 0.66× |
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 | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $396.1M | $327.0M |
| 自由现金流率自由现金流/营收 | 42.6% | 22.2% |
| 资本支出强度资本支出/营收 | 0.4% | 2.0% |
| 现金转化率经营现金流/净利润 | 8.02× | 5.10× |
| 过去12个月自由现金流最近4个季度 | $487.4M | $831.0M |
8季度趋势，按日历期对齐
经营现金流LAZZBRA
| Q4 25 | $399.7M | $357.0M | ||
| Q3 25 | $287.5M | $235.0M | ||
| Q2 25 | $49.7M | $147.0M | ||
| Q1 25 | $-217.5M | $178.0M | ||
| Q4 24 | $362.9M | $306.0M | ||
| Q3 24 | $293.7M | $294.0M | ||
| Q2 24 | $176.2M | $288.0M | ||
| Q1 24 | $-90.0M | $125.0M |
自由现金流LAZZBRA
| Q4 25 | $396.1M | $327.0M | ||
| Q3 25 | $284.6M | $216.0M | ||
| Q2 25 | $38.0M | $130.0M | ||
| Q1 25 | $-231.3M | $158.0M | ||
| Q4 24 | $348.0M | $288.0M | ||
| Q3 24 | $276.2M | $277.0M | ||
| Q2 24 | $169.8M | $278.0M | ||
| Q1 24 | $-96.6M | $111.0M |
自由现金流率LAZZBRA
| Q4 25 | 42.6% | 22.2% | ||
| Q3 25 | 36.9% | 16.4% | ||
| Q2 25 | 4.6% | 10.1% | ||
| Q1 25 | -34.6% | 12.1% | ||
| Q4 24 | 41.5% | 21.6% | ||
| Q3 24 | 34.2% | 22.1% | ||
| Q2 24 | 24.0% | 22.8% | ||
| Q1 24 | -12.3% | 9.4% |
资本支出强度LAZZBRA
| Q4 25 | 0.4% | 2.0% | ||
| Q3 25 | 0.4% | 1.4% | ||
| Q2 25 | 1.4% | 1.3% | ||
| Q1 25 | 2.1% | 1.5% | ||
| Q4 24 | 1.8% | 1.3% | ||
| Q3 24 | 2.2% | 1.4% | ||
| Q2 24 | 0.9% | 0.8% | ||
| Q1 24 | 0.8% | 1.2% |
现金转化率LAZZBRA
| Q4 25 | 8.02× | 5.10× | ||
| Q3 25 | 4.03× | 2.33× | ||
| Q2 25 | 0.90× | 1.31× | ||
| Q1 25 | -3.60× | 1.31× | ||
| Q4 24 | 4.20× | 1.88× | ||
| Q3 24 | 2.72× | 2.15× | ||
| Q2 24 | 3.53× | 2.55× | ||
| Q1 24 | -2.52× | 1.09× |
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% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
