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LINCOLN EDUCATIONAL SERVICES CORP（LINC）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
LINCOLN EDUCATIONAL SERVICES CORP的季度营收约是再鼎医药的1.1倍（$142.9M vs $127.1M），LINCOLN EDUCATIONAL SERVICES CORP同比增速更快（19.7% vs 17.1%），LINCOLN EDUCATIONAL SERVICES CORP自由现金流更多（$25.0M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 17.6%）
林肯技术教育集团是美国营利性高等职业教育机构，总部位于新泽西州帕西帕尼，在美国科罗拉多、康涅狄格、佐治亚等12个州都设有校区，所有校区均由林肯教育服务公司持有运营，主打面向就业的高等职业技术教育服务。
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。
LINC vs ZLAB — 直观对比
营收规模更大
LINC
是对方的1.1倍
$127.1M
营收增速更快
LINC
高出2.6%
17.1%
自由现金流更多
LINC
多$51.7M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
17.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $142.9M | $127.1M |
| 净利润 | $12.7M | — |
| 毛利率 | 62.3% | 51.0% |
| 营业利润率 | 12.4% | -54.6% |
| 净利率 | 8.9% | — |
| 营收同比 | 19.7% | 17.1% |
| 净利润同比 | 85.9% | — |
| 每股收益（稀释后） | $0.41 | $-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LINCZLAB
| Q4 25 | $142.9M | $127.1M | ||
| Q3 25 | $141.4M | $115.4M | ||
| Q2 25 | $116.5M | $109.1M | ||
| Q1 25 | $117.5M | $105.7M | ||
| Q4 24 | $119.4M | $108.5M | ||
| Q3 24 | $114.4M | $101.8M | ||
| Q2 24 | $102.9M | $100.1M | ||
| Q1 24 | $103.4M | $87.1M |
净利润LINCZLAB
| Q4 25 | $12.7M | — | ||
| Q3 25 | $3.8M | $-36.0M | ||
| Q2 25 | $1.6M | $-40.7M | ||
| Q1 25 | $1.9M | $-48.4M | ||
| Q4 24 | $6.8M | — | ||
| Q3 24 | $4.0M | $-41.7M | ||
| Q2 24 | $-682.0K | $-80.3M | ||
| Q1 24 | $-214.0K | $-53.5M |
毛利率LINCZLAB
| Q4 25 | 62.3% | 51.0% | ||
| Q3 25 | 59.5% | 59.5% | ||
| Q2 25 | 59.8% | 60.6% | ||
| Q1 25 | 59.7% | 63.6% | ||
| Q4 24 | 62.2% | 61.5% | ||
| Q3 24 | 58.0% | 64.1% | ||
| Q2 24 | 55.7% | 64.9% | ||
| Q1 24 | 58.4% | 61.4% |
营业利润率LINCZLAB
| Q4 25 | 12.4% | -54.6% | ||
| Q3 25 | 4.4% | -42.3% | ||
| Q2 25 | 2.5% | -50.3% | ||
| Q1 25 | 2.9% | -53.3% | ||
| Q4 24 | 9.2% | -62.6% | ||
| Q3 24 | 5.1% | -66.6% | ||
| Q2 24 | -1.1% | -76.0% | ||
| Q1 24 | -0.4% | -80.7% |
净利率LINCZLAB
| Q4 25 | 8.9% | — | ||
| Q3 25 | 2.7% | -31.2% | ||
| Q2 25 | 1.3% | -37.3% | ||
| Q1 25 | 1.7% | -45.8% | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 3.5% | -40.9% | ||
| Q2 24 | -0.7% | -80.2% | ||
| Q1 24 | -0.2% | -61.4% |
每股收益（稀释后）LINCZLAB
| Q4 25 | $0.41 | $-0.05 | ||
| Q3 25 | $0.12 | $-0.03 | ||
| Q2 25 | $0.05 | $-0.04 | ||
| Q1 25 | $0.06 | $-0.04 | ||
| Q4 24 | $0.22 | $-0.09 | ||
| Q3 24 | $0.13 | $-0.04 | ||
| Q2 24 | $-0.02 | $-0.08 | ||
| Q1 24 | $-0.01 | $-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 | $28.5M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $199.7M | $715.5M |
| 总资产 | $493.2M | $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LINCZLAB
| Q4 25 | $28.5M | $689.6M | ||
| Q3 25 | $13.5M | $717.2M | ||
| Q2 25 | $16.7M | $732.2M | ||
| Q1 25 | $28.7M | $757.3M | ||
| Q4 24 | $59.3M | $779.7M | ||
| Q3 24 | $54.0M | $616.1M | ||
| Q2 24 | $67.0M | $630.0M | ||
| Q1 24 | $68.6M | $650.8M |
股东权益LINCZLAB
| Q4 25 | $199.7M | $715.5M | ||
| Q3 25 | $185.9M | $759.9M | ||
| Q2 25 | $180.7M | $791.7M | ||
| Q1 25 | $177.8M | $810.8M | ||
| Q4 24 | $178.3M | $840.9M | ||
| Q3 24 | $170.0M | $667.7M | ||
| Q2 24 | $164.9M | $704.2M | ||
| Q1 24 | $164.5M | $762.2M |
总资产LINCZLAB
| Q4 25 | $493.2M | $1.2B | ||
| Q3 25 | $466.9M | $1.2B | ||
| Q2 25 | $447.3M | $1.2B | ||
| Q1 25 | $427.4M | $1.2B | ||
| Q4 24 | $436.6M | $1.2B | ||
| Q3 24 | $404.0M | $985.3M | ||
| Q2 24 | $366.4M | $987.4M | ||
| Q1 24 | $355.2M | $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 | $43.5M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $25.0M | $-26.7M |
| 自由现金流率自由现金流/营收 | 17.5% | -21.0% |
| 资本支出强度资本支出/营收 | 13.0% | 0.5% |
| 现金转化率经营现金流/净利润 | 3.43× | — |
| 过去12个月自由现金流最近4个季度 | $-27.3M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流LINCZLAB
| Q4 25 | $43.5M | $-26.0M | ||
| Q3 25 | $23.9M | $-32.0M | ||
| Q2 25 | $299.0K | $-31.0M | ||
| Q1 25 | $-8.4M | $-61.7M | ||
| Q4 24 | $30.3M | $-55.8M | ||
| Q3 24 | $5.6M | $-26.8M | ||
| Q2 24 | $8.3M | $-42.2M | ||
| Q1 24 | $-14.9M | $-90.1M |
自由现金流LINCZLAB
| Q4 25 | $25.0M | $-26.7M | ||
| Q3 25 | $2.0M | $-35.0M | ||
| Q2 25 | $-26.1M | $-33.9M | ||
| Q1 25 | $-28.3M | $-63.2M | ||
| Q4 24 | $5.5M | $-58.4M | ||
| Q3 24 | $-13.8M | $-28.2M | ||
| Q2 24 | $-2.7M | $-42.9M | ||
| Q1 24 | $-16.6M | $-91.1M |
自由现金流率LINCZLAB
| Q4 25 | 17.5% | -21.0% | ||
| Q3 25 | 1.4% | -30.4% | ||
| Q2 25 | -22.4% | -31.1% | ||
| Q1 25 | -24.1% | -59.9% | ||
| Q4 24 | 4.6% | -53.8% | ||
| Q3 24 | -12.0% | -27.7% | ||
| Q2 24 | -2.6% | -42.9% | ||
| Q1 24 | -16.1% | -104.5% |
资本支出强度LINCZLAB
| Q4 25 | 13.0% | 0.5% | ||
| Q3 25 | 15.5% | 2.6% | ||
| Q2 25 | 22.7% | 2.6% | ||
| Q1 25 | 16.9% | 1.5% | ||
| Q4 24 | 20.8% | 2.4% | ||
| Q3 24 | 16.9% | 1.3% | ||
| Q2 24 | 10.7% | 0.7% | ||
| Q1 24 | 1.6% | 1.1% |
现金转化率LINCZLAB
| Q4 25 | 3.43× | — | ||
| Q3 25 | 6.29× | — | ||
| Q2 25 | 0.19× | — | ||
| Q1 25 | -4.31× | — | ||
| Q4 24 | 4.43× | — | ||
| Q3 24 | 1.42× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
LINC
| Transferred Over Time | $136.0M | 95% |
| Transferred At Point In Time | $6.9M | 5% |
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% |
