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莱夫 Nation 娱乐（LIVE）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莱夫 Nation 娱乐的1.2倍（$127.1M vs $108.5M），再鼎医药同比增速更快（17.1% vs -2.7%），莱夫 Nation 娱乐自由现金流更多（$8.5M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs -4.3%）
Live Nation Entertainment是一家美国跨国娱乐企业，2010年由Live Nation与Ticketmaster合并而成。目前两大品牌均作为子品牌运营，在全球范围内推广现场娱乐活动并提供票务销售服务，同时还自营多处娱乐场馆，并为音乐人提供艺人经纪服务。
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。
LIVE vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.2倍
$108.5M
营收增速更快
ZLAB
高出19.8%
-2.7%
自由现金流更多
LIVE
多$35.2M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
-4.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $108.5M | $127.1M |
| 净利润 | $-64.0K | — |
| 毛利率 | 32.6% | 51.0% |
| 营业利润率 | 3.2% | -54.6% |
| 净利率 | -0.1% | — |
| 营收同比 | -2.7% | 17.1% |
| 净利润同比 | -113.0% | — |
| 每股收益（稀释后） | $-0.02 | $-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LIVEZLAB
| Q4 25 | $108.5M | $127.1M | ||
| Q3 25 | $113.9M | $115.4M | ||
| Q2 25 | $112.5M | $109.1M | ||
| Q1 25 | $107.0M | $105.7M | ||
| Q4 24 | $111.5M | $108.5M | ||
| Q3 24 | $112.7M | $101.8M | ||
| Q2 24 | $123.9M | $100.1M | ||
| Q1 24 | $118.6M | $87.1M |
净利润LIVEZLAB
| Q4 25 | $-64.0K | — | ||
| Q3 25 | $997.0K | $-36.0M | ||
| Q2 25 | $5.4M | $-40.7M | ||
| Q1 25 | $15.9M | $-48.4M | ||
| Q4 24 | $492.0K | — | ||
| Q3 24 | $-19.9M | $-41.7M | ||
| Q2 24 | $-2.9M | $-80.3M | ||
| Q1 24 | $-3.3M | $-53.5M |
毛利率LIVEZLAB
| Q4 25 | 32.6% | 51.0% | ||
| Q3 25 | 32.4% | 59.5% | ||
| Q2 25 | 34.0% | 60.6% | ||
| Q1 25 | 32.8% | 63.6% | ||
| Q4 24 | 31.7% | 61.5% | ||
| Q3 24 | 31.9% | 64.1% | ||
| Q2 24 | 29.9% | 64.9% | ||
| Q1 24 | 29.9% | 61.4% |
营业利润率LIVEZLAB
| Q4 25 | 3.2% | -54.6% | ||
| Q3 25 | 3.3% | -42.3% | ||
| Q2 25 | 7.1% | -50.3% | ||
| Q1 25 | 2.0% | -53.3% | ||
| Q4 24 | 0.7% | -62.6% | ||
| Q3 24 | -15.5% | -66.6% | ||
| Q2 24 | 0.9% | -76.0% | ||
| Q1 24 | -0.7% | -80.7% |
净利率LIVEZLAB
| Q4 25 | -0.1% | — | ||
| Q3 25 | 0.9% | -31.2% | ||
| Q2 25 | 4.8% | -37.3% | ||
| Q1 25 | 14.8% | -45.8% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | -17.6% | -40.9% | ||
| Q2 24 | -2.3% | -80.2% | ||
| Q1 24 | -2.8% | -61.4% |
每股收益（稀释后）LIVEZLAB
| Q4 25 | $-0.02 | $-0.05 | ||
| Q3 25 | $-1.52 | $-0.03 | ||
| Q2 25 | $1.24 | $-0.04 | ||
| Q1 25 | $5.05 | $-0.04 | ||
| Q4 24 | $0.16 | $-0.09 | ||
| Q3 24 | $-6.31 | $-0.04 | ||
| Q2 24 | $-0.91 | $-0.08 | ||
| Q1 24 | $-1.04 | $-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 | — | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $95.3M | $715.5M |
| 总资产 | $389.2M | $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LIVEZLAB
| Q4 25 | — | $689.6M | ||
| Q3 25 | — | $717.2M | ||
| Q2 25 | — | $732.2M | ||
| Q1 25 | — | $757.3M | ||
| Q4 24 | — | $779.7M | ||
| Q3 24 | — | $616.1M | ||
| Q2 24 | — | $630.0M | ||
| Q1 24 | — | $650.8M |
股东权益LIVEZLAB
| Q4 25 | $95.3M | $715.5M | ||
| Q3 25 | $95.3M | $759.9M | ||
| Q2 25 | $94.3M | $791.7M | ||
| Q1 25 | $88.9M | $810.8M | ||
| Q4 24 | $73.3M | $840.9M | ||
| Q3 24 | $72.9M | $667.7M | ||
| Q2 24 | $92.7M | $704.2M | ||
| Q1 24 | $95.9M | $762.2M |
总资产LIVEZLAB
| Q4 25 | $389.2M | $1.2B | ||
| Q3 25 | $386.4M | $1.2B | ||
| Q2 25 | $387.5M | $1.2B | ||
| Q1 25 | $393.6M | $1.2B | ||
| Q4 24 | $395.5M | $1.2B | ||
| Q3 24 | $407.5M | $985.3M | ||
| Q2 24 | $436.8M | $987.4M | ||
| Q1 24 | $433.9M | $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 | $9.8M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $8.5M | $-26.7M |
| 自由现金流率自由现金流/营收 | 7.8% | -21.0% |
| 资本支出强度资本支出/营收 | 1.2% | 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 | $21.9M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流LIVEZLAB
| Q4 25 | $9.8M | $-26.0M | ||
| Q3 25 | $6.8M | $-32.0M | ||
| Q2 25 | $12.3M | $-31.0M | ||
| Q1 25 | $231.0K | $-61.7M | ||
| Q4 24 | $9.4M | $-55.8M | ||
| Q3 24 | $6.7M | $-26.8M | ||
| Q2 24 | $11.7M | $-42.2M | ||
| Q1 24 | $-5.7M | $-90.1M |
自由现金流LIVEZLAB
| Q4 25 | $8.5M | $-26.7M | ||
| Q3 25 | $4.8M | $-35.0M | ||
| Q2 25 | $10.8M | $-33.9M | ||
| Q1 25 | $-2.3M | $-63.2M | ||
| Q4 24 | $7.6M | $-58.4M | ||
| Q3 24 | $3.3M | $-28.2M | ||
| Q2 24 | $10.1M | $-42.9M | ||
| Q1 24 | $-7.5M | $-91.1M |
自由现金流率LIVEZLAB
| Q4 25 | 7.8% | -21.0% | ||
| Q3 25 | 4.2% | -30.4% | ||
| Q2 25 | 9.6% | -31.1% | ||
| Q1 25 | -2.1% | -59.9% | ||
| Q4 24 | 6.8% | -53.8% | ||
| Q3 24 | 2.9% | -27.7% | ||
| Q2 24 | 8.2% | -42.9% | ||
| Q1 24 | -6.3% | -104.5% |
资本支出强度LIVEZLAB
| Q4 25 | 1.2% | 0.5% | ||
| Q3 25 | 1.7% | 2.6% | ||
| Q2 25 | 1.3% | 2.6% | ||
| Q1 25 | 2.3% | 1.5% | ||
| Q4 24 | 1.6% | 2.4% | ||
| Q3 24 | 3.1% | 1.3% | ||
| Q2 24 | 1.3% | 0.7% | ||
| Q1 24 | 1.4% | 1.1% |
现金转化率LIVEZLAB
| Q4 25 | — | — | ||
| Q3 25 | 6.78× | — | ||
| Q2 25 | 2.28× | — | ||
| Q1 25 | 0.01× | — | ||
| Q4 24 | 19.11× | — | ||
| Q3 24 | — | — | ||
| 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
LIVE
| Steel Manufacturing Segment | $31.9M | 29% |
| Flooring Manufacturing Segment | $28.9M | 27% |
| Retail Flooring Segment | $25.3M | 23% |
| Retail Entertainment Segment | $23.6M | 22% |
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% |
