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LTC PROPERTIES INC（LTC）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LTC PROPERTIES INC的1.5倍（$127.1M vs $84.3M），LTC PROPERTIES INC同比增速更快（60.3% vs 17.1%），LTC PROPERTIES INC自由现金流更多（$128.7M vs $-26.7M），过去两年LTC PROPERTIES INC的营收复合增速更高（28.1% vs 20.8%）
LTC Properties Inc是一家总部位于美国的房地产投资信托企业，核心业务为持有、融资及运营老年住宅与医疗相关不动产，投资组合涵盖辅助生活设施、专业护理物业、记忆照护中心及独立生活社区，服务美国养老与医疗领域运营方。
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。
LTC vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.5倍
$84.3M
营收增速更快
LTC
高出43.2%
17.1%
自由现金流更多
LTC
多$155.4M
$-26.7M
两年增速更快
LTC
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $84.3M | $127.1M |
| 净利润 | $103.7M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | — | -54.6% |
| 净利率 | 123.0% | — |
| 营收同比 | 60.3% | 17.1% |
| 净利润同比 | 429.1% | — |
| 每股收益（稀释后） | $2.19 | $-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LTCZLAB
| Q4 25 | $84.3M | $127.1M | ||
| Q3 25 | $69.3M | $115.4M | ||
| Q2 25 | $60.2M | $109.1M | ||
| Q1 25 | $49.0M | $105.7M | ||
| Q4 24 | $52.6M | $108.5M | ||
| Q3 24 | $55.8M | $101.8M | ||
| Q2 24 | $50.1M | $100.1M | ||
| Q1 24 | $51.4M | $87.1M |
净利润LTCZLAB
| Q4 25 | $103.7M | — | ||
| Q3 25 | $-20.0M | $-36.0M | ||
| Q2 25 | $15.1M | $-40.7M | ||
| Q1 25 | $20.7M | $-48.4M | ||
| Q4 24 | $19.6M | — | ||
| Q3 24 | $29.4M | $-41.7M | ||
| Q2 24 | $19.4M | $-80.3M | ||
| Q1 24 | $24.2M | $-53.5M |
毛利率LTCZLAB
| Q4 25 | — | 51.0% | ||
| Q3 25 | — | 59.5% | ||
| Q2 25 | — | 60.6% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 64.1% | ||
| Q2 24 | — | 64.9% | ||
| Q1 24 | — | 61.4% |
营业利润率LTCZLAB
| Q4 25 | — | -54.6% | ||
| Q3 25 | 71.9% | -42.3% | ||
| Q2 25 | 80.5% | -50.3% | ||
| Q1 25 | 37.8% | -53.3% | ||
| Q4 24 | — | -62.6% | ||
| Q3 24 | 95.5% | -66.6% | ||
| Q2 24 | 38.0% | -76.0% | ||
| Q1 24 | 47.3% | -80.7% |
净利率LTCZLAB
| Q4 25 | 123.0% | — | ||
| Q3 25 | -28.9% | -31.2% | ||
| Q2 25 | 25.1% | -37.3% | ||
| Q1 25 | 42.2% | -45.8% | ||
| Q4 24 | 37.3% | — | ||
| Q3 24 | 52.6% | -40.9% | ||
| Q2 24 | 38.6% | -80.2% | ||
| Q1 24 | 47.2% | -61.4% |
每股收益（稀释后）LTCZLAB
| Q4 25 | $2.19 | $-0.05 | ||
| Q3 25 | $-0.44 | $-0.03 | ||
| Q2 25 | $0.32 | $-0.04 | ||
| Q1 25 | $0.45 | $-0.04 | ||
| Q4 24 | $0.38 | $-0.09 | ||
| Q3 24 | $0.66 | $-0.04 | ||
| Q2 24 | $0.44 | $-0.08 | ||
| Q1 24 | $0.56 | $-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 | $14.4M | $689.6M |
| 总债务越低越好 | $842.2M | — |
| 股东权益账面价值 | $1.1B | $715.5M |
| 总资产 | $2.1B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.78× | — |
8季度趋势，按日历期对齐
现金及短期投资LTCZLAB
| Q4 25 | $14.4M | $689.6M | ||
| Q3 25 | $17.9M | $717.2M | ||
| Q2 25 | $7.6M | $732.2M | ||
| Q1 25 | $23.3M | $757.3M | ||
| Q4 24 | $9.4M | $779.7M | ||
| Q3 24 | $35.0M | $616.1M | ||
| Q2 24 | $6.2M | $630.0M | ||
| Q1 24 | $9.0M | $650.8M |
总债务LTCZLAB
| Q4 25 | $842.2M | — | ||
| Q3 25 | $944.5M | — | ||
| Q2 25 | $696.5M | — | ||
| Q1 25 | $682.2M | — | ||
| Q4 24 | $684.6M | — | ||
| Q3 24 | $785.3M | — | ||
| Q2 24 | $861.0M | — | ||
| Q1 24 | $860.2M | — |
股东权益LTCZLAB
| Q4 25 | $1.1B | $715.5M | ||
| Q3 25 | $957.9M | $759.9M | ||
| Q2 25 | $957.5M | $791.7M | ||
| Q1 25 | $961.9M | $810.8M | ||
| Q4 24 | $960.6M | $840.9M | ||
| Q3 24 | $947.8M | $667.7M | ||
| Q2 24 | $889.1M | $704.2M | ||
| Q1 24 | $886.2M | $762.2M |
总资产LTCZLAB
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.8B | $1.2B | ||
| Q4 24 | $1.8B | $1.2B | ||
| Q3 24 | $1.9B | $985.3M | ||
| Q2 24 | $1.9B | $987.4M | ||
| Q1 24 | $1.8B | $988.4M |
负债/权益比LTCZLAB
| Q4 25 | 0.78× | — | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 0.71× | — | ||
| Q3 24 | 0.83× | — | ||
| Q2 24 | 0.97× | — | ||
| Q1 24 | 0.97× | — |
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 | $136.0M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $128.7M | $-26.7M |
| 自由现金流率自由现金流/营收 | 152.7% | -21.0% |
| 资本支出强度资本支出/营收 | 8.6% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.31× | — |
| 过去12个月自由现金流最近4个季度 | $220.1M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流LTCZLAB
| Q4 25 | $136.0M | $-26.0M | ||
| Q3 25 | $38.4M | $-32.0M | ||
| Q2 25 | $30.0M | $-31.0M | ||
| Q1 25 | $29.6M | $-61.7M | ||
| Q4 24 | $125.9M | $-55.8M | ||
| Q3 24 | $34.0M | $-26.8M | ||
| Q2 24 | $37.0M | $-42.2M | ||
| Q1 24 | $21.1M | $-90.1M |
自由现金流LTCZLAB
| Q4 25 | $128.7M | $-26.7M | ||
| Q3 25 | $34.3M | $-35.0M | ||
| Q2 25 | $28.9M | $-33.9M | ||
| Q1 25 | $28.2M | $-63.2M | ||
| Q4 24 | $112.2M | $-58.4M | ||
| Q3 24 | $27.7M | $-28.2M | ||
| Q2 24 | $34.7M | $-42.9M | ||
| Q1 24 | $19.7M | $-91.1M |
自由现金流率LTCZLAB
| Q4 25 | 152.7% | -21.0% | ||
| Q3 25 | 49.4% | -30.4% | ||
| Q2 25 | 47.9% | -31.1% | ||
| Q1 25 | 57.6% | -59.9% | ||
| Q4 24 | 213.4% | -53.8% | ||
| Q3 24 | 49.7% | -27.7% | ||
| Q2 24 | 69.1% | -42.9% | ||
| Q1 24 | 38.4% | -104.5% |
资本支出强度LTCZLAB
| Q4 25 | 8.6% | 0.5% | ||
| Q3 25 | 6.0% | 2.6% | ||
| Q2 25 | 1.9% | 2.6% | ||
| Q1 25 | 2.7% | 1.5% | ||
| Q4 24 | 26.0% | 2.4% | ||
| Q3 24 | 11.2% | 1.3% | ||
| Q2 24 | 4.6% | 0.7% | ||
| Q1 24 | 2.6% | 1.1% |
现金转化率LTCZLAB
| Q4 25 | 1.31× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.99× | — | ||
| Q1 25 | 1.43× | — | ||
| Q4 24 | 6.43× | — | ||
| Q3 24 | 1.16× | — | ||
| Q2 24 | 1.91× | — | ||
| Q1 24 | 0.87× | — |
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
LTC
| Seniors Housing Operating Portfolio Segment | $72.1M | 86% |
| Other | $12.2M | 14% |
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% |
