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MARA Holdings, Inc.（MARA）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
MARA Holdings, Inc.的季度营收约是再鼎医药的1.6倍（$202.3M vs $127.1M），再鼎医药同比增速更快（17.1% vs -5.6%），再鼎医药自由现金流更多（$-26.7M vs $-1.2B），过去两年再鼎医药的营收复合增速更高（20.8% vs 10.7%）
MARA Holdings, Inc.是一家美国数字资产技术及加密货币挖矿企业，总部位于佛罗里达州劳德代尔堡。公司成立于2010年，最初以专利控股公司的模式运营，2010年代后期转向专注于区块链基础设施与数字资产相关业务。
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。
MARA vs ZLAB — 直观对比
营收规模更大
MARA
是对方的1.6倍
$127.1M
营收增速更快
ZLAB
高出22.8%
-5.6%
自由现金流更多
ZLAB
多$1.2B
$-1.2B
两年增速更快
ZLAB
近两年复合增速
10.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $202.3M | $127.1M |
| 净利润 | $-1.7B | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | -11795.9% | -54.6% |
| 净利率 | -14298.3% | — |
| 营收同比 | -5.6% | 17.1% |
| 净利润同比 | -423.5% | — |
| 每股收益（稀释后） | $-4.25 | $-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MARAZLAB
| Q4 25 | $202.3M | $127.1M | ||
| Q3 25 | $252.4M | $115.4M | ||
| Q2 25 | $238.5M | $109.1M | ||
| Q1 25 | $213.9M | $105.7M | ||
| Q4 24 | $214.4M | $108.5M | ||
| Q3 24 | $131.6M | $101.8M | ||
| Q2 24 | $145.1M | $100.1M | ||
| Q1 24 | $165.2M | $87.1M |
净利润MARAZLAB
| Q4 25 | $-1.7B | — | ||
| Q3 25 | $123.1M | $-36.0M | ||
| Q2 25 | $808.2M | $-40.7M | ||
| Q1 25 | $-533.4M | $-48.4M | ||
| Q4 24 | $528.5M | — | ||
| Q3 24 | $-124.8M | $-41.7M | ||
| Q2 24 | $-199.7M | $-80.3M | ||
| Q1 24 | $337.2M | $-53.5M |
毛利率MARAZLAB
| Q4 25 | — | 51.0% | ||
| Q3 25 | — | 59.5% | ||
| Q2 25 | — | 60.6% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | -2613.4% | 61.5% | ||
| Q3 24 | -1065.0% | 64.1% | ||
| Q2 24 | -587.6% | 64.9% | ||
| Q1 24 | -289.4% | 61.4% |
营业利润率MARAZLAB
| Q4 25 | -11795.9% | -54.6% | ||
| Q3 25 | 18.9% | -42.3% | ||
| Q2 25 | — | -50.3% | ||
| Q1 25 | -253.0% | -53.3% | ||
| Q4 24 | — | -62.6% | ||
| Q3 24 | -130.8% | -66.6% | ||
| Q2 24 | -160.1% | -76.0% | ||
| Q1 24 | — | -80.7% |
净利率MARAZLAB
| Q4 25 | -14298.3% | — | ||
| Q3 25 | 48.8% | -31.2% | ||
| Q2 25 | 338.9% | -37.3% | ||
| Q1 25 | -249.4% | -45.8% | ||
| Q4 24 | 5367.4% | — | ||
| Q3 24 | -94.8% | -40.9% | ||
| Q2 24 | -137.6% | -80.2% | ||
| Q1 24 | 204.1% | -61.4% |
每股收益（稀释后）MARAZLAB
| Q4 25 | $-4.25 | $-0.05 | ||
| Q3 25 | $0.27 | $-0.03 | ||
| Q2 25 | $1.84 | $-0.04 | ||
| Q1 25 | $-1.55 | $-0.04 | ||
| Q4 24 | $1.60 | $-0.09 | ||
| Q3 24 | $-0.42 | $-0.04 | ||
| Q2 24 | $-0.72 | $-0.08 | ||
| Q1 24 | $1.26 | $-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 | $547.1M | $689.6M |
| 总债务越低越好 | $3.6B | — |
| 股东权益账面价值 | $3.5B | $715.5M |
| 总资产 | $7.3B | $1.2B |
| 负债/权益比越低杠杆越低 | 1.04× | — |
8季度趋势，按日历期对齐
现金及短期投资MARAZLAB
| Q4 25 | $547.1M | $689.6M | ||
| Q3 25 | $826.4M | $717.2M | ||
| Q2 25 | $109.5M | $732.2M | ||
| Q1 25 | $196.2M | $757.3M | ||
| Q4 24 | $391.8M | $779.7M | ||
| Q3 24 | $164.3M | $616.1M | ||
| Q2 24 | $256.0M | $630.0M | ||
| Q1 24 | $324.3M | $650.8M |
总债务MARAZLAB
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $618.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MARAZLAB
| Q4 25 | $3.5B | $715.5M | ||
| Q3 25 | $5.2B | $759.9M | ||
| Q2 25 | $4.8B | $791.7M | ||
| Q1 25 | $3.7B | $810.8M | ||
| Q4 24 | $4.1B | $840.9M | ||
| Q3 24 | $2.9B | $667.7M | ||
| Q2 24 | $2.6B | $704.2M | ||
| Q1 24 | $2.5B | $762.2M |
总资产MARAZLAB
| Q4 25 | $7.3B | $1.2B | ||
| Q3 25 | $9.2B | $1.2B | ||
| Q2 25 | $7.7B | $1.2B | ||
| Q1 25 | $6.4B | $1.2B | ||
| Q4 24 | $6.8B | $1.2B | ||
| Q3 24 | $3.6B | $985.3M | ||
| Q2 24 | $3.1B | $987.4M | ||
| Q1 24 | $3.0B | $988.4M |
负债/权益比MARAZLAB
| Q4 25 | 1.04× | — | ||
| Q3 25 | 0.63× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.22× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-802.7M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $-26.7M |
| 自由现金流率自由现金流/营收 | -598.0% | -21.0% |
| 资本支出强度资本支出/营收 | 201.2% | 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 | $-2.0B | $-158.9M |
8季度趋势，按日历期对齐
经营现金流MARAZLAB
| Q4 25 | $-802.7M | $-26.0M | ||
| Q3 25 | $-199.0M | $-32.0M | ||
| Q2 25 | $-163.4M | $-31.0M | ||
| Q1 25 | $-215.5M | $-61.7M | ||
| Q4 24 | $-677.0M | $-55.8M | ||
| Q3 24 | $-160.1M | $-26.8M | ||
| Q2 24 | $-115.2M | $-42.2M | ||
| Q1 24 | $-88.3M | $-90.1M |
自由现金流MARAZLAB
| Q4 25 | $-1.2B | $-26.7M | ||
| Q3 25 | $-283.9M | $-35.0M | ||
| Q2 25 | $-282.4M | $-33.9M | ||
| Q1 25 | $-254.3M | $-63.2M | ||
| Q4 24 | $-927.8M | $-58.4M | ||
| Q3 24 | $-198.1M | $-28.2M | ||
| Q2 24 | $-132.4M | $-42.9M | ||
| Q1 24 | $-97.4M | $-91.1M |
自由现金流率MARAZLAB
| Q4 25 | -598.0% | -21.0% | ||
| Q3 25 | -112.5% | -30.4% | ||
| Q2 25 | -118.4% | -31.1% | ||
| Q1 25 | -118.9% | -59.9% | ||
| Q4 24 | -432.8% | -53.8% | ||
| Q3 24 | -150.5% | -27.7% | ||
| Q2 24 | -91.2% | -42.9% | ||
| Q1 24 | -59.0% | -104.5% |
资本支出强度MARAZLAB
| Q4 25 | 201.2% | 0.5% | ||
| Q3 25 | 33.6% | 2.6% | ||
| Q2 25 | 49.9% | 2.6% | ||
| Q1 25 | 18.2% | 1.5% | ||
| Q4 24 | 117.0% | 2.4% | ||
| Q3 24 | 28.9% | 1.3% | ||
| Q2 24 | 11.9% | 0.7% | ||
| Q1 24 | 5.5% | 1.1% |
现金转化率MARAZLAB
| Q4 25 | — | — | ||
| Q3 25 | -1.62× | — | ||
| Q2 25 | -0.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.28× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.26× | — |
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
MARA
暂无分部数据
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% |
