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Merchants Bancorp（MBIN）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
Merchants Bancorp的季度营收约是再鼎医药的1.4倍（$175.2M vs $127.1M），过去两年再鼎医药的营收复合增速更高（20.8% vs 4.8%）
Ameris Bancorp是总部位于美国佐治亚州亚特兰大的银行控股企业，旗下设有Ameris Bank子公司，在佐治亚州、阿拉巴马州、佛罗里达州、北卡罗来纳州、南卡罗来纳州运营全服务网点，同时在上述五州及弗吉尼亚州、马里兰州、田纳西州设立仅办理抵押贷款业务的网点，为个人和企业客户提供线上及移动端银行服务。
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。
MBIN vs ZLAB — 直观对比
营收规模更大
MBIN
是对方的1.4倍
$127.1M
两年增速更快
ZLAB
近两年复合增速
4.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $175.2M | $127.1M |
| 净利润 | $67.7M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | — | -54.6% |
| 净利率 | 38.6% | — |
| 营收同比 | — | 17.1% |
| 净利润同比 | 16.3% | — |
| 每股收益（稀释后） | $1.25 | $-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MBINZLAB
| Q1 26 | $175.2M | — | ||
| Q4 25 | $185.3M | $127.1M | ||
| Q3 25 | $171.1M | $115.4M | ||
| Q2 25 | $179.2M | $109.1M | ||
| Q1 25 | $145.9M | $105.7M | ||
| Q4 24 | $193.8M | $108.5M | ||
| Q3 24 | $149.6M | $101.8M | ||
| Q2 24 | $159.5M | $100.1M |
净利润MBINZLAB
| Q1 26 | $67.7M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $54.7M | $-36.0M | ||
| Q2 25 | $38.0M | $-40.7M | ||
| Q1 25 | $58.2M | $-48.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | $61.3M | $-41.7M | ||
| Q2 24 | $76.4M | $-80.3M |
毛利率MBINZLAB
| Q1 26 | — | — | ||
| 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% |
营业利润率MBINZLAB
| Q1 26 | — | — | ||
| Q4 25 | 39.9% | -54.6% | ||
| Q3 25 | 37.8% | -42.3% | ||
| Q2 25 | 27.3% | -50.3% | ||
| Q1 25 | 52.4% | -53.3% | ||
| Q4 24 | 66.0% | -62.6% | ||
| Q3 24 | 54.4% | -66.6% | ||
| Q2 24 | 62.2% | -76.0% |
净利率MBINZLAB
| Q1 26 | 38.6% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 32.0% | -31.2% | ||
| Q2 25 | 21.2% | -37.3% | ||
| Q1 25 | 39.9% | -45.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | 41.0% | -40.9% | ||
| Q2 24 | 47.9% | -80.2% |
每股收益（稀释后）MBINZLAB
| Q1 26 | $1.25 | — | ||
| Q4 25 | $1.28 | $-0.05 | ||
| Q3 25 | $0.97 | $-0.03 | ||
| Q2 25 | $0.60 | $-0.04 | ||
| Q1 25 | $0.93 | $-0.04 | ||
| Q4 24 | $1.84 | $-0.09 | ||
| Q3 24 | $1.17 | $-0.04 | ||
| Q2 24 | $1.49 | $-0.08 |
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 | $83.2M | $689.6M |
| 总债务越低越好 | $32.0M | — |
| 股东权益账面价值 | $2.3B | $715.5M |
| 总资产 | $20.3B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.01× | — |
8季度趋势，按日历期对齐
现金及短期投资MBINZLAB
| Q1 26 | $83.2M | — | ||
| 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 |
总债务MBINZLAB
| Q1 26 | $32.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益MBINZLAB
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | $715.5M | ||
| Q3 25 | $2.2B | $759.9M | ||
| Q2 25 | $2.2B | $791.7M | ||
| Q1 25 | $2.2B | $810.8M | ||
| Q4 24 | $2.2B | $840.9M | ||
| Q3 24 | $1.9B | $667.7M | ||
| Q2 24 | $1.9B | $704.2M |
总资产MBINZLAB
| Q1 26 | $20.3B | — | ||
| Q4 25 | $19.4B | $1.2B | ||
| Q3 25 | $19.4B | $1.2B | ||
| Q2 25 | $19.1B | $1.2B | ||
| Q1 25 | $18.8B | $1.2B | ||
| Q4 24 | $18.8B | $1.2B | ||
| Q3 24 | $18.7B | $985.3M | ||
| Q2 24 | $18.2B | $987.4M |
负债/权益比MBINZLAB
| Q1 26 | 0.01× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-26.7M |
| 自由现金流率自由现金流/营收 | — | -21.0% |
| 资本支出强度资本支出/营收 | — | 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 | — | $-158.9M |
8季度趋势，按日历期对齐
经营现金流MBINZLAB
| Q1 26 | — | — | ||
| Q4 25 | $-341.2M | $-26.0M | ||
| Q3 25 | $29.8M | $-32.0M | ||
| Q2 25 | $-121.2M | $-31.0M | ||
| Q1 25 | $148.0M | $-61.7M | ||
| Q4 24 | $-835.3M | $-55.8M | ||
| Q3 24 | $-492.6M | $-26.8M | ||
| Q2 24 | $51.1M | $-42.2M |
自由现金流MBINZLAB
| Q1 26 | — | — | ||
| Q4 25 | $-362.2M | $-26.7M | ||
| Q3 25 | $24.0M | $-35.0M | ||
| Q2 25 | $-125.7M | $-33.9M | ||
| Q1 25 | $141.2M | $-63.2M | ||
| Q4 24 | $-853.7M | $-58.4M | ||
| Q3 24 | $-497.2M | $-28.2M | ||
| Q2 24 | $45.8M | $-42.9M |
自由现金流率MBINZLAB
| Q1 26 | — | — | ||
| Q4 25 | -195.5% | -21.0% | ||
| Q3 25 | 14.0% | -30.4% | ||
| Q2 25 | -70.1% | -31.1% | ||
| Q1 25 | 96.8% | -59.9% | ||
| Q4 24 | -440.6% | -53.8% | ||
| Q3 24 | -332.4% | -27.7% | ||
| Q2 24 | 28.7% | -42.9% |
资本支出强度MBINZLAB
| Q1 26 | — | — | ||
| Q4 25 | 11.3% | 0.5% | ||
| Q3 25 | 3.4% | 2.6% | ||
| Q2 25 | 2.5% | 2.6% | ||
| Q1 25 | 4.7% | 1.5% | ||
| Q4 24 | 9.5% | 2.4% | ||
| Q3 24 | 3.0% | 1.3% | ||
| Q2 24 | 3.3% | 0.7% |
现金转化率MBINZLAB
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.54× | — | ||
| Q2 25 | -3.19× | — | ||
| Q1 25 | 2.54× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -8.04× | — | ||
| Q2 24 | 0.67× | — |
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
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
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% |
