vs
MGP INGREDIENTS INC（MGPI）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
MGP INGREDIENTS INC的季度营收约是再鼎医药的1.1倍（$138.3M vs $127.1M），再鼎医药同比增速更快（17.1% vs -23.5%），MGP INGREDIENTS INC自由现金流更多（$24.3M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs -9.9%）
MGP配料公司是总部位于美国的优质蒸馏酒、特种小麦和玉米基淀粉及蛋白质配料供应商，服务食品饮料制造、餐饮及工业客户领域，为北美及部分全球市场客户提供定制化配料解决方案。
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。
MGPI vs ZLAB — 直观对比
营收规模更大
MGPI
是对方的1.1倍
$127.1M
营收增速更快
ZLAB
高出40.6%
-23.5%
自由现金流更多
MGPI
多$51.0M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $138.3M | $127.1M |
| 净利润 | $-134.6M | — |
| 毛利率 | 34.9% | 51.0% |
| 营业利润率 | -97.7% | -54.6% |
| 净利率 | -97.3% | — |
| 营收同比 | -23.5% | 17.1% |
| 净利润同比 | -220.8% | — |
| 每股收益（稀释后） | $-6.23 | $-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MGPIZLAB
| Q4 25 | $138.3M | $127.1M | ||
| Q3 25 | $130.9M | $115.4M | ||
| Q2 25 | $145.5M | $109.1M | ||
| Q1 25 | $121.7M | $105.7M | ||
| Q4 24 | $180.8M | $108.5M | ||
| Q3 24 | $161.5M | $101.8M | ||
| Q2 24 | $190.8M | $100.1M | ||
| Q1 24 | $170.6M | $87.1M |
净利润MGPIZLAB
| Q4 25 | $-134.6M | — | ||
| Q3 25 | $15.4M | $-36.0M | ||
| Q2 25 | $14.4M | $-40.7M | ||
| Q1 25 | $-3.0M | $-48.4M | ||
| Q4 24 | $-42.0M | — | ||
| Q3 24 | $23.9M | $-41.7M | ||
| Q2 24 | $32.1M | $-80.3M | ||
| Q1 24 | $20.6M | $-53.5M |
毛利率MGPIZLAB
| Q4 25 | 34.9% | 51.0% | ||
| Q3 25 | 37.8% | 59.5% | ||
| Q2 25 | 40.1% | 60.6% | ||
| Q1 25 | 35.6% | 63.6% | ||
| Q4 24 | 41.2% | 61.5% | ||
| Q3 24 | 40.8% | 64.1% | ||
| Q2 24 | 43.6% | 64.9% | ||
| Q1 24 | 36.8% | 61.4% |
营业利润率MGPIZLAB
| Q4 25 | -97.7% | -54.6% | ||
| Q3 25 | 16.1% | -42.3% | ||
| Q2 25 | 14.0% | -50.3% | ||
| Q1 25 | -0.6% | -53.3% | ||
| Q4 24 | -16.8% | -62.6% | ||
| Q3 24 | 20.2% | -66.6% | ||
| Q2 24 | 22.7% | -76.0% | ||
| Q1 24 | 17.0% | -80.7% |
净利率MGPIZLAB
| Q4 25 | -97.3% | — | ||
| Q3 25 | 11.8% | -31.2% | ||
| Q2 25 | 9.9% | -37.3% | ||
| Q1 25 | -2.5% | -45.8% | ||
| Q4 24 | -23.2% | — | ||
| Q3 24 | 14.8% | -40.9% | ||
| Q2 24 | 16.8% | -80.2% | ||
| Q1 24 | 12.1% | -61.4% |
每股收益（稀释后）MGPIZLAB
| Q4 25 | $-6.23 | $-0.05 | ||
| Q3 25 | $0.71 | $-0.03 | ||
| Q2 25 | $0.67 | $-0.04 | ||
| Q1 25 | $-0.14 | $-0.04 | ||
| Q4 24 | $-1.86 | $-0.09 | ||
| Q3 24 | $1.07 | $-0.04 | ||
| Q2 24 | $1.43 | $-0.08 | ||
| Q1 24 | $0.92 | $-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 | $18.5M | $689.6M |
| 总债务越低越好 | $245.9M | — |
| 股东权益账面价值 | $718.4M | $715.5M |
| 总资产 | $1.2B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.34× | — |
8季度趋势，按日历期对齐
现金及短期投资MGPIZLAB
| Q4 25 | $18.5M | $689.6M | ||
| Q3 25 | $13.4M | $717.2M | ||
| Q2 25 | $17.3M | $732.2M | ||
| Q1 25 | $20.1M | $757.3M | ||
| Q4 24 | $25.3M | $779.7M | ||
| Q3 24 | $20.8M | $616.1M | ||
| Q2 24 | $21.0M | $630.0M | ||
| Q1 24 | $19.5M | $650.8M |
总债务MGPIZLAB
| Q4 25 | $245.9M | — | ||
| Q3 25 | $262.3M | — | ||
| Q2 25 | $290.7M | — | ||
| Q1 25 | $290.7M | — | ||
| Q4 24 | $317.1M | — | ||
| Q3 24 | $283.6M | — | ||
| Q2 24 | $303.0M | — | ||
| Q1 24 | $294.4M | — |
股东权益MGPIZLAB
| Q4 25 | $718.4M | $715.5M | ||
| Q3 25 | $855.2M | $759.9M | ||
| Q2 25 | $841.8M | $791.7M | ||
| Q1 25 | $828.3M | $810.8M | ||
| Q4 24 | $834.2M | $840.9M | ||
| Q3 24 | $914.5M | $667.7M | ||
| Q2 24 | $894.5M | $704.2M | ||
| Q1 24 | $867.0M | $762.2M |
总资产MGPIZLAB
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.4B | $1.2B | ||
| Q3 24 | $1.4B | $985.3M | ||
| Q2 24 | $1.4B | $987.4M | ||
| Q1 24 | $1.4B | $988.4M |
负债/权益比MGPIZLAB
| Q4 25 | 0.34× | — | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.35× | — | ||
| Q4 24 | 0.38× | — | ||
| Q3 24 | 0.31× | — | ||
| Q2 24 | 0.34× | — | ||
| Q1 24 | 0.34× | — |
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 | $29.1M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $24.3M | $-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 | 3.5% | 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 | $76.0M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流MGPIZLAB
| Q4 25 | $29.1M | $-26.0M | ||
| Q3 25 | $36.1M | $-32.0M | ||
| Q2 25 | $11.7M | $-31.0M | ||
| Q1 25 | $44.7M | $-61.7M | ||
| Q4 24 | $28.8M | $-55.8M | ||
| Q3 24 | $43.9M | $-26.8M | ||
| Q2 24 | $5.0M | $-42.2M | ||
| Q1 24 | $24.6M | $-90.1M |
自由现金流MGPIZLAB
| Q4 25 | $24.3M | $-26.7M | ||
| Q3 25 | $27.6M | $-35.0M | ||
| Q2 25 | $-557.0K | $-33.9M | ||
| Q1 25 | $24.8M | $-63.2M | ||
| Q4 24 | $10.4M | $-58.4M | ||
| Q3 24 | $24.5M | $-28.2M | ||
| Q2 24 | $-1.4M | $-42.9M | ||
| Q1 24 | $-2.4M | $-91.1M |
自由现金流率MGPIZLAB
| Q4 25 | 17.5% | -21.0% | ||
| Q3 25 | 21.1% | -30.4% | ||
| Q2 25 | -0.4% | -31.1% | ||
| Q1 25 | 20.4% | -59.9% | ||
| Q4 24 | 5.8% | -53.8% | ||
| Q3 24 | 15.2% | -27.7% | ||
| Q2 24 | -0.7% | -42.9% | ||
| Q1 24 | -1.4% | -104.5% |
资本支出强度MGPIZLAB
| Q4 25 | 3.5% | 0.5% | ||
| Q3 25 | 6.5% | 2.6% | ||
| Q2 25 | 8.4% | 2.6% | ||
| Q1 25 | 16.4% | 1.5% | ||
| Q4 24 | 10.1% | 2.4% | ||
| Q3 24 | 12.0% | 1.3% | ||
| Q2 24 | 3.3% | 0.7% | ||
| Q1 24 | 15.8% | 1.1% |
现金转化率MGPIZLAB
| Q4 25 | — | — | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 0.81× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.84× | — | ||
| Q2 24 | 0.15× | — | ||
| Q1 24 | 1.19× | — |
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
MGPI
| Branded Spirits | $63.4M | 46% |
| Ingredient Solutions | $31.3M | 23% |
| Specialty Wheat Starches | $16.8M | 12% |
| Mid Spirits | $16.1M | 12% |
| Other Branded Spirits | $8.0M | 6% |
| Commodity Wheat Starch | $2.3M | 2% |
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% |
