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Marcus & Millichap, Inc.（MMI）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
Marcus & Millichap, Inc.的季度营收约是再鼎医药的1.9倍（$243.9M vs $127.1M），再鼎医药同比增速更快（17.1% vs 1.6%），Marcus & Millichap, Inc.自由现金流更多（$43.9M vs $-26.7M），过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% vs 20.8%）
马库斯-米利查普是一家美国商业地产服务企业，在美国和加拿大开展业务，核心服务涵盖商业地产经纪、抵押贷款经纪、市场研究及顾问咨询，业内首创了单经纪机构独家代理房源挂牌模式，目前在美加两国设有超过80家办事处，员工规模超1800人。
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。
MMI vs ZLAB — 直观对比
营收规模更大
MMI
是对方的1.9倍
$127.1M
营收增速更快
ZLAB
高出15.5%
1.6%
自由现金流更多
MMI
多$70.6M
$-26.7M
两年增速更快
MMI
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $243.9M | $127.1M |
| 净利润 | $13.3M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 6.3% | -54.6% |
| 净利率 | 5.5% | — |
| 营收同比 | 1.6% | 17.1% |
| 净利润同比 | 55.7% | — |
| 每股收益（稀释后） | $0.33 | $-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MMIZLAB
| Q4 25 | $243.9M | $127.1M | ||
| Q3 25 | $193.9M | $115.4M | ||
| Q2 25 | $172.3M | $109.1M | ||
| Q1 25 | $145.0M | $105.7M | ||
| Q4 24 | $240.1M | $108.5M | ||
| Q3 24 | $168.5M | $101.8M | ||
| Q2 24 | $158.4M | $100.1M | ||
| Q1 24 | $129.1M | $87.1M |
净利润MMIZLAB
| Q4 25 | $13.3M | — | ||
| Q3 25 | $240.0K | $-36.0M | ||
| Q2 25 | $-11.0M | $-40.7M | ||
| Q1 25 | $-4.4M | $-48.4M | ||
| Q4 24 | $8.5M | — | ||
| Q3 24 | $-5.4M | $-41.7M | ||
| Q2 24 | $-5.5M | $-80.3M | ||
| Q1 24 | $-10.0M | $-53.5M |
毛利率MMIZLAB
| 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MMIZLAB
| Q4 25 | 6.3% | -54.6% | ||
| Q3 25 | -1.2% | -42.3% | ||
| Q2 25 | -5.3% | -50.3% | ||
| Q1 25 | -12.2% | -53.3% | ||
| Q4 24 | 2.8% | -62.6% | ||
| Q3 24 | -6.8% | -66.6% | ||
| Q2 24 | -5.1% | -76.0% | ||
| Q1 24 | -15.6% | -80.7% |
净利率MMIZLAB
| Q4 25 | 5.5% | — | ||
| Q3 25 | 0.1% | -31.2% | ||
| Q2 25 | -6.4% | -37.3% | ||
| Q1 25 | -3.0% | -45.8% | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | -3.2% | -40.9% | ||
| Q2 24 | -3.5% | -80.2% | ||
| Q1 24 | -7.7% | -61.4% |
每股收益（稀释后）MMIZLAB
| Q4 25 | $0.33 | $-0.05 | ||
| Q3 25 | $0.01 | $-0.03 | ||
| Q2 25 | $-0.28 | $-0.04 | ||
| Q1 25 | $-0.11 | $-0.04 | ||
| Q4 24 | $0.22 | $-0.09 | ||
| Q3 24 | $-0.14 | $-0.04 | ||
| Q2 24 | $-0.14 | $-0.08 | ||
| Q1 24 | $-0.26 | $-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 | — | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $603.1M | $715.5M |
| 总资产 | $827.2M | $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MMIZLAB
| 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MMIZLAB
| Q4 25 | $603.1M | $715.5M | ||
| Q3 25 | $602.2M | $759.9M | ||
| Q2 25 | $607.8M | $791.7M | ||
| Q1 25 | $617.6M | $810.8M | ||
| Q4 24 | $630.8M | $840.9M | ||
| Q3 24 | $617.7M | $667.7M | ||
| Q2 24 | $626.7M | $704.2M | ||
| Q1 24 | $625.6M | $762.2M |
总资产MMIZLAB
| Q4 25 | $827.2M | $1.2B | ||
| Q3 25 | $812.5M | $1.2B | ||
| Q2 25 | $792.2M | $1.2B | ||
| Q1 25 | $802.0M | $1.2B | ||
| Q4 24 | $869.8M | $1.2B | ||
| Q3 24 | $833.7M | $985.3M | ||
| Q2 24 | $825.4M | $987.4M | ||
| Q1 24 | $826.7M | $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 | $46.3M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $43.9M | $-26.7M |
| 自由现金流率自由现金流/营收 | 18.0% | -21.0% |
| 资本支出强度资本支出/营收 | 1.0% | 0.5% |
| 现金转化率经营现金流/净利润 | 3.48× | — |
| 过去12个月自由现金流最近4个季度 | $58.8M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流MMIZLAB
| Q4 25 | $46.3M | $-26.0M | ||
| Q3 25 | $52.2M | $-32.0M | ||
| Q2 25 | $21.0M | $-31.0M | ||
| Q1 25 | $-52.8M | $-61.7M | ||
| Q4 24 | $56.7M | $-55.8M | ||
| Q3 24 | $15.2M | $-26.8M | ||
| Q2 24 | $851.0K | $-42.2M | ||
| Q1 24 | $-51.0M | $-90.1M |
自由现金流MMIZLAB
| Q4 25 | $43.9M | $-26.7M | ||
| Q3 25 | $50.0M | $-35.0M | ||
| Q2 25 | $19.3M | $-33.9M | ||
| Q1 25 | $-54.3M | $-63.2M | ||
| Q4 24 | $55.1M | $-58.4M | ||
| Q3 24 | $13.2M | $-28.2M | ||
| Q2 24 | $-806.0K | $-42.9M | ||
| Q1 24 | $-53.7M | $-91.1M |
自由现金流率MMIZLAB
| Q4 25 | 18.0% | -21.0% | ||
| Q3 25 | 25.8% | -30.4% | ||
| Q2 25 | 11.2% | -31.1% | ||
| Q1 25 | -37.5% | -59.9% | ||
| Q4 24 | 23.0% | -53.8% | ||
| Q3 24 | 7.8% | -27.7% | ||
| Q2 24 | -0.5% | -42.9% | ||
| Q1 24 | -41.6% | -104.5% |
资本支出强度MMIZLAB
| Q4 25 | 1.0% | 0.5% | ||
| Q3 25 | 1.2% | 2.6% | ||
| Q2 25 | 1.0% | 2.6% | ||
| Q1 25 | 1.0% | 1.5% | ||
| Q4 24 | 0.6% | 2.4% | ||
| Q3 24 | 1.2% | 1.3% | ||
| Q2 24 | 1.0% | 0.7% | ||
| Q1 24 | 2.0% | 1.1% |
现金转化率MMIZLAB
| Q4 25 | 3.48× | — | ||
| Q3 25 | 217.54× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.63× | — | ||
| 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
MMI
| Real Estate Brokerage Commissions | $205.3M | 84% |
| Financing Fees | $33.2M | 14% |
| Other Revenues | $5.4M | 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% |
