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MARTIN MIDSTREAM PARTNERS L.P.（MMLP）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
MARTIN MIDSTREAM PARTNERS L.P.的季度营收约是再鼎医药的1.5倍（$187.7M vs $127.1M），再鼎医药同比增速更快（17.1% vs -2.5%），MARTIN MIDSTREAM PARTNERS L.P.自由现金流更多（$-6.0M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 0.8%）
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
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。
MMLP vs ZLAB — 直观对比
营收规模更大
MMLP
是对方的1.5倍
$127.1M
营收增速更快
ZLAB
高出19.6%
-2.5%
自由现金流更多
MMLP
多$20.7M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
0.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $187.7M | $127.1M |
| 净利润 | $3.2M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 4.1% | -54.6% |
| 净利率 | 1.7% | — |
| 营收同比 | -2.5% | 17.1% |
| 净利润同比 | -37.1% | — |
| 每股收益（稀释后） | — | $-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MMLPZLAB
| Q1 26 | $187.7M | — | ||
| Q4 25 | $174.2M | $127.1M | ||
| Q3 25 | $168.7M | $115.4M | ||
| Q2 25 | $180.7M | $109.1M | ||
| Q1 25 | $192.5M | $105.7M | ||
| Q4 24 | $171.3M | $108.5M | ||
| Q3 24 | $170.9M | $101.8M | ||
| Q2 24 | $184.5M | $100.1M |
净利润MMLPZLAB
| Q1 26 | $3.2M | — | ||
| Q4 25 | $-2.9M | — | ||
| Q3 25 | $-8.4M | $-36.0M | ||
| Q2 25 | $-2.4M | $-40.7M | ||
| Q1 25 | $-1.0M | $-48.4M | ||
| Q4 24 | $-8.9M | — | ||
| Q3 24 | $-3.3M | $-41.7M | ||
| Q2 24 | $3.8M | $-80.3M |
毛利率MMLPZLAB
| Q1 26 | — | — | ||
| Q4 25 | 57.1% | 51.0% | ||
| Q3 25 | 55.1% | 59.5% | ||
| Q2 25 | 56.5% | 60.6% | ||
| Q1 25 | 53.5% | 63.6% | ||
| Q4 24 | 58.2% | 61.5% | ||
| Q3 24 | 58.5% | 64.1% | ||
| Q2 24 | 58.4% | 64.9% |
营业利润率MMLPZLAB
| Q1 26 | 4.1% | — | ||
| Q4 25 | 7.3% | -54.6% | ||
| Q3 25 | 4.1% | -42.3% | ||
| Q2 25 | 8.2% | -50.3% | ||
| Q1 25 | 7.5% | -53.3% | ||
| Q4 24 | 4.0% | -62.6% | ||
| Q3 24 | 7.4% | -66.6% | ||
| Q2 24 | 10.8% | -76.0% |
净利率MMLPZLAB
| Q1 26 | 1.7% | — | ||
| Q4 25 | -1.7% | — | ||
| Q3 25 | -5.0% | -31.2% | ||
| Q2 25 | -1.3% | -37.3% | ||
| Q1 25 | -0.5% | -45.8% | ||
| Q4 24 | -5.2% | — | ||
| Q3 24 | -1.9% | -40.9% | ||
| Q2 24 | 2.0% | -80.2% |
每股收益（稀释后）MMLPZLAB
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.05 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | — | $-0.04 | ||
| Q1 25 | — | $-0.04 | ||
| Q4 24 | — | $-0.09 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $-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 | — | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $715.5M |
| 总资产 | $537.1M | $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MMLPZLAB
| Q1 26 | — | — | ||
| 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MMLPZLAB
| Q1 26 | — | — | ||
| Q4 25 | $428.0M | — | ||
| Q3 25 | $441.3M | — | ||
| Q2 25 | $427.8M | — | ||
| Q1 25 | $451.4M | — | ||
| Q4 24 | $437.6M | — | ||
| Q3 24 | $469.3M | — | ||
| Q2 24 | $439.4M | — |
股东权益MMLPZLAB
| Q1 26 | — | — | ||
| Q4 25 | — | $715.5M | ||
| Q3 25 | — | $759.9M | ||
| Q2 25 | — | $791.7M | ||
| Q1 25 | — | $810.8M | ||
| Q4 24 | — | $840.9M | ||
| Q3 24 | — | $667.7M | ||
| Q2 24 | — | $704.2M |
总资产MMLPZLAB
| Q1 26 | $537.1M | — | ||
| Q4 25 | $522.4M | $1.2B | ||
| Q3 25 | $510.1M | $1.2B | ||
| Q2 25 | $515.6M | $1.2B | ||
| Q1 25 | $533.4M | $1.2B | ||
| Q4 24 | $538.5M | $1.2B | ||
| Q3 24 | $554.8M | $985.3M | ||
| Q2 24 | $535.1M | $987.4M |
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 | — | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-6.0M | $-26.7M |
| 自由现金流率自由现金流/营收 | -3.2% | -21.0% |
| 资本支出强度资本支出/营收 | 1.6% | 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 | $27.2M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流MMLPZLAB
| Q1 26 | — | — | ||
| Q4 25 | $22.4M | $-26.0M | ||
| Q3 25 | $-1.2M | $-32.0M | ||
| Q2 25 | $30.9M | $-31.0M | ||
| Q1 25 | $-6.0M | $-61.7M | ||
| Q4 24 | $42.2M | $-55.8M | ||
| Q3 24 | $-15.8M | $-26.8M | ||
| Q2 24 | $11.8M | $-42.2M |
自由现金流MMLPZLAB
| Q1 26 | $-6.0M | — | ||
| Q4 25 | $15.6M | $-26.7M | ||
| Q3 25 | $-7.9M | $-35.0M | ||
| Q2 25 | $25.6M | $-33.9M | ||
| Q1 25 | $-11.9M | $-63.2M | ||
| Q4 24 | $34.2M | $-58.4M | ||
| Q3 24 | $-25.6M | $-28.2M | ||
| Q2 24 | $-696.0K | $-42.9M |
自由现金流率MMLPZLAB
| Q1 26 | -3.2% | — | ||
| Q4 25 | 8.9% | -21.0% | ||
| Q3 25 | -4.7% | -30.4% | ||
| Q2 25 | 14.2% | -31.1% | ||
| Q1 25 | -6.2% | -59.9% | ||
| Q4 24 | 20.0% | -53.8% | ||
| Q3 24 | -15.0% | -27.7% | ||
| Q2 24 | -0.4% | -42.9% |
资本支出强度MMLPZLAB
| Q1 26 | 1.6% | — | ||
| Q4 25 | 3.9% | 0.5% | ||
| Q3 25 | 4.0% | 2.6% | ||
| Q2 25 | 3.0% | 2.6% | ||
| Q1 25 | 3.1% | 1.5% | ||
| Q4 24 | 4.6% | 2.4% | ||
| Q3 24 | 5.8% | 1.3% | ||
| Q2 24 | 6.8% | 0.7% |
现金转化率MMLPZLAB
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.13× | — |
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
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 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% |
