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MANNKIND CORP（MNKD）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
再鼎医药的季度营收约是MANNKIND CORP的1.1倍（$127.1M vs $112.0M），MANNKIND CORP同比增速更快（45.8% vs 17.1%），MANNKIND CORP自由现金流更多（$-10.0M vs $-26.7M），过去两年MANNKIND CORP的营收复合增速更高（30.0% vs 20.8%）
曼凯德公司是一家生物制药企业，成立于1991年2月，总部位于美国康涅狄格州丹伯里，专注于糖尿病、肺动脉高压等疾病治疗药物的研发、生产及商业化推广，致力于为相关患者提供创新的治疗方案。
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。
MNKD vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.1倍
$112.0M
营收增速更快
MNKD
高出28.7%
17.1%
自由现金流更多
MNKD
多$16.7M
$-26.7M
两年增速更快
MNKD
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $112.0M | $127.1M |
| 净利润 | $-15.9M | — |
| 毛利率 | 87.6% | 51.0% |
| 营业利润率 | -6.9% | -54.6% |
| 净利率 | -14.2% | — |
| 营收同比 | 45.8% | 17.1% |
| 净利润同比 | -314.9% | — |
| 每股收益（稀释后） | $-0.05 | $-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MNKDZLAB
| Q4 25 | $112.0M | $127.1M | ||
| Q3 25 | $82.1M | $115.4M | ||
| Q2 25 | $76.5M | $109.1M | ||
| Q1 25 | $78.4M | $105.7M | ||
| Q4 24 | $76.8M | $108.5M | ||
| Q3 24 | $70.1M | $101.8M | ||
| Q2 24 | $72.4M | $100.1M | ||
| Q1 24 | $66.3M | $87.1M |
净利润MNKDZLAB
| Q4 25 | $-15.9M | — | ||
| Q3 25 | $8.0M | $-36.0M | ||
| Q2 25 | $668.0K | $-40.7M | ||
| Q1 25 | $13.2M | $-48.4M | ||
| Q4 24 | $7.4M | — | ||
| Q3 24 | $11.6M | $-41.7M | ||
| Q2 24 | $-2.0M | $-80.3M | ||
| Q1 24 | $10.6M | $-53.5M |
毛利率MNKDZLAB
| Q4 25 | 87.6% | 51.0% | ||
| Q3 25 | 94.5% | 59.5% | ||
| Q2 25 | 94.0% | 60.6% | ||
| Q1 25 | 95.2% | 63.6% | ||
| Q4 24 | 93.7% | 61.5% | ||
| Q3 24 | 95.4% | 64.1% | ||
| Q2 24 | 92.3% | 64.9% | ||
| Q1 24 | 94.2% | 61.4% |
营业利润率MNKDZLAB
| Q4 25 | -6.9% | -54.6% | ||
| Q3 25 | 23.0% | -42.3% | ||
| Q2 25 | 6.9% | -50.3% | ||
| Q1 25 | 28.5% | -53.3% | ||
| Q4 24 | 34.5% | -62.6% | ||
| Q3 24 | 18.2% | -66.6% | ||
| Q2 24 | 22.9% | -76.0% | ||
| Q1 24 | 25.2% | -80.7% |
净利率MNKDZLAB
| Q4 25 | -14.2% | — | ||
| Q3 25 | 9.7% | -31.2% | ||
| Q2 25 | 0.9% | -37.3% | ||
| Q1 25 | 16.8% | -45.8% | ||
| Q4 24 | 9.7% | — | ||
| Q3 24 | 16.5% | -40.9% | ||
| Q2 24 | -2.8% | -80.2% | ||
| Q1 24 | 16.0% | -61.4% |
每股收益（稀释后）MNKDZLAB
| Q4 25 | $-0.05 | $-0.05 | ||
| Q3 25 | $0.03 | $-0.03 | ||
| Q2 25 | $0.00 | $-0.04 | ||
| Q1 25 | $0.04 | $-0.04 | ||
| Q4 24 | $0.03 | $-0.09 | ||
| Q3 24 | $0.04 | $-0.04 | ||
| Q2 24 | $-0.01 | $-0.08 | ||
| Q1 24 | $0.04 | $-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 | $171.3M | $689.6M |
| 总债务越低越好 | $354.6M | — |
| 股东权益账面价值 | $-51.0M | $715.5M |
| 总资产 | $792.2M | $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MNKDZLAB
| Q4 25 | $171.3M | $689.6M | ||
| Q3 25 | $260.0M | $717.2M | ||
| Q2 25 | $179.0M | $732.2M | ||
| Q1 25 | $181.5M | $757.3M | ||
| Q4 24 | $197.3M | $779.7M | ||
| Q3 24 | $251.6M | $616.1M | ||
| Q2 24 | $247.8M | $630.0M | ||
| Q1 24 | $300.7M | $650.8M |
总债务MNKDZLAB
| Q4 25 | $354.6M | — | ||
| Q3 25 | $109.7M | — | ||
| Q2 25 | $36.2M | — | ||
| Q1 25 | $36.1M | — | ||
| Q4 24 | $36.1M | — | ||
| Q3 24 | $227.9M | — | ||
| Q2 24 | $227.6M | — | ||
| Q1 24 | $264.1M | — |
股东权益MNKDZLAB
| Q4 25 | $-51.0M | $715.5M | ||
| Q3 25 | $-44.6M | $759.9M | ||
| Q2 25 | $-55.0M | $791.7M | ||
| Q1 25 | $-58.6M | $810.8M | ||
| Q4 24 | $-78.8M | $840.9M | ||
| Q3 24 | $-209.9M | $667.7M | ||
| Q2 24 | $-225.8M | $704.2M | ||
| Q1 24 | $-230.0M | $762.2M |
总资产MNKDZLAB
| Q4 25 | $792.2M | $1.2B | ||
| Q3 25 | $494.6M | $1.2B | ||
| Q2 25 | $411.7M | $1.2B | ||
| Q1 25 | $410.1M | $1.2B | ||
| Q4 24 | $393.8M | $1.2B | ||
| Q3 24 | $464.2M | $985.3M | ||
| Q2 24 | $443.8M | $987.4M | ||
| Q1 24 | $480.9M | $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 | $-8.0M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-10.0M | $-26.7M |
| 自由现金流率自由现金流/营收 | -8.9% | -21.0% |
| 资本支出强度资本支出/营收 | 1.8% | 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 | $13.7M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流MNKDZLAB
| Q4 25 | $-8.0M | $-26.0M | ||
| Q3 25 | $23.6M | $-32.0M | ||
| Q2 25 | $8.9M | $-31.0M | ||
| Q1 25 | $-6.4M | $-61.7M | ||
| Q4 24 | $22.6M | $-55.8M | ||
| Q3 24 | $9.3M | $-26.8M | ||
| Q2 24 | $3.8M | $-42.2M | ||
| Q1 24 | $6.7M | $-90.1M |
自由现金流MNKDZLAB
| Q4 25 | $-10.0M | $-26.7M | ||
| Q3 25 | $22.5M | $-35.0M | ||
| Q2 25 | $7.8M | $-33.9M | ||
| Q1 25 | $-6.7M | $-63.2M | ||
| Q4 24 | $19.7M | $-58.4M | ||
| Q3 24 | $7.9M | $-28.2M | ||
| Q2 24 | $861.0K | $-42.9M | ||
| Q1 24 | $4.3M | $-91.1M |
自由现金流率MNKDZLAB
| Q4 25 | -8.9% | -21.0% | ||
| Q3 25 | 27.4% | -30.4% | ||
| Q2 25 | 10.2% | -31.1% | ||
| Q1 25 | -8.6% | -59.9% | ||
| Q4 24 | 25.7% | -53.8% | ||
| Q3 24 | 11.3% | -27.7% | ||
| Q2 24 | 1.2% | -42.9% | ||
| Q1 24 | 6.5% | -104.5% |
资本支出强度MNKDZLAB
| Q4 25 | 1.8% | 0.5% | ||
| Q3 25 | 1.4% | 2.6% | ||
| Q2 25 | 1.5% | 2.6% | ||
| Q1 25 | 0.4% | 1.5% | ||
| Q4 24 | 3.8% | 2.4% | ||
| Q3 24 | 2.0% | 1.3% | ||
| Q2 24 | 4.1% | 0.7% | ||
| Q1 24 | 3.6% | 1.1% |
现金转化率MNKDZLAB
| Q4 25 | — | — | ||
| Q3 25 | 2.96× | — | ||
| Q2 25 | 13.40× | — | ||
| Q1 25 | -0.48× | — | ||
| Q4 24 | 3.05× | — | ||
| Q3 24 | 0.81× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.63× | — |
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
MNKD
| Products | $50.4M | 45% |
| Royalty | $33.6M | 30% |
| Afrezza | $22.9M | 20% |
| V Go | $4.3M | 4% |
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% |
