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丰田北美（MPAA）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
丰田北美的季度营收约是再鼎医药的1.3倍（$167.7M vs $127.1M），再鼎医药同比增速更快（17.1% vs -9.9%），丰田北美自由现金流更多（$-8.6M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs -5.9%）
丰田北美（TMNA）是丰田汽车旗下负责加拿大、墨西哥及美国全境业务的运营子公司，业务范围覆盖研发、生产制造、销售营销、售后及企业管理等板块，相关核心业务由TMNA统筹，部分板块由其他子公司及控股企业负责执行，公司总部位于得克萨斯州普莱诺，在肯塔基州乔治敦等多地设有分支机构。
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。
MPAA vs ZLAB — 直观对比
营收规模更大
MPAA
是对方的1.3倍
$127.1M
营收增速更快
ZLAB
高出27.0%
-9.9%
自由现金流更多
MPAA
多$18.1M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
-5.9%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $167.7M | $127.1M |
| 净利润 | $1.8M | — |
| 毛利率 | 19.6% | 51.0% |
| 营业利润率 | 5.0% | -54.6% |
| 净利率 | 1.1% | — |
| 营收同比 | -9.9% | 17.1% |
| 净利润同比 | -22.4% | — |
| 每股收益（稀释后） | $0.09 | $-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MPAAZLAB
| Q4 25 | $167.7M | $127.1M | ||
| Q3 25 | $221.5M | $115.4M | ||
| Q2 25 | $188.4M | $109.1M | ||
| Q1 25 | $193.1M | $105.7M | ||
| Q4 24 | $186.2M | $108.5M | ||
| Q3 24 | $208.2M | $101.8M | ||
| Q2 24 | $169.9M | $100.1M | ||
| Q1 24 | $189.5M | $87.1M |
净利润MPAAZLAB
| Q4 25 | $1.8M | — | ||
| Q3 25 | $-2.1M | $-36.0M | ||
| Q2 25 | $3.0M | $-40.7M | ||
| Q1 25 | $-722.0K | $-48.4M | ||
| Q4 24 | $2.3M | — | ||
| Q3 24 | $-3.0M | $-41.7M | ||
| Q2 24 | $-18.1M | $-80.3M | ||
| Q1 24 | $1.3M | $-53.5M |
毛利率MPAAZLAB
| Q4 25 | 19.6% | 51.0% | ||
| Q3 25 | 19.3% | 59.5% | ||
| Q2 25 | 18.0% | 60.6% | ||
| Q1 25 | 19.9% | 63.6% | ||
| Q4 24 | 24.1% | 61.5% | ||
| Q3 24 | 19.8% | 64.1% | ||
| Q2 24 | 17.2% | 64.9% | ||
| Q1 24 | 18.4% | 61.4% |
营业利润率MPAAZLAB
| Q4 25 | 5.0% | -54.6% | ||
| Q3 25 | 7.4% | -42.3% | ||
| Q2 25 | 10.7% | -50.3% | ||
| Q1 25 | 8.4% | -53.3% | ||
| Q4 24 | 9.4% | -62.6% | ||
| Q3 24 | 6.0% | -66.6% | ||
| Q2 24 | -3.8% | -76.0% | ||
| Q1 24 | 6.4% | -80.7% |
净利率MPAAZLAB
| Q4 25 | 1.1% | — | ||
| Q3 25 | -1.0% | -31.2% | ||
| Q2 25 | 1.6% | -37.3% | ||
| Q1 25 | -0.4% | -45.8% | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | -1.4% | -40.9% | ||
| Q2 24 | -10.6% | -80.2% | ||
| Q1 24 | 0.7% | -61.4% |
每股收益（稀释后）MPAAZLAB
| Q4 25 | $0.09 | $-0.05 | ||
| Q3 25 | $-0.11 | $-0.03 | ||
| Q2 25 | $0.15 | $-0.04 | ||
| Q1 25 | $-0.03 | $-0.04 | ||
| Q4 24 | $0.11 | $-0.09 | ||
| Q3 24 | $-0.15 | $-0.04 | ||
| Q2 24 | $-0.92 | $-0.08 | ||
| Q1 24 | $0.06 | $-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 | $19.6M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $258.5M | $715.5M |
| 总资产 | $991.3M | $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MPAAZLAB
| Q4 25 | $19.6M | $689.6M | ||
| Q3 25 | $17.7M | $717.2M | ||
| Q2 25 | $14.5M | $732.2M | ||
| Q1 25 | $11.3M | $757.3M | ||
| Q4 24 | $12.7M | $779.7M | ||
| Q3 24 | $12.3M | $616.1M | ||
| Q2 24 | $9.4M | $630.0M | ||
| Q1 24 | $15.8M | $650.8M |
股东权益MPAAZLAB
| Q4 25 | $258.5M | $715.5M | ||
| Q3 25 | $258.5M | $759.9M | ||
| Q2 25 | $260.1M | $791.7M | ||
| Q1 25 | $257.7M | $810.8M | ||
| Q4 24 | $262.7M | $840.9M | ||
| Q3 24 | $264.0M | $667.7M | ||
| Q2 24 | $267.2M | $704.2M | ||
| Q1 24 | $285.1M | $762.2M |
总资产MPAAZLAB
| Q4 25 | $991.3M | $1.2B | ||
| Q3 25 | $990.0M | $1.2B | ||
| Q2 25 | $973.4M | $1.2B | ||
| Q1 25 | $957.6M | $1.2B | ||
| Q4 24 | $949.5M | $1.2B | ||
| Q3 24 | $986.2M | $985.3M | ||
| Q2 24 | $978.0M | $987.4M | ||
| Q1 24 | $1.0B | $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 | $-8.2M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-8.6M | $-26.7M |
| 自由现金流率自由现金流/营收 | -5.2% | -21.0% |
| 资本支出强度资本支出/营收 | 0.2% | 0.5% |
| 现金转化率经营现金流/净利润 | -4.63× | — |
| 过去12个月自由现金流最近4个季度 | $27.7M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流MPAAZLAB
| Q4 25 | $-8.2M | $-26.0M | ||
| Q3 25 | $21.9M | $-32.0M | ||
| Q2 25 | $10.0M | $-31.0M | ||
| Q1 25 | $9.1M | $-61.7M | ||
| Q4 24 | $34.4M | $-55.8M | ||
| Q3 24 | $22.9M | $-26.8M | ||
| Q2 24 | $-20.8M | $-42.2M | ||
| Q1 24 | $-9.3M | $-90.1M |
自由现金流MPAAZLAB
| Q4 25 | $-8.6M | $-26.7M | ||
| Q3 25 | $20.8M | $-35.0M | ||
| Q2 25 | $9.2M | $-33.9M | ||
| Q1 25 | $6.2M | $-63.2M | ||
| Q4 24 | $33.7M | $-58.4M | ||
| Q3 24 | $22.3M | $-28.2M | ||
| Q2 24 | $-21.3M | $-42.9M | ||
| Q1 24 | $-9.8M | $-91.1M |
自由现金流率MPAAZLAB
| Q4 25 | -5.2% | -21.0% | ||
| Q3 25 | 9.4% | -30.4% | ||
| Q2 25 | 4.9% | -31.1% | ||
| Q1 25 | 3.2% | -59.9% | ||
| Q4 24 | 18.1% | -53.8% | ||
| Q3 24 | 10.7% | -27.7% | ||
| Q2 24 | -12.6% | -42.9% | ||
| Q1 24 | -5.2% | -104.5% |
资本支出强度MPAAZLAB
| Q4 25 | 0.2% | 0.5% | ||
| Q3 25 | 0.5% | 2.6% | ||
| Q2 25 | 0.4% | 2.6% | ||
| Q1 25 | 1.5% | 1.5% | ||
| Q4 24 | 0.4% | 2.4% | ||
| Q3 24 | 0.3% | 1.3% | ||
| Q2 24 | 0.3% | 0.7% | ||
| Q1 24 | 0.3% | 1.1% |
现金转化率MPAAZLAB
| Q4 25 | -4.63× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.30× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 15.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -6.93× | — |
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
MPAA
| Reportable Segment Aggregation Before Other Operating Segment | $156.3M | 93% |
| Other | $11.4M | 7% |
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% |
