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Marqeta, Inc.（MQ）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
Marqeta, Inc.的季度营收约是再鼎医药的1.4倍（$172.1M vs $127.1M），Marqeta, Inc.同比增速更快（26.7% vs 17.1%），Marqeta, Inc.自由现金流更多（$53.2M vs $-26.7M），过去两年Marqeta, Inc.的营收复合增速更高（20.8% vs 20.8%）
Marqeta, Inc.运营云原生开放API平台，提供现代发卡与数字支付处理服务，可赋能金融科技初创企业、大型零售商及企业客户推出定制化实体、虚拟支付卡及嵌入式金融解决方案，服务覆盖全球消费及商业市场。
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。
MQ vs ZLAB — 直观对比
营收规模更大
MQ
是对方的1.4倍
$127.1M
营收增速更快
MQ
高出9.6%
17.1%
自由现金流更多
MQ
多$79.9M
$-26.7M
两年增速更快
MQ
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $172.1M | $127.1M |
| 净利润 | — | — |
| 毛利率 | 69.7% | 51.0% |
| 营业利润率 | -4.8% | -54.6% |
| 净利率 | — | — |
| 营收同比 | 26.7% | 17.1% |
| 净利润同比 | — | — |
| 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MQZLAB
| Q4 25 | $172.1M | $127.1M | ||
| Q3 25 | $163.3M | $115.4M | ||
| Q2 25 | $150.4M | $109.1M | ||
| Q1 25 | $139.1M | $105.7M | ||
| Q4 24 | $135.8M | $108.5M | ||
| Q3 24 | $128.0M | $101.8M | ||
| Q2 24 | $125.3M | $100.1M | ||
| Q1 24 | $118.0M | $87.1M |
净利润MQZLAB
| Q4 25 | — | — | ||
| Q3 25 | $-3.6M | $-36.0M | ||
| Q2 25 | $-647.0K | $-40.7M | ||
| Q1 25 | $-8.3M | $-48.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-28.6M | $-41.7M | ||
| Q2 24 | $119.1M | $-80.3M | ||
| Q1 24 | $-36.1M | $-53.5M |
毛利率MQZLAB
| Q4 25 | 69.7% | 51.0% | ||
| Q3 25 | 70.1% | 59.5% | ||
| Q2 25 | 69.2% | 60.6% | ||
| Q1 25 | 71.0% | 63.6% | ||
| Q4 24 | 72.3% | 61.5% | ||
| Q3 24 | 70.4% | 64.1% | ||
| Q2 24 | 63.3% | 64.9% | ||
| Q1 24 | 71.3% | 61.4% |
营业利润率MQZLAB
| Q4 25 | -4.8% | -54.6% | ||
| Q3 25 | -6.4% | -42.3% | ||
| Q2 25 | -6.1% | -50.3% | ||
| Q1 25 | -13.3% | -53.3% | ||
| Q4 24 | -27.6% | -62.6% | ||
| Q3 24 | -33.0% | -66.6% | ||
| Q2 24 | 83.9% | -76.0% | ||
| Q1 24 | -42.3% | -80.7% |
净利率MQZLAB
| Q4 25 | — | — | ||
| Q3 25 | -2.2% | -31.2% | ||
| Q2 25 | -0.4% | -37.3% | ||
| Q1 25 | -5.9% | -45.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | -22.4% | -40.9% | ||
| Q2 24 | 95.1% | -80.2% | ||
| Q1 24 | -30.6% | -61.4% |
每股收益（稀释后）MQZLAB
| 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 | ||
| Q1 24 | — | $-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 | $709.4M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $762.0M | $715.5M |
| 总资产 | $1.5B | $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MQZLAB
| Q4 25 | $709.4M | $689.6M | ||
| Q3 25 | $747.2M | $717.2M | ||
| Q2 25 | $732.7M | $732.2M | ||
| Q1 25 | $830.9M | $757.3M | ||
| Q4 24 | $923.0M | $779.7M | ||
| Q3 24 | $886.4M | $616.1M | ||
| Q2 24 | $924.7M | $630.0M | ||
| Q1 24 | $970.4M | $650.8M |
股东权益MQZLAB
| Q4 25 | $762.0M | $715.5M | ||
| Q3 25 | $839.2M | $759.9M | ||
| Q2 25 | $843.4M | $791.7M | ||
| Q1 25 | $987.3M | $810.8M | ||
| Q4 24 | $1.1B | $840.9M | ||
| Q3 24 | $1.1B | $667.7M | ||
| Q2 24 | $1.1B | $704.2M | ||
| Q1 24 | $1.2B | $762.2M |
总资产MQZLAB
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.4B | $985.3M | ||
| Q2 24 | $1.5B | $987.4M | ||
| Q1 24 | $1.6B | $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 | $53.3M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $53.2M | $-26.7M |
| 自由现金流率自由现金流/营收 | 30.9% | -21.0% |
| 资本支出强度资本支出/营收 | 0.1% | 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 | $160.5M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流MQZLAB
| Q4 25 | $53.3M | $-26.0M | ||
| Q3 25 | $86.8M | $-32.0M | ||
| Q2 25 | $12.5M | $-31.0M | ||
| Q1 25 | $10.0M | $-61.7M | ||
| Q4 24 | $24.8M | $-55.8M | ||
| Q3 24 | $7.3M | $-26.8M | ||
| Q2 24 | $25.7M | $-42.2M | ||
| Q1 24 | $426.0K | $-90.1M |
自由现金流MQZLAB
| Q4 25 | $53.2M | $-26.7M | ||
| Q3 25 | $86.4M | $-35.0M | ||
| Q2 25 | $12.2M | $-33.9M | ||
| Q1 25 | $8.7M | $-63.2M | ||
| Q4 24 | $24.7M | $-58.4M | ||
| Q3 24 | $7.1M | $-28.2M | ||
| Q2 24 | $24.7M | $-42.9M | ||
| Q1 24 | $-765.0K | $-91.1M |
自由现金流率MQZLAB
| Q4 25 | 30.9% | -21.0% | ||
| Q3 25 | 52.9% | -30.4% | ||
| Q2 25 | 8.1% | -31.1% | ||
| Q1 25 | 6.3% | -59.9% | ||
| Q4 24 | 18.2% | -53.8% | ||
| Q3 24 | 5.5% | -27.7% | ||
| Q2 24 | 19.7% | -42.9% | ||
| Q1 24 | -0.6% | -104.5% |
资本支出强度MQZLAB
| Q4 25 | 0.1% | 0.5% | ||
| Q3 25 | 0.2% | 2.6% | ||
| Q2 25 | 0.2% | 2.6% | ||
| Q1 25 | 0.9% | 1.5% | ||
| Q4 24 | 0.0% | 2.4% | ||
| Q3 24 | 0.1% | 1.3% | ||
| Q2 24 | 0.8% | 0.7% | ||
| Q1 24 | 1.0% | 1.1% |
现金转化率MQZLAB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.22× | — | ||
| 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
MQ
| Platform Service Revenue Net | $163.4M | 95% |
| Other Services Revenue | $8.8M | 5% |
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% |
