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微策略（MSTR）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微策略的1.0倍（$127.1M vs $123.0M），再鼎医药同比增速更快（17.1% vs 1.9%），过去两年再鼎医药的营收复合增速更高（20.8% vs 3.3%）
Strategy Inc（原名为微策略）是1989年成立的美国上市企业，主营商业智能与移动软件业务，旗下产品可帮助企业分析内外部数据以支撑经营决策，还可用于移动应用开发，总部位于弗吉尼亚州泰森斯角，商业分析赛道核心竞品包括SAP等。
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。
MSTR vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.0倍
$123.0M
营收增速更快
ZLAB
高出15.2%
1.9%
两年增速更快
ZLAB
近两年复合增速
3.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $127.1M |
| 净利润 | — | — |
| 毛利率 | 66.1% | 51.0% |
| 营业利润率 | — | -54.6% |
| 净利率 | — | — |
| 营收同比 | 1.9% | 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MSTRZLAB
| Q4 25 | $123.0M | $127.1M | ||
| Q3 25 | $128.7M | $115.4M | ||
| Q2 25 | $114.5M | $109.1M | ||
| Q1 25 | $111.1M | $105.7M | ||
| Q4 24 | $120.7M | $108.5M | ||
| Q3 24 | $116.1M | $101.8M | ||
| Q2 24 | $111.4M | $100.1M | ||
| Q1 24 | $115.2M | $87.1M |
净利润MSTRZLAB
| Q4 25 | — | — | ||
| Q3 25 | $2.8B | $-36.0M | ||
| Q2 25 | $10.0B | $-40.7M | ||
| Q1 25 | $-4.2B | $-48.4M | ||
| Q4 24 | $-670.8M | — | ||
| Q3 24 | $-340.2M | $-41.7M | ||
| Q2 24 | $-102.6M | $-80.3M | ||
| Q1 24 | $-53.1M | $-53.5M |
毛利率MSTRZLAB
| Q4 25 | 66.1% | 51.0% | ||
| Q3 25 | 70.5% | 59.5% | ||
| Q2 25 | 68.8% | 60.6% | ||
| Q1 25 | 69.4% | 63.6% | ||
| Q4 24 | 71.7% | 61.5% | ||
| Q3 24 | 70.4% | 64.1% | ||
| Q2 24 | 72.2% | 64.9% | ||
| Q1 24 | 74.0% | 61.4% |
营业利润率MSTRZLAB
| Q4 25 | — | -54.6% | ||
| Q3 25 | — | -42.3% | ||
| Q2 25 | — | -50.3% | ||
| Q1 25 | -5331.4% | -53.3% | ||
| Q4 24 | -842.1% | -62.6% | ||
| Q3 24 | -372.7% | -66.6% | ||
| Q2 24 | -179.7% | -76.0% | ||
| Q1 24 | -176.8% | -80.7% |
净利率MSTRZLAB
| Q4 25 | — | — | ||
| Q3 25 | 2164.1% | -31.2% | ||
| Q2 25 | 8752.7% | -37.3% | ||
| Q1 25 | -3797.2% | -45.8% | ||
| Q4 24 | -555.8% | — | ||
| Q3 24 | -293.1% | -40.9% | ||
| Q2 24 | -92.0% | -80.2% | ||
| Q1 24 | -46.1% | -61.4% |
每股收益（稀释后）MSTRZLAB
| Q4 25 | — | $-0.05 | ||
| Q3 25 | $8.42 | $-0.03 | ||
| Q2 25 | $32.60 | $-0.04 | ||
| Q1 25 | $-16.49 | $-0.04 | ||
| Q4 24 | $4.49 | $-0.09 | ||
| Q3 24 | $-1.72 | $-0.04 | ||
| Q2 24 | $-0.57 | $-0.08 | ||
| Q1 24 | $-0.31 | $-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 | $2.3B | $689.6M |
| 总债务越低越好 | $8.2B | — |
| 股东权益账面价值 | $44.1B | $715.5M |
| 总资产 | $61.6B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资MSTRZLAB
| Q4 25 | $2.3B | $689.6M | ||
| Q3 25 | $54.3M | $717.2M | ||
| Q2 25 | $50.1M | $732.2M | ||
| Q1 25 | $60.3M | $757.3M | ||
| Q4 24 | $38.1M | $779.7M | ||
| Q3 24 | $46.3M | $616.1M | ||
| Q2 24 | $66.9M | $630.0M | ||
| Q1 24 | $81.3M | $650.8M |
总债务MSTRZLAB
| Q4 25 | $8.2B | — | ||
| Q3 25 | $8.2B | — | ||
| Q2 25 | $8.2B | — | ||
| Q1 25 | $8.1B | — | ||
| Q4 24 | $7.2B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $3.8B | — | ||
| Q1 24 | $3.6B | — |
股东权益MSTRZLAB
| Q4 25 | $44.1B | $715.5M | ||
| Q3 25 | $52.3B | $759.9M | ||
| Q2 25 | $47.5B | $791.7M | ||
| Q1 25 | $32.2B | $810.8M | ||
| Q4 24 | $18.2B | $840.9M | ||
| Q3 24 | $3.8B | $667.7M | ||
| Q2 24 | $2.8B | $704.2M | ||
| Q1 24 | $2.4B | $762.2M |
总资产MSTRZLAB
| Q4 25 | $61.6B | $1.2B | ||
| Q3 25 | $73.6B | $1.2B | ||
| Q2 25 | $64.8B | $1.2B | ||
| Q1 25 | $43.9B | $1.2B | ||
| Q4 24 | $25.8B | $1.2B | ||
| Q3 24 | $8.3B | $985.3M | ||
| Q2 24 | $7.1B | $987.4M | ||
| Q1 24 | $6.4B | $988.4M |
负债/权益比MSTRZLAB
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.25× | — | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 1.12× | — | ||
| Q2 24 | 1.36× | — | ||
| Q1 24 | 1.48× | — |
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 | — | $-26.7M |
| 自由现金流率自由现金流/营收 | — | -21.0% |
| 资本支出强度资本支出/营收 | — | 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 | — | $-158.9M |
8季度趋势，按日历期对齐
经营现金流MSTRZLAB
| Q4 25 | — | $-26.0M | ||
| Q3 25 | $-8.3M | $-32.0M | ||
| Q2 25 | $-34.9M | $-31.0M | ||
| Q1 25 | $-2.4M | $-61.7M | ||
| Q4 24 | $-17.3M | $-55.8M | ||
| Q3 24 | $-41.0M | $-26.8M | ||
| Q2 24 | $-23.3M | $-42.2M | ||
| Q1 24 | $28.6M | $-90.1M |
自由现金流MSTRZLAB
| Q4 25 | — | $-26.7M | ||
| Q3 25 | $-11.1M | $-35.0M | ||
| Q2 25 | $-37.0M | $-33.9M | ||
| Q1 25 | $-5.1M | $-63.2M | ||
| Q4 24 | $-17.6M | $-58.4M | ||
| Q3 24 | $-41.4M | $-28.2M | ||
| Q2 24 | $-24.1M | $-42.9M | ||
| Q1 24 | $27.0M | $-91.1M |
自由现金流率MSTRZLAB
| Q4 25 | — | -21.0% | ||
| Q3 25 | -8.6% | -30.4% | ||
| Q2 25 | -32.3% | -31.1% | ||
| Q1 25 | -4.6% | -59.9% | ||
| Q4 24 | -14.6% | -53.8% | ||
| Q3 24 | -35.7% | -27.7% | ||
| Q2 24 | -21.6% | -42.9% | ||
| Q1 24 | 23.5% | -104.5% |
资本支出强度MSTRZLAB
| Q4 25 | — | 0.5% | ||
| Q3 25 | 2.2% | 2.6% | ||
| Q2 25 | 1.8% | 2.6% | ||
| Q1 25 | 2.5% | 1.5% | ||
| Q4 24 | 0.2% | 2.4% | ||
| Q3 24 | 0.4% | 1.3% | ||
| Q2 24 | 0.6% | 0.7% | ||
| Q1 24 | 1.3% | 1.1% |
现金转化率MSTRZLAB
| Q4 25 | — | — | ||
| Q3 25 | -0.00× | — | ||
| Q2 25 | -0.00× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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
MSTR
暂无分部数据
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% |
