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National Storage Affiliates Trust（NSA）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
National Storage Affiliates Trust的季度营收约是再鼎医药的1.5倍（$187.0M vs $127.1M），再鼎医药同比增速更快（17.1% vs -1.6%），National Storage Affiliates Trust自由现金流更多（$299.8M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs -2.4%）
National Storage Affiliates Trust是一家总部位于美国的房地产投资信托，专注于自助仓储资产，在美国数十个州持有、运营及收购自助仓储设施，为居民和商业客户提供安全的存储服务。
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。
NSA vs ZLAB — 直观对比
营收规模更大
NSA
是对方的1.5倍
$127.1M
营收增速更快
ZLAB
高出18.7%
-1.6%
自由现金流更多
NSA
多$326.5M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
-2.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $187.0M | $127.1M |
| 净利润 | $22.9M | — |
| 毛利率 | 72.5% | 51.0% |
| 营业利润率 | 20.2% | -54.6% |
| 净利率 | 12.2% | — |
| 营收同比 | -1.6% | 17.1% |
| 净利润同比 | 36.8% | — |
| 每股收益（稀释后） | $0.23 | $-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NSAZLAB
| Q4 25 | $187.0M | $127.1M | ||
| Q3 25 | $188.7M | $115.4M | ||
| Q2 25 | $188.8M | $109.1M | ||
| Q1 25 | $188.4M | $105.7M | ||
| Q4 24 | $190.1M | $108.5M | ||
| Q3 24 | $193.6M | $101.8M | ||
| Q2 24 | $190.4M | $100.1M | ||
| Q1 24 | $196.1M | $87.1M |
净利润NSAZLAB
| Q4 25 | $22.9M | — | ||
| Q3 25 | $18.4M | $-36.0M | ||
| Q2 25 | $19.5M | $-40.7M | ||
| Q1 25 | $13.0M | $-48.4M | ||
| Q4 24 | $16.7M | — | ||
| Q3 24 | $18.7M | $-41.7M | ||
| Q2 24 | $17.1M | $-80.3M | ||
| Q1 24 | $59.0M | $-53.5M |
毛利率NSAZLAB
| Q4 25 | 72.5% | 51.0% | ||
| Q3 25 | 70.7% | 59.5% | ||
| Q2 25 | 70.5% | 60.6% | ||
| Q1 25 | 70.7% | 63.6% | ||
| Q4 24 | 72.5% | 61.5% | ||
| Q3 24 | 72.8% | 64.1% | ||
| Q2 24 | 72.6% | 64.9% | ||
| Q1 24 | 72.1% | 61.4% |
营业利润率NSAZLAB
| Q4 25 | 20.2% | -54.6% | ||
| Q3 25 | 15.8% | -42.3% | ||
| Q2 25 | 16.5% | -50.3% | ||
| Q1 25 | 11.0% | -53.3% | ||
| Q4 24 | 14.5% | -62.6% | ||
| Q3 24 | 15.8% | -66.6% | ||
| Q2 24 | 17.2% | -76.0% | ||
| Q1 24 | 48.9% | -80.7% |
净利率NSAZLAB
| Q4 25 | 12.2% | — | ||
| Q3 25 | 9.8% | -31.2% | ||
| Q2 25 | 10.3% | -37.3% | ||
| Q1 25 | 6.9% | -45.8% | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | 9.7% | -40.9% | ||
| Q2 24 | 9.0% | -80.2% | ||
| Q1 24 | 30.1% | -61.4% |
每股收益（稀释后）NSAZLAB
| Q4 25 | $0.23 | $-0.05 | ||
| Q3 25 | $0.17 | $-0.03 | ||
| Q2 25 | $0.19 | $-0.04 | ||
| Q1 25 | $0.10 | $-0.04 | ||
| Q4 24 | $0.19 | $-0.09 | ||
| Q3 24 | $0.18 | $-0.04 | ||
| Q2 24 | $0.16 | $-0.08 | ||
| Q1 24 | $0.65 | $-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 | $23.3M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $946.0M | $715.5M |
| 总资产 | $5.1B | $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NSAZLAB
| Q4 25 | $23.3M | $689.6M | ||
| Q3 25 | $26.3M | $717.2M | ||
| Q2 25 | $26.1M | $732.2M | ||
| Q1 25 | $19.3M | $757.3M | ||
| Q4 24 | $50.4M | $779.7M | ||
| Q3 24 | $69.9M | $616.1M | ||
| Q2 24 | $59.0M | $630.0M | ||
| Q1 24 | $64.2M | $650.8M |
股东权益NSAZLAB
| Q4 25 | $946.0M | $715.5M | ||
| Q3 25 | $973.1M | $759.9M | ||
| Q2 25 | $1.0B | $791.7M | ||
| Q1 25 | $1.0B | $810.8M | ||
| Q4 24 | $1.1B | $840.9M | ||
| Q3 24 | $986.9M | $667.7M | ||
| Q2 24 | $1.2B | $704.2M | ||
| Q1 24 | $1.3B | $762.2M |
总资产NSAZLAB
| Q4 25 | $5.1B | $1.2B | ||
| Q3 25 | $5.1B | $1.2B | ||
| Q2 25 | $5.2B | $1.2B | ||
| Q1 25 | $5.3B | $1.2B | ||
| Q4 24 | $5.4B | $1.2B | ||
| Q3 24 | $5.4B | $985.3M | ||
| Q2 24 | $5.3B | $987.4M | ||
| Q1 24 | $5.4B | $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 | $338.5M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $299.8M | $-26.7M |
| 自由现金流率自由现金流/营收 | 160.3% | -21.0% |
| 资本支出强度资本支出/营收 | 20.7% | 0.5% |
| 现金转化率经营现金流/净利润 | 14.79× | — |
| 过去12个月自由现金流最近4个季度 | $541.5M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流NSAZLAB
| Q4 25 | $338.5M | $-26.0M | ||
| Q3 25 | $100.2M | $-32.0M | ||
| Q2 25 | $79.9M | $-31.0M | ||
| Q1 25 | $85.6M | $-61.7M | ||
| Q4 24 | $363.1M | $-55.8M | ||
| Q3 24 | $105.7M | $-26.8M | ||
| Q2 24 | $83.2M | $-42.2M | ||
| Q1 24 | $94.0M | $-90.1M |
自由现金流NSAZLAB
| Q4 25 | $299.8M | $-26.7M | ||
| Q3 25 | $88.0M | $-35.0M | ||
| Q2 25 | $73.8M | $-33.9M | ||
| Q1 25 | $79.9M | $-63.2M | ||
| Q4 24 | $344.4M | $-58.4M | ||
| Q3 24 | $101.8M | $-28.2M | ||
| Q2 24 | $79.5M | $-42.9M | ||
| Q1 24 | $88.6M | $-91.1M |
自由现金流率NSAZLAB
| Q4 25 | 160.3% | -21.0% | ||
| Q3 25 | 46.6% | -30.4% | ||
| Q2 25 | 39.1% | -31.1% | ||
| Q1 25 | 42.4% | -59.9% | ||
| Q4 24 | 181.2% | -53.8% | ||
| Q3 24 | 52.6% | -27.7% | ||
| Q2 24 | 41.7% | -42.9% | ||
| Q1 24 | 45.2% | -104.5% |
资本支出强度NSAZLAB
| Q4 25 | 20.7% | 0.5% | ||
| Q3 25 | 6.5% | 2.6% | ||
| Q2 25 | 3.2% | 2.6% | ||
| Q1 25 | 3.0% | 1.5% | ||
| Q4 24 | 9.8% | 2.4% | ||
| Q3 24 | 2.0% | 1.3% | ||
| Q2 24 | 1.9% | 0.7% | ||
| Q1 24 | 2.7% | 1.1% |
现金转化率NSAZLAB
| Q4 25 | 14.79× | — | ||
| Q3 25 | 5.44× | — | ||
| Q2 25 | 4.10× | — | ||
| Q1 25 | 6.59× | — | ||
| Q4 24 | 21.70× | — | ||
| Q3 24 | 5.65× | — | ||
| Q2 24 | 4.88× | — | ||
| Q1 24 | 1.59× | — |
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
NSA
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% |
