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UNIVERSAL DISPLAY CORP \PA\（OLED）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
UNIVERSAL DISPLAY CORP \PA\的季度营收约是再鼎医药的1.1倍（$142.2M vs $127.1M），再鼎医药同比增速更快（17.1% vs -14.5%），过去两年再鼎医药的营收复合增速更高（20.8% vs -5.3%）
Universal Display Corporation（股票代码OLED）是有机发光二极管（OLED）技术及材料的研发与生产企业，拥有深厚的技术积累，面向显示、照明两大领域提供相关配套服务，是全球OLED上游产业链的核心供应商之一。
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。
OLED vs ZLAB — 直观对比
营收规模更大
OLED
是对方的1.1倍
$127.1M
营收增速更快
ZLAB
高出31.6%
-14.5%
两年增速更快
ZLAB
近两年复合增速
-5.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $142.2M | $127.1M |
| 净利润 | $35.9M | — |
| 毛利率 | 74.6% | 51.0% |
| 营业利润率 | 30.1% | -54.6% |
| 净利率 | 25.2% | — |
| 营收同比 | -14.5% | 17.1% |
| 净利润同比 | -44.3% | — |
| 每股收益（稀释后） | $0.76 | $-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OLEDZLAB
| Q1 26 | $142.2M | — | ||
| Q4 25 | $172.9M | $127.1M | ||
| Q3 25 | $139.6M | $115.4M | ||
| Q2 25 | $171.8M | $109.1M | ||
| Q1 25 | $166.3M | $105.7M | ||
| Q4 24 | $162.3M | $108.5M | ||
| Q3 24 | $161.6M | $101.8M | ||
| Q2 24 | $158.5M | $100.1M |
净利润OLEDZLAB
| Q1 26 | $35.9M | — | ||
| Q4 25 | $66.3M | — | ||
| Q3 25 | $44.0M | $-36.0M | ||
| Q2 25 | $67.3M | $-40.7M | ||
| Q1 25 | $64.4M | $-48.4M | ||
| Q4 24 | $46.0M | — | ||
| Q3 24 | $66.9M | $-41.7M | ||
| Q2 24 | $52.3M | $-80.3M |
毛利率OLEDZLAB
| Q1 26 | 74.6% | — | ||
| Q4 25 | 76.1% | 51.0% | ||
| Q3 25 | 74.6% | 59.5% | ||
| Q2 25 | 77.2% | 60.6% | ||
| Q1 25 | 77.1% | 63.6% | ||
| Q4 24 | 77.0% | 61.5% | ||
| Q3 24 | 77.8% | 64.1% | ||
| Q2 24 | 75.8% | 64.9% |
营业利润率OLEDZLAB
| Q1 26 | 30.1% | — | ||
| Q4 25 | 38.9% | -54.6% | ||
| Q3 25 | 30.9% | -42.3% | ||
| Q2 25 | 39.9% | -50.3% | ||
| Q1 25 | 41.9% | -53.3% | ||
| Q4 24 | 32.3% | -62.6% | ||
| Q3 24 | 41.5% | -66.6% | ||
| Q2 24 | 35.6% | -76.0% |
净利率OLEDZLAB
| Q1 26 | 25.2% | — | ||
| Q4 25 | 38.4% | — | ||
| Q3 25 | 31.5% | -31.2% | ||
| Q2 25 | 39.2% | -37.3% | ||
| Q1 25 | 38.8% | -45.8% | ||
| Q4 24 | 28.4% | — | ||
| Q3 24 | 41.4% | -40.9% | ||
| Q2 24 | 33.0% | -80.2% |
每股收益（稀释后）OLEDZLAB
| Q1 26 | $0.76 | — | ||
| Q4 25 | $1.40 | $-0.05 | ||
| Q3 25 | $0.92 | $-0.03 | ||
| Q2 25 | $1.41 | $-0.04 | ||
| Q1 25 | $1.35 | $-0.04 | ||
| Q4 24 | $0.96 | $-0.09 | ||
| Q3 24 | $1.40 | $-0.04 | ||
| Q2 24 | $1.10 | $-0.08 |
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 | $516.4M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $715.5M |
| 总资产 | $1.9B | $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OLEDZLAB
| Q1 26 | $516.4M | — | ||
| Q4 25 | $602.4M | $689.6M | ||
| Q3 25 | $603.0M | $717.2M | ||
| Q2 25 | $525.2M | $732.2M | ||
| Q1 25 | $571.3M | $757.3M | ||
| Q4 24 | $492.7M | $779.7M | ||
| Q3 24 | $551.6M | $616.1M | ||
| Q2 24 | $530.5M | $630.0M |
股东权益OLEDZLAB
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $715.5M | ||
| Q3 25 | $1.7B | $759.9M | ||
| Q2 25 | $1.7B | $791.7M | ||
| Q1 25 | $1.7B | $810.8M | ||
| Q4 24 | $1.6B | $840.9M | ||
| Q3 24 | $1.6B | $667.7M | ||
| Q2 24 | $1.5B | $704.2M |
总资产OLEDZLAB
| Q1 26 | $1.9B | — | ||
| Q4 25 | $2.0B | $1.2B | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | $1.9B | $1.2B | ||
| Q4 24 | $1.8B | $1.2B | ||
| Q3 24 | $1.8B | $985.3M | ||
| Q2 24 | $1.8B | $987.4M |
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 | $108.9M | $-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 | 3.03× | — |
| 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OLEDZLAB
| Q1 26 | $108.9M | — | ||
| Q4 25 | $31.1M | $-26.0M | ||
| Q3 25 | $97.2M | $-32.0M | ||
| Q2 25 | $51.9M | $-31.0M | ||
| Q1 25 | $30.6M | $-61.7M | ||
| Q4 24 | $34.7M | $-55.8M | ||
| Q3 24 | $79.9M | $-26.8M | ||
| Q2 24 | $67.0M | $-42.2M |
自由现金流OLEDZLAB
| Q1 26 | — | — | ||
| Q4 25 | $15.1M | $-26.7M | ||
| Q3 25 | $84.3M | $-35.0M | ||
| Q2 25 | $37.5M | $-33.9M | ||
| Q1 25 | $17.5M | $-63.2M | ||
| Q4 24 | $22.0M | $-58.4M | ||
| Q3 24 | $66.2M | $-28.2M | ||
| Q2 24 | $57.9M | $-42.9M |
自由现金流率OLEDZLAB
| Q1 26 | — | — | ||
| Q4 25 | 8.7% | -21.0% | ||
| Q3 25 | 60.4% | -30.4% | ||
| Q2 25 | 21.8% | -31.1% | ||
| Q1 25 | 10.5% | -59.9% | ||
| Q4 24 | 13.6% | -53.8% | ||
| Q3 24 | 41.0% | -27.7% | ||
| Q2 24 | 36.5% | -42.9% |
资本支出强度OLEDZLAB
| Q1 26 | — | — | ||
| Q4 25 | 9.3% | 0.5% | ||
| Q3 25 | 9.2% | 2.6% | ||
| Q2 25 | 8.4% | 2.6% | ||
| Q1 25 | 7.9% | 1.5% | ||
| Q4 24 | 7.8% | 2.4% | ||
| Q3 24 | 8.4% | 1.3% | ||
| Q2 24 | 5.8% | 0.7% |
现金转化率OLEDZLAB
| Q1 26 | 3.03× | — | ||
| Q4 25 | 0.47× | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 0.77× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | 1.28× | — |
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
OLED
| Material sales | $83.7M | 59% |
| Royalty and license fees | $54.2M | 38% |
| Contract research services | $4.3M | 3% |
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% |
