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百济神州（ONC）与Zscaler, Inc.（ZS）财务数据对比。点击上方公司名可切换其他公司
百济神州的季度营收约是Zscaler, Inc.的1.9倍（$1.5B vs $788.1M），百济神州净利率更高（4.4% vs -1.5%，领先5.9%），百济神州同比增速更快（32.8% vs 25.5%），Zscaler, Inc.自由现金流更多（$431.0M vs $379.8M），过去两年百济神州的营收复合增速更高（41.2% vs 22.5%）
BeOne Medicines（原百济神州）是一家跨国肿瘤领域制药企业，专注于癌症治疗创新药物的研发与商业化，致力于为全球癌症患者提供更有效、可及性更高的治疗方案，改善患者的生存质量与预后。
Zscaler是总部位于美国加利福尼亚州圣何塞的云安全企业，专注提供云原生安全服务，为全球各行业企业的网络系统与数据资产提供全方位防护，助力企业在数字化运营过程中抵御各类安全风险，保障业务稳定开展。
ONC vs ZS — 直观对比
营收规模更大
ONC
是对方的1.9倍
$788.1M
营收增速更快
ONC
高出7.3%
25.5%
净利率更高
ONC
高出5.9%
-1.5%
自由现金流更多
ZS
多$51.1M
$379.8M
两年增速更快
ONC
近两年复合增速
22.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $788.1M |
| 净利润 | $66.5M | $-11.6M |
| 毛利率 | 90.5% | 76.6% |
| 营业利润率 | 12.4% | -4.6% |
| 净利率 | 4.4% | -1.5% |
| 营收同比 | 32.8% | 25.5% |
| 净利润同比 | 143.8% | 3.6% |
| 每股收益（稀释后） | $0.05 | $-0.07 |
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ONCZS
| Q4 25 | $1.5B | $788.1M | ||
| Q3 25 | $1.4B | $719.2M | ||
| Q2 25 | $1.3B | $678.0M | ||
| Q1 25 | $1.1B | $647.9M | ||
| Q4 24 | $1.1B | $628.0M | ||
| Q3 24 | $1.0B | $592.9M | ||
| Q2 24 | $929.2M | $553.2M | ||
| Q1 24 | $751.7M | $525.0M |
净利润ONCZS
| Q4 25 | $66.5M | $-11.6M | ||
| Q3 25 | $124.8M | $-17.6M | ||
| Q2 25 | $94.3M | $-4.1M | ||
| Q1 25 | $1.3M | $-7.7M | ||
| Q4 24 | $-151.9M | $-12.1M | ||
| Q3 24 | $-121.3M | $-14.9M | ||
| Q2 24 | $-120.4M | $19.1M | ||
| Q1 24 | $-251.2M | $-28.5M |
毛利率ONCZS
| Q4 25 | 90.5% | 76.6% | ||
| Q3 25 | 86.1% | 76.1% | ||
| Q2 25 | 87.5% | 77.0% | ||
| Q1 25 | 85.2% | 77.1% | ||
| Q4 24 | 85.8% | 77.5% | ||
| Q3 24 | 83.0% | 78.0% | ||
| Q2 24 | 85.1% | 78.6% | ||
| Q1 24 | 83.4% | 77.7% |
营业利润率ONCZS
| Q4 25 | 12.4% | -4.6% | ||
| Q3 25 | 11.5% | -4.5% | ||
| Q2 25 | 6.7% | -3.7% | ||
| Q1 25 | 1.0% | -6.2% | ||
| Q4 24 | -7.0% | -4.9% | ||
| Q3 24 | -12.0% | -4.5% | ||
| Q2 24 | -11.5% | -0.5% | ||
| Q1 24 | -34.8% | -8.7% |
净利率ONCZS
| Q4 25 | 4.4% | -1.5% | ||
| Q3 25 | 8.8% | -2.4% | ||
| Q2 25 | 7.2% | -0.6% | ||
| Q1 25 | 0.1% | -1.2% | ||
| Q4 24 | -13.5% | -1.9% | ||
| Q3 24 | -12.1% | -2.5% | ||
| Q2 24 | -13.0% | 3.5% | ||
| Q1 24 | -33.4% | -5.4% |
每股收益（稀释后）ONCZS
| Q4 25 | $0.05 | $-0.07 | ||
| Q3 25 | $0.08 | $-0.11 | ||
| Q2 25 | $0.06 | $-0.03 | ||
| Q1 25 | $0.00 | $-0.05 | ||
| Q4 24 | $-0.10 | $-0.08 | ||
| Q3 24 | $-0.09 | $-0.09 | ||
| Q2 24 | $-0.09 | $0.12 | ||
| Q1 24 | $-0.19 | $-0.19 |
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 | $4.5B | $1.3B |
| 总债务越低越好 | $836.4M | — |
| 股东权益账面价值 | $4.4B | $2.0B |
| 总资产 | $8.2B | $6.5B |
| 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ONCZS
| Q4 25 | $4.5B | $1.3B | ||
| Q3 25 | $4.0B | $2.4B | ||
| Q2 25 | $2.8B | $2.0B | ||
| Q1 25 | $2.5B | $1.8B | ||
| Q4 24 | $2.6B | $1.6B | ||
| Q3 24 | $2.7B | $1.4B | ||
| Q2 24 | $2.6B | $1.3B | ||
| Q1 24 | $2.8B | $1.4B |
总债务ONCZS
| Q4 25 | $836.4M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
股东权益ONCZS
| Q4 25 | $4.4B | $2.0B | ||
| Q3 25 | $4.1B | $1.8B | ||
| Q2 25 | $3.8B | $1.8B | ||
| Q1 25 | $3.5B | $1.6B | ||
| Q4 24 | $3.3B | $1.4B | ||
| Q3 24 | $3.4B | $1.3B | ||
| Q2 24 | $3.4B | $1.1B | ||
| Q1 24 | $3.4B | $958.9M |
总资产ONCZS
| Q4 25 | $8.2B | $6.5B | ||
| Q3 25 | $7.6B | $6.4B | ||
| Q2 25 | $6.3B | $5.3B | ||
| Q1 25 | $5.8B | $5.0B | ||
| Q4 24 | $5.9B | $4.7B | ||
| Q3 24 | $5.8B | $4.7B | ||
| Q2 24 | $5.7B | $4.2B | ||
| Q1 24 | $5.7B | $3.9B |
负债/权益比ONCZS
| Q4 25 | 0.19× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 1.19× |
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 | $417.3M | $448.3M |
| 自由现金流经营现金流 - 资本支出 | $379.8M | $431.0M |
| 自由现金流率自由现金流/营收 | 25.4% | 54.7% |
| 资本支出强度资本支出/营收 | 2.5% | 2.2% |
| 现金转化率经营现金流/净利润 | 6.28× | — |
| 过去12个月自由现金流最近4个季度 | $941.7M | $924.9M |
8季度趋势，按日历期对齐
经营现金流ONCZS
| Q4 25 | $417.3M | $448.3M | ||
| Q3 25 | $402.6M | $250.6M | ||
| Q2 25 | $263.6M | $211.1M | ||
| Q1 25 | $44.1M | $179.4M | ||
| Q4 24 | $75.2M | $331.3M | ||
| Q3 24 | $188.4M | $203.6M | ||
| Q2 24 | $-95.6M | $173.4M | ||
| Q1 24 | $-308.6M | $142.1M |
自由现金流ONCZS
| Q4 25 | $379.8M | $431.0M | ||
| Q3 25 | $354.5M | $190.6M | ||
| Q2 25 | $219.8M | $138.9M | ||
| Q1 25 | $-12.3M | $164.4M | ||
| Q4 24 | $-17.3M | $314.3M | ||
| Q3 24 | $54.7M | $154.2M | ||
| Q2 24 | $-205.5M | $137.8M | ||
| Q1 24 | $-465.1M | $111.2M |
自由现金流率ONCZS
| Q4 25 | 25.4% | 54.7% | ||
| Q3 25 | 25.1% | 26.5% | ||
| Q2 25 | 16.7% | 20.5% | ||
| Q1 25 | -1.1% | 25.4% | ||
| Q4 24 | -1.5% | 50.1% | ||
| Q3 24 | 5.5% | 26.0% | ||
| Q2 24 | -22.1% | 24.9% | ||
| Q1 24 | -61.9% | 21.2% |
资本支出强度ONCZS
| Q4 25 | 2.5% | 2.2% | ||
| Q3 25 | 3.4% | 8.3% | ||
| Q2 25 | 3.3% | 10.6% | ||
| Q1 25 | 5.0% | 2.3% | ||
| Q4 24 | 8.2% | 2.7% | ||
| Q3 24 | 13.3% | 8.3% | ||
| Q2 24 | 11.8% | 6.4% | ||
| Q1 24 | 20.8% | 5.9% |
现金转化率ONCZS
| Q4 25 | 6.28× | — | ||
| Q3 25 | 3.22× | — | ||
| Q2 25 | 2.79× | — | ||
| Q1 25 | 34.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.07× | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
