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OPAL Fuels Inc.（OPAL）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OPAL Fuels Inc.的1.4倍（$127.1M vs $88.4M），OPAL Fuels Inc.同比增速更快（18.7% vs 17.1%），OPAL Fuels Inc.自由现金流更多（$-13.4M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 17.6%）
OPAL Fuels Inc.是一家北美能源企业，专注于生产和分销低碳可再生天然气（RNG）。公司从垃圾填埋场、奶牛场等有机废物流中收集甲烷，产出的可再生天然气主要供应给重型运输车队、商业物流运营商及公共交通实体，助力降低碳排放。
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。
OPAL vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.4倍
$88.4M
营收增速更快
OPAL
高出1.6%
17.1%
自由现金流更多
OPAL
多$13.3M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
17.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $88.4M | $127.1M |
| 净利润 | $16.2M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 7.5% | -54.6% |
| 净利率 | 18.3% | — |
| 营收同比 | 18.7% | 17.1% |
| 净利润同比 | 401.5% | — |
| 每股收益（稀释后） | $0.08 | $-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OPALZLAB
| Q4 25 | $88.4M | $127.1M | ||
| Q3 25 | $77.9M | $115.4M | ||
| Q2 25 | $77.4M | $109.1M | ||
| Q1 25 | $83.0M | $105.7M | ||
| Q4 24 | $74.5M | $108.5M | ||
| Q3 24 | $82.6M | $101.8M | ||
| Q2 24 | $69.8M | $100.1M | ||
| Q1 24 | $64.0M | $87.1M |
净利润OPALZLAB
| Q4 25 | $16.2M | — | ||
| Q3 25 | $11.4M | $-36.0M | ||
| Q2 25 | $7.6M | $-40.7M | ||
| Q1 25 | $1.3M | $-48.4M | ||
| Q4 24 | $-5.4M | — | ||
| Q3 24 | $17.1M | $-41.7M | ||
| Q2 24 | $1.9M | $-80.3M | ||
| Q1 24 | $677.0K | $-53.5M |
毛利率OPALZLAB
| Q4 25 | — | 51.0% | ||
| Q3 25 | — | 59.5% | ||
| Q2 25 | — | 60.6% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 64.1% | ||
| Q2 24 | — | 64.9% | ||
| Q1 24 | — | 61.4% |
营业利润率OPALZLAB
| Q4 25 | 7.5% | -54.6% | ||
| Q3 25 | 4.6% | -42.3% | ||
| Q2 25 | -1.1% | -50.3% | ||
| Q1 25 | -2.3% | -53.3% | ||
| Q4 24 | -0.5% | -62.6% | ||
| Q3 24 | 14.9% | -66.6% | ||
| Q2 24 | 8.1% | -76.0% | ||
| Q1 24 | 5.6% | -80.7% |
净利率OPALZLAB
| Q4 25 | 18.3% | — | ||
| Q3 25 | 14.6% | -31.2% | ||
| Q2 25 | 9.8% | -37.3% | ||
| Q1 25 | 1.5% | -45.8% | ||
| Q4 24 | -7.2% | — | ||
| Q3 24 | 20.7% | -40.9% | ||
| Q2 24 | 2.7% | -80.2% | ||
| Q1 24 | 1.1% | -61.4% |
每股收益（稀释后）OPALZLAB
| Q4 25 | $0.08 | $-0.05 | ||
| Q3 25 | $0.05 | $-0.03 | ||
| Q2 25 | $0.03 | $-0.04 | ||
| Q1 25 | $-0.01 | $-0.04 | ||
| Q4 24 | $-0.05 | $-0.09 | ||
| Q3 24 | $0.09 | $-0.04 | ||
| Q2 24 | $-0.01 | $-0.08 | ||
| Q1 24 | $-0.01 | $-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 | $24.4M | $689.6M |
| 总债务越低越好 | $361.3M | — |
| 股东权益账面价值 | $-12.9M | $715.5M |
| 总资产 | $959.5M | $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OPALZLAB
| Q4 25 | $24.4M | $689.6M | ||
| Q3 25 | $29.9M | $717.2M | ||
| Q2 25 | $29.3M | $732.2M | ||
| Q1 25 | $40.1M | $757.3M | ||
| Q4 24 | $24.3M | $779.7M | ||
| Q3 24 | $31.0M | $616.1M | ||
| Q2 24 | $27.6M | $630.0M | ||
| Q1 24 | $34.2M | $650.8M |
总债务OPALZLAB
| Q4 25 | $361.3M | — | ||
| Q3 25 | $351.2M | — | ||
| Q2 25 | $331.6M | — | ||
| Q1 25 | $307.0M | — | ||
| Q4 24 | $307.5M | — | ||
| Q3 24 | $252.9M | — | ||
| Q2 24 | $233.3M | — | ||
| Q1 24 | $208.7M | — |
股东权益OPALZLAB
| Q4 25 | $-12.9M | $715.5M | ||
| Q3 25 | $7.5M | $759.9M | ||
| Q2 25 | $-25.0M | $791.7M | ||
| Q1 25 | $57.1M | $810.8M | ||
| Q4 24 | $-148.4M | $840.9M | ||
| Q3 24 | $-180.1M | $667.7M | ||
| Q2 24 | $-273.0M | $704.2M | ||
| Q1 24 | $-382.4M | $762.2M |
总资产OPALZLAB
| Q4 25 | $959.5M | $1.2B | ||
| Q3 25 | $916.7M | $1.2B | ||
| Q2 25 | $905.5M | $1.2B | ||
| Q1 25 | $884.9M | $1.2B | ||
| Q4 24 | $881.1M | $1.2B | ||
| Q3 24 | $831.1M | $985.3M | ||
| Q2 24 | $782.3M | $987.4M | ||
| Q1 24 | $750.5M | $988.4M |
负债/权益比OPALZLAB
| Q4 25 | — | — | ||
| Q3 25 | 46.95× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 5.38× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-3.5M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-13.4M | $-26.7M |
| 自由现金流率自由现金流/营收 | -15.1% | -21.0% |
| 资本支出强度资本支出/营收 | 11.1% | 0.5% |
| 现金转化率经营现金流/净利润 | -0.22× | — |
| 过去12个月自由现金流最近4个季度 | $-34.2M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流OPALZLAB
| Q4 25 | $-3.5M | $-26.0M | ||
| Q3 25 | $18.2M | $-32.0M | ||
| Q2 25 | $-7.9M | $-31.0M | ||
| Q1 25 | $29.7M | $-61.7M | ||
| Q4 24 | $-532.0K | $-55.8M | ||
| Q3 24 | $17.7M | $-26.8M | ||
| Q2 24 | $533.0K | $-42.2M | ||
| Q1 24 | $13.7M | $-90.1M |
自由现金流OPALZLAB
| Q4 25 | $-13.4M | $-26.7M | ||
| Q3 25 | $-9.3M | $-35.0M | ||
| Q2 25 | $-29.7M | $-33.9M | ||
| Q1 25 | $18.1M | $-63.2M | ||
| Q4 24 | $-55.0M | $-58.4M | ||
| Q3 24 | $-5.4M | $-28.2M | ||
| Q2 24 | $-22.5M | $-42.9M | ||
| Q1 24 | $-13.0M | $-91.1M |
自由现金流率OPALZLAB
| Q4 25 | -15.1% | -21.0% | ||
| Q3 25 | -11.9% | -30.4% | ||
| Q2 25 | -38.4% | -31.1% | ||
| Q1 25 | 21.8% | -59.9% | ||
| Q4 24 | -73.8% | -53.8% | ||
| Q3 24 | -6.5% | -27.7% | ||
| Q2 24 | -32.2% | -42.9% | ||
| Q1 24 | -20.4% | -104.5% |
资本支出强度OPALZLAB
| Q4 25 | 11.1% | 0.5% | ||
| Q3 25 | 35.3% | 2.6% | ||
| Q2 25 | 28.2% | 2.6% | ||
| Q1 25 | 13.9% | 1.5% | ||
| Q4 24 | 73.1% | 2.4% | ||
| Q3 24 | 27.9% | 1.3% | ||
| Q2 24 | 32.9% | 0.7% | ||
| Q1 24 | 41.8% | 1.1% |
现金转化率OPALZLAB
| Q4 25 | -0.22× | — | ||
| Q3 25 | 1.60× | — | ||
| Q2 25 | -1.04× | — | ||
| Q1 25 | 23.11× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.03× | — | ||
| Q2 24 | 0.28× | — | ||
| Q1 24 | 20.26× | — |
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
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 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% |
