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OPKO HEALTH, INC.（OPK）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
OPKO HEALTH, INC.的季度营收约是再鼎医药的1.2倍（$148.5M vs $127.1M），再鼎医药同比增速更快（17.1% vs -19.2%），再鼎医药自由现金流更多（$-26.7M vs $-28.6M），过去两年再鼎医药的营收复合增速更高（20.8% vs -7.5%）
OPKO Health是一家聚焦诊断与医药领域的医疗企业，核心业务涵盖医疗检测与药品研发生产，在纳斯达克和特拉维夫证券交易所挂牌上市，股票代码为OPK。
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。
OPK vs ZLAB — 直观对比
营收规模更大
OPK
是对方的1.2倍
$127.1M
营收增速更快
ZLAB
高出36.3%
-19.2%
自由现金流更多
ZLAB
多$1.9M
$-28.6M
两年增速更快
ZLAB
近两年复合增速
-7.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $148.5M | $127.1M |
| 净利润 | $-31.3M | — |
| 毛利率 | 43.1% | 51.0% |
| 营业利润率 | -25.8% | -54.6% |
| 净利率 | -21.1% | — |
| 营收同比 | -19.2% | 17.1% |
| 净利润同比 | -322.8% | — |
| 每股收益（稀释后） | $-0.04 | $-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OPKZLAB
| Q4 25 | $148.5M | $127.1M | ||
| Q3 25 | $151.7M | $115.4M | ||
| Q2 25 | $156.8M | $109.1M | ||
| Q1 25 | $150.0M | $105.7M | ||
| Q4 24 | $183.6M | $108.5M | ||
| Q3 24 | $173.6M | $101.8M | ||
| Q2 24 | $182.2M | $100.1M | ||
| Q1 24 | $173.7M | $87.1M |
净利润OPKZLAB
| Q4 25 | $-31.3M | — | ||
| Q3 25 | $21.6M | $-36.0M | ||
| Q2 25 | $-148.4M | $-40.7M | ||
| Q1 25 | $-67.6M | $-48.4M | ||
| Q4 24 | $14.0M | — | ||
| Q3 24 | $24.9M | $-41.7M | ||
| Q2 24 | $-10.3M | $-80.3M | ||
| Q1 24 | $-81.8M | $-53.5M |
毛利率OPKZLAB
| Q4 25 | 43.1% | 51.0% | ||
| Q3 25 | 32.9% | 59.5% | ||
| Q2 25 | 31.5% | 60.6% | ||
| Q1 25 | 28.4% | 63.6% | ||
| Q4 24 | 46.1% | 61.5% | ||
| Q3 24 | 23.1% | 64.1% | ||
| Q2 24 | 28.4% | 64.9% | ||
| Q1 24 | 24.2% | 61.4% |
营业利润率OPKZLAB
| Q4 25 | -25.8% | -54.6% | ||
| Q3 25 | 31.7% | -42.3% | ||
| Q2 25 | -38.3% | -50.3% | ||
| Q1 25 | -44.8% | -53.3% | ||
| Q4 24 | -18.0% | -62.6% | ||
| Q3 24 | 8.2% | -66.6% | ||
| Q2 24 | -33.9% | -76.0% | ||
| Q1 24 | -41.2% | -80.7% |
净利率OPKZLAB
| Q4 25 | -21.1% | — | ||
| Q3 25 | 14.3% | -31.2% | ||
| Q2 25 | -94.7% | -37.3% | ||
| Q1 25 | -45.1% | -45.8% | ||
| Q4 24 | 7.6% | — | ||
| Q3 24 | 14.3% | -40.9% | ||
| Q2 24 | -5.7% | -80.2% | ||
| Q1 24 | -47.1% | -61.4% |
每股收益（稀释后）OPKZLAB
| Q4 25 | $-0.04 | $-0.05 | ||
| Q3 25 | $0.03 | $-0.03 | ||
| Q2 25 | $-0.19 | $-0.04 | ||
| Q1 25 | $-0.10 | $-0.04 | ||
| Q4 24 | $0.02 | $-0.09 | ||
| Q3 24 | $0.03 | $-0.04 | ||
| Q2 24 | $-0.01 | $-0.08 | ||
| Q1 24 | $-0.12 | $-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 | $364.4M | $689.6M |
| 总债务越低越好 | $344.0M | — |
| 股东权益账面价值 | $1.3B | $715.5M |
| 总资产 | $1.9B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.27× | — |
8季度趋势，按日历期对齐
现金及短期投资OPKZLAB
| Q4 25 | $364.4M | $689.6M | ||
| Q3 25 | $412.0M | $717.2M | ||
| Q2 25 | $267.3M | $732.2M | ||
| Q1 25 | $428.8M | $757.3M | ||
| Q4 24 | $426.6M | $779.7M | ||
| Q3 24 | $400.1M | $616.1M | ||
| Q2 24 | $40.6M | $630.0M | ||
| Q1 24 | $75.6M | $650.8M |
总债务OPKZLAB
| Q4 25 | $344.0M | — | ||
| Q3 25 | $344.2M | — | ||
| Q2 25 | $343.3M | — | ||
| Q1 25 | $439.2M | — | ||
| Q4 24 | $437.2M | — | ||
| Q3 24 | $441.0M | — | ||
| Q2 24 | $201.9M | — | ||
| Q1 24 | $350.1M | — |
股东权益OPKZLAB
| Q4 25 | $1.3B | $715.5M | ||
| Q3 25 | $1.3B | $759.9M | ||
| Q2 25 | $1.3B | $791.7M | ||
| Q1 25 | $1.3B | $810.8M | ||
| Q4 24 | $1.4B | $840.9M | ||
| Q3 24 | $1.4B | $667.7M | ||
| Q2 24 | $1.4B | $704.2M | ||
| Q1 24 | $1.3B | $762.2M |
总资产OPKZLAB
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $2.1B | $1.2B | ||
| Q4 24 | $2.2B | $1.2B | ||
| Q3 24 | $2.3B | $985.3M | ||
| Q2 24 | $2.0B | $987.4M | ||
| Q1 24 | $2.0B | $988.4M |
负债/权益比OPKZLAB
| Q4 25 | 0.27× | — | ||
| Q3 25 | 0.26× | — | ||
| Q2 25 | 0.26× | — | ||
| Q1 25 | 0.33× | — | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | 0.31× | — | ||
| Q2 24 | 0.14× | — | ||
| Q1 24 | 0.28× | — |
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 | $-25.9M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-28.6M | $-26.7M |
| 自由现金流率自由现金流/营收 | -19.3% | -21.0% |
| 资本支出强度资本支出/营收 | 1.8% | 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 | $-190.8M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流OPKZLAB
| Q4 25 | $-25.9M | $-26.0M | ||
| Q3 25 | $-34.6M | $-32.0M | ||
| Q2 25 | $-83.4M | $-31.0M | ||
| Q1 25 | $-34.6M | $-61.7M | ||
| Q4 24 | $-44.4M | $-55.8M | ||
| Q3 24 | $-77.1M | $-26.8M | ||
| Q2 24 | $-26.4M | $-42.2M | ||
| Q1 24 | $-35.6M | $-90.1M |
自由现金流OPKZLAB
| Q4 25 | $-28.6M | $-26.7M | ||
| Q3 25 | $-37.8M | $-35.0M | ||
| Q2 25 | $-86.7M | $-33.9M | ||
| Q1 25 | $-37.7M | $-63.2M | ||
| Q4 24 | $-49.8M | $-58.4M | ||
| Q3 24 | $-85.0M | $-28.2M | ||
| Q2 24 | $-33.7M | $-42.9M | ||
| Q1 24 | $-40.0M | $-91.1M |
自由现金流率OPKZLAB
| Q4 25 | -19.3% | -21.0% | ||
| Q3 25 | -24.9% | -30.4% | ||
| Q2 25 | -55.3% | -31.1% | ||
| Q1 25 | -25.2% | -59.9% | ||
| Q4 24 | -27.1% | -53.8% | ||
| Q3 24 | -49.0% | -27.7% | ||
| Q2 24 | -18.5% | -42.9% | ||
| Q1 24 | -23.0% | -104.5% |
资本支出强度OPKZLAB
| Q4 25 | 1.8% | 0.5% | ||
| Q3 25 | 2.1% | 2.6% | ||
| Q2 25 | 2.1% | 2.6% | ||
| Q1 25 | 2.1% | 1.5% | ||
| Q4 24 | 2.9% | 2.4% | ||
| Q3 24 | 4.6% | 1.3% | ||
| Q2 24 | 4.0% | 0.7% | ||
| Q1 24 | 2.6% | 1.1% |
现金转化率OPKZLAB
| Q4 25 | — | — | ||
| Q3 25 | -1.60× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -3.17× | — | ||
| Q3 24 | -3.10× | — | ||
| 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
OPK
| Services | $71.1M | 48% |
| Transfer Of Intellectual Property And Other | $33.7M | 23% |
| IE | $22.1M | 15% |
| Rayaldee | $8.8M | 6% |
| Barda Agreement | $6.8M | 5% |
| MX | $6.3M | 4% |
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% |
