vs
OCTAVE SPECIALTY GROUP INC（OSG）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OCTAVE SPECIALTY GROUP INC的1.9倍（$127.1M vs $66.9M），再鼎医药同比增速更快（17.1% vs 2.6%），过去两年再鼎医药的营收复合增速更高（20.8% vs 16.2%）
奥克塔夫专业集团是一家专业保险控股企业，主营定制化财产与意外伤害保险产品，核心业务聚焦超额剩余保险领域，为北美地区的商业及个人客户提供定制化风险保障解决方案。
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。
OSG vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.9倍
$66.9M
营收增速更快
ZLAB
高出14.5%
2.6%
两年增速更快
ZLAB
近两年复合增速
16.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $66.9M | $127.1M |
| 净利润 | $-29.7M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | -76.7% | -54.6% |
| 净利率 | -73.8% | — |
| 营收同比 | 2.6% | 17.1% |
| 净利润同比 | -41.7% | — |
| 每股收益（稀释后） | $-0.82 | $-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OSGZLAB
| Q4 25 | $66.9M | $127.1M | ||
| Q3 25 | $66.6M | $115.4M | ||
| Q2 25 | $55.0M | $109.1M | ||
| Q1 25 | $62.8M | $105.7M | ||
| Q4 24 | $65.2M | $108.5M | ||
| Q3 24 | $70.0M | $101.8M | ||
| Q2 24 | $51.0M | $100.1M | ||
| Q1 24 | $49.6M | $87.1M |
净利润OSGZLAB
| Q4 25 | $-29.7M | — | ||
| Q3 25 | $-112.6M | $-36.0M | ||
| Q2 25 | $-72.7M | $-40.7M | ||
| Q1 25 | $-44.7M | $-48.4M | ||
| Q4 24 | $-20.9M | — | ||
| Q3 24 | $-27.5M | $-41.7M | ||
| Q2 24 | $-750.0K | $-80.3M | ||
| Q1 24 | $20.8M | $-53.5M |
毛利率OSGZLAB
| 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OSGZLAB
| Q4 25 | -76.7% | -54.6% | ||
| Q3 25 | -48.2% | -42.3% | ||
| Q2 25 | -41.8% | -50.3% | ||
| Q1 25 | -24.1% | -53.3% | ||
| Q4 24 | -55.5% | -62.6% | ||
| Q3 24 | -29.7% | -66.6% | ||
| Q2 24 | -28.9% | -76.0% | ||
| Q1 24 | -6.5% | -80.7% |
净利率OSGZLAB
| Q4 25 | -73.8% | — | ||
| Q3 25 | -169.1% | -31.2% | ||
| Q2 25 | -132.3% | -37.3% | ||
| Q1 25 | -71.3% | -45.8% | ||
| Q4 24 | -55.1% | — | ||
| Q3 24 | -39.3% | -40.9% | ||
| Q2 24 | -1.5% | -80.2% | ||
| Q1 24 | 41.9% | -61.4% |
每股收益（稀释后）OSGZLAB
| Q4 25 | $-0.82 | $-0.05 | ||
| Q3 25 | $-2.35 | $-0.03 | ||
| Q2 25 | $-1.54 | $-0.04 | ||
| Q1 25 | $-1.22 | $-0.04 | ||
| Q4 24 | $-11.75 | $-0.09 | ||
| Q3 24 | $-0.63 | $-0.04 | ||
| Q2 24 | $-0.02 | $-0.08 | ||
| Q1 24 | $0.44 | $-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 | $146.4M | $689.6M |
| 总债务越低越好 | $117.6M | — |
| 股东权益账面价值 | $715.8M | $715.5M |
| 总资产 | $2.2B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.16× | — |
8季度趋势，按日历期对齐
现金及短期投资OSGZLAB
| Q4 25 | $146.4M | $689.6M | ||
| Q3 25 | $27.5M | $717.2M | ||
| Q2 25 | $22.5M | $732.2M | ||
| Q1 25 | $34.1M | $757.3M | ||
| Q4 24 | $157.2M | $779.7M | ||
| Q3 24 | $40.8M | $616.1M | ||
| Q2 24 | $14.6M | $630.0M | ||
| Q1 24 | $13.8M | $650.8M |
总债务OSGZLAB
| Q4 25 | $117.6M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | $518.0M | — | ||
| Q2 24 | $515.0M | — | ||
| Q1 24 | $512.0M | — |
股东权益OSGZLAB
| Q4 25 | $715.8M | $715.5M | ||
| Q3 25 | $843.4M | $759.9M | ||
| Q2 25 | $859.8M | $791.7M | ||
| Q1 25 | $852.2M | $810.8M | ||
| Q4 24 | $798.4M | $840.9M | ||
| Q3 24 | $1.5B | $667.7M | ||
| Q2 24 | $1.4B | $704.2M | ||
| Q1 24 | $1.4B | $762.2M |
总资产OSGZLAB
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.1B | $1.2B | ||
| Q2 25 | $8.5B | $1.2B | ||
| Q1 25 | $8.3B | $1.2B | ||
| Q4 24 | $8.1B | $1.2B | ||
| Q3 24 | $9.3B | $985.3M | ||
| Q2 24 | $8.2B | $987.4M | ||
| Q1 24 | $8.4B | $988.4M |
负债/权益比OSGZLAB
| Q4 25 | 0.16× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.35× | — | ||
| Q2 24 | 0.38× | — | ||
| Q1 24 | 0.38× | — |
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 | $-52.3M | $-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 | — | — |
| 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OSGZLAB
| Q4 25 | $-52.3M | $-26.0M | ||
| Q3 25 | $-41.2M | $-32.0M | ||
| Q2 25 | $2.1M | $-31.0M | ||
| Q1 25 | $-12.6M | $-61.7M | ||
| Q4 24 | $762.0K | $-55.8M | ||
| Q3 24 | $48.9M | $-26.8M | ||
| Q2 24 | $20.4M | $-42.2M | ||
| Q1 24 | $7.1M | $-90.1M |
自由现金流OSGZLAB
| Q4 25 | — | $-26.7M | ||
| Q3 25 | — | $-35.0M | ||
| Q2 25 | — | $-33.9M | ||
| Q1 25 | — | $-63.2M | ||
| Q4 24 | — | $-58.4M | ||
| Q3 24 | — | $-28.2M | ||
| Q2 24 | — | $-42.9M | ||
| Q1 24 | — | $-91.1M |
自由现金流率OSGZLAB
| Q4 25 | — | -21.0% | ||
| Q3 25 | — | -30.4% | ||
| Q2 25 | — | -31.1% | ||
| Q1 25 | — | -59.9% | ||
| Q4 24 | — | -53.8% | ||
| Q3 24 | — | -27.7% | ||
| Q2 24 | — | -42.9% | ||
| Q1 24 | — | -104.5% |
资本支出强度OSGZLAB
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.1% |
现金转化率OSGZLAB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.34× | — |
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
OSG
| Other | $28.7M | 43% |
| Specialty Property Casualty Program | $23.1M | 34% |
| Accident Health | $9.6M | 14% |
| Specialty Automobile | $3.1M | 5% |
| Niche Specialty Risks | $2.4M | 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% |
