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PAR TECHNOLOGY CORP（PAR）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PAR TECHNOLOGY CORP的1.1倍（$127.1M vs $120.1M），再鼎医药同比增速更快（17.1% vs 14.4%），PAR TECHNOLOGY CORP自由现金流更多（$-12.5M vs $-26.7M），过去两年PAR TECHNOLOGY CORP的营收复合增速更高（30.9% vs 20.8%）
PAR科技公司是全球领先的销售点系统、餐饮酒店管理软件及集成技术解决方案提供商，核心业务覆盖餐饮服务、酒店文旅及政府安防领域，为各类规模客户提供云端工具以简化运营、提升消费体验与经营效率。
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。
PAR vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.1倍
$120.1M
营收增速更快
ZLAB
高出2.7%
14.4%
自由现金流更多
PAR
多$14.2M
$-26.7M
两年增速更快
PAR
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $120.1M | $127.1M |
| 净利润 | — | — |
| 毛利率 | 41.2% | 51.0% |
| 营业利润率 | -15.0% | -54.6% |
| 净利率 | — | — |
| 营收同比 | 14.4% | 17.1% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $-0.52 | $-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PARZLAB
| Q4 25 | $120.1M | $127.1M | ||
| Q3 25 | $119.2M | $115.4M | ||
| Q2 25 | $112.4M | $109.1M | ||
| Q1 25 | $103.9M | $105.7M | ||
| Q4 24 | $105.0M | $108.5M | ||
| Q3 24 | $96.8M | $101.8M | ||
| Q2 24 | $78.2M | $100.1M | ||
| Q1 24 | $70.1M | $87.1M |
净利润PARZLAB
| Q4 25 | — | — | ||
| Q3 25 | $-18.2M | $-36.0M | ||
| Q2 25 | $-21.0M | $-40.7M | ||
| Q1 25 | $-24.4M | $-48.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-19.8M | $-41.7M | ||
| Q2 24 | $54.2M | $-80.3M | ||
| Q1 24 | $-18.3M | $-53.5M |
毛利率PARZLAB
| Q4 25 | 41.2% | 51.0% | ||
| Q3 25 | 41.3% | 59.5% | ||
| Q2 25 | 45.4% | 60.6% | ||
| Q1 25 | 46.5% | 63.6% | ||
| Q4 24 | 42.9% | 61.5% | ||
| Q3 24 | 44.5% | 64.1% | ||
| Q2 24 | 41.0% | 64.9% | ||
| Q1 24 | 37.2% | 61.4% |
营业利润率PARZLAB
| Q4 25 | -15.0% | -54.6% | ||
| Q3 25 | -14.8% | -42.3% | ||
| Q2 25 | -15.4% | -50.3% | ||
| Q1 25 | -15.2% | -53.3% | ||
| Q4 24 | -15.6% | -62.6% | ||
| Q3 24 | -15.7% | -66.6% | ||
| Q2 24 | -26.5% | -76.0% | ||
| Q1 24 | -38.2% | -80.7% |
净利率PARZLAB
| Q4 25 | — | — | ||
| Q3 25 | -15.3% | -31.2% | ||
| Q2 25 | -18.7% | -37.3% | ||
| Q1 25 | -23.4% | -45.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | -20.5% | -40.9% | ||
| Q2 24 | 69.3% | -80.2% | ||
| Q1 24 | -26.1% | -61.4% |
每股收益（稀释后）PARZLAB
| Q4 25 | $-0.52 | $-0.05 | ||
| Q3 25 | $-0.45 | $-0.03 | ||
| Q2 25 | $-0.52 | $-0.04 | ||
| Q1 25 | $-0.60 | $-0.04 | ||
| Q4 24 | $-0.56 | $-0.09 | ||
| Q3 24 | $-0.56 | $-0.04 | ||
| Q2 24 | $1.60 | $-0.08 | ||
| Q1 24 | $-0.62 | $-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 | $80.1M | $689.6M |
| 总债务越低越好 | $394.0M | — |
| 股东权益账面价值 | $825.1M | $715.5M |
| 总资产 | $1.4B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.48× | — |
8季度趋势，按日历期对齐
现金及短期投资PARZLAB
| Q4 25 | $80.1M | $689.6M | ||
| Q3 25 | $93.0M | $717.2M | ||
| Q2 25 | $85.7M | $732.2M | ||
| Q1 25 | $92.2M | $757.3M | ||
| Q4 24 | $108.6M | $779.7M | ||
| Q3 24 | $118.4M | $616.1M | ||
| Q2 24 | $142.5M | $630.0M | ||
| Q1 24 | $72.5M | $650.8M |
总债务PARZLAB
| Q4 25 | $394.0M | — | ||
| Q3 25 | $393.4M | — | ||
| Q2 25 | $392.8M | — | ||
| Q1 25 | $392.3M | — | ||
| Q4 24 | $368.4M | — | ||
| Q3 24 | $466.7M | — | ||
| Q2 24 | $378.7M | — | ||
| Q1 24 | $378.2M | — |
股东权益PARZLAB
| Q4 25 | $825.1M | $715.5M | ||
| Q3 25 | $838.0M | $759.9M | ||
| Q2 25 | $859.1M | $791.7M | ||
| Q1 25 | $852.0M | $810.8M | ||
| Q4 24 | $871.7M | $840.9M | ||
| Q3 24 | $692.7M | $667.7M | ||
| Q2 24 | $588.3M | $704.2M | ||
| Q1 24 | $526.4M | $762.2M |
总资产PARZLAB
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.4B | $1.2B | ||
| Q3 24 | $1.3B | $985.3M | ||
| Q2 24 | $1.1B | $987.4M | ||
| Q1 24 | $1.0B | $988.4M |
负债/权益比PARZLAB
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.46× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 0.42× | — | ||
| Q3 24 | 0.67× | — | ||
| Q2 24 | 0.64× | — | ||
| Q1 24 | 0.72× | — |
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 | $-11.8M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-12.5M | $-26.7M |
| 自由现金流率自由现金流/营收 | -10.4% | -21.0% |
| 资本支出强度资本支出/营收 | 0.7% | 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 | $-30.5M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流PARZLAB
| Q4 25 | $-11.8M | $-26.0M | ||
| Q3 25 | $8.4M | $-32.0M | ||
| Q2 25 | $-6.6M | $-31.0M | ||
| Q1 25 | $-17.2M | $-61.7M | ||
| Q4 24 | $3.4M | $-55.8M | ||
| Q3 24 | $8.8M | $-26.8M | ||
| Q2 24 | $-13.8M | $-42.2M | ||
| Q1 24 | $-23.6M | $-90.1M |
自由现金流PARZLAB
| Q4 25 | $-12.5M | $-26.7M | ||
| Q3 25 | $7.0M | $-35.0M | ||
| Q2 25 | $-7.4M | $-33.9M | ||
| Q1 25 | $-17.6M | $-63.2M | ||
| Q4 24 | $3.2M | $-58.4M | ||
| Q3 24 | $8.4M | $-28.2M | ||
| Q2 24 | $-14.2M | $-42.9M | ||
| Q1 24 | $-23.6M | $-91.1M |
自由现金流率PARZLAB
| Q4 25 | -10.4% | -21.0% | ||
| Q3 25 | 5.9% | -30.4% | ||
| Q2 25 | -6.6% | -31.1% | ||
| Q1 25 | -16.9% | -59.9% | ||
| Q4 24 | 3.0% | -53.8% | ||
| Q3 24 | 8.7% | -27.7% | ||
| Q2 24 | -18.2% | -42.9% | ||
| Q1 24 | -33.7% | -104.5% |
资本支出强度PARZLAB
| Q4 25 | 0.7% | 0.5% | ||
| Q3 25 | 1.1% | 2.6% | ||
| Q2 25 | 0.7% | 2.6% | ||
| Q1 25 | 0.4% | 1.5% | ||
| Q4 24 | 0.2% | 2.4% | ||
| Q3 24 | 0.4% | 1.3% | ||
| Q2 24 | 0.5% | 0.7% | ||
| Q1 24 | 0.1% | 1.1% |
现金转化率PARZLAB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.26× | — | ||
| 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
PAR
| Subscription Service | $76.1M | 63% |
| Hardware | $27.8M | 23% |
| Professional Service | $16.2M | 13% |
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% |
