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PennyMac Mortgage Investment Trust（PMT）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PennyMac Mortgage Investment Trust的1.4倍（$127.1M vs $93.6M），再鼎医药同比增速更快（17.1% vs -13.3%），过去两年再鼎医药的营收复合增速更高（20.8% vs 12.3%）
PennyMac Mortgage Investment Trust是总部位于美国的房地产投资信托，专注于住宅抵押贷款相关资产，主要投资履约及违约抵押贷款、住宅抵押贷款支持证券和信用风险转移工具，业务覆盖美国住房市场的投资管理与抵押贷款服务板块。
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。
PMT vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.4倍
$93.6M
营收增速更快
ZLAB
高出30.4%
-13.3%
两年增速更快
ZLAB
近两年复合增速
12.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $93.6M | $127.1M |
| 净利润 | $52.4M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 38.6% | -54.6% |
| 净利率 | 56.0% | — |
| 营收同比 | -13.3% | 17.1% |
| 净利润同比 | 12.5% | — |
| 每股收益（稀释后） | $0.49 | $-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PMTZLAB
| Q4 25 | $93.6M | $127.1M | ||
| Q3 25 | $99.2M | $115.4M | ||
| Q2 25 | $70.2M | $109.1M | ||
| Q1 25 | $44.5M | $105.7M | ||
| Q4 24 | $107.9M | $108.5M | ||
| Q3 24 | $80.9M | $101.8M | ||
| Q2 24 | $71.2M | $100.1M | ||
| Q1 24 | $74.2M | $87.1M |
净利润PMTZLAB
| Q4 25 | $52.4M | — | ||
| Q3 25 | $58.3M | $-36.0M | ||
| Q2 25 | $7.5M | $-40.7M | ||
| Q1 25 | $9.7M | $-48.4M | ||
| Q4 24 | $46.5M | — | ||
| Q3 24 | $41.4M | $-41.7M | ||
| Q2 24 | $25.4M | $-80.3M | ||
| Q1 24 | $47.6M | $-53.5M |
毛利率PMTZLAB
| 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PMTZLAB
| Q4 25 | 38.6% | -54.6% | ||
| Q3 25 | 47.4% | -42.3% | ||
| Q2 25 | 24.2% | -50.3% | ||
| Q1 25 | -14.2% | -53.3% | ||
| Q4 24 | 51.1% | -62.6% | ||
| Q3 24 | 32.8% | -66.6% | ||
| Q2 24 | 40.2% | -76.0% | ||
| Q1 24 | 43.6% | -80.7% |
净利率PMTZLAB
| Q4 25 | 56.0% | — | ||
| Q3 25 | 58.7% | -31.2% | ||
| Q2 25 | 10.7% | -37.3% | ||
| Q1 25 | 21.8% | -45.8% | ||
| Q4 24 | 43.1% | — | ||
| Q3 24 | 51.2% | -40.9% | ||
| Q2 24 | 35.7% | -80.2% | ||
| Q1 24 | 64.2% | -61.4% |
每股收益（稀释后）PMTZLAB
| Q4 25 | $0.49 | $-0.05 | ||
| Q3 25 | $0.55 | $-0.03 | ||
| Q2 25 | $-0.04 | $-0.04 | ||
| Q1 25 | $-0.01 | $-0.04 | ||
| Q4 24 | $0.45 | $-0.09 | ||
| Q3 24 | $0.36 | $-0.04 | ||
| Q2 24 | $0.17 | $-0.08 | ||
| Q1 24 | $0.39 | $-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 | $190.5M | $689.6M |
| 总债务越低越好 | $1.1B | — |
| 股东权益账面价值 | $1.9B | $715.5M |
| 总资产 | $21.3B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.58× | — |
8季度趋势，按日历期对齐
现金及短期投资PMTZLAB
| Q4 25 | $190.5M | $689.6M | ||
| Q3 25 | $181.0M | $717.2M | ||
| Q2 25 | $108.6M | $732.2M | ||
| Q1 25 | $204.2M | $757.3M | ||
| Q4 24 | $103.2M | $779.7M | ||
| Q3 24 | $102.8M | $616.1M | ||
| Q2 24 | $336.3M | $630.0M | ||
| Q1 24 | $343.3M | $650.8M |
总债务PMTZLAB
| Q4 25 | $1.1B | — | ||
| Q3 25 | $299.0M | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $968.4M | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $5.2B | — | ||
| Q2 24 | $5.4B | — | ||
| Q1 24 | $5.1B | — |
股东权益PMTZLAB
| Q4 25 | $1.9B | $715.5M | ||
| Q3 25 | $1.9B | $759.9M | ||
| Q2 25 | $1.9B | $791.7M | ||
| Q1 25 | $1.9B | $810.8M | ||
| Q4 24 | $1.9B | $840.9M | ||
| Q3 24 | $1.9B | $667.7M | ||
| Q2 24 | $1.9B | $704.2M | ||
| Q1 24 | $2.0B | $762.2M |
总资产PMTZLAB
| Q4 25 | $21.3B | $1.2B | ||
| Q3 25 | $18.5B | $1.2B | ||
| Q2 25 | $16.8B | $1.2B | ||
| Q1 25 | $14.9B | $1.2B | ||
| Q4 24 | $14.4B | $1.2B | ||
| Q3 24 | $13.1B | $985.3M | ||
| Q2 24 | $12.1B | $987.4M | ||
| Q1 24 | $12.3B | $988.4M |
负债/权益比PMTZLAB
| Q4 25 | 0.58× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 0.51× | — | ||
| Q4 24 | 0.52× | — | ||
| Q3 24 | 2.70× | — | ||
| Q2 24 | 2.76× | — | ||
| Q1 24 | 2.60× | — |
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 | $-7.2B | $-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 | -137.76× | — |
| 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PMTZLAB
| Q4 25 | $-7.2B | $-26.0M | ||
| Q3 25 | $-1.3B | $-32.0M | ||
| Q2 25 | $-2.0B | $-31.0M | ||
| Q1 25 | $-594.3M | $-61.7M | ||
| Q4 24 | $-2.7B | $-55.8M | ||
| Q3 24 | $-983.8M | $-26.8M | ||
| Q2 24 | $243.8M | $-42.2M | ||
| Q1 24 | $-342.4M | $-90.1M |
自由现金流PMTZLAB
| 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PMTZLAB
| 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PMTZLAB
| 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PMTZLAB
| Q4 25 | -137.76× | — | ||
| Q3 25 | -22.26× | — | ||
| Q2 25 | -267.53× | — | ||
| Q1 25 | -61.39× | — | ||
| Q4 24 | -58.08× | — | ||
| Q3 24 | -23.76× | — | ||
| Q2 24 | 9.59× | — | ||
| Q1 24 | -7.19× | — |
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
PMT
| Other | $55.0M | 59% |
| Interest Rate Sensitive Strategies | $31.4M | 34% |
| Correspondent Production | $7.2M | 8% |
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% |
