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PubMatic, Inc.（PUBM）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PubMatic, Inc.的2.0倍（$127.1M vs $62.6M），再鼎医药同比增速更快（17.1% vs -2.0%），PubMatic, Inc.自由现金流更多（$10.7M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs -3.6%）
PubMatic是一家面向数字出版与广告行业的科技企业，核心开发供应端实时程序化广告交易系统，依托自动化技术连接网站、视频、移动端应用的出版商与广告买家，同时支持用户选择不共享个人信息，目前在全球多国设有办公网点。
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。
PUBM vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的2.0倍
$62.6M
营收增速更快
ZLAB
高出19.1%
-2.0%
自由现金流更多
PUBM
多$37.4M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
-3.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $62.6M | $127.1M |
| 净利润 | $-12.5M | — |
| 毛利率 | 58.3% | 51.0% |
| 营业利润率 | 17.3% | -54.6% |
| 净利率 | -20.0% | — |
| 营收同比 | -2.0% | 17.1% |
| 净利润同比 | -31.9% | — |
| 每股收益（稀释后） | $-0.27 | $-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PUBMZLAB
| Q1 26 | $62.6M | — | ||
| Q4 25 | $80.0M | $127.1M | ||
| Q3 25 | $68.0M | $115.4M | ||
| Q2 25 | $71.1M | $109.1M | ||
| Q1 25 | $63.8M | $105.7M | ||
| Q4 24 | $85.5M | $108.5M | ||
| Q3 24 | $71.8M | $101.8M | ||
| Q2 24 | $67.3M | $100.1M |
净利润PUBMZLAB
| Q1 26 | $-12.5M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $-6.5M | $-36.0M | ||
| Q2 25 | $-5.2M | $-40.7M | ||
| Q1 25 | $-9.5M | $-48.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-912.0K | $-41.7M | ||
| Q2 24 | $2.0M | $-80.3M |
毛利率PUBMZLAB
| Q1 26 | 58.3% | — | ||
| Q4 25 | 68.2% | 51.0% | ||
| Q3 25 | 62.6% | 59.5% | ||
| Q2 25 | 62.6% | 60.6% | ||
| Q1 25 | 59.9% | 63.6% | ||
| Q4 24 | 70.8% | 61.5% | ||
| Q3 24 | 64.5% | 64.1% | ||
| Q2 24 | 62.6% | 64.9% |
营业利润率PUBMZLAB
| Q1 26 | 17.3% | — | ||
| Q4 25 | 10.6% | -54.6% | ||
| Q3 25 | -12.4% | -42.3% | ||
| Q2 25 | -7.7% | -50.3% | ||
| Q1 25 | -18.6% | -53.3% | ||
| Q4 24 | 17.3% | -62.6% | ||
| Q3 24 | -1.9% | -66.6% | ||
| Q2 24 | -5.9% | -76.0% |
净利率PUBMZLAB
| Q1 26 | -20.0% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | -9.5% | -31.2% | ||
| Q2 25 | -7.3% | -37.3% | ||
| Q1 25 | -14.9% | -45.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | -1.3% | -40.9% | ||
| Q2 24 | 2.9% | -80.2% |
每股收益（稀释后）PUBMZLAB
| Q1 26 | $-0.27 | — | ||
| Q4 25 | $0.14 | $-0.05 | ||
| Q3 25 | $-0.14 | $-0.03 | ||
| Q2 25 | $-0.11 | $-0.04 | ||
| Q1 25 | $-0.20 | $-0.04 | ||
| Q4 24 | $0.26 | $-0.09 | ||
| Q3 24 | $-0.02 | $-0.04 | ||
| Q2 24 | $0.04 | $-0.08 |
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 | $144.9M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $251.0M | $715.5M |
| 总资产 | $659.4M | $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PUBMZLAB
| Q1 26 | $144.9M | — | ||
| Q4 25 | $145.5M | $689.6M | ||
| Q3 25 | $136.5M | $717.2M | ||
| Q2 25 | $90.5M | $732.2M | ||
| Q1 25 | $101.8M | $757.3M | ||
| Q4 24 | $100.5M | $779.7M | ||
| Q3 24 | $78.9M | $616.1M | ||
| Q2 24 | $73.5M | $630.0M |
股东权益PUBMZLAB
| Q1 26 | $251.0M | — | ||
| Q4 25 | $262.6M | $715.5M | ||
| Q3 25 | $245.1M | $759.9M | ||
| Q2 25 | $243.3M | $791.7M | ||
| Q1 25 | $275.6M | $810.8M | ||
| Q4 24 | $277.3M | $840.9M | ||
| Q3 24 | $263.2M | $667.7M | ||
| Q2 24 | $282.7M | $704.2M |
总资产PUBMZLAB
| Q1 26 | $659.4M | — | ||
| Q4 25 | $680.2M | $1.2B | ||
| Q3 25 | $676.2M | $1.2B | ||
| Q2 25 | $675.2M | $1.2B | ||
| Q1 25 | $668.6M | $1.2B | ||
| Q4 24 | $739.5M | $1.2B | ||
| Q3 24 | $689.1M | $985.3M | ||
| Q2 24 | $673.1M | $987.4M |
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 | $17.3M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $10.7M | $-26.7M |
| 自由现金流率自由现金流/营收 | 17.1% | -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 | $63.2M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流PUBMZLAB
| Q1 26 | $17.3M | — | ||
| Q4 25 | $18.2M | $-26.0M | ||
| Q3 25 | $32.4M | $-32.0M | ||
| Q2 25 | $14.9M | $-31.0M | ||
| Q1 25 | $15.6M | $-61.7M | ||
| Q4 24 | $18.0M | $-55.8M | ||
| Q3 24 | $19.1M | $-26.8M | ||
| Q2 24 | $11.9M | $-42.2M |
自由现金流PUBMZLAB
| Q1 26 | $10.7M | — | ||
| Q4 25 | $11.3M | $-26.7M | ||
| Q3 25 | $27.7M | $-35.0M | ||
| Q2 25 | $13.6M | $-33.9M | ||
| Q1 25 | $14.2M | $-63.2M | ||
| Q4 24 | $13.7M | $-58.4M | ||
| Q3 24 | $7.4M | $-28.2M | ||
| Q2 24 | $11.2M | $-42.9M |
自由现金流率PUBMZLAB
| Q1 26 | 17.1% | — | ||
| Q4 25 | 14.1% | -21.0% | ||
| Q3 25 | 40.8% | -30.4% | ||
| Q2 25 | 19.1% | -31.1% | ||
| Q1 25 | 22.2% | -59.9% | ||
| Q4 24 | 16.1% | -53.8% | ||
| Q3 24 | 10.3% | -27.7% | ||
| Q2 24 | 16.7% | -42.9% |
资本支出强度PUBMZLAB
| Q1 26 | — | — | ||
| Q4 25 | 8.6% | 0.5% | ||
| Q3 25 | 6.9% | 2.6% | ||
| Q2 25 | 1.9% | 2.6% | ||
| Q1 25 | 2.3% | 1.5% | ||
| Q4 24 | 5.1% | 2.4% | ||
| Q3 24 | 16.3% | 1.3% | ||
| Q2 24 | 1.1% | 0.7% |
现金转化率PUBMZLAB
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 6.06× | — |
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
PUBM
暂无分部数据
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% |
