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P10, Inc.（PX）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P10, Inc.的1.6倍（$127.1M vs $81.0M），再鼎医药同比增速更快（17.1% vs -4.7%），P10, Inc.自由现金流更多（$18.1M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 10.7%）
P10, Inc.是一家全球另类资产管理公司，提供涵盖私募股权、私募信贷、实物资产、风险投资的多元化投资解决方案，主要服务北美、欧洲、亚太市场的养老基金、捐赠基金、基金会及高净值个人等客户群体。
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。
PX vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.6倍
$81.0M
营收增速更快
ZLAB
高出21.8%
-4.7%
自由现金流更多
PX
多$44.8M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
10.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $81.0M | $127.1M |
| 净利润 | $9.5M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 31.9% | -54.6% |
| 净利率 | 11.7% | — |
| 营收同比 | -4.7% | 17.1% |
| 净利润同比 | 79.0% | — |
| 每股收益（稀释后） | $0.08 | $-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PXZLAB
| Q4 25 | $81.0M | $127.1M | ||
| Q3 25 | $75.9M | $115.4M | ||
| Q2 25 | $72.7M | $109.1M | ||
| Q1 25 | $67.7M | $105.7M | ||
| Q4 24 | $85.0M | $108.5M | ||
| Q3 24 | $74.2M | $101.8M | ||
| Q2 24 | $71.1M | $100.1M | ||
| Q1 24 | $66.1M | $87.1M |
净利润PXZLAB
| Q4 25 | $9.5M | — | ||
| Q3 25 | $2.1M | $-36.0M | ||
| Q2 25 | $3.4M | $-40.7M | ||
| Q1 25 | $4.5M | $-48.4M | ||
| Q4 24 | $5.3M | — | ||
| Q3 24 | $1.4M | $-41.7M | ||
| Q2 24 | $7.0M | $-80.3M | ||
| Q1 24 | $5.0M | $-53.5M |
毛利率PXZLAB
| 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PXZLAB
| Q4 25 | 31.9% | -54.6% | ||
| Q3 25 | 14.1% | -42.3% | ||
| Q2 25 | 24.4% | -50.3% | ||
| Q1 25 | 16.6% | -53.3% | ||
| Q4 24 | 26.9% | -62.6% | ||
| Q3 24 | 11.9% | -66.6% | ||
| Q2 24 | 23.7% | -76.0% | ||
| Q1 24 | 18.3% | -80.7% |
净利率PXZLAB
| Q4 25 | 11.7% | — | ||
| Q3 25 | 2.8% | -31.2% | ||
| Q2 25 | 4.7% | -37.3% | ||
| Q1 25 | 6.7% | -45.8% | ||
| Q4 24 | 6.2% | — | ||
| Q3 24 | 1.9% | -40.9% | ||
| Q2 24 | 9.8% | -80.2% | ||
| Q1 24 | 7.6% | -61.4% |
每股收益（稀释后）PXZLAB
| Q4 25 | $0.08 | $-0.05 | ||
| Q3 25 | $0.02 | $-0.03 | ||
| Q2 25 | $0.03 | $-0.04 | ||
| Q1 25 | $0.04 | $-0.04 | ||
| Q4 24 | $0.05 | $-0.09 | ||
| Q3 24 | $0.01 | $-0.04 | ||
| Q2 24 | $0.06 | $-0.08 | ||
| Q1 24 | $0.04 | $-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 | $28.2M | $689.6M |
| 总债务越低越好 | $373.2M | — |
| 股东权益账面价值 | $403.5M | $715.5M |
| 总资产 | $928.3M | $1.2B |
| 负债/权益比越低杠杆越低 | 0.93× | — |
8季度趋势，按日历期对齐
现金及短期投资PXZLAB
| Q4 25 | $28.2M | $689.6M | ||
| Q3 25 | $40.0M | $717.2M | ||
| Q2 25 | $33.4M | $732.2M | ||
| Q1 25 | $74.4M | $757.3M | ||
| Q4 24 | $67.5M | $779.7M | ||
| Q3 24 | $61.5M | $616.1M | ||
| Q2 24 | $31.2M | $630.0M | ||
| Q1 24 | $29.0M | $650.8M |
总债务PXZLAB
| Q4 25 | $373.2M | — | ||
| Q3 25 | $393.4M | — | ||
| Q2 25 | $373.0M | — | ||
| Q1 25 | $357.2M | — | ||
| Q4 24 | $319.8M | — | ||
| Q3 24 | $319.4M | — | ||
| Q2 24 | $300.6M | — | ||
| Q1 24 | $314.0M | — |
股东权益PXZLAB
| Q4 25 | $403.5M | $715.5M | ||
| Q3 25 | $396.8M | $759.9M | ||
| Q2 25 | $388.9M | $791.7M | ||
| Q1 25 | $374.3M | $810.8M | ||
| Q4 24 | $386.9M | $840.9M | ||
| Q3 24 | $394.1M | $667.7M | ||
| Q2 24 | $396.9M | $704.2M | ||
| Q1 24 | $400.1M | $762.2M |
总资产PXZLAB
| Q4 25 | $928.3M | $1.2B | ||
| Q3 25 | $936.0M | $1.2B | ||
| Q2 25 | $932.2M | $1.2B | ||
| Q1 25 | $877.4M | $1.2B | ||
| Q4 24 | $869.3M | $1.2B | ||
| Q3 24 | $857.0M | $985.3M | ||
| Q2 24 | $823.2M | $987.4M | ||
| Q1 24 | $832.8M | $988.4M |
负债/权益比PXZLAB
| Q4 25 | 0.93× | — | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 0.96× | — | ||
| Q1 25 | 0.95× | — | ||
| Q4 24 | 0.83× | — | ||
| Q3 24 | 0.81× | — | ||
| Q2 24 | 0.76× | — | ||
| Q1 24 | 0.78× | — |
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 | $23.0M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $18.1M | $-26.7M |
| 自由现金流率自由现金流/营收 | 22.3% | -21.0% |
| 资本支出强度资本支出/营收 | 6.0% | 0.5% |
| 现金转化率经营现金流/净利润 | 2.43× | — |
| 过去12个月自由现金流最近4个季度 | $14.1M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流PXZLAB
| Q4 25 | $23.0M | $-26.0M | ||
| Q3 25 | $-8.6M | $-32.0M | ||
| Q2 25 | $13.4M | $-31.0M | ||
| Q1 25 | $-4.7M | $-61.7M | ||
| Q4 24 | $101.0M | $-55.8M | ||
| Q3 24 | $27.5M | $-26.8M | ||
| Q2 24 | $34.8M | $-42.2M | ||
| Q1 24 | $11.0M | $-90.1M |
自由现金流PXZLAB
| Q4 25 | $18.1M | $-26.7M | ||
| Q3 25 | $-9.5M | $-35.0M | ||
| Q2 25 | $11.6M | $-33.9M | ||
| Q1 25 | $-6.0M | $-63.2M | ||
| Q4 24 | $96.6M | $-58.4M | ||
| Q3 24 | $25.2M | $-28.2M | ||
| Q2 24 | $33.9M | $-42.9M | ||
| Q1 24 | $10.7M | $-91.1M |
自由现金流率PXZLAB
| Q4 25 | 22.3% | -21.0% | ||
| Q3 25 | -12.6% | -30.4% | ||
| Q2 25 | 15.9% | -31.1% | ||
| Q1 25 | -8.9% | -59.9% | ||
| Q4 24 | 113.6% | -53.8% | ||
| Q3 24 | 34.0% | -27.7% | ||
| Q2 24 | 47.7% | -42.9% | ||
| Q1 24 | 16.2% | -104.5% |
资本支出强度PXZLAB
| Q4 25 | 6.0% | 0.5% | ||
| Q3 25 | 1.2% | 2.6% | ||
| Q2 25 | 2.5% | 2.6% | ||
| Q1 25 | 1.9% | 1.5% | ||
| Q4 24 | 5.2% | 2.4% | ||
| Q3 24 | 3.0% | 1.3% | ||
| Q2 24 | 1.3% | 0.7% | ||
| Q1 24 | 0.4% | 1.1% |
现金转化率PXZLAB
| Q4 25 | 2.43× | — | ||
| Q3 25 | -4.01× | — | ||
| Q2 25 | 3.96× | — | ||
| Q1 25 | -1.05× | — | ||
| Q4 24 | 19.12× | — | ||
| Q3 24 | 19.54× | — | ||
| Q2 24 | 4.98× | — | ||
| Q1 24 | 2.18× | — |
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
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
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% |
