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Riot Platforms, Inc.（RIOT）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
Riot Platforms, Inc.的季度营收约是再鼎医药的1.2倍（$152.8M vs $127.1M），再鼎医药同比增速更快（17.1% vs 7.2%），再鼎医药自由现金流更多（$-26.7M vs $-774.3M），过去两年Riot Platforms, Inc.的营收复合增速更高（38.8% vs 20.8%）
Riot Platforms是美国领先的比特币挖矿企业，在北美地区运营多座大规模高能效的加密货币矿场，同时布局区块链相关基础设施业务，长期持有比特币作为核心储备资产，专注于数字资产生态相关业务的长期发展。
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。
RIOT vs ZLAB — 直观对比
营收规模更大
RIOT
是对方的1.2倍
$127.1M
营收增速更快
ZLAB
高出9.9%
7.2%
自由现金流更多
ZLAB
多$747.6M
$-774.3M
两年增速更快
RIOT
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $152.8M | $127.1M |
| 净利润 | $-690.7M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | -447.9% | -54.6% |
| 净利率 | -452.0% | — |
| 营收同比 | 7.2% | 17.1% |
| 净利润同比 | -606.3% | — |
| 每股收益（稀释后） | $-1.89 | $-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RIOTZLAB
| Q4 25 | $152.8M | $127.1M | ||
| Q3 25 | $180.2M | $115.4M | ||
| Q2 25 | $153.0M | $109.1M | ||
| Q1 25 | $161.4M | $105.7M | ||
| Q4 24 | $142.6M | $108.5M | ||
| Q3 24 | $84.8M | $101.8M | ||
| Q2 24 | $70.0M | $100.1M | ||
| Q1 24 | $79.3M | $87.1M |
净利润RIOTZLAB
| Q4 25 | $-690.7M | — | ||
| Q3 25 | $104.5M | $-36.0M | ||
| Q2 25 | $219.5M | $-40.7M | ||
| Q1 25 | $-296.4M | $-48.4M | ||
| Q4 24 | $136.4M | — | ||
| Q3 24 | $-154.4M | $-41.7M | ||
| Q2 24 | $-84.4M | $-80.3M | ||
| Q1 24 | $211.8M | $-53.5M |
毛利率RIOTZLAB
| 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RIOTZLAB
| Q4 25 | -447.9% | -54.6% | ||
| Q3 25 | 44.4% | -42.3% | ||
| Q2 25 | — | -50.3% | ||
| Q1 25 | -144.9% | -53.3% | ||
| Q4 24 | — | -62.6% | ||
| Q3 24 | -143.3% | -66.6% | ||
| Q2 24 | -167.2% | -76.0% | ||
| Q1 24 | — | -80.7% |
净利率RIOTZLAB
| Q4 25 | -452.0% | — | ||
| Q3 25 | 58.0% | -31.2% | ||
| Q2 25 | 143.4% | -37.3% | ||
| Q1 25 | -183.6% | -45.8% | ||
| Q4 24 | 95.7% | — | ||
| Q3 24 | -182.1% | -40.9% | ||
| Q2 24 | -120.6% | -80.2% | ||
| Q1 24 | 267.1% | -61.4% |
每股收益（稀释后）RIOTZLAB
| Q4 25 | $-1.89 | $-0.05 | ||
| Q3 25 | $0.26 | $-0.03 | ||
| Q2 25 | $0.58 | $-0.04 | ||
| Q1 25 | $-0.90 | $-0.04 | ||
| Q4 24 | $0.39 | $-0.09 | ||
| Q3 24 | $-0.54 | $-0.04 | ||
| Q2 24 | $-0.32 | $-0.08 | ||
| Q1 24 | $0.51 | $-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 | $233.5M | $689.6M |
| 总债务越低越好 | $840.8M | — |
| 股东权益账面价值 | $2.9B | $715.5M |
| 总资产 | $3.9B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.29× | — |
8季度趋势，按日历期对齐
现金及短期投资RIOTZLAB
| Q4 25 | $233.5M | $689.6M | ||
| Q3 25 | $330.7M | $717.2M | ||
| Q2 25 | $255.4M | $732.2M | ||
| Q1 25 | $163.7M | $757.3M | ||
| Q4 24 | $277.9M | $779.7M | ||
| Q3 24 | $355.7M | $616.1M | ||
| Q2 24 | $481.2M | $630.0M | ||
| Q1 24 | $688.5M | $650.8M |
总债务RIOTZLAB
| Q4 25 | $840.8M | — | ||
| Q3 25 | $5.3M | — | ||
| Q2 25 | $5.3M | — | ||
| Q1 25 | $5.3M | — | ||
| Q4 24 | $584.6M | — | ||
| Q3 24 | $5.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益RIOTZLAB
| Q4 25 | $2.9B | $715.5M | ||
| Q3 25 | $3.5B | $759.9M | ||
| Q2 25 | $3.3B | $791.7M | ||
| Q1 25 | $2.9B | $810.8M | ||
| Q4 24 | $3.1B | $840.9M | ||
| Q3 24 | $2.7B | $667.7M | ||
| Q2 24 | $2.6B | $704.2M | ||
| Q1 24 | $2.5B | $762.2M |
总资产RIOTZLAB
| Q4 25 | $3.9B | $1.2B | ||
| Q3 25 | $4.5B | $1.2B | ||
| Q2 25 | $4.3B | $1.2B | ||
| Q1 25 | $3.7B | $1.2B | ||
| Q4 24 | $3.9B | $1.2B | ||
| Q3 24 | $2.9B | $985.3M | ||
| Q2 24 | $2.7B | $987.4M | ||
| Q1 24 | $2.6B | $988.4M |
负债/权益比RIOTZLAB
| Q4 25 | 0.29× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.19× | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-572.9M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-774.3M | $-26.7M |
| 自由现金流率自由现金流/营收 | -506.6% | -21.0% |
| 资本支出强度资本支出/营收 | 131.8% | 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 | $-1.4B | $-158.9M |
8季度趋势，按日历期对齐
经营现金流RIOTZLAB
| Q4 25 | $-572.9M | $-26.0M | ||
| Q3 25 | $-114.0M | $-32.0M | ||
| Q2 25 | $-231.3M | $-31.0M | ||
| Q1 25 | $-122.1M | $-61.7M | ||
| Q4 24 | $-255.1M | $-55.8M | ||
| Q3 24 | $-56.3M | $-26.8M | ||
| Q2 24 | $-42.5M | $-42.2M | ||
| Q1 24 | $-57.9M | $-90.1M |
自由现金流RIOTZLAB
| Q4 25 | $-774.3M | $-26.7M | ||
| Q3 25 | $-139.7M | $-35.0M | ||
| Q2 25 | $-291.7M | $-33.9M | ||
| Q1 25 | $-154.9M | $-63.2M | ||
| Q4 24 | $-495.4M | $-58.4M | ||
| Q3 24 | $-127.6M | $-28.2M | ||
| Q2 24 | $-96.1M | $-42.9M | ||
| Q1 24 | $-115.2M | $-91.1M |
自由现金流率RIOTZLAB
| Q4 25 | -506.6% | -21.0% | ||
| Q3 25 | -77.5% | -30.4% | ||
| Q2 25 | -190.7% | -31.1% | ||
| Q1 25 | -96.0% | -59.9% | ||
| Q4 24 | -347.5% | -53.8% | ||
| Q3 24 | -150.5% | -27.7% | ||
| Q2 24 | -137.2% | -42.9% | ||
| Q1 24 | -145.2% | -104.5% |
资本支出强度RIOTZLAB
| Q4 25 | 131.8% | 0.5% | ||
| Q3 25 | 14.3% | 2.6% | ||
| Q2 25 | 39.5% | 2.6% | ||
| Q1 25 | 20.4% | 1.5% | ||
| Q4 24 | 168.6% | 2.4% | ||
| Q3 24 | 84.1% | 1.3% | ||
| Q2 24 | 76.5% | 0.7% | ||
| Q1 24 | 72.3% | 1.1% |
现金转化率RIOTZLAB
| Q4 25 | — | — | ||
| Q3 25 | -1.09× | — | ||
| Q2 25 | -1.05× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.87× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.27× | — |
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
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
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% |
