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RAMBUS INC（RMBS）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
RAMBUS INC的季度营收约是再鼎医药的1.4倍（$180.2M vs $127.1M），再鼎医药同比增速更快（17.1% vs 8.1%），过去两年再鼎医药的营收复合增速更高（20.8% vs 16.8%）
Rambus Inc.是创立于1990年的美国科技企业，专注于芯片接口技术与架构的设计、研发及授权，相关技术广泛应用于各类数字电子产品。公司因发明RDRAM内存技术而闻名，在知识产权领域拥有深厚积累。
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。
RMBS vs ZLAB — 直观对比
营收规模更大
RMBS
是对方的1.4倍
$127.1M
营收增速更快
ZLAB
高出9.0%
8.1%
两年增速更快
ZLAB
近两年复合增速
16.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $180.2M | $127.1M |
| 净利润 | $59.9M | — |
| 毛利率 | 79.7% | 51.0% |
| 营业利润率 | 34.3% | -54.6% |
| 净利率 | 33.2% | — |
| 营收同比 | 8.1% | 17.1% |
| 净利润同比 | -7.3% | — |
| 每股收益（稀释后） | $0.55 | $-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RMBSZLAB
| Q1 26 | $180.2M | — | ||
| Q4 25 | $190.2M | $127.1M | ||
| Q3 25 | $178.5M | $115.4M | ||
| Q2 25 | $172.2M | $109.1M | ||
| Q1 25 | $166.7M | $105.7M | ||
| Q4 24 | $161.1M | $108.5M | ||
| Q3 24 | $145.5M | $101.8M | ||
| Q2 24 | $132.1M | $100.1M |
净利润RMBSZLAB
| Q1 26 | $59.9M | — | ||
| Q4 25 | $63.8M | — | ||
| Q3 25 | $48.4M | $-36.0M | ||
| Q2 25 | $57.9M | $-40.7M | ||
| Q1 25 | $60.3M | $-48.4M | ||
| Q4 24 | $62.2M | — | ||
| Q3 24 | $48.7M | $-41.7M | ||
| Q2 24 | $36.1M | $-80.3M |
毛利率RMBSZLAB
| Q1 26 | 79.7% | — | ||
| Q4 25 | 78.9% | 51.0% | ||
| Q3 25 | 79.5% | 59.5% | ||
| Q2 25 | 79.8% | 60.6% | ||
| Q1 25 | 80.3% | 63.6% | ||
| Q4 24 | 80.4% | 61.5% | ||
| Q3 24 | 80.7% | 64.1% | ||
| Q2 24 | 79.7% | 64.9% |
营业利润率RMBSZLAB
| Q1 26 | 34.3% | — | ||
| Q4 25 | 37.2% | -54.6% | ||
| Q3 25 | 35.4% | -42.3% | ||
| Q2 25 | 36.6% | -50.3% | ||
| Q1 25 | 37.9% | -53.3% | ||
| Q4 24 | 35.9% | -62.6% | ||
| Q3 24 | 37.6% | -66.6% | ||
| Q2 24 | 30.5% | -76.0% |
净利率RMBSZLAB
| Q1 26 | 33.2% | — | ||
| Q4 25 | 33.6% | — | ||
| Q3 25 | 27.1% | -31.2% | ||
| Q2 25 | 33.6% | -37.3% | ||
| Q1 25 | 36.2% | -45.8% | ||
| Q4 24 | 38.6% | — | ||
| Q3 24 | 33.4% | -40.9% | ||
| Q2 24 | 27.3% | -80.2% |
每股收益（稀释后）RMBSZLAB
| Q1 26 | $0.55 | — | ||
| Q4 25 | $0.58 | $-0.05 | ||
| Q3 25 | $0.44 | $-0.03 | ||
| Q2 25 | $0.53 | $-0.04 | ||
| Q1 25 | $0.56 | $-0.04 | ||
| Q4 24 | $0.57 | $-0.09 | ||
| Q3 24 | $0.45 | $-0.04 | ||
| Q2 24 | $0.33 | $-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 | $134.3M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $715.5M |
| 总资产 | $1.5B | $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RMBSZLAB
| Q1 26 | $134.3M | — | ||
| Q4 25 | $182.8M | $689.6M | ||
| Q3 25 | $79.2M | $717.2M | ||
| Q2 25 | $87.8M | $732.2M | ||
| Q1 25 | $132.2M | $757.3M | ||
| Q4 24 | $99.8M | $779.7M | ||
| Q3 24 | $114.0M | $616.1M | ||
| Q2 24 | $124.6M | $630.0M |
股东权益RMBSZLAB
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $715.5M | ||
| Q3 25 | $1.3B | $759.9M | ||
| Q2 25 | $1.2B | $791.7M | ||
| Q1 25 | $1.2B | $810.8M | ||
| Q4 24 | $1.1B | $840.9M | ||
| Q3 24 | $1.0B | $667.7M | ||
| Q2 24 | $1.0B | $704.2M |
总资产RMBSZLAB
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.3B | $985.3M | ||
| Q2 24 | $1.3B | $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 | — | $-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 | — | — |
| 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RMBSZLAB
| Q1 26 | — | — | ||
| Q4 25 | $99.8M | $-26.0M | ||
| Q3 25 | $88.4M | $-32.0M | ||
| Q2 25 | $94.4M | $-31.0M | ||
| Q1 25 | $77.4M | $-61.7M | ||
| Q4 24 | $59.0M | $-55.8M | ||
| Q3 24 | $62.1M | $-26.8M | ||
| Q2 24 | $70.4M | $-42.2M |
自由现金流RMBSZLAB
| Q1 26 | — | — | ||
| Q4 25 | $93.3M | $-26.7M | ||
| Q3 25 | $82.5M | $-35.0M | ||
| Q2 25 | $87.9M | $-33.9M | ||
| Q1 25 | $69.5M | $-63.2M | ||
| Q4 24 | $52.5M | $-58.4M | ||
| Q3 24 | $52.2M | $-28.2M | ||
| Q2 24 | $59.1M | $-42.9M |
自由现金流率RMBSZLAB
| Q1 26 | — | — | ||
| Q4 25 | 49.0% | -21.0% | ||
| Q3 25 | 46.2% | -30.4% | ||
| Q2 25 | 51.0% | -31.1% | ||
| Q1 25 | 41.7% | -59.9% | ||
| Q4 24 | 32.6% | -53.8% | ||
| Q3 24 | 35.9% | -27.7% | ||
| Q2 24 | 44.7% | -42.9% |
资本支出强度RMBSZLAB
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | 0.5% | ||
| Q3 25 | 3.3% | 2.6% | ||
| Q2 25 | 3.8% | 2.6% | ||
| Q1 25 | 4.7% | 1.5% | ||
| Q4 24 | 4.0% | 2.4% | ||
| Q3 24 | 6.8% | 1.3% | ||
| Q2 24 | 8.6% | 0.7% |
现金转化率RMBSZLAB
| Q1 26 | — | — | ||
| Q4 25 | 1.56× | — | ||
| Q3 25 | 1.83× | — | ||
| Q2 25 | 1.63× | — | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | 0.95× | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 1.95× | — |
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
RMBS
| Product revenue | $88.0M | 49% |
| Royalties | $69.6M | 39% |
| Contract and other revenue | $22.6M | 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% |
