vs
Vivid Seats Inc.（SEAT）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Vivid Seats Inc.的1.3倍（$127.1M vs $97.5M），再鼎医药同比增速更快（17.1% vs -41.0%），再鼎医药自由现金流更多（$-26.7M vs $-38.3M），过去两年再鼎医药的营收复合增速更高（20.8% vs -21.9%）
Vivid Seats Inc.是一家美国在线票务交易与转售企业，目前是ESPN、联合航空、旧金山49人队、洛杉矶闪电队等多家体育队伍与媒体机构的官方票务合作伙伴，还推出了会员奖励计划，消费者购票可累计积分，同时该公司也是倡导网络中立性的互联网协会成员。
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。
SEAT vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.3倍
$97.5M
营收增速更快
ZLAB
高出58.1%
-41.0%
自由现金流更多
ZLAB
多$11.6M
$-38.3M
两年增速更快
ZLAB
近两年复合增速
-21.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $97.5M | $127.1M |
| 净利润 | $1.2B | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | — | -54.6% |
| 净利率 | 1212.8% | — |
| 营收同比 | -41.0% | 17.1% |
| 净利润同比 | 12369.2% | — |
| 每股收益（稀释后） | — | $-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SEATZLAB
| Q4 25 | $97.5M | $127.1M | ||
| Q3 25 | $104.8M | $115.4M | ||
| Q2 25 | $114.5M | $109.1M | ||
| Q1 25 | $133.7M | $105.7M | ||
| Q4 24 | $165.2M | $108.5M | ||
| Q3 24 | $152.7M | $101.8M | ||
| Q2 24 | $170.0M | $100.1M | ||
| Q1 24 | $160.0M | $87.1M |
净利润SEATZLAB
| Q4 25 | $1.2B | — | ||
| Q3 25 | $-30.2M | $-36.0M | ||
| Q2 25 | $-335.4M | $-40.7M | ||
| Q1 25 | $-10.6M | $-48.4M | ||
| Q4 24 | $-9.6M | — | ||
| Q3 24 | $10.6M | $-41.7M | ||
| Q2 24 | $-437.0K | $-80.3M | ||
| Q1 24 | $12.9M | $-53.5M |
毛利率SEATZLAB
| 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SEATZLAB
| Q4 25 | — | -54.6% | ||
| Q3 25 | — | -42.3% | ||
| Q2 25 | — | -50.3% | ||
| Q1 25 | — | -53.3% | ||
| Q4 24 | — | -62.6% | ||
| Q3 24 | — | -66.6% | ||
| Q2 24 | — | -76.0% | ||
| Q1 24 | — | -80.7% |
净利率SEATZLAB
| Q4 25 | 1212.8% | — | ||
| Q3 25 | -28.9% | -31.2% | ||
| Q2 25 | -293.0% | -37.3% | ||
| Q1 25 | -7.9% | -45.8% | ||
| Q4 24 | -5.8% | — | ||
| Q3 24 | 7.0% | -40.9% | ||
| Q2 24 | -0.3% | -80.2% | ||
| Q1 24 | 8.0% | -61.4% |
每股收益（稀释后）SEATZLAB
| Q4 25 | — | $-0.05 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | — | $-0.04 | ||
| Q1 25 | — | $-0.04 | ||
| Q4 24 | — | $-0.09 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $-0.08 | ||
| Q1 24 | — | $-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 | $102.7M | $689.6M |
| 总债务越低越好 | $16.5M | — |
| 股东权益账面价值 | $-85.1M | $715.5M |
| 总资产 | $636.9M | $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SEATZLAB
| Q4 25 | $102.7M | $689.6M | ||
| Q3 25 | $145.1M | $717.2M | ||
| Q2 25 | $153.0M | $732.2M | ||
| Q1 25 | $199.5M | $757.3M | ||
| Q4 24 | $243.5M | $779.7M | ||
| Q3 24 | $202.3M | $616.1M | ||
| Q2 24 | $234.3M | $630.0M | ||
| Q1 24 | $154.0M | $650.8M |
总债务SEATZLAB
| Q4 25 | $16.5M | — | ||
| Q3 25 | $17.1M | — | ||
| Q2 25 | $17.7M | — | ||
| Q1 25 | $18.2M | — | ||
| Q4 24 | $18.7M | — | ||
| Q3 24 | $15.8M | — | ||
| Q2 24 | $16.1M | — | ||
| Q1 24 | $15.7M | — |
股东权益SEATZLAB
| Q4 25 | $-85.1M | $715.5M | ||
| Q3 25 | $272.2M | $759.9M | ||
| Q2 25 | $217.3M | $791.7M | ||
| Q1 25 | $380.7M | $810.8M | ||
| Q4 24 | $261.1M | $840.9M | ||
| Q3 24 | $329.4M | $667.7M | ||
| Q2 24 | $155.8M | $704.2M | ||
| Q1 24 | $139.6M | $762.2M |
总资产SEATZLAB
| Q4 25 | $636.9M | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $1.6B | $985.3M | ||
| Q2 24 | $1.7B | $987.4M | ||
| Q1 24 | $1.6B | $988.4M |
负债/权益比SEATZLAB
| Q4 25 | — | — | ||
| Q3 25 | 0.06× | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.05× | — | ||
| Q4 24 | 0.07× | — | ||
| Q3 24 | 0.05× | — | ||
| Q2 24 | 0.10× | — | ||
| Q1 24 | 0.11× | — |
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 | $-38.2M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-38.3M | $-26.7M |
| 自由现金流率自由现金流/营收 | -39.3% | -21.0% |
| 资本支出强度资本支出/营收 | 0.1% | 0.5% |
| 现金转化率经营现金流/净利润 | -0.03× | — |
| 过去12个月自由现金流最近4个季度 | $-93.8M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流SEATZLAB
| Q4 25 | $-38.2M | $-26.0M | ||
| Q3 25 | $512.0K | $-32.0M | ||
| Q2 25 | $-28.6M | $-31.0M | ||
| Q1 25 | $-25.3M | $-61.7M | ||
| Q4 24 | $47.8M | $-55.8M | ||
| Q3 24 | $-19.2M | $-26.8M | ||
| Q2 24 | $-13.8M | $-42.2M | ||
| Q1 24 | $39.2M | $-90.1M |
自由现金流SEATZLAB
| Q4 25 | $-38.3M | $-26.7M | ||
| Q3 25 | $502.0K | $-35.0M | ||
| Q2 25 | $-28.8M | $-33.9M | ||
| Q1 25 | $-27.1M | $-63.2M | ||
| Q4 24 | $44.3M | $-58.4M | ||
| Q3 24 | $-19.6M | $-28.2M | ||
| Q2 24 | $-14.1M | $-42.9M | ||
| Q1 24 | $39.1M | $-91.1M |
自由现金流率SEATZLAB
| Q4 25 | -39.3% | -21.0% | ||
| Q3 25 | 0.5% | -30.4% | ||
| Q2 25 | -25.2% | -31.1% | ||
| Q1 25 | -20.3% | -59.9% | ||
| Q4 24 | 26.8% | -53.8% | ||
| Q3 24 | -12.8% | -27.7% | ||
| Q2 24 | -8.3% | -42.9% | ||
| Q1 24 | 24.4% | -104.5% |
资本支出强度SEATZLAB
| Q4 25 | 0.1% | 0.5% | ||
| Q3 25 | 0.0% | 2.6% | ||
| Q2 25 | 0.2% | 2.6% | ||
| Q1 25 | 1.4% | 1.5% | ||
| Q4 24 | 2.1% | 2.4% | ||
| Q3 24 | 0.3% | 1.3% | ||
| Q2 24 | 0.2% | 0.7% | ||
| Q1 24 | 0.1% | 1.1% |
现金转化率SEATZLAB
| Q4 25 | -0.03× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -1.81× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 3.04× | — |
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
SEAT
| Concerts | $34.3M | 35% |
| Resale | $29.3M | 30% |
| Theater | $24.4M | 25% |
| Private Label | $7.2M | 7% |
| Other | $2.2M | 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% |
