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SHENANDOAH TELECOMMUNICATIONS CO（SHEN）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SHENANDOAH TELECOMMUNICATIONS CO的1.4倍（$127.1M vs $91.6M），再鼎医药同比增速更快（17.1% vs 7.2%），再鼎医药自由现金流更多（$-26.7M vs $-78.6M），过去两年再鼎医药的营收复合增速更高（20.8% vs 15.0%）
谢南多厄电信是总部位于美国弗吉尼亚州的区域性电信服务商，面向美国中大西洋地区多州的居民及商业客户提供宽带互联网、无线通信、数字有线电视及光纤网络解决方案，重点服务乡村及城郊欠发达区域。
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。
SHEN vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.4倍
$91.6M
营收增速更快
ZLAB
高出9.9%
7.2%
自由现金流更多
ZLAB
多$51.9M
$-78.6M
两年增速更快
ZLAB
近两年复合增速
15.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $91.6M | $127.1M |
| 净利润 | $-5.4M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | -1.0% | -54.6% |
| 净利率 | -5.9% | — |
| 营收同比 | 7.2% | 17.1% |
| 净利润同比 | -95.8% | — |
| 每股收益（稀释后） | $-0.13 | $-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SHENZLAB
| Q4 25 | $91.6M | $127.1M | ||
| Q3 25 | $89.8M | $115.4M | ||
| Q2 25 | $88.6M | $109.1M | ||
| Q1 25 | $87.9M | $105.7M | ||
| Q4 24 | $85.4M | $108.5M | ||
| Q3 24 | $87.6M | $101.8M | ||
| Q2 24 | $85.8M | $100.1M | ||
| Q1 24 | $69.2M | $87.1M |
净利润SHENZLAB
| Q4 25 | $-5.4M | — | ||
| Q3 25 | $-9.4M | $-36.0M | ||
| Q2 25 | $-9.0M | $-40.7M | ||
| Q1 25 | $-9.1M | $-48.4M | ||
| Q4 24 | $-2.7M | — | ||
| Q3 24 | $-5.3M | $-41.7M | ||
| Q2 24 | $-12.9M | $-80.3M | ||
| Q1 24 | $214.7M | $-53.5M |
毛利率SHENZLAB
| 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SHENZLAB
| Q4 25 | -1.0% | -54.6% | ||
| Q3 25 | -8.0% | -42.3% | ||
| Q2 25 | -10.3% | -50.3% | ||
| Q1 25 | -6.9% | -53.3% | ||
| Q4 24 | -6.7% | -62.6% | ||
| Q3 24 | -4.8% | -66.6% | ||
| Q2 24 | -18.5% | -76.0% | ||
| Q1 24 | -4.0% | -80.7% |
净利率SHENZLAB
| Q4 25 | -5.9% | — | ||
| Q3 25 | -10.5% | -31.2% | ||
| Q2 25 | -10.2% | -37.3% | ||
| Q1 25 | -10.4% | -45.8% | ||
| Q4 24 | -3.2% | — | ||
| Q3 24 | -6.0% | -40.9% | ||
| Q2 24 | -15.0% | -80.2% | ||
| Q1 24 | 310.0% | -61.4% |
每股收益（稀释后）SHENZLAB
| Q4 25 | $-0.13 | $-0.05 | ||
| Q3 25 | $-0.20 | $-0.03 | ||
| Q2 25 | $-0.19 | $-0.04 | ||
| Q1 25 | $-0.19 | $-0.04 | ||
| Q4 24 | $-0.34 | $-0.09 | ||
| Q3 24 | $-0.13 | $-0.04 | ||
| Q2 24 | $-0.24 | $-0.08 | ||
| Q1 24 | $4.25 | $-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 | $27.3M | $689.6M |
| 总债务越低越好 | $642.4M | — |
| 股东权益账面价值 | $880.8M | $715.5M |
| 总资产 | $1.9B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.73× | — |
8季度趋势，按日历期对齐
现金及短期投资SHENZLAB
| Q4 25 | $27.3M | $689.6M | ||
| Q3 25 | $22.6M | $717.2M | ||
| Q2 25 | $29.1M | $732.2M | ||
| Q1 25 | $87.5M | $757.3M | ||
| Q4 24 | $46.3M | $779.7M | ||
| Q3 24 | $43.1M | $616.1M | ||
| Q2 24 | $43.8M | $630.0M | ||
| Q1 24 | $389.7M | $650.8M |
总债务SHENZLAB
| Q4 25 | $642.4M | — | ||
| Q3 25 | $535.4M | — | ||
| Q2 25 | $513.1M | — | ||
| Q1 25 | $515.8M | — | ||
| Q4 24 | $418.0M | — | ||
| Q3 24 | $345.2M | — | ||
| Q2 24 | $297.4M | — | ||
| Q1 24 | $298.7M | — |
股东权益SHENZLAB
| Q4 25 | $880.8M | $715.5M | ||
| Q3 25 | $892.7M | $759.9M | ||
| Q2 25 | $902.0M | $791.7M | ||
| Q1 25 | $910.5M | $810.8M | ||
| Q4 24 | $918.6M | $840.9M | ||
| Q3 24 | $925.4M | $667.7M | ||
| Q2 24 | $933.1M | $704.2M | ||
| Q1 24 | $871.6M | $762.2M |
总资产SHENZLAB
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.8B | $1.2B | ||
| Q4 24 | $1.7B | $1.2B | ||
| Q3 24 | $1.7B | $985.3M | ||
| Q2 24 | $1.7B | $987.4M | ||
| Q1 24 | $1.4B | $988.4M |
负债/权益比SHENZLAB
| Q4 25 | 0.73× | — | ||
| Q3 25 | 0.60× | — | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 0.57× | — | ||
| Q4 24 | 0.46× | — | ||
| Q3 24 | 0.37× | — | ||
| Q2 24 | 0.32× | — | ||
| Q1 24 | 0.34× | — |
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 | $28.8M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-78.6M | $-26.7M |
| 自由现金流率自由现金流/营收 | -85.8% | -21.0% |
| 资本支出强度资本支出/营收 | 117.2% | 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 | $-257.9M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流SHENZLAB
| Q4 25 | $28.8M | $-26.0M | ||
| Q3 25 | $30.7M | $-32.0M | ||
| Q2 25 | $20.9M | $-31.0M | ||
| Q1 25 | $20.5M | $-61.7M | ||
| Q4 24 | $20.6M | $-55.8M | ||
| Q3 24 | $24.3M | $-26.8M | ||
| Q2 24 | $2.5M | $-42.2M | ||
| Q1 24 | $15.2M | $-90.1M |
自由现金流SHENZLAB
| Q4 25 | $-78.6M | $-26.7M | ||
| Q3 25 | $-51.4M | $-35.0M | ||
| Q2 25 | $-65.3M | $-33.9M | ||
| Q1 25 | $-62.7M | $-63.2M | ||
| Q4 24 | $-72.0M | $-58.4M | ||
| Q3 24 | $-51.3M | $-28.2M | ||
| Q2 24 | $-78.3M | $-42.9M | ||
| Q1 24 | $-54.9M | $-91.1M |
自由现金流率SHENZLAB
| Q4 25 | -85.8% | -21.0% | ||
| Q3 25 | -57.2% | -30.4% | ||
| Q2 25 | -73.7% | -31.1% | ||
| Q1 25 | -71.3% | -59.9% | ||
| Q4 24 | -84.3% | -53.8% | ||
| Q3 24 | -58.5% | -27.7% | ||
| Q2 24 | -91.3% | -42.9% | ||
| Q1 24 | -79.3% | -104.5% |
资本支出强度SHENZLAB
| Q4 25 | 117.2% | 0.5% | ||
| Q3 25 | 91.4% | 2.6% | ||
| Q2 25 | 97.3% | 2.6% | ||
| Q1 25 | 94.7% | 1.5% | ||
| Q4 24 | 108.4% | 2.4% | ||
| Q3 24 | 86.2% | 1.3% | ||
| Q2 24 | 94.2% | 0.7% | ||
| Q1 24 | 101.2% | 1.1% |
现金转化率SHENZLAB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.07× | — |
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
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
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% |
