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Summit Midstream Corp（SMC）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
Summit Midstream Corp的季度营收约是再鼎医药的1.1倍（$142.3M vs $127.1M），Summit Midstream Corp自由现金流更多（$34.5M vs $-26.7M）
Summit Midstream Corp是一家北美中游能源企业，为上游油气生产商提供天然气与原油收集管道、压缩设施及采出水处理等基础设施服务，运营资产主要分布于美国多个核心陆上油气资源盆地。
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。
SMC vs ZLAB — 直观对比
营收规模更大
SMC
是对方的1.1倍
$127.1M
自由现金流更多
SMC
多$61.2M
$-26.7M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $142.3M | $127.1M |
| 净利润 | $-7.3M | — |
| 毛利率 | 72.1% | 51.0% |
| 营业利润率 | -5.5% | -54.6% |
| 净利率 | -5.1% | — |
| 营收同比 | — | 17.1% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $-0.66 | $-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SMCZLAB
| Q4 25 | $142.3M | $127.1M | ||
| Q3 25 | $146.9M | $115.4M | ||
| Q2 25 | $140.2M | $109.1M | ||
| Q1 25 | $132.7M | $105.7M | ||
| Q4 24 | — | $108.5M | ||
| Q3 24 | $102.4M | $101.8M | ||
| Q2 24 | — | $100.1M | ||
| Q1 24 | — | $87.1M |
净利润SMCZLAB
| Q4 25 | $-7.3M | — | ||
| Q3 25 | $-1.6M | $-36.0M | ||
| Q2 25 | $-8.0M | $-40.7M | ||
| Q1 25 | $2.0M | $-48.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-204.9M | $-41.7M | ||
| Q2 24 | — | $-80.3M | ||
| Q1 24 | — | $-53.5M |
毛利率SMCZLAB
| Q4 25 | 72.1% | 51.0% | ||
| Q3 25 | 74.0% | 59.5% | ||
| Q2 25 | 74.4% | 60.6% | ||
| Q1 25 | 73.3% | 63.6% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | 72.4% | 64.1% | ||
| Q2 24 | — | 64.9% | ||
| Q1 24 | — | 61.4% |
营业利润率SMCZLAB
| Q4 25 | -5.5% | -54.6% | ||
| Q3 25 | 3.8% | -42.3% | ||
| Q2 25 | -3.6% | -50.3% | ||
| Q1 25 | 3.7% | -53.3% | ||
| Q4 24 | — | -62.6% | ||
| Q3 24 | -53.7% | -66.6% | ||
| Q2 24 | — | -76.0% | ||
| Q1 24 | — | -80.7% |
净利率SMCZLAB
| Q4 25 | -5.1% | — | ||
| Q3 25 | -1.1% | -31.2% | ||
| Q2 25 | -5.7% | -37.3% | ||
| Q1 25 | 1.5% | -45.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | -200.1% | -40.9% | ||
| Q2 24 | — | -80.2% | ||
| Q1 24 | — | -61.4% |
每股收益（稀释后）SMCZLAB
| Q4 25 | $-0.66 | $-0.05 | ||
| Q3 25 | $-0.13 | $-0.03 | ||
| Q2 25 | $-0.66 | $-0.04 | ||
| Q1 25 | $-0.16 | $-0.04 | ||
| Q4 24 | — | $-0.09 | ||
| Q3 24 | $-19.25 | $-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 | $9.3M | $689.6M |
| 总债务越低越好 | $1.0B | — |
| 股东权益账面价值 | $546.2M | $715.5M |
| 总资产 | $2.4B | $1.2B |
| 负债/权益比越低杠杆越低 | 1.91× | — |
8季度趋势，按日历期对齐
现金及短期投资SMCZLAB
| Q4 25 | $9.3M | $689.6M | ||
| Q3 25 | $24.6M | $717.2M | ||
| Q2 25 | $20.9M | $732.2M | ||
| Q1 25 | $26.2M | $757.3M | ||
| Q4 24 | — | $779.7M | ||
| Q3 24 | $17.8M | $616.1M | ||
| Q2 24 | — | $630.0M | ||
| Q1 24 | — | $650.8M |
总债务SMCZLAB
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $957.0M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益SMCZLAB
| Q4 25 | $546.2M | $715.5M | ||
| Q3 25 | $551.9M | $759.9M | ||
| Q2 25 | $552.0M | $791.7M | ||
| Q1 25 | $558.1M | $810.8M | ||
| Q4 24 | — | $840.9M | ||
| Q3 24 | $651.5M | $667.7M | ||
| Q2 24 | — | $704.2M | ||
| Q1 24 | — | $762.2M |
总资产SMCZLAB
| Q4 25 | $2.4B | $1.2B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $2.4B | $1.2B | ||
| Q1 25 | $2.4B | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $2.0B | $985.3M | ||
| Q2 24 | — | $987.4M | ||
| Q1 24 | — | $988.4M |
负债/权益比SMCZLAB
| Q4 25 | 1.91× | — | ||
| Q3 25 | 1.96× | — | ||
| Q2 25 | 1.95× | — | ||
| Q1 25 | 1.94× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.47× | — | ||
| 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 | $53.7M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $34.5M | $-26.7M |
| 自由现金流率自由现金流/营收 | 24.3% | -21.0% |
| 资本支出强度资本支出/营收 | 13.4% | 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 | $44.6M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流SMCZLAB
| Q4 25 | $53.7M | $-26.0M | ||
| Q3 25 | $26.7M | $-32.0M | ||
| Q2 25 | $37.2M | $-31.0M | ||
| Q1 25 | $16.0M | $-61.7M | ||
| Q4 24 | — | $-55.8M | ||
| Q3 24 | — | $-26.8M | ||
| Q2 24 | — | $-42.2M | ||
| Q1 24 | — | $-90.1M |
自由现金流SMCZLAB
| Q4 25 | $34.5M | $-26.7M | ||
| Q3 25 | $3.8M | $-35.0M | ||
| Q2 25 | $10.8M | $-33.9M | ||
| Q1 25 | $-4.6M | $-63.2M | ||
| Q4 24 | — | $-58.4M | ||
| Q3 24 | — | $-28.2M | ||
| Q2 24 | — | $-42.9M | ||
| Q1 24 | — | $-91.1M |
自由现金流率SMCZLAB
| Q4 25 | 24.3% | -21.0% | ||
| Q3 25 | 2.6% | -30.4% | ||
| Q2 25 | 7.7% | -31.1% | ||
| Q1 25 | -3.4% | -59.9% | ||
| Q4 24 | — | -53.8% | ||
| Q3 24 | — | -27.7% | ||
| Q2 24 | — | -42.9% | ||
| Q1 24 | — | -104.5% |
资本支出强度SMCZLAB
| Q4 25 | 13.4% | 0.5% | ||
| Q3 25 | 15.6% | 2.6% | ||
| Q2 25 | 18.8% | 2.6% | ||
| Q1 25 | 15.5% | 1.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.1% |
现金转化率SMCZLAB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.89× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
SMC
| Rockies Segment | $86.2M | 61% |
| Mid Con Barnett Shale Segment | $39.4M | 28% |
| Piceance Basin Segment | $15.8M | 11% |
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% |
