vs
Smart Sand, Inc.（SND）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Smart Sand, Inc.的1.5倍（$127.1M vs $86.0M），再鼎医药同比增速更快（17.1% vs -5.8%），Smart Sand, Inc.自由现金流更多（$20.4M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 1.8%）
Sand 9是一家总部位于马萨诸塞州剑桥市的无晶圆厂微机电系统（MEMS）企业，该公司开发压电式MEMS谐振器，可替代石英计时器件，应用于智能手机、低功耗无线设备以及通信基础设施设备等领域。
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。
SND vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.5倍
$86.0M
营收增速更快
ZLAB
高出22.9%
-5.8%
自由现金流更多
SND
多$47.1M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
1.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $86.0M | $127.1M |
| 净利润 | $1.2M | — |
| 毛利率 | 13.0% | 51.0% |
| 营业利润率 | -3.1% | -54.6% |
| 净利率 | 1.4% | — |
| 营收同比 | -5.8% | 17.1% |
| 净利润同比 | -68.5% | — |
| 每股收益（稀释后） | $0.03 | $-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SNDZLAB
| Q4 25 | $86.0M | $127.1M | ||
| Q3 25 | $92.8M | $115.4M | ||
| Q2 25 | $85.8M | $109.1M | ||
| Q1 25 | $65.6M | $105.7M | ||
| Q4 24 | $91.4M | $108.5M | ||
| Q3 24 | $63.2M | $101.8M | ||
| Q2 24 | $73.8M | $100.1M | ||
| Q1 24 | $83.1M | $87.1M |
净利润SNDZLAB
| Q4 25 | $1.2M | — | ||
| Q3 25 | $3.0M | $-36.0M | ||
| Q2 25 | $21.4M | $-40.7M | ||
| Q1 25 | $-24.2M | $-48.4M | ||
| Q4 24 | $3.7M | — | ||
| Q3 24 | $-98.0K | $-41.7M | ||
| Q2 24 | $-430.0K | $-80.3M | ||
| Q1 24 | $-216.0K | $-53.5M |
毛利率SNDZLAB
| Q4 25 | 13.0% | 51.0% | ||
| Q3 25 | 16.1% | 59.5% | ||
| Q2 25 | 10.4% | 60.6% | ||
| Q1 25 | 4.2% | 63.6% | ||
| Q4 24 | 14.7% | 61.5% | ||
| Q3 24 | 10.3% | 64.1% | ||
| Q2 24 | 17.7% | 64.9% | ||
| Q1 24 | 14.2% | 61.4% |
营业利润率SNDZLAB
| Q4 25 | -3.1% | -54.6% | ||
| Q3 25 | 5.8% | -42.3% | ||
| Q2 25 | -0.1% | -50.3% | ||
| Q1 25 | -10.8% | -53.3% | ||
| Q4 24 | 3.9% | -62.6% | ||
| Q3 24 | -7.8% | -66.6% | ||
| Q2 24 | 4.8% | -76.0% | ||
| Q1 24 | 0.9% | -80.7% |
净利率SNDZLAB
| Q4 25 | 1.4% | — | ||
| Q3 25 | 3.2% | -31.2% | ||
| Q2 25 | 24.9% | -37.3% | ||
| Q1 25 | -37.0% | -45.8% | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | -0.2% | -40.9% | ||
| Q2 24 | -0.6% | -80.2% | ||
| Q1 24 | -0.3% | -61.4% |
每股收益（稀释后）SNDZLAB
| Q4 25 | $0.03 | $-0.05 | ||
| Q3 25 | $0.08 | $-0.03 | ||
| Q2 25 | $0.54 | $-0.04 | ||
| Q1 25 | $-0.62 | $-0.04 | ||
| Q4 24 | $0.10 | $-0.09 | ||
| Q3 24 | $0.00 | $-0.04 | ||
| Q2 24 | $-0.01 | $-0.08 | ||
| Q1 24 | $-0.01 | $-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 | $22.6M | $689.6M |
| 总债务越低越好 | $15.0M | — |
| 股东权益账面价值 | $239.7M | $715.5M |
| 总资产 | $340.0M | $1.2B |
| 负债/权益比越低杠杆越低 | 0.06× | — |
8季度趋势，按日历期对齐
现金及短期投资SNDZLAB
| Q4 25 | $22.6M | $689.6M | ||
| Q3 25 | $5.1M | $717.2M | ||
| Q2 25 | $4.3M | $732.2M | ||
| Q1 25 | $5.1M | $757.3M | ||
| Q4 24 | $1.6M | $779.7M | ||
| Q3 24 | $7.2M | $616.1M | ||
| Q2 24 | $6.3M | $630.0M | ||
| Q1 24 | $4.6M | $650.8M |
总债务SNDZLAB
| Q4 25 | $15.0M | — | ||
| Q3 25 | $14.3M | — | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $13.7M | — | ||
| Q4 24 | $14.7M | — | ||
| Q3 24 | $15.7M | — | ||
| Q2 24 | $17.1M | — | ||
| Q1 24 | $25.5M | — |
股东权益SNDZLAB
| Q4 25 | $239.7M | $715.5M | ||
| Q3 25 | $239.9M | $759.9M | ||
| Q2 25 | $240.5M | $791.7M | ||
| Q1 25 | $219.9M | $810.8M | ||
| Q4 24 | $243.8M | $840.9M | ||
| Q3 24 | $243.6M | $667.7M | ||
| Q2 24 | $242.9M | $704.2M | ||
| Q1 24 | $242.5M | $762.2M |
总资产SNDZLAB
| Q4 25 | $340.0M | $1.2B | ||
| Q3 25 | $343.1M | $1.2B | ||
| Q2 25 | $345.8M | $1.2B | ||
| Q1 25 | $326.9M | $1.2B | ||
| Q4 24 | $341.5M | $1.2B | ||
| Q3 24 | $335.8M | $985.3M | ||
| Q2 24 | $341.8M | $987.4M | ||
| Q1 24 | $349.3M | $988.4M |
负债/权益比SNDZLAB
| Q4 25 | 0.06× | — | ||
| Q3 25 | 0.06× | — | ||
| Q2 25 | 0.10× | — | ||
| Q1 25 | 0.06× | — | ||
| Q4 24 | 0.06× | — | ||
| Q3 24 | 0.06× | — | ||
| Q2 24 | 0.07× | — | ||
| 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 | $22.4M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $20.4M | $-26.7M |
| 自由现金流率自由现金流/营收 | 23.7% | -21.0% |
| 资本支出强度资本支出/营收 | 2.3% | 0.5% |
| 现金转化率经营现金流/净利润 | 18.99× | — |
| 过去12个月自由现金流最近4个季度 | $32.5M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流SNDZLAB
| Q4 25 | $22.4M | $-26.0M | ||
| Q3 25 | $18.2M | $-32.0M | ||
| Q2 25 | $-5.1M | $-31.0M | ||
| Q1 25 | $8.7M | $-61.7M | ||
| Q4 24 | $1.0M | $-55.8M | ||
| Q3 24 | $5.8M | $-26.8M | ||
| Q2 24 | $14.9M | $-42.2M | ||
| Q1 24 | $-3.9M | $-90.1M |
自由现金流SNDZLAB
| Q4 25 | $20.4M | $-26.7M | ||
| Q3 25 | $14.8M | $-35.0M | ||
| Q2 25 | $-7.8M | $-33.9M | ||
| Q1 25 | $5.2M | $-63.2M | ||
| Q4 24 | $-840.0K | $-58.4M | ||
| Q3 24 | $3.7M | $-28.2M | ||
| Q2 24 | $13.5M | $-42.9M | ||
| Q1 24 | $-5.5M | $-91.1M |
自由现金流率SNDZLAB
| Q4 25 | 23.7% | -21.0% | ||
| Q3 25 | 15.9% | -30.4% | ||
| Q2 25 | -9.1% | -31.1% | ||
| Q1 25 | 7.9% | -59.9% | ||
| Q4 24 | -0.9% | -53.8% | ||
| Q3 24 | 5.8% | -27.7% | ||
| Q2 24 | 18.3% | -42.9% | ||
| Q1 24 | -6.6% | -104.5% |
资本支出强度SNDZLAB
| Q4 25 | 2.3% | 0.5% | ||
| Q3 25 | 3.6% | 2.6% | ||
| Q2 25 | 3.1% | 2.6% | ||
| Q1 25 | 5.4% | 1.5% | ||
| Q4 24 | 2.1% | 2.4% | ||
| Q3 24 | 3.4% | 1.3% | ||
| Q2 24 | 1.8% | 0.7% | ||
| Q1 24 | 2.0% | 1.1% |
现金转化率SNDZLAB
| Q4 25 | 18.99× | — | ||
| Q3 25 | 6.05× | — | ||
| Q2 25 | -0.24× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.28× | — | ||
| 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
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
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% |
