vs
null（SWIM）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null的1.3倍（$127.1M vs $100.0M），再鼎医药同比增速更快（17.1% vs 14.5%），null自由现金流更多（$14.1M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs -4.9%）
该企业是一家源自美国的跨国律师事务所，1934年创立于加利福尼亚州洛杉矶，在诉讼业务、公司法务以及监管合规法律领域拥有深厚的行业积累与知名度，是全球颇具影响力的综合性律所之一。
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。
SWIM vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.3倍
$100.0M
营收增速更快
ZLAB
高出2.6%
14.5%
自由现金流更多
SWIM
多$40.8M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
-4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $100.0M | $127.1M |
| 净利润 | $-7.0M | — |
| 毛利率 | 28.0% | 51.0% |
| 营业利润率 | -10.7% | -54.6% |
| 净利率 | -7.0% | — |
| 营收同比 | 14.5% | 17.1% |
| 净利润同比 | 76.0% | — |
| 每股收益（稀释后） | $-0.06 | $-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SWIMZLAB
| Q4 25 | $100.0M | $127.1M | ||
| Q3 25 | $161.9M | $115.4M | ||
| Q2 25 | $172.6M | $109.1M | ||
| Q1 25 | $111.4M | $105.7M | ||
| Q4 24 | $87.3M | $108.5M | ||
| Q3 24 | $150.5M | $101.8M | ||
| Q2 24 | $160.1M | $100.1M | ||
| Q1 24 | $110.6M | $87.1M |
净利润SWIMZLAB
| Q4 25 | $-7.0M | — | ||
| Q3 25 | $8.1M | $-36.0M | ||
| Q2 25 | $16.0M | $-40.7M | ||
| Q1 25 | $-6.0M | $-48.4M | ||
| Q4 24 | $-29.2M | — | ||
| Q3 24 | $5.9M | $-41.7M | ||
| Q2 24 | $13.3M | $-80.3M | ||
| Q1 24 | $-7.9M | $-53.5M |
毛利率SWIMZLAB
| Q4 25 | 28.0% | 51.0% | ||
| Q3 25 | 35.4% | 59.5% | ||
| Q2 25 | 37.1% | 60.6% | ||
| Q1 25 | 29.5% | 63.6% | ||
| Q4 24 | 24.6% | 61.5% | ||
| Q3 24 | 32.4% | 64.1% | ||
| Q2 24 | 33.1% | 64.9% | ||
| Q1 24 | 27.7% | 61.4% |
营业利润率SWIMZLAB
| Q4 25 | -10.7% | -54.6% | ||
| Q3 25 | 13.3% | -42.3% | ||
| Q2 25 | 14.3% | -50.3% | ||
| Q1 25 | -4.4% | -53.3% | ||
| Q4 24 | -14.9% | -62.6% | ||
| Q3 24 | 8.9% | -66.6% | ||
| Q2 24 | 12.5% | -76.0% | ||
| Q1 24 | -1.9% | -80.7% |
净利率SWIMZLAB
| Q4 25 | -7.0% | — | ||
| Q3 25 | 5.0% | -31.2% | ||
| Q2 25 | 9.3% | -37.3% | ||
| Q1 25 | -5.4% | -45.8% | ||
| Q4 24 | -33.4% | — | ||
| Q3 24 | 3.9% | -40.9% | ||
| Q2 24 | 8.3% | -80.2% | ||
| Q1 24 | -7.1% | -61.4% |
每股收益（稀释后）SWIMZLAB
| Q4 25 | $-0.06 | $-0.05 | ||
| Q3 25 | $0.07 | $-0.03 | ||
| Q2 25 | $0.13 | $-0.04 | ||
| Q1 25 | $-0.05 | $-0.04 | ||
| Q4 24 | $-0.24 | $-0.09 | ||
| Q3 24 | $0.05 | $-0.04 | ||
| Q2 24 | $0.11 | $-0.08 | ||
| Q1 24 | $-0.07 | $-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 | — | $689.6M |
| 总债务越低越好 | $279.8M | — |
| 股东权益账面价值 | $405.9M | $715.5M |
| 总资产 | $823.2M | $1.2B |
| 负债/权益比越低杠杆越低 | 0.69× | — |
8季度趋势，按日历期对齐
现金及短期投资SWIMZLAB
| Q4 25 | — | $689.6M | ||
| Q3 25 | — | $717.2M | ||
| Q2 25 | — | $732.2M | ||
| Q1 25 | — | $757.3M | ||
| Q4 24 | — | $779.7M | ||
| Q3 24 | — | $616.1M | ||
| Q2 24 | — | $630.0M | ||
| Q1 24 | — | $650.8M |
总债务SWIMZLAB
| Q4 25 | $279.8M | — | ||
| Q3 25 | $281.1M | — | ||
| Q2 25 | $281.5M | — | ||
| Q1 25 | $306.9M | — | ||
| Q4 24 | $281.5M | — | ||
| Q3 24 | $282.8M | — | ||
| Q2 24 | $282.4M | — | ||
| Q1 24 | $282.8M | — |
股东权益SWIMZLAB
| Q4 25 | $405.9M | $715.5M | ||
| Q3 25 | $408.4M | $759.9M | ||
| Q2 25 | $398.4M | $791.7M | ||
| Q1 25 | $381.1M | $810.8M | ||
| Q4 24 | $387.2M | $840.9M | ||
| Q3 24 | $416.6M | $667.7M | ||
| Q2 24 | $408.1M | $704.2M | ||
| Q1 24 | $391.8M | $762.2M |
总资产SWIMZLAB
| Q4 25 | $823.2M | $1.2B | ||
| Q3 25 | $844.4M | $1.2B | ||
| Q2 25 | $822.1M | $1.2B | ||
| Q1 25 | $824.6M | $1.2B | ||
| Q4 24 | $794.2M | $1.2B | ||
| Q3 24 | $853.4M | $985.3M | ||
| Q2 24 | $830.0M | $987.4M | ||
| Q1 24 | $808.6M | $988.4M |
负债/权益比SWIMZLAB
| Q4 25 | 0.69× | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.71× | — | ||
| Q1 25 | 0.81× | — | ||
| Q4 24 | 0.73× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.69× | — | ||
| Q1 24 | 0.72× | — |
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 | $23.3M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $14.1M | $-26.7M |
| 自由现金流率自由现金流/营收 | 14.1% | -21.0% |
| 资本支出强度资本支出/营收 | 9.2% | 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 | $38.0M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流SWIMZLAB
| Q4 25 | $23.3M | $-26.0M | ||
| Q3 25 | $51.0M | $-32.0M | ||
| Q2 25 | $36.0M | $-31.0M | ||
| Q1 25 | $-46.9M | $-61.7M | ||
| Q4 24 | $6.2M | $-55.8M | ||
| Q3 24 | $37.2M | $-26.8M | ||
| Q2 24 | $52.4M | $-42.2M | ||
| Q1 24 | $-34.5M | $-90.1M |
自由现金流SWIMZLAB
| Q4 25 | $14.1M | $-26.7M | ||
| Q3 25 | $45.2M | $-35.0M | ||
| Q2 25 | $29.1M | $-33.9M | ||
| Q1 25 | $-50.3M | $-63.2M | ||
| Q4 24 | $-98.0K | $-58.4M | ||
| Q3 24 | $33.2M | $-28.2M | ||
| Q2 24 | $47.9M | $-42.9M | ||
| Q1 24 | $-39.9M | $-91.1M |
自由现金流率SWIMZLAB
| Q4 25 | 14.1% | -21.0% | ||
| Q3 25 | 27.9% | -30.4% | ||
| Q2 25 | 16.8% | -31.1% | ||
| Q1 25 | -45.2% | -59.9% | ||
| Q4 24 | -0.1% | -53.8% | ||
| Q3 24 | 22.1% | -27.7% | ||
| Q2 24 | 29.9% | -42.9% | ||
| Q1 24 | -36.0% | -104.5% |
资本支出强度SWIMZLAB
| Q4 25 | 9.2% | 0.5% | ||
| Q3 25 | 3.6% | 2.6% | ||
| Q2 25 | 4.0% | 2.6% | ||
| Q1 25 | 3.1% | 1.5% | ||
| Q4 24 | 7.2% | 2.4% | ||
| Q3 24 | 2.7% | 1.3% | ||
| Q2 24 | 2.8% | 0.7% | ||
| Q1 24 | 4.8% | 1.1% |
现金转化率SWIMZLAB
| Q4 25 | — | — | ||
| Q3 25 | 6.29× | — | ||
| Q2 25 | 2.25× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 6.32× | — | ||
| Q2 24 | 3.95× | — | ||
| 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
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 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% |
