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TUCOWS INC（TCX）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TUCOWS INC的1.3倍（$127.1M vs $98.7M），再鼎医药同比增速更快（17.1% vs 6.0%），TUCOWS INC自由现金流更多（$-7.0M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 6.2%）
图考兹是一家美加合资的互联网服务与电信企业，总部设立于加拿大安大略省多伦多市，在美国宾夕法尼亚州注册。公司旗下包含三大独立业务板块，分别是域名注册服务Tucows Domains、光纤网络服务Ting Internet以及通信软件服务商Wavelo。
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。
TCX vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.3倍
$98.7M
营收增速更快
ZLAB
高出11.1%
6.0%
自由现金流更多
TCX
多$19.7M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $98.7M | $127.1M |
| 净利润 | $-22.0M | — |
| 毛利率 | 24.5% | 51.0% |
| 营业利润率 | -9.1% | -54.6% |
| 净利率 | -22.3% | — |
| 营收同比 | 6.0% | 17.1% |
| 净利润同比 | 48.1% | — |
| 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TCXZLAB
| Q4 25 | $98.7M | $127.1M | ||
| Q3 25 | $98.6M | $115.4M | ||
| Q2 25 | $98.5M | $109.1M | ||
| Q1 25 | $94.6M | $105.7M | ||
| Q4 24 | $93.1M | $108.5M | ||
| Q3 24 | $92.3M | $101.8M | ||
| Q2 24 | $89.4M | $100.1M | ||
| Q1 24 | $87.5M | $87.1M |
净利润TCXZLAB
| Q4 25 | $-22.0M | — | ||
| Q3 25 | $-23.0M | $-36.0M | ||
| Q2 25 | $-15.6M | $-40.7M | ||
| Q1 25 | $-15.1M | $-48.4M | ||
| Q4 24 | $-42.5M | — | ||
| Q3 24 | $-22.3M | $-41.7M | ||
| Q2 24 | $-18.6M | $-80.3M | ||
| Q1 24 | $-26.5M | $-53.5M |
毛利率TCXZLAB
| Q4 25 | 24.5% | 51.0% | ||
| Q3 25 | 24.5% | 59.5% | ||
| Q2 25 | 22.5% | 60.6% | ||
| Q1 25 | 24.9% | 63.6% | ||
| Q4 24 | 23.3% | 61.5% | ||
| Q3 24 | 24.0% | 64.1% | ||
| Q2 24 | 23.3% | 64.9% | ||
| Q1 24 | 20.9% | 61.4% |
营业利润率TCXZLAB
| Q4 25 | -9.1% | -54.6% | ||
| Q3 25 | -9.7% | -42.3% | ||
| Q2 25 | -2.9% | -50.3% | ||
| Q1 25 | -2.1% | -53.3% | ||
| Q4 24 | -32.1% | -62.6% | ||
| Q3 24 | -10.9% | -66.6% | ||
| Q2 24 | -9.6% | -76.0% | ||
| Q1 24 | -18.9% | -80.7% |
净利率TCXZLAB
| Q4 25 | -22.3% | — | ||
| Q3 25 | -23.4% | -31.2% | ||
| Q2 25 | -15.9% | -37.3% | ||
| Q1 25 | -16.0% | -45.8% | ||
| Q4 24 | -45.6% | — | ||
| Q3 24 | -24.2% | -40.9% | ||
| Q2 24 | -20.8% | -80.2% | ||
| Q1 24 | -30.3% | -61.4% |
每股收益（稀释后）TCXZLAB
| 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 | $46.8M | $689.6M |
| 总债务越低越好 | $190.4M | — |
| 股东权益账面价值 | $-164.2M | $715.5M |
| 总资产 | $730.9M | $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TCXZLAB
| Q4 25 | $46.8M | $689.6M | ||
| Q3 25 | $54.1M | $717.2M | ||
| Q2 25 | $52.0M | $732.2M | ||
| Q1 25 | $38.1M | $757.3M | ||
| Q4 24 | $56.9M | $779.7M | ||
| Q3 24 | $75.2M | $616.1M | ||
| Q2 24 | $39.3M | $630.0M | ||
| Q1 24 | $66.6M | $650.8M |
总债务TCXZLAB
| Q4 25 | $190.4M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $195.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益TCXZLAB
| Q4 25 | $-164.2M | $715.5M | ||
| Q3 25 | $-144.1M | $759.9M | ||
| Q2 25 | $-121.7M | $791.7M | ||
| Q1 25 | $-108.3M | $810.8M | ||
| Q4 24 | $-95.3M | $840.9M | ||
| Q3 24 | $-53.1M | $667.7M | ||
| Q2 24 | $-33.1M | $704.2M | ||
| Q1 24 | $-15.9M | $762.2M |
总资产TCXZLAB
| Q4 25 | $730.9M | $1.2B | ||
| Q3 25 | $735.5M | $1.2B | ||
| Q2 25 | $742.2M | $1.2B | ||
| Q1 25 | $741.9M | $1.2B | ||
| Q4 24 | $758.8M | $1.2B | ||
| Q3 24 | $799.0M | $985.3M | ||
| Q2 24 | $758.2M | $987.4M | ||
| Q1 24 | $780.3M | $988.4M |
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 | $-2.6M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-7.0M | $-26.7M |
| 自由现金流率自由现金流/营收 | -7.1% | -21.0% |
| 资本支出强度资本支出/营收 | 4.4% | 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 | $-22.9M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流TCXZLAB
| Q4 25 | $-2.6M | $-26.0M | ||
| Q3 25 | $1.5M | $-32.0M | ||
| Q2 25 | $6.6M | $-31.0M | ||
| Q1 25 | $-11.3M | $-61.7M | ||
| Q4 24 | $-4.8M | $-55.8M | ||
| Q3 24 | $-4.6M | $-26.8M | ||
| Q2 24 | $-4.7M | $-42.2M | ||
| Q1 24 | $-5.7M | $-90.1M |
自由现金流TCXZLAB
| Q4 25 | $-7.0M | $-26.7M | ||
| Q3 25 | $-2.3M | $-35.0M | ||
| Q2 25 | $3.1M | $-33.9M | ||
| Q1 25 | $-16.7M | $-63.2M | ||
| Q4 24 | $-16.5M | $-58.4M | ||
| Q3 24 | $-19.1M | $-28.2M | ||
| Q2 24 | $-20.7M | $-42.9M | ||
| Q1 24 | $-20.0M | $-91.1M |
自由现金流率TCXZLAB
| Q4 25 | -7.1% | -21.0% | ||
| Q3 25 | -2.4% | -30.4% | ||
| Q2 25 | 3.1% | -31.1% | ||
| Q1 25 | -17.6% | -59.9% | ||
| Q4 24 | -17.7% | -53.8% | ||
| Q3 24 | -20.7% | -27.7% | ||
| Q2 24 | -23.1% | -42.9% | ||
| Q1 24 | -22.9% | -104.5% |
资本支出强度TCXZLAB
| Q4 25 | 4.4% | 0.5% | ||
| Q3 25 | 3.9% | 2.6% | ||
| Q2 25 | 3.5% | 2.6% | ||
| Q1 25 | 5.7% | 1.5% | ||
| Q4 24 | 12.5% | 2.4% | ||
| Q3 24 | 15.7% | 1.3% | ||
| Q2 24 | 17.8% | 0.7% | ||
| Q1 24 | 16.4% | 1.1% |
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
TCX
| Wholesale | $57.0M | 58% |
| Fiber Internet Services | $16.5M | 17% |
| Wavelo | $13.0M | 13% |
| Platform Services | $11.7M | 12% |
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% |
