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Texas Pacific Land Corporation（TPL）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
Texas Pacific Land Corporation的季度营收约是再鼎医药的1.7倍（$211.6M vs $127.1M），再鼎医药同比增速更快（17.1% vs 13.9%），过去两年再鼎医药的营收复合增速更高（20.8% vs 10.2%）
Texas Pacific Land Corporation（简称TPL）是一家公开上市的不动产运营企业，行政总部位于美国得克萨斯州达拉斯市。公司在得州西部20个郡拥有逾88万英亩（约3600平方公里）土地，是得州规模最大的私人土地所有者之一，前身为得克萨斯太平洋土地信托。
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。
TPL vs ZLAB — 直观对比
营收规模更大
TPL
是对方的1.7倍
$127.1M
营收增速更快
ZLAB
高出3.2%
13.9%
两年增速更快
ZLAB
近两年复合增速
10.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $211.6M | $127.1M |
| 净利润 | $123.3M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 70.5% | -54.6% |
| 净利率 | 58.3% | — |
| 营收同比 | 13.9% | 17.1% |
| 净利润同比 | 4.2% | — |
| 每股收益（稀释后） | $-8.59 | $-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TPLZLAB
| Q4 25 | $211.6M | $127.1M | ||
| Q3 25 | $203.1M | $115.4M | ||
| Q2 25 | $187.5M | $109.1M | ||
| Q1 25 | $196.0M | $105.7M | ||
| Q4 24 | $185.8M | $108.5M | ||
| Q3 24 | $173.6M | $101.8M | ||
| Q2 24 | $172.3M | $100.1M | ||
| Q1 24 | $174.1M | $87.1M |
净利润TPLZLAB
| Q4 25 | $123.3M | — | ||
| Q3 25 | $121.2M | $-36.0M | ||
| Q2 25 | $116.1M | $-40.7M | ||
| Q1 25 | $120.7M | $-48.4M | ||
| Q4 24 | $118.4M | — | ||
| Q3 24 | $106.6M | $-41.7M | ||
| Q2 24 | $114.6M | $-80.3M | ||
| Q1 24 | $114.4M | $-53.5M |
毛利率TPLZLAB
| 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TPLZLAB
| Q4 25 | 70.5% | -54.6% | ||
| Q3 25 | 73.4% | -42.3% | ||
| Q2 25 | 76.6% | -50.3% | ||
| Q1 25 | 76.6% | -53.3% | ||
| Q4 24 | 76.7% | -62.6% | ||
| Q3 24 | 73.4% | -66.6% | ||
| Q2 24 | 77.3% | -76.0% | ||
| Q1 24 | 78.1% | -80.7% |
净利率TPLZLAB
| Q4 25 | 58.3% | — | ||
| Q3 25 | 59.7% | -31.2% | ||
| Q2 25 | 61.9% | -37.3% | ||
| Q1 25 | 61.6% | -45.8% | ||
| Q4 24 | 63.7% | — | ||
| Q3 24 | 61.4% | -40.9% | ||
| Q2 24 | 66.5% | -80.2% | ||
| Q1 24 | 65.7% | -61.4% |
每股收益（稀释后）TPLZLAB
| Q4 25 | $-8.59 | $-0.05 | ||
| Q3 25 | $5.27 | $-0.03 | ||
| Q2 25 | $5.05 | $-0.04 | ||
| Q1 25 | $5.24 | $-0.04 | ||
| Q4 24 | $5.14 | $-0.09 | ||
| Q3 24 | $4.63 | $-0.04 | ||
| Q2 24 | $4.98 | $-0.08 | ||
| Q1 24 | $4.97 | $-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 | $144.8M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $715.5M |
| 总资产 | $1.6B | $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TPLZLAB
| Q4 25 | $144.8M | $689.6M | ||
| Q3 25 | $531.8M | $717.2M | ||
| Q2 25 | $543.9M | $732.2M | ||
| Q1 25 | $460.4M | $757.3M | ||
| Q4 24 | $369.8M | $779.7M | ||
| Q3 24 | $533.9M | $616.1M | ||
| Q2 24 | $894.7M | $630.0M | ||
| Q1 24 | $837.1M | $650.8M |
股东权益TPLZLAB
| Q4 25 | $1.5B | $715.5M | ||
| Q3 25 | $1.4B | $759.9M | ||
| Q2 25 | $1.3B | $791.7M | ||
| Q1 25 | $1.2B | $810.8M | ||
| Q4 24 | $1.1B | $840.9M | ||
| Q3 24 | $1.1B | $667.7M | ||
| Q2 24 | $1.2B | $704.2M | ||
| Q1 24 | $1.1B | $762.2M |
总资产TPLZLAB
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.2B | $985.3M | ||
| Q2 24 | $1.3B | $987.4M | ||
| Q1 24 | $1.3B | $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 | $113.7M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-26.7M |
| 自由现金流率自由现金流/营收 | — | -21.0% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | 0.92× | — |
| 过去12个月自由现金流最近4个季度 | — | $-158.9M |
8季度趋势，按日历期对齐
经营现金流TPLZLAB
| Q4 25 | $113.7M | $-26.0M | ||
| Q3 25 | $154.6M | $-32.0M | ||
| Q2 25 | $120.9M | $-31.0M | ||
| Q1 25 | $156.7M | $-61.7M | ||
| Q4 24 | $126.6M | $-55.8M | ||
| Q3 24 | $118.6M | $-26.8M | ||
| Q2 24 | $98.3M | $-42.2M | ||
| Q1 24 | $147.2M | $-90.1M |
自由现金流TPLZLAB
| Q4 25 | — | $-26.7M | ||
| Q3 25 | — | $-35.0M | ||
| Q2 25 | — | $-33.9M | ||
| Q1 25 | — | $-63.2M | ||
| Q4 24 | — | $-58.4M | ||
| Q3 24 | — | $-28.2M | ||
| Q2 24 | — | $-42.9M | ||
| Q1 24 | — | $-91.1M |
自由现金流率TPLZLAB
| Q4 25 | — | -21.0% | ||
| Q3 25 | — | -30.4% | ||
| Q2 25 | — | -31.1% | ||
| Q1 25 | — | -59.9% | ||
| Q4 24 | — | -53.8% | ||
| Q3 24 | — | -27.7% | ||
| Q2 24 | — | -42.9% | ||
| Q1 24 | — | -104.5% |
资本支出强度TPLZLAB
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.1% |
现金转化率TPLZLAB
| Q4 25 | 0.92× | — | ||
| Q3 25 | 1.28× | — | ||
| Q2 25 | 1.04× | — | ||
| Q1 25 | 1.30× | — | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 1.11× | — | ||
| Q2 24 | 0.86× | — | ||
| Q1 24 | 1.29× | — |
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
TPL
| Water Serviceand Operations Segment | $98.2M | 46% |
| Water Sales And Royalties | $60.7M | 29% |
| Produced Water Royalties | $33.5M | 16% |
| Easementand Sundry | $20.6M | 10% |
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% |
