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TXO Partners, L.P.（TXO）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TXO Partners, L.P.的1.2倍（$127.1M vs $103.7M），再鼎医药同比增速更快（17.1% vs 14.5%），过去两年TXO Partners, L.P.的营收复合增速更高（23.1% vs 20.8%）
TXO Partners L.P.是一家总部位于美国的能源类业主有限合伙企业，专注于收购、开发及运营北美核心产油产气区的油气资产，业务覆盖上游勘探开采、中游能源运输，服务工业、公用事业及能源批发客户。
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。
TXO vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.2倍
$103.7M
营收增速更快
ZLAB
高出2.7%
14.5%
两年增速更快
TXO
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $103.7M | $127.1M |
| 净利润 | $-28.3M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | -26.1% | -54.6% |
| 净利率 | -27.2% | — |
| 营收同比 | 14.5% | 17.1% |
| 净利润同比 | -376.5% | — |
| 每股收益（稀释后） | $-0.57 | $-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TXOZLAB
| Q4 25 | $103.7M | $127.1M | ||
| Q3 25 | $90.6M | $115.4M | ||
| Q2 25 | $75.0M | $109.1M | ||
| Q1 25 | $93.8M | $105.7M | ||
| Q4 24 | $90.6M | $108.5M | ||
| Q3 24 | $69.3M | $101.8M | ||
| Q2 24 | $57.0M | $100.1M | ||
| Q1 24 | $68.5M | $87.1M |
净利润TXOZLAB
| Q4 25 | $-28.3M | — | ||
| Q3 25 | $4.4M | $-36.0M | ||
| Q2 25 | $-135.0K | $-40.7M | ||
| Q1 25 | $2.4M | $-48.4M | ||
| Q4 24 | $10.2M | — | ||
| Q3 24 | $203.0K | $-41.7M | ||
| Q2 24 | $2.8M | $-80.3M | ||
| Q1 24 | $10.3M | $-53.5M |
毛利率TXOZLAB
| 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TXOZLAB
| Q4 25 | -26.1% | -54.6% | ||
| Q3 25 | 4.2% | -42.3% | ||
| Q2 25 | -5.0% | -50.3% | ||
| Q1 25 | -3.8% | -53.3% | ||
| Q4 24 | 6.1% | -62.6% | ||
| Q3 24 | -7.2% | -66.6% | ||
| Q2 24 | -17.7% | -76.0% | ||
| Q1 24 | 3.9% | -80.7% |
净利率TXOZLAB
| Q4 25 | -27.2% | — | ||
| Q3 25 | 4.8% | -31.2% | ||
| Q2 25 | -0.2% | -37.3% | ||
| Q1 25 | 2.6% | -45.8% | ||
| Q4 24 | 11.3% | — | ||
| Q3 24 | 0.3% | -40.9% | ||
| Q2 24 | 4.9% | -80.2% | ||
| Q1 24 | 15.0% | -61.4% |
每股收益（稀释后）TXOZLAB
| Q4 25 | $-0.57 | $-0.05 | ||
| Q3 25 | $0.08 | $-0.03 | ||
| Q2 25 | $0.00 | $-0.04 | ||
| Q1 25 | $0.06 | $-0.04 | ||
| Q4 24 | $0.22 | $-0.09 | ||
| Q3 24 | $0.01 | $-0.04 | ||
| Q2 24 | $0.09 | $-0.08 | ||
| Q1 24 | $0.33 | $-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 | $9.4M | $689.6M |
| 总债务越低越好 | $291.1M | — |
| 股东权益账面价值 | — | $715.5M |
| 总资产 | $1.4B | $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TXOZLAB
| Q4 25 | $9.4M | $689.6M | ||
| Q3 25 | $5.3M | $717.2M | ||
| Q2 25 | $8.0M | $732.2M | ||
| Q1 25 | $10.8M | $757.3M | ||
| Q4 24 | $7.3M | $779.7M | ||
| Q3 24 | $3.8M | $616.1M | ||
| Q2 24 | $76.0M | $630.0M | ||
| Q1 24 | $4.6M | $650.8M |
总债务TXOZLAB
| Q4 25 | $291.1M | — | ||
| Q3 25 | $271.1M | — | ||
| Q2 25 | $19.1M | — | ||
| Q1 25 | $162.1M | — | ||
| Q4 24 | $157.1M | — | ||
| Q3 24 | $155.1M | — | ||
| Q2 24 | $7.1M | — | ||
| Q1 24 | $26.1M | — |
股东权益TXOZLAB
| Q4 25 | — | $715.5M | ||
| Q3 25 | — | $759.9M | ||
| Q2 25 | — | $791.7M | ||
| Q1 25 | — | $810.8M | ||
| Q4 24 | — | $840.9M | ||
| Q3 24 | — | $667.7M | ||
| Q2 24 | — | $704.2M | ||
| Q1 24 | — | $762.2M |
总资产TXOZLAB
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $1.0B | $1.2B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $1.0B | $985.3M | ||
| Q2 24 | $774.5M | $987.4M | ||
| Q1 24 | $688.2M | $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 | $32.5M | $-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 | — | — |
| 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TXOZLAB
| Q4 25 | $32.5M | $-26.0M | ||
| Q3 25 | $28.3M | $-32.0M | ||
| Q2 25 | $26.9M | $-31.0M | ||
| Q1 25 | $30.6M | $-61.7M | ||
| Q4 24 | $40.5M | $-55.8M | ||
| Q3 24 | $20.7M | $-26.8M | ||
| Q2 24 | $22.9M | $-42.2M | ||
| Q1 24 | $25.2M | $-90.1M |
自由现金流TXOZLAB
| 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TXOZLAB
| 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TXOZLAB
| 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TXOZLAB
| Q4 25 | — | — | ||
| Q3 25 | 6.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 12.67× | — | ||
| Q4 24 | 3.96× | — | ||
| Q3 24 | 102.02× | — | ||
| Q2 24 | 8.15× | — | ||
| Q1 24 | 2.45× | — |
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
TXO
| Oil And Condensate | $92.8M | 89% |
| Natural Gas Liquids Reserves | $8.2M | 8% |
| Other | $2.8M | 3% |
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% |
