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Udemy, Inc.（UDMY）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
Udemy, Inc.的季度营收约是再鼎医药的1.5倍（$194.0M vs $127.1M），再鼎医药同比增速更快（17.1% vs -3.0%），Udemy, Inc.自由现金流更多（$15.0M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs -0.7%）
Udemy是一家总部位于美国的教育科技企业，2010年成立，最初定位为大规模开放在线课程提供商，目前核心办公地点位于加州旧金山，在美、澳、印、爱、墨、土多国均设有分支机构。它主打在线教育平台，支持用户自主创建并分享课程，平台课程以按需点播的视频内容为主，截至2025年初已拥有数百万个人用户。
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。
UDMY vs ZLAB — 直观对比
营收规模更大
UDMY
是对方的1.5倍
$127.1M
营收增速更快
ZLAB
高出20.1%
-3.0%
自由现金流更多
UDMY
多$41.7M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
-0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $194.0M | $127.1M |
| 净利润 | $-2.3M | — |
| 毛利率 | 66.0% | 51.0% |
| 营业利润率 | -1.8% | -54.6% |
| 净利率 | -1.2% | — |
| 营收同比 | -3.0% | 17.1% |
| 净利润同比 | 76.4% | — |
| 每股收益（稀释后） | $-0.01 | $-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UDMYZLAB
| Q4 25 | $194.0M | $127.1M | ||
| Q3 25 | $195.7M | $115.4M | ||
| Q2 25 | $199.9M | $109.1M | ||
| Q1 25 | $200.3M | $105.7M | ||
| Q4 24 | $199.9M | $108.5M | ||
| Q3 24 | $195.4M | $101.8M | ||
| Q2 24 | $194.4M | $100.1M | ||
| Q1 24 | $196.8M | $87.1M |
净利润UDMYZLAB
| Q4 25 | $-2.3M | — | ||
| Q3 25 | $1.6M | $-36.0M | ||
| Q2 25 | $6.3M | $-40.7M | ||
| Q1 25 | $-1.8M | $-48.4M | ||
| Q4 24 | $-9.9M | — | ||
| Q3 24 | $-25.3M | $-41.7M | ||
| Q2 24 | $-31.8M | $-80.3M | ||
| Q1 24 | $-18.3M | $-53.5M |
毛利率UDMYZLAB
| Q4 25 | 66.0% | 51.0% | ||
| Q3 25 | 65.9% | 59.5% | ||
| Q2 25 | 66.1% | 60.6% | ||
| Q1 25 | 64.6% | 63.6% | ||
| Q4 24 | 63.6% | 61.5% | ||
| Q3 24 | 63.0% | 64.1% | ||
| Q2 24 | 62.3% | 64.9% | ||
| Q1 24 | 61.2% | 61.4% |
营业利润率UDMYZLAB
| Q4 25 | -1.8% | -54.6% | ||
| Q3 25 | -0.1% | -42.3% | ||
| Q2 25 | 2.0% | -50.3% | ||
| Q1 25 | -2.2% | -53.3% | ||
| Q4 24 | -5.8% | -62.6% | ||
| Q3 24 | -15.1% | -66.6% | ||
| Q2 24 | -13.1% | -76.0% | ||
| Q1 24 | -11.5% | -80.7% |
净利率UDMYZLAB
| Q4 25 | -1.2% | — | ||
| Q3 25 | 0.8% | -31.2% | ||
| Q2 25 | 3.1% | -37.3% | ||
| Q1 25 | -0.9% | -45.8% | ||
| Q4 24 | -4.9% | — | ||
| Q3 24 | -12.9% | -40.9% | ||
| Q2 24 | -16.4% | -80.2% | ||
| Q1 24 | -9.3% | -61.4% |
每股收益（稀释后）UDMYZLAB
| Q4 25 | $-0.01 | $-0.05 | ||
| Q3 25 | $0.01 | $-0.03 | ||
| Q2 25 | $0.04 | $-0.04 | ||
| Q1 25 | $-0.01 | $-0.04 | ||
| Q4 24 | $-0.06 | $-0.09 | ||
| Q3 24 | $-0.17 | $-0.04 | ||
| Q2 24 | $-0.21 | $-0.08 | ||
| Q1 24 | $-0.12 | $-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 | $358.7M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $210.5M | $715.5M |
| 总资产 | $617.7M | $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UDMYZLAB
| Q4 25 | $358.7M | $689.6M | ||
| Q3 25 | $371.2M | $717.2M | ||
| Q2 25 | $392.0M | $732.2M | ||
| Q1 25 | $357.0M | $757.3M | ||
| Q4 24 | $354.4M | $779.7M | ||
| Q3 24 | $357.1M | $616.1M | ||
| Q2 24 | $420.9M | $630.0M | ||
| Q1 24 | $430.7M | $650.8M |
股东权益UDMYZLAB
| Q4 25 | $210.5M | $715.5M | ||
| Q3 25 | $221.8M | $759.9M | ||
| Q2 25 | $233.4M | $791.7M | ||
| Q1 25 | $209.4M | $810.8M | ||
| Q4 24 | $197.4M | $840.9M | ||
| Q3 24 | $196.3M | $667.7M | ||
| Q2 24 | $252.3M | $704.2M | ||
| Q1 24 | $296.5M | $762.2M |
总资产UDMYZLAB
| Q4 25 | $617.7M | $1.2B | ||
| Q3 25 | $618.9M | $1.2B | ||
| Q2 25 | $644.0M | $1.2B | ||
| Q1 25 | $639.0M | $1.2B | ||
| Q4 24 | $605.6M | $1.2B | ||
| Q3 24 | $608.9M | $985.3M | ||
| Q2 24 | $671.9M | $987.4M | ||
| Q1 24 | $708.5M | $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 | $15.5M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $15.0M | $-26.7M |
| 自由现金流率自由现金流/营收 | 7.7% | -21.0% |
| 资本支出强度资本支出/营收 | 0.3% | 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 | $81.9M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流UDMYZLAB
| Q4 25 | $15.5M | $-26.0M | ||
| Q3 25 | $15.7M | $-32.0M | ||
| Q2 25 | $44.2M | $-31.0M | ||
| Q1 25 | $12.2M | $-61.7M | ||
| Q4 24 | $9.6M | $-55.8M | ||
| Q3 24 | $-6.1M | $-26.8M | ||
| Q2 24 | $28.6M | $-42.2M | ||
| Q1 24 | $21.0M | $-90.1M |
自由现金流UDMYZLAB
| Q4 25 | $15.0M | $-26.7M | ||
| Q3 25 | $15.1M | $-35.0M | ||
| Q2 25 | $41.9M | $-33.9M | ||
| Q1 25 | $9.8M | $-63.2M | ||
| Q4 24 | $8.4M | $-58.4M | ||
| Q3 24 | $-6.7M | $-28.2M | ||
| Q2 24 | $28.2M | $-42.9M | ||
| Q1 24 | $20.8M | $-91.1M |
自由现金流率UDMYZLAB
| Q4 25 | 7.7% | -21.0% | ||
| Q3 25 | 7.7% | -30.4% | ||
| Q2 25 | 21.0% | -31.1% | ||
| Q1 25 | 4.9% | -59.9% | ||
| Q4 24 | 4.2% | -53.8% | ||
| Q3 24 | -3.4% | -27.7% | ||
| Q2 24 | 14.5% | -42.9% | ||
| Q1 24 | 10.6% | -104.5% |
资本支出强度UDMYZLAB
| Q4 25 | 0.3% | 0.5% | ||
| Q3 25 | 0.3% | 2.6% | ||
| Q2 25 | 1.1% | 2.6% | ||
| Q1 25 | 1.2% | 1.5% | ||
| Q4 24 | 0.6% | 2.4% | ||
| Q3 24 | 0.3% | 1.3% | ||
| Q2 24 | 0.2% | 0.7% | ||
| Q1 24 | 0.1% | 1.1% |
现金转化率UDMYZLAB
| Q4 25 | — | — | ||
| Q3 25 | 9.58× | — | ||
| Q2 25 | 7.06× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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
UDMY
暂无分部数据
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% |
