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USA Compression Partners, LP（USAC）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
USA Compression Partners, LP的季度营收约是再鼎医药的2.0倍（$252.5M vs $127.1M），再鼎医药同比增速更快（17.1% vs 2.7%），USA Compression Partners, LP自由现金流更多（$87.7M 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%）
USA Compression Partners, LP是一家总部位于美国的天然气压缩服务供应商，服务覆盖油气行业上游、中游及下游领域，提供定制化压缩系统、设备维护与运营支持，助力天然气生产、加工和运输环节高效运转。
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。
USAC vs ZLAB — 直观对比
营收规模更大
USAC
是对方的2.0倍
$127.1M
营收增速更快
ZLAB
高出14.4%
2.7%
自由现金流更多
USAC
多$114.4M
$-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 | $252.5M | $127.1M |
| 净利润 | $27.8M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 30.3% | -54.6% |
| 净利率 | 11.0% | — |
| 营收同比 | 2.7% | 17.1% |
| 净利润同比 | 9.1% | — |
| 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USACZLAB
| Q4 25 | $252.5M | $127.1M | ||
| Q3 25 | $250.3M | $115.4M | ||
| Q2 25 | $250.1M | $109.1M | ||
| Q1 25 | $245.2M | $105.7M | ||
| Q4 24 | $245.9M | $108.5M | ||
| Q3 24 | $240.0M | $101.8M | ||
| Q2 24 | $235.3M | $100.1M | ||
| Q1 24 | $229.3M | $87.1M |
净利润USACZLAB
| Q4 25 | $27.8M | — | ||
| Q3 25 | $34.5M | $-36.0M | ||
| Q2 25 | $28.6M | $-40.7M | ||
| Q1 25 | $20.5M | $-48.4M | ||
| Q4 24 | $25.4M | — | ||
| Q3 24 | $19.3M | $-41.7M | ||
| Q2 24 | $31.2M | $-80.3M | ||
| Q1 24 | $23.6M | $-53.5M |
毛利率USACZLAB
| 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USACZLAB
| Q4 25 | 30.3% | -54.6% | ||
| Q3 25 | 33.5% | -42.3% | ||
| Q2 25 | 30.6% | -50.3% | ||
| Q1 25 | 28.3% | -53.3% | ||
| Q4 24 | 30.3% | -62.6% | ||
| Q3 24 | 31.5% | -66.6% | ||
| Q2 24 | 32.9% | -76.0% | ||
| Q1 24 | 29.2% | -80.7% |
净利率USACZLAB
| Q4 25 | 11.0% | — | ||
| Q3 25 | 13.8% | -31.2% | ||
| Q2 25 | 11.4% | -37.3% | ||
| Q1 25 | 8.4% | -45.8% | ||
| Q4 24 | 10.3% | — | ||
| Q3 24 | 8.1% | -40.9% | ||
| Q2 24 | 13.3% | -80.2% | ||
| Q1 24 | 10.3% | -61.4% |
每股收益（稀释后）USACZLAB
| 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 | $8.6M | $689.6M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | — | $715.5M |
| 总资产 | $2.6B | $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USACZLAB
| Q4 25 | $8.6M | $689.6M | ||
| Q3 25 | — | $717.2M | ||
| Q2 25 | $2.0K | $732.2M | ||
| Q1 25 | $2.0K | $757.3M | ||
| Q4 24 | $14.0K | $779.7M | ||
| Q3 24 | $79.0K | $616.1M | ||
| Q2 24 | $9.0K | $630.0M | ||
| Q1 24 | $8.0K | $650.8M |
总债务USACZLAB
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $2.5B | — | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.5B | — |
股东权益USACZLAB
| 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USACZLAB
| Q4 25 | $2.6B | $1.2B | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $2.7B | $1.2B | ||
| Q1 25 | $2.7B | $1.2B | ||
| Q4 24 | $2.7B | $1.2B | ||
| Q3 24 | $2.8B | $985.3M | ||
| Q2 24 | $2.8B | $987.4M | ||
| Q1 24 | $2.8B | $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 | $139.5M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $87.7M | $-26.7M |
| 自由现金流率自由现金流/营收 | 34.8% | -21.0% |
| 资本支出强度资本支出/营收 | 20.5% | 0.5% |
| 现金转化率经营现金流/净利润 | 5.02× | — |
| 过去12个月自由现金流最近4个季度 | $277.0M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流USACZLAB
| Q4 25 | $139.5M | $-26.0M | ||
| Q3 25 | $75.9M | $-32.0M | ||
| Q2 25 | $124.2M | $-31.0M | ||
| Q1 25 | $54.7M | $-61.7M | ||
| Q4 24 | $130.2M | $-55.8M | ||
| Q3 24 | $48.5M | $-26.8M | ||
| Q2 24 | $96.7M | $-42.2M | ||
| Q1 24 | $65.9M | $-90.1M |
自由现金流USACZLAB
| Q4 25 | $87.7M | $-26.7M | ||
| Q3 25 | $51.9M | $-35.0M | ||
| Q2 25 | $101.1M | $-33.9M | ||
| Q1 25 | $36.3M | $-63.2M | ||
| Q4 24 | $101.2M | $-58.4M | ||
| Q3 24 | $19.8M | $-28.2M | ||
| Q2 24 | $48.2M | $-42.9M | ||
| Q1 24 | $-32.7M | $-91.1M |
自由现金流率USACZLAB
| Q4 25 | 34.8% | -21.0% | ||
| Q3 25 | 20.7% | -30.4% | ||
| Q2 25 | 40.4% | -31.1% | ||
| Q1 25 | 14.8% | -59.9% | ||
| Q4 24 | 41.1% | -53.8% | ||
| Q3 24 | 8.2% | -27.7% | ||
| Q2 24 | 20.5% | -42.9% | ||
| Q1 24 | -14.3% | -104.5% |
资本支出强度USACZLAB
| Q4 25 | 20.5% | 0.5% | ||
| Q3 25 | 9.6% | 2.6% | ||
| Q2 25 | 9.3% | 2.6% | ||
| Q1 25 | 7.5% | 1.5% | ||
| Q4 24 | 11.8% | 2.4% | ||
| Q3 24 | 12.0% | 1.3% | ||
| Q2 24 | 20.6% | 0.7% | ||
| Q1 24 | 43.0% | 1.1% |
现金转化率USACZLAB
| Q4 25 | 5.02× | — | ||
| Q3 25 | 2.20× | — | ||
| Q2 25 | 4.35× | — | ||
| Q1 25 | 2.66× | — | ||
| Q4 24 | 5.12× | — | ||
| Q3 24 | 2.51× | — | ||
| Q2 24 | 3.10× | — | ||
| Q1 24 | 2.80× | — |
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
USAC
| Revenue From Contract Operations Excluding Revenue From Related Party | $231.7M | 92% |
| Entities Affiliated With Energy Transfer LP | $16.6M | 7% |
| Transferred At Point In Time | $5.4M | 2% |
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% |
