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沃夫斯沛（WOLF）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
沃夫斯沛的季度营收约是再鼎医药的1.3倍（$168.5M vs $127.1M），再鼎医药同比增速更快（17.1% vs -6.6%），再鼎医药自由现金流更多（$-26.7M vs $-72.6M），过去两年再鼎医药的营收复合增速更高（20.8% vs -8.4%）
Wolfspeed, Inc.（原Cree, Inc.）是一家美国宽禁带半导体研发制造商，核心业务聚焦碳化硅材料与功率器件，产品主要应用于交通、电源、功率逆变器以及无线系统等领域，是碳化硅功率半导体领域的领先企业。
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。
WOLF vs ZLAB — 直观对比
营收规模更大
WOLF
是对方的1.3倍
$127.1M
营收增速更快
ZLAB
高出23.8%
-6.6%
自由现金流更多
ZLAB
多$45.9M
$-72.6M
两年增速更快
ZLAB
近两年复合增速
-8.4%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $168.5M | $127.1M |
| 净利润 | $-150.6M | — |
| 毛利率 | -46.5% | 51.0% |
| 营业利润率 | -94.0% | -54.6% |
| 净利率 | -89.4% | — |
| 营收同比 | -6.6% | 17.1% |
| 净利润同比 | 59.5% | — |
| 每股收益（稀释后） | $-5.78 | $-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WOLFZLAB
| Q4 25 | $168.5M | $127.1M | ||
| Q3 25 | $196.8M | $115.4M | ||
| Q2 25 | $197.0M | $109.1M | ||
| Q1 25 | $185.4M | $105.7M | ||
| Q4 24 | $180.5M | $108.5M | ||
| Q3 24 | $194.7M | $101.8M | ||
| Q2 24 | $200.7M | $100.1M | ||
| Q1 24 | $200.7M | $87.1M |
净利润WOLFZLAB
| Q4 25 | $-150.6M | — | ||
| Q3 25 | $-643.6M | $-36.0M | ||
| Q2 25 | $-669.3M | $-40.7M | ||
| Q1 25 | $-285.5M | $-48.4M | ||
| Q4 24 | $-372.2M | — | ||
| Q3 24 | $-282.2M | $-41.7M | ||
| Q2 24 | $-174.9M | $-80.3M | ||
| Q1 24 | $-148.9M | $-53.5M |
毛利率WOLFZLAB
| Q4 25 | -46.5% | 51.0% | ||
| Q3 25 | -39.2% | 59.5% | ||
| Q2 25 | -13.0% | 60.6% | ||
| Q1 25 | -12.1% | 63.6% | ||
| Q4 24 | -20.6% | 61.5% | ||
| Q3 24 | -18.6% | 64.1% | ||
| Q2 24 | 1.2% | 64.9% | ||
| Q1 24 | 11.2% | 61.4% |
营业利润率WOLFZLAB
| Q4 25 | -94.0% | -54.6% | ||
| Q3 25 | -82.0% | -42.3% | ||
| Q2 25 | -295.2% | -50.3% | ||
| Q1 25 | -104.9% | -53.3% | ||
| Q4 24 | -178.9% | -62.6% | ||
| Q3 24 | -118.2% | -66.6% | ||
| Q2 24 | -72.7% | -76.0% | ||
| Q1 24 | -53.0% | -80.7% |
净利率WOLFZLAB
| Q4 25 | -89.4% | — | ||
| Q3 25 | -327.0% | -31.2% | ||
| Q2 25 | -339.7% | -37.3% | ||
| Q1 25 | -154.0% | -45.8% | ||
| Q4 24 | -206.2% | — | ||
| Q3 24 | -144.9% | -40.9% | ||
| Q2 24 | -87.1% | -80.2% | ||
| Q1 24 | -74.2% | -61.4% |
每股收益（稀释后）WOLFZLAB
| Q4 25 | $-5.78 | $-0.05 | ||
| Q3 25 | $-4.12 | $-0.03 | ||
| Q2 25 | $-4.42 | $-0.04 | ||
| Q1 25 | $-1.86 | $-0.04 | ||
| Q4 24 | $-2.88 | $-0.09 | ||
| Q3 24 | $-2.23 | $-0.04 | ||
| Q2 24 | $-1.39 | $-0.08 | ||
| Q1 24 | $-1.18 | $-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 | $1.3B | $689.6M |
| 总债务越低越好 | $2.0B | — |
| 股东权益账面价值 | $627.4M | $715.5M |
| 总资产 | $3.4B | $1.2B |
| 负债/权益比越低杠杆越低 | 3.13× | — |
8季度趋势，按日历期对齐
现金及短期投资WOLFZLAB
| Q4 25 | $1.3B | $689.6M | ||
| Q3 25 | $926.0M | $717.2M | ||
| Q2 25 | $955.4M | $732.2M | ||
| Q1 25 | $1.3B | $757.3M | ||
| Q4 24 | $1.4B | $779.7M | ||
| Q3 24 | $1.7B | $616.1M | ||
| Q2 24 | $2.2B | $630.0M | ||
| Q1 24 | $2.6B | $650.8M |
总债务WOLFZLAB
| Q4 25 | $2.0B | — | ||
| Q3 25 | $0 | — | ||
| Q2 25 | $6.5B | — | ||
| Q1 25 | $6.5B | — | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.2B | — | ||
| Q2 24 | $6.2B | — | ||
| Q1 24 | — | — |
股东权益WOLFZLAB
| Q4 25 | $627.4M | $715.5M | ||
| Q3 25 | $-1.1B | $759.9M | ||
| Q2 25 | $-447.1M | $791.7M | ||
| Q1 25 | $212.7M | $810.8M | ||
| Q4 24 | $372.6M | $840.9M | ||
| Q3 24 | $628.9M | $667.7M | ||
| Q2 24 | $882.1M | $704.2M | ||
| Q1 24 | $1.0B | $762.2M |
总资产WOLFZLAB
| Q4 25 | $3.4B | $1.2B | ||
| Q3 25 | $6.6B | $1.2B | ||
| Q2 25 | $6.9B | $1.2B | ||
| Q1 25 | $7.6B | $1.2B | ||
| Q4 24 | $7.7B | $1.2B | ||
| Q3 24 | $7.9B | $985.3M | ||
| Q2 24 | $8.0B | $987.4M | ||
| Q1 24 | $7.7B | $988.4M |
负债/权益比WOLFZLAB
| Q4 25 | 3.13× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 30.61× | — | ||
| Q4 24 | 17.24× | — | ||
| Q3 24 | 9.81× | — | ||
| Q2 24 | 6.98× | — | ||
| Q1 24 | — | — |
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 | $-42.6M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-72.6M | $-26.7M |
| 自由现金流率自由现金流/营收 | -43.1% | -21.0% |
| 资本支出强度资本支出/营收 | 17.8% | 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 | $-988.1M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流WOLFZLAB
| Q4 25 | $-42.6M | $-26.0M | ||
| Q3 25 | $5.7M | $-32.0M | ||
| Q2 25 | $-242.5M | $-31.0M | ||
| Q1 25 | $-142.1M | $-61.7M | ||
| Q4 24 | $-195.1M | $-55.8M | ||
| Q3 24 | $-132.0M | $-26.8M | ||
| Q2 24 | $-239.5M | $-42.2M | ||
| Q1 24 | $-136.2M | $-90.1M |
自由现金流WOLFZLAB
| Q4 25 | $-72.6M | $-26.7M | ||
| Q3 25 | $-98.3M | $-35.0M | ||
| Q2 25 | $-454.4M | $-33.9M | ||
| Q1 25 | $-362.8M | $-63.2M | ||
| Q4 24 | $-596.9M | $-58.4M | ||
| Q3 24 | $-569.0M | $-28.2M | ||
| Q2 24 | $-883.8M | $-42.9M | ||
| Q1 24 | $-713.7M | $-91.1M |
自由现金流率WOLFZLAB
| Q4 25 | -43.1% | -21.0% | ||
| Q3 25 | -49.9% | -30.4% | ||
| Q2 25 | -230.7% | -31.1% | ||
| Q1 25 | -195.7% | -59.9% | ||
| Q4 24 | -330.7% | -53.8% | ||
| Q3 24 | -292.2% | -27.7% | ||
| Q2 24 | -440.4% | -42.9% | ||
| Q1 24 | -355.6% | -104.5% |
资本支出强度WOLFZLAB
| Q4 25 | 17.8% | 0.5% | ||
| Q3 25 | 52.8% | 2.6% | ||
| Q2 25 | 107.6% | 2.6% | ||
| Q1 25 | 119.0% | 1.5% | ||
| Q4 24 | 222.6% | 2.4% | ||
| Q3 24 | 224.4% | 1.3% | ||
| Q2 24 | 321.0% | 0.7% | ||
| Q1 24 | 287.7% | 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
WOLF
| Power Products | $118.3M | 70% |
| Materials Products | $50.2M | 30% |
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% |
