vs
Adaptive Biotechnologies Corp（ADPT）与安进（AMGN）财务数据对比。点击上方公司名可切换其他公司
安进的季度营收约是Adaptive Biotechnologies Corp的137.6倍（$9.9B vs $71.7M）。安进净利率更高（13.5% vs -18.9%，领先32.5%）。Adaptive Biotechnologies Corp同比增速更快（51.0% vs 8.6%）。安进自由现金流更多（$961.0M vs $1.4M）。过去两年Adaptive Biotechnologies Corp的营收复合增速更高（30.8% vs 15.1%）
ExpreS2ion Biotechnologies是一家丹麦生物技术企业，总部位于丹麦霍尔斯霍姆，专注于新型疫苗和免疫疗法产品的研发，在纳斯达克第一北增长市场瑞典板块挂牌上市。
安进是总部位于美国加利福尼亚州千橡市的跨国生物制药企业，公司名称取自最初的全称「应用分子遗传学」的缩写组合，按营收规模排名位列全球生物医药企业第18位，专注于研发、生产及商业化创新生物药物，为全球患者提供优质治疗选择。
ADPT vs AMGN — 直观对比
营收规模更大
AMGN
是对方的137.6倍
$71.7M
营收增速更快
ADPT
高出42.5%
8.6%
净利率更高
AMGN
高出32.5%
-18.9%
自由现金流更多
AMGN
多$959.6M
$1.4M
两年增速更快
ADPT
近两年复合增速
15.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $71.7M | $9.9B |
| 净利润 | $-13.6M | $1.3B |
| 毛利率 | 74.6% | 69.8% |
| 营业利润率 | -17.8% | 27.6% |
| 净利率 | -18.9% | 13.5% |
| 营收同比 | 51.0% | 8.6% |
| 净利润同比 | 59.7% | 112.6% |
| 每股收益（稀释后） | $-0.08 | $2.45 |
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ADPTAMGN
| Q4 25 | $71.7M | $9.9B | ||
| Q3 25 | $94.0M | $9.6B | ||
| Q2 25 | $58.9M | $9.2B | ||
| Q1 25 | $52.4M | $8.1B | ||
| Q4 24 | $47.5M | $9.1B | ||
| Q3 24 | $46.4M | $8.5B | ||
| Q2 24 | $43.2M | $8.4B | ||
| Q1 24 | $41.9M | $7.4B |
净利润ADPTAMGN
| Q4 25 | $-13.6M | $1.3B | ||
| Q3 25 | $9.5M | $3.2B | ||
| Q2 25 | $-25.6M | $1.4B | ||
| Q1 25 | $-29.9M | $1.7B | ||
| Q4 24 | $-33.7M | $627.0M | ||
| Q3 24 | $-32.1M | $2.8B | ||
| Q2 24 | $-46.2M | $746.0M | ||
| Q1 24 | $-47.5M | $-113.0M |
毛利率ADPTAMGN
| Q4 25 | 74.6% | 69.8% | ||
| Q3 25 | 80.7% | 67.8% | ||
| Q2 25 | 69.4% | 67.2% | ||
| Q1 25 | 67.6% | 63.6% | ||
| Q4 24 | 62.0% | 65.7% | ||
| Q3 24 | 64.1% | 61.1% | ||
| Q2 24 | 55.3% | 61.4% | ||
| Q1 24 | 56.9% | 57.0% |
营业利润率ADPTAMGN
| Q4 25 | -17.8% | 27.6% | ||
| Q3 25 | 10.9% | 26.4% | ||
| Q2 25 | -42.5% | 28.9% | ||
| Q1 25 | -56.4% | 14.5% | ||
| Q4 24 | -71.3% | 25.4% | ||
| Q3 24 | -70.3% | 24.1% | ||
| Q2 24 | -109.6% | 22.8% | ||
| Q1 24 | -116.5% | 13.3% |
净利率ADPTAMGN
| Q4 25 | -18.9% | 13.5% | ||
| Q3 25 | 10.2% | 33.7% | ||
| Q2 25 | -43.5% | 15.6% | ||
| Q1 25 | -56.9% | 21.2% | ||
| Q4 24 | -71.0% | 6.9% | ||
| Q3 24 | -69.1% | 33.3% | ||
| Q2 24 | -107.0% | 8.9% | ||
| Q1 24 | -113.5% | -1.5% |
每股收益（稀释后）ADPTAMGN
| Q4 25 | $-0.08 | $2.45 | ||
| Q3 25 | $0.06 | $5.93 | ||
| Q2 25 | $-0.17 | $2.65 | ||
| Q1 25 | $-0.20 | $3.20 | ||
| Q4 24 | $-0.22 | $1.17 | ||
| Q3 24 | $-0.22 | $5.22 | ||
| Q2 24 | $-0.31 | $1.38 | ||
| Q1 24 | $-0.33 | $-0.21 |
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 | $70.5M | $9.1B |
| 总债务越低越好 | — | $54.6B |
| 股东权益账面价值 | $218.8M | $8.7B |
| 总资产 | $512.7M | $90.6B |
| 负债/权益比越低杠杆越低 | — | 6.31× |
8季度趋势，按日历期对齐
现金及短期投资ADPTAMGN
| Q4 25 | $70.5M | $9.1B | ||
| Q3 25 | $55.0M | $9.4B | ||
| Q2 25 | $43.2M | $8.0B | ||
| Q1 25 | $50.6M | $8.8B | ||
| Q4 24 | $47.9M | $12.0B | ||
| Q3 24 | $38.1M | $9.0B | ||
| Q2 24 | $59.8M | $9.3B | ||
| Q1 24 | $71.2M | $9.7B |
总债务ADPTAMGN
| Q4 25 | — | $54.6B | ||
| Q3 25 | — | $54.6B | ||
| Q2 25 | — | $56.2B | ||
| Q1 25 | — | $57.4B | ||
| Q4 24 | — | $60.1B | ||
| Q3 24 | — | $60.4B | ||
| Q2 24 | — | $62.6B | ||
| Q1 24 | — | $64.0B |
股东权益ADPTAMGN
| Q4 25 | $218.8M | $8.7B | ||
| Q3 25 | $204.4M | $9.6B | ||
| Q2 25 | $179.7M | $7.4B | ||
| Q1 25 | $190.4M | $6.2B | ||
| Q4 24 | $202.7M | $5.9B | ||
| Q3 24 | $223.8M | $7.5B | ||
| Q2 24 | $241.6M | $5.9B | ||
| Q1 24 | $274.9M | $5.0B |
总资产ADPTAMGN
| Q4 25 | $512.7M | $90.6B | ||
| Q3 25 | $490.6M | $90.1B | ||
| Q2 25 | $496.6M | $87.9B | ||
| Q1 25 | $510.9M | $89.4B | ||
| Q4 24 | $539.4M | $91.8B | ||
| Q3 24 | $558.5M | $90.9B | ||
| Q2 24 | $584.9M | $90.9B | ||
| Q1 24 | $620.3M | $93.0B |
负债/权益比ADPTAMGN
| Q4 25 | — | 6.31× | ||
| Q3 25 | — | 5.67× | ||
| Q2 25 | — | 7.57× | ||
| Q1 25 | — | 9.24× | ||
| Q4 24 | — | 10.23× | ||
| Q3 24 | — | 8.02× | ||
| Q2 24 | — | 10.57× | ||
| Q1 24 | — | 12.75× |
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 | $2.1M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $1.4M | $961.0M |
| 自由现金流率自由现金流/营收 | 2.0% | 9.7% |
| 资本支出强度资本支出/营收 | 0.9% | 6.5% |
| 现金转化率经营现金流/净利润 | — | 1.20× |
| 过去12个月自由现金流最近4个季度 | $-48.9M | $8.1B |
8季度趋势，按日历期对齐
经营现金流ADPTAMGN
| Q4 25 | $2.1M | $1.6B | ||
| Q3 25 | $-7.1M | $4.7B | ||
| Q2 25 | $-12.4M | $2.3B | ||
| Q1 25 | $-28.5M | $1.4B | ||
| Q4 24 | $-12.5M | $4.8B | ||
| Q3 24 | $-27.1M | $3.6B | ||
| Q2 24 | $-17.3M | $2.5B | ||
| Q1 24 | $-38.4M | $689.0M |
自由现金流ADPTAMGN
| Q4 25 | $1.4M | $961.0M | ||
| Q3 25 | $-7.5M | $4.2B | ||
| Q2 25 | $-13.1M | $1.9B | ||
| Q1 25 | $-29.7M | $980.0M | ||
| Q4 24 | $-12.6M | $4.4B | ||
| Q3 24 | $-27.4M | $3.3B | ||
| Q2 24 | $-19.0M | $2.2B | ||
| Q1 24 | $-39.9M | $459.0M |
自由现金流率ADPTAMGN
| Q4 25 | 2.0% | 9.7% | ||
| Q3 25 | -8.0% | 44.4% | ||
| Q2 25 | -22.2% | 20.8% | ||
| Q1 25 | -56.7% | 12.0% | ||
| Q4 24 | -26.5% | 48.4% | ||
| Q3 24 | -59.0% | 39.0% | ||
| Q2 24 | -44.1% | 26.5% | ||
| Q1 24 | -95.2% | 6.2% |
资本支出强度ADPTAMGN
| Q4 25 | 0.9% | 6.5% | ||
| Q3 25 | 0.4% | 4.6% | ||
| Q2 25 | 1.1% | 4.0% | ||
| Q1 25 | 2.4% | 5.0% | ||
| Q4 24 | 0.2% | 4.1% | ||
| Q3 24 | 0.7% | 3.0% | ||
| Q2 24 | 4.0% | 2.8% | ||
| Q1 24 | 3.6% | 3.1% |
现金转化率ADPTAMGN
| Q4 25 | — | 1.20× | ||
| Q3 25 | -0.75× | 1.46× | ||
| Q2 25 | — | 1.59× | ||
| Q1 25 | — | 0.80× | ||
| Q4 24 | — | 7.61× | ||
| Q3 24 | — | 1.26× | ||
| Q2 24 | — | 3.30× | ||
| 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
ADPT
| Mrd Business Segment | $61.9M | 86% |
| Immune Medicine Business | $9.8M | 14% |
| Immune Medicine Service Revenue | $100.0K | 0% |
AMGN
| Products | $9.4B | 95% |
| Xgeva | $291.0M | 3% |
| Vectibix | $163.0M | 2% |
| Aranesp | $115.0M | 1% |
