vs
Adaptive Biotechnologies Corp（ADPT）与Repay Holdings Corp（RPAY）财务数据对比。点击上方公司名可切换其他公司
Repay Holdings Corp的季度营收约是Adaptive Biotechnologies Corp的1.1倍（$78.6M vs $71.7M），Adaptive Biotechnologies Corp净利率更高（-18.9% vs -178.3%，领先159.3%），Adaptive Biotechnologies Corp同比增速更快（51.0% vs 0.4%），Repay Holdings Corp自由现金流更多（$23.2M vs $1.4M），过去两年Adaptive Biotechnologies Corp的营收复合增速更高（30.8% vs -1.3%）
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。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
ADPT vs RPAY — 直观对比
营收规模更大
RPAY
是对方的1.1倍
$71.7M
营收增速更快
ADPT
高出50.6%
0.4%
净利率更高
ADPT
高出159.3%
-178.3%
自由现金流更多
RPAY
多$21.8M
$1.4M
两年增速更快
ADPT
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $71.7M | $78.6M |
| 净利润 | $-13.6M | $-140.1M |
| 毛利率 | 74.6% | 74.2% |
| 营业利润率 | -17.8% | -182.2% |
| 净利率 | -18.9% | -178.3% |
| 营收同比 | 51.0% | 0.4% |
| 净利润同比 | 59.7% | -3304.1% |
| 每股收益（稀释后） | $-0.08 | $-1.68 |
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ADPTRPAY
| Q4 25 | $71.7M | $78.6M | ||
| Q3 25 | $94.0M | $77.7M | ||
| Q2 25 | $58.9M | $75.6M | ||
| Q1 25 | $52.4M | $77.3M | ||
| Q4 24 | $47.5M | $78.3M | ||
| Q3 24 | $46.4M | $79.1M | ||
| Q2 24 | $43.2M | $74.9M | ||
| Q1 24 | $41.9M | $80.7M |
净利润ADPTRPAY
| Q4 25 | $-13.6M | $-140.1M | ||
| Q3 25 | $9.5M | $-6.4M | ||
| Q2 25 | $-25.6M | $-102.3M | ||
| Q1 25 | $-29.9M | $-7.9M | ||
| Q4 24 | $-33.7M | $-4.1M | ||
| Q3 24 | $-32.1M | $3.2M | ||
| Q2 24 | $-46.2M | $-4.1M | ||
| Q1 24 | $-47.5M | $-5.2M |
毛利率ADPTRPAY
| Q4 25 | 74.6% | 74.2% | ||
| Q3 25 | 80.7% | 74.4% | ||
| Q2 25 | 69.4% | 75.7% | ||
| Q1 25 | 67.6% | 75.9% | ||
| Q4 24 | 62.0% | 76.3% | ||
| Q3 24 | 64.1% | 77.8% | ||
| Q2 24 | 55.3% | 78.2% | ||
| Q1 24 | 56.9% | 76.2% |
营业利润率ADPTRPAY
| Q4 25 | -17.8% | -182.2% | ||
| Q3 25 | 10.9% | -3.9% | ||
| Q2 25 | -42.5% | -138.7% | ||
| Q1 25 | -56.4% | -4.7% | ||
| Q4 24 | -71.3% | -1.5% | ||
| Q3 24 | -70.3% | -0.9% | ||
| Q2 24 | -109.6% | -4.6% | ||
| Q1 24 | -116.5% | -3.1% |
净利率ADPTRPAY
| Q4 25 | -18.9% | -178.3% | ||
| Q3 25 | 10.2% | -8.3% | ||
| Q2 25 | -43.5% | -135.2% | ||
| Q1 25 | -56.9% | -10.3% | ||
| Q4 24 | -71.0% | -5.3% | ||
| Q3 24 | -69.1% | 4.1% | ||
| Q2 24 | -107.0% | -5.4% | ||
| Q1 24 | -113.5% | -6.5% |
每股收益（稀释后）ADPTRPAY
| Q4 25 | $-0.08 | $-1.68 | ||
| Q3 25 | $0.06 | $-0.08 | ||
| Q2 25 | $-0.17 | $-1.15 | ||
| Q1 25 | $-0.20 | $-0.09 | ||
| Q4 24 | $-0.22 | $-0.04 | ||
| Q3 24 | $-0.22 | $0.03 | ||
| Q2 24 | $-0.31 | $-0.04 | ||
| Q1 24 | $-0.33 | $-0.06 |
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 | $115.7M |
| 总债务越低越好 | — | $280.1M |
| 股东权益账面价值 | $218.8M | $484.4M |
| 总资产 | $512.7M | $1.2B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资ADPTRPAY
| Q4 25 | $70.5M | $115.7M | ||
| Q3 25 | $55.0M | $95.7M | ||
| Q2 25 | $43.2M | $162.6M | ||
| Q1 25 | $50.6M | $165.5M | ||
| Q4 24 | $47.9M | $189.5M | ||
| Q3 24 | $38.1M | $168.7M | ||
| Q2 24 | $59.8M | $147.1M | ||
| Q1 24 | $71.2M | $128.3M |
总债务ADPTRPAY
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
股东权益ADPTRPAY
| Q4 25 | $218.8M | $484.4M | ||
| Q3 25 | $204.4M | $616.9M | ||
| Q2 25 | $179.7M | $633.7M | ||
| Q1 25 | $190.4M | $755.7M | ||
| Q4 24 | $202.7M | $761.3M | ||
| Q3 24 | $223.8M | $754.7M | ||
| Q2 24 | $241.6M | $815.4M | ||
| Q1 24 | $274.9M | $813.8M |
总资产ADPTRPAY
| Q4 25 | $512.7M | $1.2B | ||
| Q3 25 | $490.6M | $1.3B | ||
| Q2 25 | $496.6M | $1.4B | ||
| Q1 25 | $510.9M | $1.5B | ||
| Q4 24 | $539.4M | $1.6B | ||
| Q3 24 | $558.5M | $1.6B | ||
| Q2 24 | $584.9M | $1.5B | ||
| Q1 24 | $620.3M | $1.5B |
负债/权益比ADPTRPAY
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $1.4M | $23.2M |
| 自由现金流率自由现金流/营收 | 2.0% | 29.6% |
| 资本支出强度资本支出/营收 | 0.9% | 0.1% |
| 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 | $-48.9M | $90.7M |
8季度趋势，按日历期对齐
经营现金流ADPTRPAY
| Q4 25 | $2.1M | $23.3M | ||
| Q3 25 | $-7.1M | $32.2M | ||
| Q2 25 | $-12.4M | $33.1M | ||
| Q1 25 | $-28.5M | $2.5M | ||
| Q4 24 | $-12.5M | $34.3M | ||
| Q3 24 | $-27.1M | $60.1M | ||
| Q2 24 | $-17.3M | $31.0M | ||
| Q1 24 | $-38.4M | $24.8M |
自由现金流ADPTRPAY
| Q4 25 | $1.4M | $23.2M | ||
| Q3 25 | $-7.5M | $32.1M | ||
| Q2 25 | $-13.1M | $33.0M | ||
| Q1 25 | $-29.7M | $2.4M | ||
| Q4 24 | $-12.6M | $34.0M | ||
| Q3 24 | $-27.4M | $59.8M | ||
| Q2 24 | $-19.0M | $30.5M | ||
| Q1 24 | $-39.9M | $24.7M |
自由现金流率ADPTRPAY
| Q4 25 | 2.0% | 29.6% | ||
| Q3 25 | -8.0% | 41.3% | ||
| Q2 25 | -22.2% | 43.6% | ||
| Q1 25 | -56.7% | 3.0% | ||
| Q4 24 | -26.5% | 43.5% | ||
| Q3 24 | -59.0% | 75.6% | ||
| Q2 24 | -44.1% | 40.7% | ||
| Q1 24 | -95.2% | 30.6% |
资本支出强度ADPTRPAY
| Q4 25 | 0.9% | 0.1% | ||
| Q3 25 | 0.4% | 0.2% | ||
| Q2 25 | 1.1% | 0.1% | ||
| Q1 25 | 2.4% | 0.2% | ||
| Q4 24 | 0.2% | 0.3% | ||
| Q3 24 | 0.7% | 0.3% | ||
| Q2 24 | 4.0% | 0.6% | ||
| Q1 24 | 3.6% | 0.1% |
现金转化率ADPTRPAY
| Q4 25 | — | — | ||
| Q3 25 | -0.75× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| 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
ADPT
| Mrd Business Segment | $61.9M | 86% |
| Immune Medicine Business | $9.8M | 14% |
| Immune Medicine Service Revenue | $100.0K | 0% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
