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ASSURED GUARANTY LTD（AGO）与Ultragenyx Pharmaceutical Inc.（RARE）财务数据对比。点击上方公司名可切换其他公司
ASSURED GUARANTY LTD的季度营收约是Ultragenyx Pharmaceutical Inc.的1.3倍（$277.0M vs $207.3M），ASSURED GUARANTY LTD净利率更高（43.0% vs -62.0%，领先105.0%），ASSURED GUARANTY LTD同比增速更快（77.6% vs 25.9%），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 6.3%）
Assured Guaranty旗下的Assured Investment Management（AIM）是一家主打信贷策略的机构资产管理公司，2023年7月停止运营时管理资产规模约152亿美元，曾被二级投资者评为全球最知名的对冲基金之一。
Ultragenyx Pharmaceutical Inc.是一家总部位于美国的生物制药企业，专注于研发罕见病和超罕见遗传病的创新治疗方案，这类疾病目前大多无获批疗法，存在大量未被满足的临床需求。公司覆盖生物制剂、小分子药物、基因疗法、反义寡核苷酸及mRNA等多种药物技术平台，研发管线涵盖骨骼、内分泌、代谢、肌肉及中枢神经系统疾病领域。
AGO vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $277.0M | $207.3M |
| 净利润 | $119.0M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | 59.6% | -54.7% |
| 净利率 | 43.0% | -62.0% |
| 营收同比 | 77.6% | 25.9% |
| 净利润同比 | 561.1% | 3.5% |
| 每股收益（稀释后） | $2.56 | $-1.28 |
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
| Q4 25 | $277.0M | $207.3M | ||
| Q3 25 | $207.0M | $159.9M | ||
| Q2 25 | $281.0M | $166.5M | ||
| Q1 25 | $345.0M | $139.3M | ||
| Q4 24 | $156.0M | $164.6M | ||
| Q3 24 | $269.0M | $139.5M | ||
| Q2 24 | $202.0M | $147.0M | ||
| Q1 24 | $245.0M | $108.8M |
| Q4 25 | $119.0M | $-128.6M | ||
| Q3 25 | $105.0M | $-180.4M | ||
| Q2 25 | $103.0M | $-115.0M | ||
| Q1 25 | $176.0M | $-151.1M | ||
| Q4 24 | $18.0M | $-133.2M | ||
| Q3 24 | $171.0M | $-133.5M | ||
| Q2 24 | $78.0M | $-131.6M | ||
| Q1 24 | $109.0M | $-170.7M |
| Q4 25 | 59.6% | -54.7% | ||
| Q3 25 | 65.2% | -106.9% | ||
| Q2 25 | 47.3% | -64.8% | ||
| Q1 25 | 66.4% | -102.6% | ||
| Q4 24 | 19.2% | -74.3% | ||
| Q3 24 | 81.8% | -94.6% | ||
| Q2 24 | 46.5% | -79.1% | ||
| Q1 24 | 58.8% | -151.9% |
| Q4 25 | 43.0% | -62.0% | ||
| Q3 25 | 50.7% | -112.8% | ||
| Q2 25 | 36.7% | -69.0% | ||
| Q1 25 | 51.0% | -108.5% | ||
| Q4 24 | 11.5% | -80.9% | ||
| Q3 24 | 63.6% | -95.7% | ||
| Q2 24 | 38.6% | -89.5% | ||
| Q1 24 | 44.5% | -156.8% |
| Q4 25 | $2.56 | $-1.28 | ||
| Q3 25 | $2.18 | $-1.81 | ||
| Q2 25 | $2.08 | $-1.17 | ||
| Q1 25 | $3.44 | $-1.57 | ||
| Q4 24 | $0.40 | $-1.34 | ||
| Q3 24 | $3.17 | $-1.40 | ||
| Q2 24 | $1.41 | $-1.52 | ||
| Q1 24 | $1.89 | $-2.03 |
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 | $903.0M | $421.0M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $5.7B | $-80.0M |
| 总资产 | $12.2B | $1.5B |
| 负债/权益比越低杠杆越低 | 0.30× | — |
8季度趋势，按日历期对齐
| Q4 25 | $903.0M | $421.0M | ||
| Q3 25 | $1.3B | $202.5M | ||
| Q2 25 | $939.0M | $176.3M | ||
| Q1 25 | $1.2B | $127.1M | ||
| Q4 24 | $1.2B | $174.0M | ||
| Q3 24 | $1.5B | $150.6M | ||
| Q2 24 | $1.7B | $480.7M | ||
| Q1 24 | $1.6B | $112.3M |
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $5.7B | $-80.0M | ||
| Q3 25 | $5.7B | $9.2M | ||
| Q2 25 | $5.6B | $151.3M | ||
| Q1 25 | $5.6B | $144.2M | ||
| Q4 24 | $5.5B | $255.0M | ||
| Q3 24 | $5.7B | $346.8M | ||
| Q2 24 | $5.5B | $432.4M | ||
| Q1 24 | $5.6B | $140.3M |
| Q4 25 | $12.2B | $1.5B | ||
| Q3 25 | $12.1B | $1.2B | ||
| Q2 25 | $12.1B | $1.3B | ||
| Q1 25 | $11.9B | $1.3B | ||
| Q4 24 | $11.9B | $1.5B | ||
| Q3 24 | $12.3B | $1.5B | ||
| Q2 24 | $12.1B | $1.6B | ||
| Q1 24 | $12.2B | $1.3B |
| Q4 25 | 0.30× | — | ||
| Q3 25 | 0.30× | — | ||
| Q2 25 | 0.30× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.31× | — | ||
| Q3 24 | 0.30× | — | ||
| Q2 24 | 0.31× | — | ||
| Q1 24 | 0.30× | — |
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 | $259.0M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-100.8M |
| 自由现金流率自由现金流/营收 | — | -48.6% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | 2.18× | — |
| 过去12个月自由现金流最近4个季度 | — | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $259.0M | $-99.8M | ||
| Q3 25 | $55.0M | $-91.4M | ||
| Q2 25 | $78.0M | $-108.3M | ||
| Q1 25 | $87.0M | $-166.5M | ||
| Q4 24 | $47.0M | $-79.3M | ||
| Q3 24 | $17.0M | $-67.0M | ||
| Q2 24 | $58.0M | $-77.0M | ||
| Q1 24 | $-74.0M | $-190.7M |
| Q4 25 | — | $-100.8M | ||
| Q3 25 | — | $-92.7M | ||
| Q2 25 | — | $-110.7M | ||
| Q1 25 | — | $-167.8M | ||
| Q4 24 | — | $-79.5M | ||
| Q3 24 | — | $-68.6M | ||
| Q2 24 | — | $-79.0M | ||
| Q1 24 | — | $-193.9M |
| Q4 25 | — | -48.6% | ||
| Q3 25 | — | -58.0% | ||
| Q2 25 | — | -66.5% | ||
| Q1 25 | — | -120.5% | ||
| Q4 24 | — | -48.3% | ||
| Q3 24 | — | -49.2% | ||
| Q2 24 | — | -53.7% | ||
| Q1 24 | — | -178.2% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 3.0% |
| Q4 25 | 2.18× | — | ||
| Q3 25 | 0.52× | — | ||
| Q2 25 | 0.76× | — | ||
| Q1 25 | 0.49× | — | ||
| Q4 24 | 2.61× | — | ||
| Q3 24 | 0.10× | — | ||
| Q2 24 | 0.74× | — | ||
| Q1 24 | -0.68× | — |
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
AGO
| Insurance Segment | $226.0M | 82% |
| Other | $37.0M | 13% |
| Gain Loss On Investments Member1 | $8.0M | 3% |
| Non Credit Impairment Related Unrealized Fair Value Gains Losses On Credit Derivatives | $6.0M | 2% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
