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阿拉斯加航空集团（ALK）与渤健（BIIB）财务数据对比。点击上方公司名可切换其他公司
阿拉斯加航空集团的季度营收约是渤健的1.4倍（$3.3B vs $2.3B），渤健净利率更高（-2.1% vs -5.8%，领先3.7%），阿拉斯加航空集团同比增速更快（5.2% vs -7.1%），过去两年阿拉斯加航空集团的营收复合增速更高（6.7% vs -0.2%）
阿拉斯加航空集团是总部位于美国华盛顿州西塔科的航空控股企业，旗下拥有阿拉斯加航空、夏威夷航空两家干线航司，以及区域航司地平线航空，阿拉斯加航空还全资控股飞机地面服务提供商麦吉航空服务。
渤健是总部位于美国马萨诸塞州剑桥市的跨国生物技术企业，专注于神经系统疾病治疗领域。公司核心产品包括用于多发性硬化症的特菲达、万立能等多款药物，以及治疗脊髓性肌萎缩症的诺西那生钠、治疗弗里德赖希共济失调的Skyclarys，致力于为神经疾病和罕见病患者提供创新疗法。
ALK vs BIIB — 直观对比
营收规模更大
ALK
是对方的1.4倍
$2.3B
营收增速更快
ALK
高出12.3%
-7.1%
净利率更高
BIIB
高出3.7%
-5.8%
两年增速更快
ALK
近两年复合增速
-0.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $2.3B |
| 净利润 | $-193.0M | $-48.9M |
| 毛利率 | — | 78.3% |
| 营业利润率 | — | -2.5% |
| 净利率 | -5.8% | -2.1% |
| 营收同比 | 5.2% | -7.1% |
| 净利润同比 | -16.3% | -118.3% |
| 每股收益（稀释后） | $-1.69 | $-0.35 |
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ALKBIIB
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.6B | $2.3B | ||
| Q3 25 | $3.8B | $2.5B | ||
| Q2 25 | $3.7B | $2.6B | ||
| Q1 25 | $3.1B | $2.4B | ||
| Q4 24 | $3.5B | $2.5B | ||
| Q3 24 | $3.1B | $2.5B | ||
| Q2 24 | $2.9B | $2.5B |
净利润ALKBIIB
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $-48.9M | ||
| Q3 25 | $73.0M | $466.5M | ||
| Q2 25 | $172.0M | $634.8M | ||
| Q1 25 | $-166.0M | $240.5M | ||
| Q4 24 | $71.0M | $266.7M | ||
| Q3 24 | $236.0M | $388.5M | ||
| Q2 24 | $220.0M | $583.6M |
毛利率ALKBIIB
| Q1 26 | — | — | ||
| Q4 25 | — | 78.3% | ||
| Q3 25 | — | 73.4% | ||
| Q2 25 | — | 77.1% | ||
| Q1 25 | — | 74.1% | ||
| Q4 24 | — | 76.2% | ||
| Q3 24 | — | 74.1% | ||
| Q2 24 | — | 77.8% |
营业利润率ALKBIIB
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | -2.5% | ||
| Q3 25 | 3.9% | 22.0% | ||
| Q2 25 | 7.5% | 28.1% | ||
| Q1 25 | -6.3% | 12.8% | ||
| Q4 24 | 2.1% | 11.9% | ||
| Q3 24 | 11.1% | 18.3% | ||
| Q2 24 | 11.1% | 28.3% |
净利率ALKBIIB
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | -2.1% | ||
| Q3 25 | 1.9% | 18.4% | ||
| Q2 25 | 4.6% | 24.0% | ||
| Q1 25 | -5.3% | 9.9% | ||
| Q4 24 | 2.0% | 10.9% | ||
| Q3 24 | 7.7% | 15.8% | ||
| Q2 24 | 7.6% | 23.7% |
每股收益（稀释后）ALKBIIB
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $-0.35 | ||
| Q3 25 | $0.62 | $3.17 | ||
| Q2 25 | $1.42 | $4.33 | ||
| Q1 25 | $-1.35 | $1.64 | ||
| Q4 24 | $0.58 | $1.82 | ||
| Q3 24 | $1.84 | $2.66 | ||
| Q2 24 | $1.71 | $4.00 |
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 | $451.0M | — |
| 总债务越低越好 | $5.3B | $6.3B |
| 股东权益账面价值 | $3.7B | $18.3B |
| 总资产 | $20.3B | $29.4B |
| 负债/权益比越低杠杆越低 | 1.43× | 0.34× |
8季度趋势，按日历期对齐
现金及短期投资ALKBIIB
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $2.5B | — | ||
| Q2 24 | $2.5B | — |
总债务ALKBIIB
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $6.3B | ||
| Q3 25 | $5.0B | $6.3B | ||
| Q2 25 | $4.9B | $6.3B | ||
| Q1 25 | $4.8B | $4.5B | ||
| Q4 24 | $4.5B | $6.3B | ||
| Q3 24 | $4.6B | $4.5B | ||
| Q2 24 | $2.7B | $6.3B |
股东权益ALKBIIB
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $18.3B | ||
| Q3 25 | $4.0B | $18.2B | ||
| Q2 25 | $3.9B | $17.6B | ||
| Q1 25 | $4.1B | $17.0B | ||
| Q4 24 | $4.4B | $16.7B | ||
| Q3 24 | $4.5B | $16.4B | ||
| Q2 24 | $4.2B | $15.9B |
总资产ALKBIIB
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $29.4B | ||
| Q3 25 | $20.0B | $29.2B | ||
| Q2 25 | $19.9B | $28.3B | ||
| Q1 25 | $19.8B | $28.0B | ||
| Q4 24 | $19.8B | $28.0B | ||
| Q3 24 | $19.6B | $28.3B | ||
| Q2 24 | $15.3B | $26.8B |
负债/权益比ALKBIIB
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 0.34× | ||
| Q3 25 | 1.24× | 0.35× | ||
| Q2 25 | 1.26× | 0.36× | ||
| Q1 25 | 1.16× | 0.27× | ||
| Q4 24 | 1.04× | 0.38× | ||
| Q3 24 | 1.03× | 0.28× | ||
| Q2 24 | 0.63× | 0.40× |
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 | $229.0M | $511.9M |
| 自由现金流经营现金流 - 资本支出 | — | $468.0M |
| 自由现金流率自由现金流/营收 | — | 20.5% |
| 资本支出强度资本支出/营收 | 10.2% | 1.9% |
| 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 | — | $2.1B |
8季度趋势，按日历期对齐
经营现金流ALKBIIB
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $511.9M | ||
| Q3 25 | $229.0M | $1.3B | ||
| Q2 25 | $376.0M | $160.9M | ||
| Q1 25 | $459.0M | $259.3M | ||
| Q4 24 | $274.0M | $760.9M | ||
| Q3 24 | $318.0M | $935.6M | ||
| Q2 24 | $580.0M | $625.8M |
自由现金流ALKBIIB
| Q1 26 | — | — | ||
| Q4 25 | — | $468.0M | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $134.3M | ||
| Q1 25 | — | $222.2M | ||
| Q4 24 | — | $721.6M | ||
| Q3 24 | — | $900.6M | ||
| Q2 24 | — | $592.3M |
自由现金流率ALKBIIB
| Q1 26 | — | — | ||
| Q4 25 | — | 20.5% | ||
| Q3 25 | — | 48.4% | ||
| Q2 25 | — | 5.1% | ||
| Q1 25 | — | 9.1% | ||
| Q4 24 | — | 29.4% | ||
| Q3 24 | — | 36.5% | ||
| Q2 24 | — | 24.0% |
资本支出强度ALKBIIB
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 1.9% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 1.4% |
现金转化率ALKBIIB
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | — | ||
| Q3 25 | 3.14× | 2.73× | ||
| Q2 25 | 2.19× | 0.25× | ||
| Q1 25 | — | 1.08× | ||
| Q4 24 | 3.86× | 2.85× | ||
| Q3 24 | 1.35× | 2.41× | ||
| Q2 24 | 2.64× | 1.07× |
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
ALK
| Passenger revenue | $2.9B | 88% |
| Loyalty program other revenue | $227.0M | 7% |
| Cargo and other revenue | $153.0M | 5% |
BIIB
| Products | $1.7B | 73% |
| Tysabri Product | $244.5M | 11% |
| AVONEX | $119.2M | 5% |
| SKYCLARYS | $88.9M | 4% |
| Alzheimers Collaboration | $47.1M | 2% |
| IMRALDI | $43.5M | 2% |
| TECFIDERA | $36.9M | 2% |
| PLEGRIDY | $24.7M | 1% |
| QALSODY | $7.8M | 0% |
| BYOOVIZ | $4.3M | 0% |
