vs
奥尼兰姆制药（ALNY）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
Snap Inc的季度营收约是奥尼兰姆制药的1.6倍（$1.7B vs $1.1B），奥尼兰姆制药净利率更高（17.0% vs 2.6%，领先14.4%），奥尼兰姆制药同比增速更快（84.9% vs 10.2%），Snap Inc自由现金流更多（$205.6M vs $140.3M），过去两年奥尼兰姆制药的营收复合增速更高（49.0% vs 19.9%）
奥尼兰姆制药是美国生物制药企业，2002年成立，总部位于马萨诸塞州剑桥市，专注于研发及商业化针对基因明确疾病的RNA干扰（RNAi）疗法，2016年入选福布斯「100家最具创新力成长企业」榜单。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
ALNY vs SNAP — 直观对比
营收规模更大
SNAP
是对方的1.6倍
$1.1B
营收增速更快
ALNY
高出74.7%
10.2%
净利率更高
ALNY
高出14.4%
2.6%
自由现金流更多
SNAP
多$65.3M
$140.3M
两年增速更快
ALNY
近两年复合增速
19.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.7B |
| 净利润 | $186.4M | $45.2M |
| 毛利率 | 75.6% | 59.1% |
| 营业利润率 | 12.0% | 2.9% |
| 净利率 | 17.0% | 2.6% |
| 营收同比 | 84.9% | 10.2% |
| 净利润同比 | 322.6% | 396.7% |
| 每股收益（稀释后） | $1.44 | $0.03 |
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ALNYSNAP
| Q4 25 | $1.1B | $1.7B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $773.7M | $1.3B | ||
| Q1 25 | $594.2M | $1.4B | ||
| Q4 24 | $593.2M | $1.6B | ||
| Q3 24 | $500.9M | $1.4B | ||
| Q2 24 | $659.8M | $1.2B | ||
| Q1 24 | $494.3M | $1.2B |
净利润ALNYSNAP
| Q4 25 | $186.4M | $45.2M | ||
| Q3 25 | $251.1M | $-103.5M | ||
| Q2 25 | $-66.3M | $-262.6M | ||
| Q1 25 | $-57.5M | $-139.6M | ||
| Q4 24 | $-83.8M | $9.1M | ||
| Q3 24 | $-111.6M | $-153.2M | ||
| Q2 24 | $-16.9M | $-248.6M | ||
| Q1 24 | $-65.9M | $-305.1M |
毛利率ALNYSNAP
| Q4 25 | 75.6% | 59.1% | ||
| Q3 25 | 84.2% | 55.3% | ||
| Q2 25 | 81.6% | 51.4% | ||
| Q1 25 | 88.2% | 53.1% | ||
| Q4 24 | 82.7% | 56.9% | ||
| Q3 24 | 83.6% | 53.5% | ||
| Q2 24 | 89.8% | 52.4% | ||
| Q1 24 | 89.0% | 51.9% |
营业利润率ALNYSNAP
| Q4 25 | 12.0% | 2.9% | ||
| Q3 25 | 29.5% | -8.5% | ||
| Q2 25 | -2.1% | -19.3% | ||
| Q1 25 | 3.0% | -14.2% | ||
| Q4 24 | -17.7% | -1.7% | ||
| Q3 24 | -15.4% | -12.6% | ||
| Q2 24 | 7.4% | -20.5% | ||
| Q1 24 | -8.8% | -27.9% |
净利率ALNYSNAP
| Q4 25 | 17.0% | 2.6% | ||
| Q3 25 | 20.1% | -6.9% | ||
| Q2 25 | -8.6% | -19.5% | ||
| Q1 25 | -9.7% | -10.2% | ||
| Q4 24 | -14.1% | 0.6% | ||
| Q3 24 | -22.3% | -11.2% | ||
| Q2 24 | -2.6% | -20.1% | ||
| Q1 24 | -13.3% | -25.5% |
每股收益（稀释后）ALNYSNAP
| Q4 25 | $1.44 | $0.03 | ||
| Q3 25 | $1.84 | $-0.06 | ||
| Q2 25 | $-0.51 | $-0.16 | ||
| Q1 25 | $-0.44 | $-0.08 | ||
| Q4 24 | $-0.66 | $0.01 | ||
| Q3 24 | $-0.87 | $-0.09 | ||
| Q2 24 | $-0.13 | $-0.15 | ||
| Q1 24 | $-0.52 | $-0.19 |
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 | $1.7B | $2.9B |
| 总债务越低越好 | — | $3.5B |
| 股东权益账面价值 | $789.2M | $2.3B |
| 总资产 | $5.0B | $7.7B |
| 负债/权益比越低杠杆越低 | — | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资ALNYSNAP
| Q4 25 | $1.7B | $2.9B | ||
| Q3 25 | $1.5B | $3.0B | ||
| Q2 25 | $1.1B | $2.9B | ||
| Q1 25 | $1.0B | $3.2B | ||
| Q4 24 | $966.4M | $3.4B | ||
| Q3 24 | $1.1B | $3.2B | ||
| Q2 24 | $968.5M | $3.1B | ||
| Q1 24 | $681.9M | $2.9B |
总债务ALNYSNAP
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.3B |
股东权益ALNYSNAP
| Q4 25 | $789.2M | $2.3B | ||
| Q3 25 | $233.9M | $2.2B | ||
| Q2 25 | $250.6M | $2.1B | ||
| Q1 25 | $115.4M | $2.3B | ||
| Q4 24 | $67.1M | $2.5B | ||
| Q3 24 | $32.4M | $2.2B | ||
| Q2 24 | $-3.1M | $2.1B | ||
| Q1 24 | $-219.3M | $2.1B |
总资产ALNYSNAP
| Q4 25 | $5.0B | $7.7B | ||
| Q3 25 | $4.9B | $7.6B | ||
| Q2 25 | $4.6B | $7.4B | ||
| Q1 25 | $4.2B | $7.6B | ||
| Q4 24 | $4.2B | $7.9B | ||
| Q3 24 | $4.2B | $7.6B | ||
| Q2 24 | $4.0B | $7.4B | ||
| Q1 24 | $3.8B | $7.2B |
负债/权益比ALNYSNAP
| Q4 25 | — | 1.55× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | — | 1.55× |
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 | $163.6M | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $140.3M | $205.6M |
| 自由现金流率自由现金流/营收 | 12.8% | 12.0% |
| 资本支出强度资本支出/营收 | 2.1% | 3.7% |
| 现金转化率经营现金流/净利润 | 0.88× | 5.96× |
| 过去12个月自由现金流最近4个季度 | $465.4M | $437.2M |
8季度趋势，按日历期对齐
经营现金流ALNYSNAP
| Q4 25 | $163.6M | $269.6M | ||
| Q3 25 | $325.1M | $146.5M | ||
| Q2 25 | $153.7M | $88.5M | ||
| Q1 25 | $-118.3M | $151.6M | ||
| Q4 24 | $-94.7M | $230.6M | ||
| Q3 24 | $43.7M | $115.9M | ||
| Q2 24 | $124.2M | $-21.4M | ||
| Q1 24 | $-81.5M | $88.4M |
自由现金流ALNYSNAP
| Q4 25 | $140.3M | $205.6M | ||
| Q3 25 | $313.0M | $93.4M | ||
| Q2 25 | $139.4M | $23.8M | ||
| Q1 25 | $-127.3M | $114.4M | ||
| Q4 24 | $-103.8M | $182.4M | ||
| Q3 24 | $39.5M | $71.8M | ||
| Q2 24 | $116.1M | $-73.4M | ||
| Q1 24 | $-94.5M | $37.9M |
自由现金流率ALNYSNAP
| Q4 25 | 12.8% | 12.0% | ||
| Q3 25 | 25.1% | 6.2% | ||
| Q2 25 | 18.0% | 1.8% | ||
| Q1 25 | -21.4% | 8.4% | ||
| Q4 24 | -17.5% | 11.7% | ||
| Q3 24 | 7.9% | 5.2% | ||
| Q2 24 | 17.6% | -5.9% | ||
| Q1 24 | -19.1% | 3.2% |
资本支出强度ALNYSNAP
| Q4 25 | 2.1% | 3.7% | ||
| Q3 25 | 1.0% | 3.5% | ||
| Q2 25 | 1.8% | 4.8% | ||
| Q1 25 | 1.5% | 2.7% | ||
| Q4 24 | 1.5% | 3.1% | ||
| Q3 24 | 0.8% | 3.2% | ||
| Q2 24 | 1.2% | 4.2% | ||
| Q1 24 | 2.6% | 4.2% |
现金转化率ALNYSNAP
| Q4 25 | 0.88× | 5.96× | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 25.34× | ||
| Q3 24 | — | — | ||
| 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
ALNY
| TTR | $858.3M | 78% |
| Rare | $136.4M | 12% |
| GIVLAARI | $56.3M | 5% |
| Collaborative Arrangement | $40.9M | 4% |
| ONPATTRO | $12.0M | 1% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
