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奥尼兰姆制药（ALNY）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
斑马技术的季度营收约是奥尼兰姆制药的1.3倍（$1.5B vs $1.1B），奥尼兰姆制药净利率更高（17.0% vs 4.7%，领先12.2%），奥尼兰姆制药同比增速更快（84.9% vs 10.6%），斑马技术自由现金流更多（$327.0M 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 12.0%）
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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
ALNY vs ZBRA — 直观对比
营收规模更大
ZBRA
是对方的1.3倍
$1.1B
营收增速更快
ALNY
高出74.4%
10.6%
净利率更高
ALNY
高出12.2%
4.7%
自由现金流更多
ZBRA
多$186.7M
$140.3M
两年增速更快
ALNY
近两年复合增速
12.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.5B |
| 净利润 | $186.4M | $70.0M |
| 毛利率 | 75.6% | 47.3% |
| 营业利润率 | 12.0% | 9.4% |
| 净利率 | 17.0% | 4.7% |
| 营收同比 | 84.9% | 10.6% |
| 净利润同比 | 322.6% | -57.1% |
| 每股收益（稀释后） | $1.44 | $1.40 |
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ALNYZBRA
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $773.7M | $1.3B | ||
| Q1 25 | $594.2M | $1.3B | ||
| Q4 24 | $593.2M | $1.3B | ||
| Q3 24 | $500.9M | $1.3B | ||
| Q2 24 | $659.8M | $1.2B | ||
| Q1 24 | $494.3M | $1.2B |
净利润ALNYZBRA
| Q4 25 | $186.4M | $70.0M | ||
| Q3 25 | $251.1M | $101.0M | ||
| Q2 25 | $-66.3M | $112.0M | ||
| Q1 25 | $-57.5M | $136.0M | ||
| Q4 24 | $-83.8M | $163.0M | ||
| Q3 24 | $-111.6M | $137.0M | ||
| Q2 24 | $-16.9M | $113.0M | ||
| Q1 24 | $-65.9M | $115.0M |
毛利率ALNYZBRA
| Q4 25 | 75.6% | 47.3% | ||
| Q3 25 | 84.2% | 48.0% | ||
| Q2 25 | 81.6% | 47.6% | ||
| Q1 25 | 88.2% | 49.3% | ||
| Q4 24 | 82.7% | 48.6% | ||
| Q3 24 | 83.6% | 48.8% | ||
| Q2 24 | 89.8% | 48.4% | ||
| Q1 24 | 89.0% | 47.9% |
营业利润率ALNYZBRA
| Q4 25 | 12.0% | 9.4% | ||
| Q3 25 | 29.5% | 13.9% | ||
| Q2 25 | -2.1% | 14.2% | ||
| Q1 25 | 3.0% | 14.9% | ||
| Q4 24 | -17.7% | 16.9% | ||
| Q3 24 | -15.4% | 15.2% | ||
| Q2 24 | 7.4% | 13.7% | ||
| Q1 24 | -8.8% | 13.5% |
净利率ALNYZBRA
| Q4 25 | 17.0% | 4.7% | ||
| Q3 25 | 20.1% | 7.7% | ||
| Q2 25 | -8.6% | 8.7% | ||
| Q1 25 | -9.7% | 10.4% | ||
| Q4 24 | -14.1% | 12.2% | ||
| Q3 24 | -22.3% | 10.9% | ||
| Q2 24 | -2.6% | 9.3% | ||
| Q1 24 | -13.3% | 9.8% |
每股收益（稀释后）ALNYZBRA
| Q4 25 | $1.44 | $1.40 | ||
| Q3 25 | $1.84 | $1.97 | ||
| Q2 25 | $-0.51 | $2.19 | ||
| Q1 25 | $-0.44 | $2.62 | ||
| Q4 24 | $-0.66 | $3.14 | ||
| Q3 24 | $-0.87 | $2.64 | ||
| Q2 24 | $-0.13 | $2.17 | ||
| Q1 24 | $-0.52 | $2.23 |
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 | $125.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $789.2M | $3.6B |
| 总资产 | $5.0B | $8.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ALNYZBRA
| Q4 25 | $1.7B | $125.0M | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.1B | $872.0M | ||
| Q1 25 | $1.0B | $879.0M | ||
| Q4 24 | $966.4M | $901.0M | ||
| Q3 24 | $1.1B | $676.0M | ||
| Q2 24 | $968.5M | $411.0M | ||
| Q1 24 | $681.9M | $127.0M |
总债务ALNYZBRA
| Q4 25 | — | — | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
股东权益ALNYZBRA
| Q4 25 | $789.2M | $3.6B | ||
| Q3 25 | $233.9M | $3.7B | ||
| Q2 25 | $250.6M | $3.6B | ||
| Q1 25 | $115.4M | $3.6B | ||
| Q4 24 | $67.1M | $3.6B | ||
| Q3 24 | $32.4M | $3.4B | ||
| Q2 24 | $-3.1M | $3.3B | ||
| Q1 24 | $-219.3M | $3.2B |
总资产ALNYZBRA
| Q4 25 | $5.0B | $8.5B | ||
| Q3 25 | $4.9B | $8.1B | ||
| Q2 25 | $4.6B | $7.9B | ||
| Q1 25 | $4.2B | $7.9B | ||
| Q4 24 | $4.2B | $8.0B | ||
| Q3 24 | $4.2B | $7.7B | ||
| Q2 24 | $4.0B | $7.5B | ||
| Q1 24 | $3.8B | $7.3B |
负债/权益比ALNYZBRA
| Q4 25 | — | — | ||
| Q3 25 | — | 0.58× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.66× | ||
| Q1 24 | — | 0.66× |
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 | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $140.3M | $327.0M |
| 自由现金流率自由现金流/营收 | 12.8% | 22.2% |
| 资本支出强度资本支出/营收 | 2.1% | 2.0% |
| 现金转化率经营现金流/净利润 | 0.88× | 5.10× |
| 过去12个月自由现金流最近4个季度 | $465.4M | $831.0M |
8季度趋势，按日历期对齐
经营现金流ALNYZBRA
| Q4 25 | $163.6M | $357.0M | ||
| Q3 25 | $325.1M | $235.0M | ||
| Q2 25 | $153.7M | $147.0M | ||
| Q1 25 | $-118.3M | $178.0M | ||
| Q4 24 | $-94.7M | $306.0M | ||
| Q3 24 | $43.7M | $294.0M | ||
| Q2 24 | $124.2M | $288.0M | ||
| Q1 24 | $-81.5M | $125.0M |
自由现金流ALNYZBRA
| Q4 25 | $140.3M | $327.0M | ||
| Q3 25 | $313.0M | $216.0M | ||
| Q2 25 | $139.4M | $130.0M | ||
| Q1 25 | $-127.3M | $158.0M | ||
| Q4 24 | $-103.8M | $288.0M | ||
| Q3 24 | $39.5M | $277.0M | ||
| Q2 24 | $116.1M | $278.0M | ||
| Q1 24 | $-94.5M | $111.0M |
自由现金流率ALNYZBRA
| Q4 25 | 12.8% | 22.2% | ||
| Q3 25 | 25.1% | 16.4% | ||
| Q2 25 | 18.0% | 10.1% | ||
| Q1 25 | -21.4% | 12.1% | ||
| Q4 24 | -17.5% | 21.6% | ||
| Q3 24 | 7.9% | 22.1% | ||
| Q2 24 | 17.6% | 22.8% | ||
| Q1 24 | -19.1% | 9.4% |
资本支出强度ALNYZBRA
| Q4 25 | 2.1% | 2.0% | ||
| Q3 25 | 1.0% | 1.4% | ||
| Q2 25 | 1.8% | 1.3% | ||
| Q1 25 | 1.5% | 1.5% | ||
| Q4 24 | 1.5% | 1.3% | ||
| Q3 24 | 0.8% | 1.4% | ||
| Q2 24 | 1.2% | 0.8% | ||
| Q1 24 | 2.6% | 1.2% |
现金转化率ALNYZBRA
| Q4 25 | 0.88× | 5.10× | ||
| Q3 25 | 1.29× | 2.33× | ||
| Q2 25 | — | 1.31× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | 1.88× | ||
| Q3 24 | — | 2.15× | ||
| Q2 24 | — | 2.55× | ||
| Q1 24 | — | 1.09× |
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% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
