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Antero Midstream Corp（AM）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
Antero Midstream Corp的季度营收约是Ultragenyx Pharmaceutical Inc.的1.4倍（$291.1M vs $207.3M），Antero Midstream Corp净利率更高（41.5% vs -62.0%，领先103.5%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs -7.3%），Antero Midstream Corp自由现金流更多（$186.9M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 3.9%）
Antero Midstream Corp是美国能源企业，注册地为特拉华州，总部设于科罗拉多州丹佛市。公司全部油气储量均位于阿巴拉契亚盆地，采用水力压裂技术开采，核心业务涵盖油气勘探开发相关领域。
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。
AM vs RARE — 直观对比
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $291.1M | $207.3M |
| 净利润 | $120.7M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | 60.9% | -54.7% |
| 净利率 | 41.5% | -62.0% |
| 营收同比 | -7.3% | 25.9% |
| 净利润同比 | 2.1% | 3.5% |
| 每股收益（稀释后） | $0.25 | $-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
| Q1 26 | $291.1M | — | ||
| Q4 25 | $297.0M | $207.3M | ||
| Q3 25 | $294.8M | $159.9M | ||
| Q2 25 | $305.5M | $166.5M | ||
| Q1 25 | $291.1M | $139.3M | ||
| Q4 24 | $287.5M | $164.6M | ||
| Q3 24 | $269.9M | $139.5M | ||
| Q2 24 | $269.8M | $147.0M |
| Q1 26 | $120.7M | — | ||
| Q4 25 | $51.9M | $-128.6M | ||
| Q3 25 | $116.0M | $-180.4M | ||
| Q2 25 | $124.5M | $-115.0M | ||
| Q1 25 | $120.7M | $-151.1M | ||
| Q4 24 | $111.2M | $-133.2M | ||
| Q3 24 | $99.7M | $-133.5M | ||
| Q2 24 | $86.0M | $-131.6M |
| Q1 26 | 60.9% | — | ||
| Q4 25 | 33.8% | -54.7% | ||
| Q3 25 | 61.2% | -106.9% | ||
| Q2 25 | 61.0% | -64.8% | ||
| Q1 25 | 60.9% | -102.6% | ||
| Q4 24 | 61.8% | -74.3% | ||
| Q3 24 | 60.2% | -94.6% | ||
| Q2 24 | 56.6% | -79.1% |
| Q1 26 | 41.5% | — | ||
| Q4 25 | 17.5% | -62.0% | ||
| Q3 25 | 39.3% | -112.8% | ||
| Q2 25 | 40.8% | -69.0% | ||
| Q1 25 | 41.5% | -108.5% | ||
| Q4 24 | 38.7% | -80.9% | ||
| Q3 24 | 37.0% | -95.7% | ||
| Q2 24 | 31.9% | -89.5% |
| Q1 26 | $0.25 | — | ||
| Q4 25 | $0.11 | $-1.28 | ||
| Q3 25 | $0.24 | $-1.81 | ||
| Q2 25 | $0.26 | $-1.17 | ||
| Q1 25 | $0.25 | $-1.57 | ||
| Q4 24 | $0.23 | $-1.34 | ||
| Q3 24 | $0.21 | $-1.40 | ||
| Q2 24 | $0.18 | $-1.52 |
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 | $180.4M | $421.0M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $2.0B | $-80.0M |
| 总资产 | $5.9B | $1.5B |
| 负债/权益比越低杠杆越低 | 1.63× | — |
8季度趋势，按日历期对齐
| Q1 26 | $180.4M | — | ||
| Q4 25 | $180.4M | $421.0M | ||
| Q3 25 | — | $202.5M | ||
| Q2 25 | — | $176.3M | ||
| Q1 25 | — | $127.1M | ||
| Q4 24 | — | $174.0M | ||
| Q3 24 | — | $150.6M | ||
| Q2 24 | — | $480.7M |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.1B | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $3.2B | — |
| Q1 26 | $2.0B | — | ||
| Q4 25 | $2.0B | $-80.0M | ||
| Q3 25 | $2.1B | $9.2M | ||
| Q2 25 | $2.1B | $151.3M | ||
| Q1 25 | $2.1B | $144.2M | ||
| Q4 24 | $2.1B | $255.0M | ||
| Q3 24 | $2.1B | $346.8M | ||
| Q2 24 | $2.1B | $432.4M |
| Q1 26 | $5.9B | — | ||
| Q4 25 | $5.9B | $1.5B | ||
| Q3 25 | $5.7B | $1.2B | ||
| Q2 25 | $5.7B | $1.3B | ||
| Q1 25 | $5.8B | $1.3B | ||
| Q4 24 | $5.8B | $1.5B | ||
| Q3 24 | $5.8B | $1.5B | ||
| Q2 24 | $5.8B | $1.6B |
| Q1 26 | 1.63× | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.45× | — | ||
| Q1 25 | 1.49× | — | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 1.50× | — |
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 | $198.9M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $186.9M | $-100.8M |
| 自由现金流率自由现金流/营收 | 64.2% | -48.6% |
| 资本支出强度资本支出/营收 | 11.1% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.65× | — |
| 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
| Q1 26 | $198.9M | — | ||
| Q4 25 | $255.5M | $-99.8M | ||
| Q3 25 | $212.8M | $-91.4M | ||
| Q2 25 | $265.2M | $-108.3M | ||
| Q1 25 | $198.9M | $-166.5M | ||
| Q4 24 | $232.7M | $-79.3M | ||
| Q3 24 | $184.9M | $-67.0M | ||
| Q2 24 | $215.8M | $-77.0M |
| Q1 26 | $186.9M | — | ||
| Q4 25 | — | $-100.8M | ||
| Q3 25 | — | $-92.7M | ||
| Q2 25 | — | $-110.7M | ||
| Q1 25 | — | $-167.8M | ||
| Q4 24 | — | $-79.5M | ||
| Q3 24 | $184.3M | $-68.6M | ||
| Q2 24 | $147.2M | $-79.0M |
| Q1 26 | 64.2% | — | ||
| Q4 25 | — | -48.6% | ||
| Q3 25 | — | -58.0% | ||
| Q2 25 | — | -66.5% | ||
| Q1 25 | — | -120.5% | ||
| Q4 24 | — | -48.3% | ||
| Q3 24 | 68.3% | -49.2% | ||
| Q2 24 | 54.6% | -53.7% |
| Q1 26 | 11.1% | — | ||
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | 0.0% | 0.1% | ||
| Q3 24 | 0.2% | 1.2% | ||
| Q2 24 | 25.4% | 1.4% |
| Q1 26 | 1.65× | — | ||
| Q4 25 | 4.92× | — | ||
| Q3 25 | 1.84× | — | ||
| Q2 25 | 2.13× | — | ||
| Q1 25 | 1.65× | — | ||
| Q4 24 | 2.09× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 2.51× | — |
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
AM
| Gathering and compression–Antero Resources | $238.0M | 82% |
| Other | $52.3M | 18% |
| Water handling–third party | $505.0K | 0% |
| Gathering and compression–third party | $295.0K | 0% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
