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Artisan Partners Asset Management Inc.（APAM）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
Artisan Partners Asset Management Inc.的季度营收约是Ultragenyx Pharmaceutical Inc.的1.6倍（$335.5M vs $207.3M），Artisan Partners Asset Management Inc.净利率更高（35.2% vs -62.0%，领先97.2%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 12.9%），Artisan Partners Asset Management Inc.自由现金流更多（$171.6M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 12.7%）
阿蒂森伙伴资产管理公司（Artisan Partners）是总部位于美国威斯康星州密尔沃基的资产管理机构，除美国本土外，还在都柏林、香港、伦敦、新加坡、悉尼设有办公室，为全球客户提供专业的资产管理服务。
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。
APAM vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $335.5M | $207.3M |
| 净利润 | $118.1M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | 39.2% | -54.7% |
| 净利率 | 35.2% | -62.0% |
| 营收同比 | 12.9% | 25.9% |
| 净利润同比 | 34.9% | 3.5% |
| 每股收益（稀释后） | $1.36 | $-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 | $335.5M | $207.3M | ||
| Q3 25 | $301.3M | $159.9M | ||
| Q2 25 | $282.7M | $166.5M | ||
| Q1 25 | $277.1M | $139.3M | ||
| Q4 24 | $297.1M | $164.6M | ||
| Q3 24 | $279.6M | $139.5M | ||
| Q2 24 | $270.8M | $147.0M | ||
| Q1 24 | $264.4M | $108.8M |
| Q4 25 | $118.1M | $-128.6M | ||
| Q3 25 | $66.8M | $-180.4M | ||
| Q2 25 | $67.6M | $-115.0M | ||
| Q1 25 | $61.1M | $-151.1M | ||
| Q4 24 | $87.5M | $-133.2M | ||
| Q3 24 | $73.0M | $-133.5M | ||
| Q2 24 | $57.6M | $-131.6M | ||
| Q1 24 | $59.5M | $-170.7M |
| Q4 25 | 39.2% | -54.7% | ||
| Q3 25 | 33.8% | -106.9% | ||
| Q2 25 | 28.2% | -64.8% | ||
| Q1 25 | 31.2% | -102.6% | ||
| Q4 24 | 36.7% | -74.3% | ||
| Q3 24 | 33.3% | -94.6% | ||
| Q2 24 | 32.0% | -79.1% | ||
| Q1 24 | 29.4% | -151.9% |
| Q4 25 | 35.2% | -62.0% | ||
| Q3 25 | 22.2% | -112.8% | ||
| Q2 25 | 23.9% | -69.0% | ||
| Q1 25 | 22.1% | -108.5% | ||
| Q4 24 | 29.5% | -80.9% | ||
| Q3 24 | 26.1% | -95.7% | ||
| Q2 24 | 21.3% | -89.5% | ||
| Q1 24 | 22.5% | -156.8% |
| Q4 25 | $1.36 | $-1.28 | ||
| Q3 25 | $0.93 | $-1.81 | ||
| Q2 25 | $0.94 | $-1.17 | ||
| Q1 25 | $0.82 | $-1.57 | ||
| Q4 24 | $0.99 | $-1.34 | ||
| Q3 24 | $1.03 | $-1.40 | ||
| Q2 24 | $0.80 | $-1.52 | ||
| Q1 24 | $0.84 | $-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 | — | $421.0M |
| 总债务越低越好 | $190.0M | — |
| 股东权益账面价值 | $438.8M | $-80.0M |
| 总资产 | $1.6B | $1.5B |
| 负债/权益比越低杠杆越低 | 0.43× | — |
8季度趋势，按日历期对齐
| Q4 25 | — | $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 24 | — | $112.3M |
| Q4 25 | $190.0M | — | ||
| Q3 25 | $190.0M | — | ||
| Q2 25 | $200.0M | — | ||
| Q1 25 | $200.0M | — | ||
| Q4 24 | $200.0M | — | ||
| Q3 24 | $200.0M | — | ||
| Q2 24 | $200.0M | — | ||
| Q1 24 | $200.0M | — |
| Q4 25 | $438.8M | $-80.0M | ||
| Q3 25 | $402.1M | $9.2M | ||
| Q2 25 | $381.8M | $151.3M | ||
| Q1 25 | $356.5M | $144.2M | ||
| Q4 24 | $388.9M | $255.0M | ||
| Q3 24 | $372.1M | $346.8M | ||
| Q2 24 | $341.2M | $432.4M | ||
| Q1 24 | $320.3M | $140.3M |
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.6B | $1.5B | ||
| Q3 24 | $1.6B | $1.5B | ||
| Q2 24 | $1.5B | $1.6B | ||
| Q1 24 | $1.5B | $1.3B |
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.54× | — | ||
| Q2 24 | 0.59× | — | ||
| Q1 24 | 0.62× | — |
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 | $172.0M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $171.6M | $-100.8M |
| 自由现金流率自由现金流/营收 | 51.2% | -48.6% |
| 资本支出强度资本支出/营收 | 0.1% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.46× | — |
| 过去12个月自由现金流最近4个季度 | $420.6M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $172.0M | $-99.8M | ||
| Q3 25 | $40.4M | $-91.4M | ||
| Q2 25 | $50.9M | $-108.3M | ||
| Q1 25 | $157.9M | $-166.5M | ||
| Q4 24 | $372.8M | $-79.3M | ||
| Q3 24 | $112.8M | $-67.0M | ||
| Q2 24 | $75.9M | $-77.0M | ||
| Q1 24 | $147.0M | $-190.7M |
| Q4 25 | $171.6M | $-100.8M | ||
| Q3 25 | $40.4M | $-92.7M | ||
| Q2 25 | $50.9M | $-110.7M | ||
| Q1 25 | $157.7M | $-167.8M | ||
| Q4 24 | $371.3M | $-79.5M | ||
| Q3 24 | $112.4M | $-68.6M | ||
| Q2 24 | $75.2M | $-79.0M | ||
| Q1 24 | $146.9M | $-193.9M |
| Q4 25 | 51.2% | -48.6% | ||
| Q3 25 | 13.4% | -58.0% | ||
| Q2 25 | 18.0% | -66.5% | ||
| Q1 25 | 56.9% | -120.5% | ||
| Q4 24 | 125.0% | -48.3% | ||
| Q3 24 | 40.2% | -49.2% | ||
| Q2 24 | 27.8% | -53.7% | ||
| Q1 24 | 55.6% | -178.2% |
| Q4 25 | 0.1% | 0.5% | ||
| Q3 25 | 0.0% | 0.8% | ||
| Q2 25 | 0.0% | 1.5% | ||
| Q1 25 | 0.1% | 1.0% | ||
| Q4 24 | 0.5% | 0.1% | ||
| Q3 24 | 0.1% | 1.2% | ||
| Q2 24 | 0.2% | 1.4% | ||
| Q1 24 | 0.0% | 3.0% |
| Q4 25 | 1.46× | — | ||
| Q3 25 | 0.60× | — | ||
| Q2 25 | 0.75× | — | ||
| Q1 25 | 2.58× | — | ||
| Q4 24 | 4.26× | — | ||
| Q3 24 | 1.54× | — | ||
| Q2 24 | 1.32× | — | ||
| Q1 24 | 2.47× | — |
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
APAM
暂无分部数据
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
