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Applied Digital Corp.（APLD）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
Ultragenyx Pharmaceutical Inc.的季度营收约是Applied Digital Corp.的1.6倍（$207.3M vs $126.6M），Applied Digital Corp.净利率更高（-11.4% vs -62.0%，领先50.6%），Applied Digital Corp.同比增速更快（98.2% vs 25.9%），Ultragenyx Pharmaceutical Inc.自由现金流更多（$-100.8M vs $-567.9M），过去两年Applied Digital Corp.的营收复合增速更高（70.9% vs 38.0%）
BAE系统旗下的国际防务与安全技术企业，专注于提供数字化解决方案，支持客户快速开展数据驱动决策，服务覆盖执法机构、国家安全部门、政府单位、关键基础设施运营商、电信企业、军方及航天领域。
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。
APLD vs RARE — 直观对比
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $126.6M | $207.3M |
| 净利润 | $-14.4M | $-128.6M |
| 毛利率 | 20.6% | — |
| 营业利润率 | -24.5% | -54.7% |
| 净利率 | -11.4% | -62.0% |
| 营收同比 | 98.2% | 25.9% |
| 净利润同比 | 89.6% | 3.5% |
| 每股收益（稀释后） | $-0.07 | $-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 | $126.6M | $207.3M | ||
| Q3 25 | $64.2M | $159.9M | ||
| Q2 25 | $-33.3M | $166.5M | ||
| Q1 25 | $52.9M | $139.3M | ||
| Q4 24 | $63.9M | $164.6M | ||
| Q3 24 | $60.7M | $139.5M | ||
| Q2 24 | $43.7M | $147.0M | ||
| Q1 24 | $43.3M | $108.8M |
| Q4 25 | $-14.4M | $-128.6M | ||
| Q3 25 | $-16.9M | $-180.4M | ||
| Q2 25 | $-52.5M | $-115.0M | ||
| Q1 25 | $-35.6M | $-151.1M | ||
| Q4 24 | $-138.7M | $-133.2M | ||
| Q3 24 | $-4.2M | $-133.5M | ||
| Q2 24 | $-64.5M | $-131.6M | ||
| Q1 24 | $-62.8M | $-170.7M |
| Q4 25 | 20.6% | — | ||
| Q3 25 | 13.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.1% | — | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | -0.6% | — | ||
| Q2 24 | -9.1% | — | ||
| Q1 24 | -8.6% | — |
| Q4 25 | -24.5% | -54.7% | ||
| Q3 25 | -34.7% | -106.9% | ||
| Q2 25 | — | -64.8% | ||
| Q1 25 | -35.8% | -102.6% | ||
| Q4 24 | -29.1% | -74.3% | ||
| Q3 24 | 15.6% | -94.6% | ||
| Q2 24 | -68.4% | -79.1% | ||
| Q1 24 | -128.8% | -151.9% |
| Q4 25 | -11.4% | -62.0% | ||
| Q3 25 | -26.4% | -112.8% | ||
| Q2 25 | 157.8% | -69.0% | ||
| Q1 25 | -67.2% | -108.5% | ||
| Q4 24 | -217.2% | -80.9% | ||
| Q3 24 | -7.0% | -95.7% | ||
| Q2 24 | -147.5% | -89.5% | ||
| Q1 24 | -145.0% | -156.8% |
| Q4 25 | $-0.07 | $-1.28 | ||
| Q3 25 | $-0.07 | $-1.81 | ||
| Q2 25 | $-0.31 | $-1.17 | ||
| Q1 25 | $-0.16 | $-1.57 | ||
| Q4 24 | $-0.66 | $-1.34 | ||
| Q3 24 | $-0.03 | $-1.40 | ||
| Q2 24 | $-0.57 | $-1.52 | ||
| Q1 24 | $-0.52 | $-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 | $1.9B | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $-80.0M |
| 总资产 | $5.2B | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $1.9B | $421.0M | ||
| Q3 25 | $73.9M | $202.5M | ||
| Q2 25 | $41.6M | $176.3M | ||
| Q1 25 | $68.7M | $127.1M | ||
| Q4 24 | $286.2M | $174.0M | ||
| Q3 24 | $58.2M | $150.6M | ||
| Q2 24 | $3.3M | $480.7M | ||
| Q1 24 | $4.4M | $112.3M |
| Q4 25 | $1.4B | $-80.0M | ||
| Q3 25 | $1.0B | $9.2M | ||
| Q2 25 | $497.7M | $151.3M | ||
| Q1 25 | $454.6M | $144.2M | ||
| Q4 24 | $434.6M | $255.0M | ||
| Q3 24 | $241.8M | $346.8M | ||
| Q2 24 | $124.8M | $432.4M | ||
| Q1 24 | $118.5M | $140.3M |
| Q4 25 | $5.2B | $1.5B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $937.7M | $1.5B | ||
| Q2 24 | $762.9M | $1.6B | ||
| Q1 24 | $643.2M | $1.3B |
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 | $-15.8M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $-567.9M | $-100.8M |
| 自由现金流率自由现金流/营收 | -448.6% | -48.6% |
| 资本支出强度资本支出/营收 | 436.1% | 0.5% |
| 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 | $-1.3B | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-15.8M | $-99.8M | ||
| Q3 25 | $-82.0M | $-91.4M | ||
| Q2 25 | $6.9M | $-108.3M | ||
| Q1 25 | $5.9M | $-166.5M | ||
| Q4 24 | $-52.3M | $-79.3M | ||
| Q3 24 | $-75.9M | $-67.0M | ||
| Q2 24 | $-34.1M | $-77.0M | ||
| Q1 24 | $38.8M | $-190.7M |
| Q4 25 | $-567.9M | $-100.8M | ||
| Q3 25 | $-331.4M | $-92.7M | ||
| Q2 25 | $-191.4M | $-110.7M | ||
| Q1 25 | $-251.6M | $-167.8M | ||
| Q4 24 | $-223.3M | $-79.5M | ||
| Q3 24 | $-130.7M | $-68.6M | ||
| Q2 24 | $-88.9M | $-79.0M | ||
| Q1 24 | $-2.3M | $-193.9M |
| Q4 25 | -448.6% | -48.6% | ||
| Q3 25 | -516.1% | -58.0% | ||
| Q2 25 | 574.8% | -66.5% | ||
| Q1 25 | -475.4% | -120.5% | ||
| Q4 24 | -349.6% | -48.3% | ||
| Q3 24 | -215.3% | -49.2% | ||
| Q2 24 | -203.5% | -53.7% | ||
| Q1 24 | -5.4% | -178.2% |
| Q4 25 | 436.1% | 0.5% | ||
| Q3 25 | 388.4% | 0.8% | ||
| Q2 25 | -595.4% | 1.5% | ||
| Q1 25 | 486.6% | 1.0% | ||
| Q4 24 | 267.8% | 0.1% | ||
| Q3 24 | 90.3% | 1.2% | ||
| Q2 24 | 125.4% | 1.4% | ||
| Q1 24 | 95.0% | 3.0% |
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
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
