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艾伯维（ARGX）与Ulta Beauty（ULTA）财务数据对比。点击上方公司名可切换其他公司
Ulta Beauty的季度营收约是艾伯维的1.2倍（$2.9B vs $2.5B），艾伯维净利率更高（35.5% vs 8.1%，领先27.4%），艾伯维同比增速更快（83.2% vs 12.9%），艾伯维自由现金流更多（$322.4M vs $-81.6M）
艾伯维是总部位于美国伊利诺伊州北芝加哥的制药企业，研发生产的药物覆盖多种疾病治疗领域，可满足多元临床需求，致力于为全球不同病症的患者提供可靠的治疗方案选择。
Ulta Beauty是美国头部美妆连锁品牌，总部位于伊利诺伊州博林布鲁克，旗下门店在售商品覆盖高低端彩妆、香水、美甲、身体护理、美发产品及美妆工具等全品类美妆个护产品，每家门店均配备对外开放的美容沙龙，为消费者提供一站式美妆消费及服务体验。
ARGX vs ULTA — 直观对比
营收规模更大
ULTA
是对方的1.2倍
$2.5B
营收增速更快
ARGX
高出70.3%
12.9%
净利率更高
ARGX
高出27.4%
8.1%
自由现金流更多
ARGX
多$404.0M
$-81.6M
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $2.9B |
| 净利润 | $877.2M | $230.9M |
| 毛利率 | 89.5% | 40.4% |
| 营业利润率 | 28.9% | 10.8% |
| 净利率 | 35.5% | 8.1% |
| 营收同比 | 83.2% | 12.9% |
| 净利润同比 | 1.3% | -4.7% |
| 每股收益（稀释后） | $13.25 | $5.14 |
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ARGXULTA
| Q4 25 | $2.5B | $2.9B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | $1.8B | $2.8B | ||
| Q4 24 | $1.4B | $2.5B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | $901.9M | $2.7B | ||
| Q1 24 | — | $3.6B | ||
| Q4 23 | — | $2.5B |
净利润ARGXULTA
| Q4 25 | $877.2M | $230.9M | ||
| Q3 25 | — | $260.9M | ||
| Q2 25 | $414.8M | $305.1M | ||
| Q4 24 | $865.6M | $242.2M | ||
| Q3 24 | — | $252.6M | ||
| Q2 24 | $-32.5M | $313.1M | ||
| Q1 24 | — | $394.4M | ||
| Q4 23 | — | $249.5M |
毛利率ARGXULTA
| Q4 25 | 89.5% | 40.4% | ||
| Q3 25 | — | 39.2% | ||
| Q2 25 | 89.2% | 39.1% | ||
| Q4 24 | 90.2% | 39.7% | ||
| Q3 24 | — | 38.3% | ||
| Q2 24 | 89.4% | 39.2% | ||
| Q1 24 | — | 37.7% | ||
| Q4 23 | — | 39.9% |
营业利润率ARGXULTA
| Q4 25 | 28.9% | 10.8% | ||
| Q3 25 | — | 12.4% | ||
| Q2 25 | 19.2% | 14.1% | ||
| Q4 24 | 8.7% | 12.6% | ||
| Q3 24 | — | 12.9% | ||
| Q2 24 | -15.4% | 14.7% | ||
| Q1 24 | — | 14.5% | ||
| Q4 23 | — | 13.1% |
净利率ARGXULTA
| Q4 25 | 35.5% | 8.1% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | 23.4% | 10.7% | ||
| Q4 24 | 64.1% | 9.6% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | -3.6% | 11.5% | ||
| Q1 24 | — | 11.1% | ||
| Q4 23 | — | 10.0% |
每股收益（稀释后）ARGXULTA
| Q4 25 | $13.25 | $5.14 | ||
| Q3 25 | — | $5.78 | ||
| Q2 25 | $6.32 | $6.70 | ||
| Q4 24 | $13.33 | $5.14 | ||
| Q3 24 | — | $5.30 | ||
| Q2 24 | $-0.55 | $6.47 | ||
| Q1 24 | — | $8.06 | ||
| Q4 23 | — | $5.07 |
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 | $3.5B | $204.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.3B | $2.6B |
| 总资产 | $8.7B | $7.0B |
| 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ARGXULTA
| Q4 25 | $3.5B | $204.9M | ||
| Q3 25 | — | $242.7M | ||
| Q2 25 | $2.1B | $454.6M | ||
| Q4 24 | $1.5B | $177.8M | ||
| Q3 24 | — | $414.0M | ||
| Q2 24 | $1.4B | $524.6M | ||
| Q1 24 | — | $766.6M | ||
| Q4 23 | — | $121.8M |
总债务ARGXULTA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $11.0M | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
股东权益ARGXULTA
| Q4 25 | $7.3B | $2.6B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | $6.1B | $2.4B | ||
| Q4 24 | $5.5B | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | $4.3B | $2.3B | ||
| Q1 24 | — | $2.3B | ||
| Q4 23 | — | $2.0B |
总资产ARGXULTA
| Q4 25 | $8.7B | $7.0B | ||
| Q3 25 | — | $6.6B | ||
| Q2 25 | $7.2B | $6.0B | ||
| Q4 24 | $6.2B | $6.0B | ||
| Q3 24 | — | $5.7B | ||
| Q2 24 | $4.8B | $5.6B | ||
| Q1 24 | — | $5.7B | ||
| Q4 23 | — | $5.6B |
负债/权益比ARGXULTA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
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 | $323.3M | $5.6M |
| 自由现金流经营现金流 - 资本支出 | $322.4M | $-81.6M |
| 自由现金流率自由现金流/营收 | 13.0% | -2.9% |
| 资本支出强度资本支出/营收 | 0.0% | 3.1% |
| 现金转化率经营现金流/净利润 | 0.37× | 0.02× |
| 过去12个月自由现金流最近4个季度 | $594.5M | $-92.2M |
8季度趋势，按日历期对齐
经营现金流ARGXULTA
| Q4 25 | $323.3M | $5.6M | ||
| Q3 25 | — | $96.5M | ||
| Q2 25 | $361.8M | $220.0M | ||
| Q4 24 | $41.9M | $-56.8M | ||
| Q3 24 | — | $199.5M | ||
| Q2 24 | $-124.7M | $159.3M | ||
| Q1 24 | — | $1.1B | ||
| Q4 23 | — | $-70.8M |
自由现金流ARGXULTA
| Q4 25 | $322.4M | $-81.6M | ||
| Q3 25 | — | $19.6M | ||
| Q2 25 | $356.6M | $141.0M | ||
| Q4 24 | $40.9M | $-171.1M | ||
| Q3 24 | — | $104.3M | ||
| Q2 24 | $-125.5M | $68.3M | ||
| Q1 24 | — | $994.0M | ||
| Q4 23 | — | $-177.1M |
自由现金流率ARGXULTA
| Q4 25 | 13.0% | -2.9% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | 20.1% | 4.9% | ||
| Q4 24 | 3.0% | -6.8% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | -13.9% | 2.5% | ||
| Q1 24 | — | 28.0% | ||
| Q4 23 | — | -7.1% |
资本支出强度ARGXULTA
| Q4 25 | 0.0% | 3.1% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | 0.3% | 2.8% | ||
| Q4 24 | 0.1% | 4.5% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | 0.1% | 3.3% | ||
| Q1 24 | — | 3.5% | ||
| Q4 23 | — | 4.3% |
现金转化率ARGXULTA
| Q4 25 | 0.37× | 0.02× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | 0.87× | 0.72× | ||
| Q4 24 | 0.05× | -0.23× | ||
| Q3 24 | — | 0.79× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 2.84× | ||
| Q4 23 | — | -0.28× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
