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ASSOCIATED BANC-CORP（ASB）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
ASSOCIATED BANC-CORP的季度营收约是Ultragenyx Pharmaceutical Inc.的1.8倍（$383.0M vs $207.3M），ASSOCIATED BANC-CORP净利率更高（31.2% vs -62.0%，领先93.3%），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 9.1%）
联合银行集团（Associated Banc-Corp）是美国区域性银行控股公司，总部位于威斯康星州格林贝，深耕美国中西部地区，主营零售银行、商业银行、商业地产贷款、私人银行及特色金融服务，在威斯康星州、伊利诺伊州、明尼苏达州设有220多个营业网点，覆盖100多个社区，还在印第安纳、密歇根等多州设有贷款办事处。
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。
ASB vs RARE — 直观对比
营收规模更大
ASB
是对方的1.8倍
$207.3M
净利率更高
ASB
高出93.3%
-62.0%
两年增速更快
RARE
近两年复合增速
9.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $383.0M | $207.3M |
| 净利润 | $119.6M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | — | -54.7% |
| 净利率 | 31.2% | -62.0% |
| 营收同比 | — | 25.9% |
| 净利润同比 | 566.6% | 3.5% |
| 每股收益（稀释后） | $0.70 | $-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
营收ASBRARE
| Q1 26 | $383.0M | — | ||
| Q4 25 | $310.0M | $207.3M | ||
| Q3 25 | $305.2M | $159.9M | ||
| Q2 25 | $300.0M | $166.5M | ||
| Q1 25 | $285.9M | $139.3M | ||
| Q4 24 | $270.3M | $164.6M | ||
| Q3 24 | $329.7M | $139.5M | ||
| Q2 24 | $321.8M | $147.0M |
净利润ASBRARE
| Q1 26 | $119.6M | — | ||
| Q4 25 | $137.1M | $-128.6M | ||
| Q3 25 | $124.7M | $-180.4M | ||
| Q2 25 | $111.2M | $-115.0M | ||
| Q1 25 | $101.7M | $-151.1M | ||
| Q4 24 | $-161.6M | $-133.2M | ||
| Q3 24 | $88.0M | $-133.5M | ||
| Q2 24 | $115.6M | $-131.6M |
营业利润率ASBRARE
| Q1 26 | — | — | ||
| Q4 25 | 52.6% | -54.7% | ||
| Q3 25 | 50.5% | -106.9% | ||
| Q2 25 | 46.5% | -64.8% | ||
| Q1 25 | 42.3% | -102.6% | ||
| Q4 24 | -65.8% | -74.3% | ||
| Q3 24 | 32.8% | -94.6% | ||
| Q2 24 | 32.0% | -79.1% |
净利率ASBRARE
| Q1 26 | 31.2% | — | ||
| Q4 25 | 44.2% | -62.0% | ||
| Q3 25 | 40.9% | -112.8% | ||
| Q2 25 | 37.1% | -69.0% | ||
| Q1 25 | 35.6% | -108.5% | ||
| Q4 24 | -59.8% | -80.9% | ||
| Q3 24 | 26.7% | -95.7% | ||
| Q2 24 | 35.9% | -89.5% |
每股收益（稀释后）ASBRARE
| Q1 26 | $0.70 | — | ||
| Q4 25 | $0.80 | $-1.28 | ||
| Q3 25 | $0.73 | $-1.81 | ||
| Q2 25 | $0.65 | $-1.17 | ||
| Q1 25 | $0.59 | $-1.57 | ||
| Q4 24 | $-1.10 | $-1.34 | ||
| Q3 24 | $0.56 | $-1.40 | ||
| Q2 24 | $0.74 | $-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 | — | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $5.0B | $-80.0M |
| 总资产 | $45.6B | $1.5B |
| 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ASBRARE
| Q1 26 | — | — | ||
| 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 |
总债务ASBRARE
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $594.1M | — | ||
| Q2 25 | $593.5M | — | ||
| Q1 25 | $591.4M | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $844.3M | — | ||
| Q2 24 | $536.1M | — |
股东权益ASBRARE
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | $-80.0M | ||
| Q3 25 | $4.9B | $9.2M | ||
| Q2 25 | $4.8B | $151.3M | ||
| Q1 25 | $4.7B | $144.2M | ||
| Q4 24 | $4.6B | $255.0M | ||
| Q3 24 | $4.4B | $346.8M | ||
| Q2 24 | $4.2B | $432.4M |
总资产ASBRARE
| Q1 26 | $45.6B | — | ||
| Q4 25 | $45.2B | $1.5B | ||
| Q3 25 | $44.5B | $1.2B | ||
| Q2 25 | $44.0B | $1.3B | ||
| Q1 25 | $43.3B | $1.3B | ||
| Q4 24 | $43.0B | $1.5B | ||
| Q3 24 | $42.2B | $1.5B | ||
| Q2 24 | $41.6B | $1.6B |
负债/权益比ASBRARE
| Q1 26 | — | — | ||
| Q4 25 | 0.20× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.31× | — | ||
| Q3 24 | 0.19× | — | ||
| Q2 24 | 0.13× | — |
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 | — | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-100.8M |
| 自由现金流率自由现金流/营收 | — | -48.6% |
| 资本支出强度资本支出/营收 | — | 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 | — | $-472.0M |
8季度趋势，按日历期对齐
经营现金流ASBRARE
| Q1 26 | — | — | ||
| Q4 25 | $218.1M | $-99.8M | ||
| Q3 25 | $158.0M | $-91.4M | ||
| Q2 25 | $141.5M | $-108.3M | ||
| Q1 25 | $98.2M | $-166.5M | ||
| Q4 24 | $207.1M | $-79.3M | ||
| Q3 24 | $105.1M | $-67.0M | ||
| Q2 24 | $113.5M | $-77.0M |
自由现金流ASBRARE
| Q1 26 | — | — | ||
| Q4 25 | — | $-100.8M | ||
| Q3 25 | — | $-92.7M | ||
| Q2 25 | — | $-110.7M | ||
| Q1 25 | — | $-167.8M | ||
| Q4 24 | — | $-79.5M | ||
| Q3 24 | — | $-68.6M | ||
| Q2 24 | — | $-79.0M |
自由现金流率ASBRARE
| Q1 26 | — | — | ||
| Q4 25 | — | -48.6% | ||
| Q3 25 | — | -58.0% | ||
| Q2 25 | — | -66.5% | ||
| Q1 25 | — | -120.5% | ||
| Q4 24 | — | -48.3% | ||
| Q3 24 | — | -49.2% | ||
| Q2 24 | — | -53.7% |
资本支出强度ASBRARE
| Q1 26 | — | — | ||
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.4% |
现金转化率ASBRARE
| Q1 26 | — | — | ||
| Q4 25 | 1.59× | — | ||
| Q3 25 | 1.27× | — | ||
| Q2 25 | 1.27× | — | ||
| Q1 25 | 0.97× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | 0.98× | — |
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
ASB
| Net Interest Income | $307.2M | 80% |
| Noninterest Income | $75.9M | 20% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
