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黑莓（BB）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.的季度营收约是黑莓的1.5倍（$207.3M vs $141.8M），黑莓净利率更高（9.7% vs -62.0%，领先71.7%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs -0.8%），黑莓自由现金流更多（$17.4M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 17.8%）
黑莓有限公司（前身为动态研究公司，简称RIM）是加拿大专注于安全通信与物联网领域的软件企业，成立于1984年。早年曾推出黑莓品牌双向寻呼机、智能手机及平板电脑产品，后续转型提供软件与服务，拥有多项核心软件应用专利。
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。
BB vs RARE — 直观对比
营收规模更大
RARE
是对方的1.5倍
$141.8M
营收增速更快
RARE
高出26.7%
-0.8%
净利率更高
BB
高出71.7%
-62.0%
自由现金流更多
BB
多$118.2M
$-100.8M
两年增速更快
RARE
近两年复合增速
17.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $141.8M | $207.3M |
| 净利润 | $13.7M | $-128.6M |
| 毛利率 | 77.5% | — |
| 营业利润率 | 8.4% | -54.7% |
| 净利率 | 9.7% | -62.0% |
| 营收同比 | -0.8% | 25.9% |
| 净利润同比 | 224.5% | 3.5% |
| 每股收益（稀释后） | $0.02 | $-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BBRARE
| Q4 25 | $141.8M | $207.3M | ||
| Q3 25 | $129.6M | $159.9M | ||
| Q2 25 | $121.7M | $166.5M | ||
| Q1 25 | $141.7M | $139.3M | ||
| Q4 24 | $143.6M | $164.6M | ||
| Q3 24 | $126.2M | $139.5M | ||
| Q2 24 | $123.4M | $147.0M | ||
| Q1 24 | $102.1M | $108.8M |
净利润BBRARE
| Q4 25 | $13.7M | $-128.6M | ||
| Q3 25 | $13.3M | $-180.4M | ||
| Q2 25 | $1.9M | $-115.0M | ||
| Q1 25 | $-7.4M | $-151.1M | ||
| Q4 24 | $-10.5M | $-133.2M | ||
| Q3 24 | $-19.7M | $-133.5M | ||
| Q2 24 | $-41.4M | $-131.6M | ||
| Q1 24 | $-56.2M | $-170.7M |
毛利率BBRARE
| Q4 25 | 77.5% | — | ||
| Q3 25 | 74.5% | — | ||
| Q2 25 | 74.2% | — | ||
| Q1 25 | 73.5% | — | ||
| Q4 24 | 78.1% | — | ||
| Q3 24 | 70.2% | — | ||
| Q2 24 | 72.9% | — | ||
| Q1 24 | — | — |
营业利润率BBRARE
| Q4 25 | 8.4% | -54.7% | ||
| Q3 25 | 8.9% | -106.9% | ||
| Q2 25 | 1.6% | -64.8% | ||
| Q1 25 | -5.6% | -102.6% | ||
| Q4 24 | 13.6% | -74.3% | ||
| Q3 24 | 1.7% | -94.6% | ||
| Q2 24 | -10.5% | -79.1% | ||
| Q1 24 | 50.0% | -151.9% |
净利率BBRARE
| Q4 25 | 9.7% | -62.0% | ||
| Q3 25 | 10.3% | -112.8% | ||
| Q2 25 | 1.6% | -69.0% | ||
| Q1 25 | -5.2% | -108.5% | ||
| Q4 24 | -7.3% | -80.9% | ||
| Q3 24 | -15.6% | -95.7% | ||
| Q2 24 | -33.5% | -89.5% | ||
| Q1 24 | -55.0% | -156.8% |
每股收益（稀释后）BBRARE
| Q4 25 | $0.02 | $-1.28 | ||
| Q3 25 | $0.02 | $-1.81 | ||
| Q2 25 | $0.00 | $-1.17 | ||
| Q1 25 | $-0.01 | $-1.57 | ||
| Q4 24 | $-0.02 | $-1.34 | ||
| Q3 24 | $-0.03 | $-1.40 | ||
| Q2 24 | $-0.07 | $-1.52 | ||
| Q1 24 | $-0.08 | $-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 | $304.2M | $421.0M |
| 总债务越低越好 | $196.2M | — |
| 股东权益账面价值 | $741.1M | $-80.0M |
| 总资产 | $1.2B | $1.5B |
| 负债/权益比越低杠杆越低 | 0.26× | — |
8季度趋势，按日历期对齐
现金及短期投资BBRARE
| Q4 25 | $304.2M | $421.0M | ||
| Q3 25 | $290.5M | $202.5M | ||
| Q2 25 | $306.6M | $176.3M | ||
| Q1 25 | $337.8M | $127.1M | ||
| Q4 24 | $220.0M | $174.0M | ||
| Q3 24 | $211.0M | $150.6M | ||
| Q2 24 | $229.0M | $480.7M | ||
| Q1 24 | $237.1M | $112.3M |
总债务BBRARE
| Q4 25 | $196.2M | — | ||
| Q3 25 | $195.9M | — | ||
| Q2 25 | $195.6M | — | ||
| Q1 25 | $195.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $194.1M | — |
股东权益BBRARE
| Q4 25 | $741.1M | $-80.0M | ||
| Q3 25 | $725.1M | $9.2M | ||
| Q2 25 | $725.1M | $151.3M | ||
| Q1 25 | $719.9M | $144.2M | ||
| Q4 24 | $725.2M | $255.0M | ||
| Q3 24 | $732.1M | $346.8M | ||
| Q2 24 | $742.6M | $432.4M | ||
| Q1 24 | $775.1M | $140.3M |
总资产BBRARE
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.3B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.3B | $1.5B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $1.3B | $1.6B | ||
| Q1 24 | $1.4B | $1.3B |
负债/权益比BBRARE
| Q4 25 | 0.26× | — | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | 0.27× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.25× | — |
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 | $18.3M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $17.4M | $-100.8M |
| 自由现金流率自由现金流/营收 | 12.3% | -48.6% |
| 资本支出强度资本支出/营收 | 0.6% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.34× | — |
| 过去12个月自由现金流最近4个季度 | $42.8M | $-472.0M |
8季度趋势，按日历期对齐
经营现金流BBRARE
| Q4 25 | $18.3M | $-99.8M | ||
| Q3 25 | $3.9M | $-91.4M | ||
| Q2 25 | $-18.0M | $-108.3M | ||
| Q1 25 | $41.6M | $-166.5M | ||
| Q4 24 | $6.0M | $-79.3M | ||
| Q3 24 | $-16.0M | $-67.0M | ||
| Q2 24 | $-15.1M | $-77.0M | ||
| Q1 24 | $-15.5M | $-190.7M |
自由现金流BBRARE
| Q4 25 | $17.4M | $-100.8M | ||
| Q3 25 | $3.1M | $-92.7M | ||
| Q2 25 | $-18.9M | $-110.7M | ||
| Q1 25 | $41.2M | $-167.8M | ||
| Q4 24 | $5.2M | $-79.5M | ||
| Q3 24 | $-16.5M | $-68.6M | ||
| Q2 24 | $-16.5M | $-79.0M | ||
| Q1 24 | $-17.6M | $-193.9M |
自由现金流率BBRARE
| Q4 25 | 12.3% | -48.6% | ||
| Q3 25 | 2.4% | -58.0% | ||
| Q2 25 | -15.5% | -66.5% | ||
| Q1 25 | 29.1% | -120.5% | ||
| Q4 24 | 3.6% | -48.3% | ||
| Q3 24 | -13.1% | -49.2% | ||
| Q2 24 | -13.4% | -53.7% | ||
| Q1 24 | -17.2% | -178.2% |
资本支出强度BBRARE
| Q4 25 | 0.6% | 0.5% | ||
| Q3 25 | 0.6% | 0.8% | ||
| Q2 25 | 0.7% | 1.5% | ||
| Q1 25 | 0.3% | 1.0% | ||
| Q4 24 | 0.6% | 0.1% | ||
| Q3 24 | 0.4% | 1.2% | ||
| Q2 24 | 1.1% | 1.4% | ||
| Q1 24 | 2.1% | 3.0% |
现金转化率BBRARE
| Q4 25 | 1.34× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | -9.47× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
