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BRANDYWINE REALTY TRUST（BDN）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BRANDYWINE REALTY TRUST的1.6倍（$207.3M vs $127.0M），BRANDYWINE REALTY TRUST净利率更高（-38.4% vs -62.0%，领先23.6%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 4.5%），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 0.7%）
白兰地房地产信托是一家总部位于费城的房地产投资信托基金（REIT），核心投资方向为费城、华盛顿特区以及德克萨斯州奥斯汀的写字楼物业，是美国聚焦核心都市商务地产的专业REIT运营商。
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。
BDN vs RARE — 直观对比
营收规模更大
RARE
是对方的1.6倍
$127.0M
营收增速更快
RARE
高出21.4%
4.5%
净利率更高
BDN
高出23.6%
-62.0%
两年增速更快
RARE
近两年复合增速
0.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $127.0M | $207.3M |
| 净利润 | $-48.8M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | 1.2% | -54.7% |
| 净利率 | -38.4% | -62.0% |
| 营收同比 | 4.5% | 25.9% |
| 净利润同比 | -80.4% | 3.5% |
| 每股收益（稀释后） | $-0.28 | $-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BDNRARE
| Q1 26 | $127.0M | — | ||
| Q4 25 | $121.0M | $207.3M | ||
| Q3 25 | $121.4M | $159.9M | ||
| Q2 25 | $120.6M | $166.5M | ||
| Q1 25 | $121.5M | $139.3M | ||
| Q4 24 | $121.9M | $164.6M | ||
| Q3 24 | $131.8M | $139.5M | ||
| Q2 24 | $125.3M | $147.0M |
净利润BDNRARE
| Q1 26 | $-48.8M | — | ||
| Q4 25 | $-36.7M | $-128.6M | ||
| Q3 25 | $-25.9M | $-180.4M | ||
| Q2 25 | $-88.7M | $-115.0M | ||
| Q1 25 | $-27.0M | $-151.1M | ||
| Q4 24 | $-44.5M | $-133.2M | ||
| Q3 24 | $-165.2M | $-133.5M | ||
| Q2 24 | $30.2M | $-131.6M |
毛利率BDNRARE
| Q1 26 | — | — | ||
| Q4 25 | 61.3% | — | ||
| Q3 25 | 62.6% | — | ||
| Q2 25 | 62.4% | — | ||
| Q1 25 | 60.8% | — | ||
| Q4 24 | 61.2% | — | ||
| Q3 24 | 64.9% | — | ||
| Q2 24 | 63.1% | — |
营业利润率BDNRARE
| Q1 26 | 1.2% | — | ||
| Q4 25 | 22.8% | -54.7% | ||
| Q3 25 | 20.8% | -106.9% | ||
| Q2 25 | -34.3% | -64.8% | ||
| Q1 25 | 12.5% | -102.6% | ||
| Q4 24 | 18.0% | -74.3% | ||
| Q3 24 | -7.2% | -94.6% | ||
| Q2 24 | 15.5% | -79.1% |
净利率BDNRARE
| Q1 26 | -38.4% | — | ||
| Q4 25 | -30.3% | -62.0% | ||
| Q3 25 | -21.3% | -112.8% | ||
| Q2 25 | -73.5% | -69.0% | ||
| Q1 25 | -22.2% | -108.5% | ||
| Q4 24 | -36.5% | -80.9% | ||
| Q3 24 | -125.4% | -95.7% | ||
| Q2 24 | 24.1% | -89.5% |
每股收益（稀释后）BDNRARE
| Q1 26 | $-0.28 | — | ||
| Q4 25 | $-0.21 | $-1.28 | ||
| Q3 25 | $-0.15 | $-1.81 | ||
| Q2 25 | $-0.51 | $-1.17 | ||
| Q1 25 | $-0.16 | $-1.57 | ||
| Q4 24 | $-0.25 | $-1.34 | ||
| Q3 24 | $-0.96 | $-1.40 | ||
| Q2 24 | $0.17 | $-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 | $36.2M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $-80.0M |
| 总资产 | $3.6B | $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BDNRARE
| Q1 26 | $36.2M | — | ||
| Q4 25 | $32.3M | $421.0M | ||
| Q3 25 | $75.5M | $202.5M | ||
| Q2 25 | $122.6M | $176.3M | ||
| Q1 25 | $29.4M | $127.1M | ||
| Q4 24 | $90.2M | $174.0M | ||
| Q3 24 | $36.5M | $150.6M | ||
| Q2 24 | $30.4M | $480.7M |
总债务BDNRARE
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | — |
股东权益BDNRARE
| Q1 26 | — | — | ||
| Q4 25 | $792.7M | $-80.0M | ||
| Q3 25 | $841.5M | $9.2M | ||
| Q2 25 | $879.8M | $151.3M | ||
| Q1 25 | $993.6M | $144.2M | ||
| Q4 24 | $1.0B | $255.0M | ||
| Q3 24 | $1.1B | $346.8M | ||
| Q2 24 | $1.3B | $432.4M |
总资产BDNRARE
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $1.5B | ||
| Q3 25 | $3.3B | $1.2B | ||
| Q2 25 | $3.4B | $1.3B | ||
| Q1 25 | $3.4B | $1.3B | ||
| Q4 24 | $3.5B | $1.5B | ||
| Q3 24 | $3.6B | $1.5B | ||
| Q2 24 | $3.8B | $1.6B |
负债/权益比BDNRARE
| Q1 26 | — | — | ||
| Q4 25 | 3.23× | — | ||
| Q3 25 | 2.70× | — | ||
| Q2 25 | 2.63× | — | ||
| Q1 25 | 2.23× | — | ||
| Q4 24 | 2.13× | — | ||
| Q3 24 | 2.06× | — | ||
| Q2 24 | 1.73× | — |
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BDNRARE
| Q1 26 | — | — | ||
| Q4 25 | $116.7M | $-99.8M | ||
| Q3 25 | $47.5M | $-91.4M | ||
| Q2 25 | $34.4M | $-108.3M | ||
| Q1 25 | $6.3M | $-166.5M | ||
| Q4 24 | $181.1M | $-79.3M | ||
| Q3 24 | $52.2M | $-67.0M | ||
| Q2 24 | $48.2M | $-77.0M |
自由现金流BDNRARE
| 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BDNRARE
| 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BDNRARE
| 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BDNRARE
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.60× | — |
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
BDN
| Rents | $120.7M | 95% |
| Third party management fees, labor reimbursement and leasing | $4.7M | 4% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
