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BEL FUSE INC（BELFA）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BEL FUSE INC的1.2倍（$207.3M vs $178.5M），BEL FUSE INC净利率更高（8.4% vs -62.0%，领先70.4%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 17.2%），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 15.8%）
Bel Fuse Inc.是一家全球化电子元器件制造商，主营互连解决方案、磁元件及电路保护产品，服务汽车、数据通信、航空航天、工业、消费电子等领域的原始设备制造商和合同制造商，业务覆盖北美、欧洲、亚洲多地。
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。
BELFA vs RARE — 直观对比
营收规模更大
RARE
是对方的1.2倍
$178.5M
营收增速更快
RARE
高出8.6%
17.2%
净利率更高
BELFA
高出70.4%
-62.0%
两年增速更快
RARE
近两年复合增速
15.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $178.5M | $207.3M |
| 净利润 | $15.0M | $-128.6M |
| 毛利率 | 39.0% | — |
| 营业利润率 | 13.3% | -54.7% |
| 净利率 | 8.4% | -62.0% |
| 营收同比 | 17.2% | 25.9% |
| 净利润同比 | -18.2% | 3.5% |
| 每股收益（稀释后） | — | $-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BELFARARE
| Q1 26 | $178.5M | — | ||
| Q4 25 | $175.9M | $207.3M | ||
| Q3 25 | $179.0M | $159.9M | ||
| Q2 25 | $168.3M | $166.5M | ||
| Q1 25 | $152.2M | $139.3M | ||
| Q4 24 | $149.9M | $164.6M | ||
| Q3 24 | $123.6M | $139.5M | ||
| Q2 24 | $133.2M | $147.0M |
净利润BELFARARE
| Q1 26 | $15.0M | — | ||
| Q4 25 | $6.4M | $-128.6M | ||
| Q3 25 | $22.6M | $-180.4M | ||
| Q2 25 | $26.8M | $-115.0M | ||
| Q1 25 | $17.9M | $-151.1M | ||
| Q4 24 | $6.4M | $-133.2M | ||
| Q3 24 | $8.1M | $-133.5M | ||
| Q2 24 | $18.8M | $-131.6M |
毛利率BELFARARE
| Q1 26 | 39.0% | — | ||
| Q4 25 | 39.4% | — | ||
| Q3 25 | 39.7% | — | ||
| Q2 25 | 38.7% | — | ||
| Q1 25 | 38.6% | — | ||
| Q4 24 | 37.5% | — | ||
| Q3 24 | 36.1% | — | ||
| Q2 24 | 40.1% | — |
营业利润率BELFARARE
| Q1 26 | 13.3% | — | ||
| Q4 25 | 14.7% | -54.7% | ||
| Q3 25 | 16.9% | -106.9% | ||
| Q2 25 | 17.7% | -64.8% | ||
| Q1 25 | 16.4% | -102.6% | ||
| Q4 24 | 8.3% | -74.3% | ||
| Q3 24 | 9.3% | -94.6% | ||
| Q2 24 | 17.0% | -79.1% |
净利率BELFARARE
| Q1 26 | 8.4% | — | ||
| Q4 25 | 3.7% | -62.0% | ||
| Q3 25 | 12.6% | -112.8% | ||
| Q2 25 | 15.9% | -69.0% | ||
| Q1 25 | 11.7% | -108.5% | ||
| Q4 24 | 4.3% | -80.9% | ||
| Q3 24 | 6.5% | -95.7% | ||
| Q2 24 | 14.1% | -89.5% |
每股收益（稀释后）BELFARARE
| Q1 26 | — | — | ||
| Q4 25 | — | $-1.28 | ||
| Q3 25 | — | $-1.81 | ||
| Q2 25 | — | $-1.17 | ||
| Q1 25 | — | $-1.57 | ||
| Q4 24 | — | $-1.34 | ||
| Q3 24 | — | $-1.40 | ||
| Q2 24 | — | $-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 | $59.4M | $421.0M |
| 总债务越低越好 | $204.5M | — |
| 股东权益账面价值 | $438.9M | $-80.0M |
| 总资产 | $951.9M | $1.5B |
| 负债/权益比越低杠杆越低 | 0.47× | — |
8季度趋势，按日历期对齐
现金及短期投资BELFARARE
| Q1 26 | $59.4M | — | ||
| Q4 25 | $57.8M | $421.0M | ||
| Q3 25 | $57.7M | $202.5M | ||
| Q2 25 | $59.3M | $176.3M | ||
| Q1 25 | $65.9M | $127.1M | ||
| Q4 24 | $68.3M | $174.0M | ||
| Q3 24 | $134.3M | $150.6M | ||
| Q2 24 | $85.0M | $480.7M |
总债务BELFARARE
| Q1 26 | $204.5M | — | ||
| Q4 25 | $197.5M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $287.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益BELFARARE
| Q1 26 | $438.9M | — | ||
| Q4 25 | $425.5M | $-80.0M | ||
| Q3 25 | $427.8M | $9.2M | ||
| Q2 25 | $404.7M | $151.3M | ||
| Q1 25 | $376.9M | $144.2M | ||
| Q4 24 | $360.6M | $255.0M | ||
| Q3 24 | $367.4M | $346.8M | ||
| Q2 24 | $356.4M | $432.4M |
总资产BELFARARE
| Q1 26 | $951.9M | — | ||
| Q4 25 | $935.2M | $1.5B | ||
| Q3 25 | $952.8M | $1.2B | ||
| Q2 25 | $950.6M | $1.3B | ||
| Q1 25 | $940.5M | $1.3B | ||
| Q4 24 | $949.8M | $1.5B | ||
| Q3 24 | $584.4M | $1.5B | ||
| Q2 24 | $567.6M | $1.6B |
负债/权益比BELFARARE
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.46× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.80× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $13.8M | $-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 | 0.92× | — |
| 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BELFARARE
| Q1 26 | $13.8M | — | ||
| Q4 25 | $29.6M | $-99.8M | ||
| Q3 25 | $22.2M | $-91.4M | ||
| Q2 25 | $20.7M | $-108.3M | ||
| Q1 25 | $8.1M | $-166.5M | ||
| Q4 24 | $8.3M | $-79.3M | ||
| Q3 24 | $27.4M | $-67.0M | ||
| Q2 24 | $32.2M | $-77.0M |
自由现金流BELFARARE
| Q1 26 | — | — | ||
| Q4 25 | $26.1M | $-100.8M | ||
| Q3 25 | $20.3M | $-92.7M | ||
| Q2 25 | $16.8M | $-110.7M | ||
| Q1 25 | $5.4M | $-167.8M | ||
| Q4 24 | $2.1M | $-79.5M | ||
| Q3 24 | $23.7M | $-68.6M | ||
| Q2 24 | $30.8M | $-79.0M |
自由现金流率BELFARARE
| Q1 26 | — | — | ||
| Q4 25 | 14.9% | -48.6% | ||
| Q3 25 | 11.4% | -58.0% | ||
| Q2 25 | 10.0% | -66.5% | ||
| Q1 25 | 3.5% | -120.5% | ||
| Q4 24 | 1.4% | -48.3% | ||
| Q3 24 | 19.2% | -49.2% | ||
| Q2 24 | 23.2% | -53.7% |
资本支出强度BELFARARE
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 0.5% | ||
| Q3 25 | 1.0% | 0.8% | ||
| Q2 25 | 2.3% | 1.5% | ||
| Q1 25 | 1.8% | 1.0% | ||
| Q4 24 | 4.1% | 0.1% | ||
| Q3 24 | 2.9% | 1.2% | ||
| Q2 24 | 1.0% | 1.4% |
现金转化率BELFARARE
| Q1 26 | 0.92× | — | ||
| Q4 25 | 4.59× | — | ||
| Q3 25 | 0.98× | — | ||
| Q2 25 | 0.77× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 1.30× | — | ||
| Q3 24 | 3.39× | — | ||
| Q2 24 | 1.71× | — |
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
BELFA
暂无分部数据
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
