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BLACKLINE, INC.（BL）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BLACKLINE, INC.的1.1倍（$207.3M vs $183.2M），BLACKLINE, INC.净利率更高（2.7% vs -62.0%，领先64.7%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 8.1%），BLACKLINE, INC.自由现金流更多（$26.1M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 7.9%）
BlackLine是一家美国企业级软件公司，总部位于洛杉矶，在全球设有17个办事处，专注于开发云服务，可实现财务结账全流程自动化与管理，同时覆盖财务合并、发票到回款流程及公司间会计核算等业务场景。
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。
BL vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $183.2M | $207.3M |
| 净利润 | $4.9M | $-128.6M |
| 毛利率 | 75.2% | — |
| 营业利润率 | 3.7% | -54.7% |
| 净利率 | 2.7% | -62.0% |
| 营收同比 | 8.1% | 25.9% |
| 净利润同比 | -91.3% | 3.5% |
| 每股收益（稀释后） | $0.07 | $-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
| Q4 25 | $183.2M | $207.3M | ||
| Q3 25 | $178.3M | $159.9M | ||
| Q2 25 | $172.0M | $166.5M | ||
| Q1 25 | $166.9M | $139.3M | ||
| Q4 24 | $169.5M | $164.6M | ||
| Q3 24 | $165.9M | $139.5M | ||
| Q2 24 | $160.5M | $147.0M | ||
| Q1 24 | $157.5M | $108.8M |
| Q4 25 | $4.9M | $-128.6M | ||
| Q3 25 | $5.3M | $-180.4M | ||
| Q2 25 | $8.3M | $-115.0M | ||
| Q1 25 | $6.1M | $-151.1M | ||
| Q4 24 | $56.4M | $-133.2M | ||
| Q3 24 | $17.2M | $-133.5M | ||
| Q2 24 | $76.7M | $-131.6M | ||
| Q1 24 | $10.8M | $-170.7M |
| Q4 25 | 75.2% | — | ||
| Q3 25 | 75.1% | — | ||
| Q2 25 | 75.2% | — | ||
| Q1 25 | 75.5% | — | ||
| Q4 24 | 75.6% | — | ||
| Q3 24 | 75.2% | — | ||
| Q2 24 | 74.9% | — | ||
| Q1 24 | 75.2% | — |
| Q4 25 | 3.7% | -54.7% | ||
| Q3 25 | 4.3% | -106.9% | ||
| Q2 25 | 4.4% | -64.8% | ||
| Q1 25 | 2.1% | -102.6% | ||
| Q4 24 | 3.7% | -74.3% | ||
| Q3 24 | 5.0% | -94.6% | ||
| Q2 24 | 1.4% | -79.1% | ||
| Q1 24 | 1.1% | -151.9% |
| Q4 25 | 2.7% | -62.0% | ||
| Q3 25 | 3.0% | -112.8% | ||
| Q2 25 | 4.8% | -69.0% | ||
| Q1 25 | 3.6% | -108.5% | ||
| Q4 24 | 33.3% | -80.9% | ||
| Q3 24 | 10.4% | -95.7% | ||
| Q2 24 | 47.8% | -89.5% | ||
| Q1 24 | 6.9% | -156.8% |
| Q4 25 | $0.07 | $-1.28 | ||
| Q3 25 | $0.09 | $-1.81 | ||
| Q2 25 | $0.13 | $-1.17 | ||
| Q1 25 | $0.10 | $-1.57 | ||
| Q4 24 | $0.79 | $-1.34 | ||
| Q3 24 | $0.27 | $-1.40 | ||
| Q2 24 | $0.22 | $-1.52 | ||
| Q1 24 | $0.17 | $-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 | $390.0M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $332.3M | $-80.0M |
| 总资产 | $1.8B | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $390.0M | $421.0M | ||
| Q3 25 | $419.9M | $202.5M | ||
| Q2 25 | $459.1M | $176.3M | ||
| Q1 25 | $479.5M | $127.1M | ||
| Q4 24 | $885.9M | $174.0M | ||
| Q3 24 | $725.3M | $150.6M | ||
| Q2 24 | $616.6M | $480.7M | ||
| Q1 24 | $331.4M | $112.3M |
| Q4 25 | $332.3M | $-80.0M | ||
| Q3 25 | $328.3M | $9.2M | ||
| Q2 25 | $414.0M | $151.3M | ||
| Q1 25 | $417.9M | $144.2M | ||
| Q4 24 | $446.7M | $255.0M | ||
| Q3 24 | $367.9M | $346.8M | ||
| Q2 24 | $325.8M | $432.4M | ||
| Q1 24 | $279.8M | $140.3M |
| Q4 25 | $1.8B | $1.5B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | $1.8B | $1.3B | ||
| Q4 24 | $1.8B | $1.5B | ||
| Q3 24 | $1.7B | $1.5B | ||
| Q2 24 | $1.9B | $1.6B | ||
| Q1 24 | $2.1B | $1.3B |
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 | $26.7M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $26.1M | $-100.8M |
| 自由现金流率自由现金流/营收 | 14.2% | -48.6% |
| 资本支出强度资本支出/营收 | 0.3% | 0.5% |
| 现金转化率经营现金流/净利润 | 5.46× | — |
| 过去12个月自由现金流最近4个季度 | $161.5M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $26.7M | $-99.8M | ||
| Q3 25 | $63.8M | $-91.4M | ||
| Q2 25 | $32.3M | $-108.3M | ||
| Q1 25 | $46.7M | $-166.5M | ||
| Q4 24 | $43.8M | $-79.3M | ||
| Q3 24 | $55.9M | $-67.0M | ||
| Q2 24 | $40.7M | $-77.0M | ||
| Q1 24 | $50.4M | $-190.7M |
| Q4 25 | $26.1M | $-100.8M | ||
| Q3 25 | $63.3M | $-92.7M | ||
| Q2 25 | $31.4M | $-110.7M | ||
| Q1 25 | $40.8M | $-167.8M | ||
| Q4 24 | $43.0M | $-79.5M | ||
| Q3 24 | $55.5M | $-68.6M | ||
| Q2 24 | $40.0M | $-79.0M | ||
| Q1 24 | $50.1M | $-193.9M |
| Q4 25 | 14.2% | -48.6% | ||
| Q3 25 | 35.5% | -58.0% | ||
| Q2 25 | 18.2% | -66.5% | ||
| Q1 25 | 24.4% | -120.5% | ||
| Q4 24 | 25.4% | -48.3% | ||
| Q3 24 | 33.5% | -49.2% | ||
| Q2 24 | 24.9% | -53.7% | ||
| Q1 24 | 31.8% | -178.2% |
| Q4 25 | 0.3% | 0.5% | ||
| Q3 25 | 0.3% | 0.8% | ||
| Q2 25 | 0.6% | 1.5% | ||
| Q1 25 | 3.6% | 1.0% | ||
| Q4 24 | 0.4% | 0.1% | ||
| Q3 24 | 0.2% | 1.2% | ||
| Q2 24 | 0.4% | 1.4% | ||
| Q1 24 | 0.2% | 3.0% |
| Q4 25 | 5.46× | — | ||
| Q3 25 | 12.07× | — | ||
| Q2 25 | 3.90× | — | ||
| Q1 25 | 7.72× | — | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | 3.24× | — | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 4.66× | — |
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
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
