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拜玛林制药（BMRN）与Dutch Bros Inc.（BROS）财务数据对比。点击上方公司名可切换其他公司
拜玛林制药的季度营收约是Dutch Bros Inc.的2.0倍（$874.6M vs $443.6M），Dutch Bros Inc.净利率更高（4.8% vs -5.3%，领先10.1%），Dutch Bros Inc.同比增速更快（29.4% vs 17.0%），拜玛林制药自由现金流更多（$58.9M vs $8.5M），过去两年Dutch Bros Inc.的营收复合增速更高（27.0% vs 16.1%）
拜玛林制药是总部位于美国加利福尼亚州圣拉斐尔的生物技术企业，在美洲、亚洲、欧洲多地设有办事机构及生产设施，核心业务聚焦酶替代疗法研发，是全球首个推出Ⅰ型粘多糖贮积症治疗药物拉罗尼酶及苯丙酮尿症治疗药物的企业。
Dutch Bros Inc.是美国上市得来速咖啡连锁品牌，1992年由戴恩·博尔斯马与特拉维斯·博尔斯马创立，原总部位于俄勒冈州格兰茨帕斯，2025年迁至亚利桑那州坦佩。品牌拥有直营及加盟门店，主力布局美国西部市场，目前扩张范围最东已覆盖佛罗里达州奥兰多。
BMRN vs BROS — 直观对比
营收规模更大
BMRN
是对方的2.0倍
$443.6M
营收增速更快
BROS
高出12.4%
17.0%
净利率更高
BROS
高出10.1%
-5.3%
自由现金流更多
BMRN
多$50.5M
$8.5M
两年增速更快
BROS
近两年复合增速
16.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $874.6M | $443.6M |
| 净利润 | $-46.6M | $21.4M |
| 毛利率 | 68.5% | 24.1% |
| 营业利润率 | -5.1% | 7.7% |
| 净利率 | -5.3% | 4.8% |
| 营收同比 | 17.0% | 29.4% |
| 净利润同比 | -137.3% | 491.6% |
| 每股收益（稀释后） | $-0.22 | $0.17 |
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BMRNBROS
| Q4 25 | $874.6M | $443.6M | ||
| Q3 25 | $776.1M | $423.6M | ||
| Q2 25 | $825.4M | $415.8M | ||
| Q1 25 | $745.1M | $355.2M | ||
| Q4 24 | $747.3M | $342.8M | ||
| Q3 24 | $745.7M | $338.2M | ||
| Q2 24 | $712.0M | $324.9M | ||
| Q1 24 | $648.8M | $275.1M |
净利润BMRNBROS
| Q4 25 | $-46.6M | $21.4M | ||
| Q3 25 | $-30.7M | $17.5M | ||
| Q2 25 | $240.5M | $25.6M | ||
| Q1 25 | $185.7M | $15.4M | ||
| Q4 24 | $124.9M | $3.6M | ||
| Q3 24 | $106.1M | $12.6M | ||
| Q2 24 | $107.2M | $11.9M | ||
| Q1 24 | $88.7M | $7.1M |
毛利率BMRNBROS
| Q4 25 | 68.5% | 24.1% | ||
| Q3 25 | 82.0% | 25.2% | ||
| Q2 25 | 81.8% | 28.9% | ||
| Q1 25 | 79.7% | 25.3% | ||
| Q4 24 | 81.8% | 25.7% | ||
| Q3 24 | 74.7% | 26.6% | ||
| Q2 24 | 81.7% | 27.8% | ||
| Q1 24 | 80.7% | 26.1% |
营业利润率BMRNBROS
| Q4 25 | -5.1% | 7.7% | ||
| Q3 25 | -6.0% | 9.8% | ||
| Q2 25 | 33.5% | 13.1% | ||
| Q1 25 | 30.0% | 8.7% | ||
| Q4 24 | 21.6% | 4.6% | ||
| Q3 24 | 15.3% | 9.6% | ||
| Q2 24 | 16.9% | 9.9% | ||
| Q1 24 | 13.6% | 9.3% |
净利率BMRNBROS
| Q4 25 | -5.3% | 4.8% | ||
| Q3 25 | -4.0% | 4.1% | ||
| Q2 25 | 29.1% | 6.2% | ||
| Q1 25 | 24.9% | 4.3% | ||
| Q4 24 | 16.7% | 1.1% | ||
| Q3 24 | 14.2% | 3.7% | ||
| Q2 24 | 15.1% | 3.7% | ||
| Q1 24 | 13.7% | 2.6% |
每股收益（稀释后）BMRNBROS
| Q4 25 | $-0.22 | $0.17 | ||
| Q3 25 | $-0.16 | $0.14 | ||
| Q2 25 | $1.23 | $0.20 | ||
| Q1 25 | $0.95 | $0.13 | ||
| Q4 24 | $0.65 | $0.03 | ||
| Q3 24 | $0.55 | $0.11 | ||
| Q2 24 | $0.55 | $0.12 | ||
| Q1 24 | $0.46 | $0.08 |
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 | $1.3B | $269.4M |
| 总债务越低越好 | — | $202.5M |
| 股东权益账面价值 | $6.1B | $680.8M |
| 总资产 | $7.6B | $3.0B |
| 负债/权益比越低杠杆越低 | — | 0.30× |
8季度趋势，按日历期对齐
现金及短期投资BMRNBROS
| Q4 25 | $1.3B | $269.4M | ||
| Q3 25 | $1.3B | $267.2M | ||
| Q2 25 | $1.2B | $254.4M | ||
| Q1 25 | $1.0B | $316.4M | ||
| Q4 24 | $942.8M | $293.4M | ||
| Q3 24 | $675.4M | $281.1M | ||
| Q2 24 | $972.1M | $260.9M | ||
| Q1 24 | $747.0M | $262.7M |
总债务BMRNBROS
| Q4 25 | — | $202.5M | ||
| Q3 25 | — | $202.3M | ||
| Q2 25 | — | $203.3M | ||
| Q1 25 | — | $284.2M | ||
| Q4 24 | — | $238.0M | ||
| Q3 24 | — | $241.2M | ||
| Q2 24 | — | $244.3M | ||
| Q1 24 | — | $247.5M |
股东权益BMRNBROS
| Q4 25 | $6.1B | $680.8M | ||
| Q3 25 | $6.1B | $656.6M | ||
| Q2 25 | $6.0B | $636.2M | ||
| Q1 25 | $5.8B | $599.1M | ||
| Q4 24 | $5.7B | $537.4M | ||
| Q3 24 | $5.4B | $523.1M | ||
| Q2 24 | $5.3B | $509.1M | ||
| Q1 24 | $5.1B | $417.1M |
总资产BMRNBROS
| Q4 25 | $7.6B | $3.0B | ||
| Q3 25 | $7.6B | $2.9B | ||
| Q2 25 | $7.5B | $2.8B | ||
| Q1 25 | $7.1B | $2.8B | ||
| Q4 24 | $7.0B | $2.5B | ||
| Q3 24 | $6.9B | $2.4B | ||
| Q2 24 | $7.1B | $2.4B | ||
| Q1 24 | $6.9B | $2.1B |
负债/权益比BMRNBROS
| Q4 25 | — | 0.30× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.32× | ||
| Q1 25 | — | 0.47× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | — | 0.46× | ||
| Q2 24 | — | 0.48× | ||
| Q1 24 | — | 0.59× |
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 | $99.6M | $79.6M |
| 自由现金流经营现金流 - 资本支出 | $58.9M | $8.5M |
| 自由现金流率自由现金流/营收 | 6.7% | 1.9% |
| 资本支出强度资本支出/营收 | 4.7% | 16.0% |
| 现金转化率经营现金流/净利润 | — | 3.73× |
| 过去12个月自由现金流最近4个季度 | $725.0M | $54.4M |
8季度趋势，按日历期对齐
经营现金流BMRNBROS
| Q4 25 | $99.6M | $79.6M | ||
| Q3 25 | $368.7M | $89.1M | ||
| Q2 25 | $185.3M | $89.9M | ||
| Q1 25 | $174.4M | $36.9M | ||
| Q4 24 | $185.6M | $62.2M | ||
| Q3 24 | $221.5M | $83.5M | ||
| Q2 24 | $118.8M | $59.5M | ||
| Q1 24 | $47.0M | $41.2M |
自由现金流BMRNBROS
| Q4 25 | $58.9M | $8.5M | ||
| Q3 25 | $340.2M | $18.9M | ||
| Q2 25 | $168.2M | $35.7M | ||
| Q1 25 | $157.6M | $-8.7M | ||
| Q4 24 | $166.1M | $19.5M | ||
| Q3 24 | $203.0M | $26.4M | ||
| Q2 24 | $97.4M | $-4.9M | ||
| Q1 24 | $20.9M | $-16.3M |
自由现金流率BMRNBROS
| Q4 25 | 6.7% | 1.9% | ||
| Q3 25 | 43.8% | 4.5% | ||
| Q2 25 | 20.4% | 8.6% | ||
| Q1 25 | 21.2% | -2.4% | ||
| Q4 24 | 22.2% | 5.7% | ||
| Q3 24 | 27.2% | 7.8% | ||
| Q2 24 | 13.7% | -1.5% | ||
| Q1 24 | 3.2% | -5.9% |
资本支出强度BMRNBROS
| Q4 25 | 4.7% | 16.0% | ||
| Q3 25 | 3.7% | 16.6% | ||
| Q2 25 | 2.1% | 13.0% | ||
| Q1 25 | 2.3% | 12.8% | ||
| Q4 24 | 2.6% | 12.5% | ||
| Q3 24 | 2.5% | 16.9% | ||
| Q2 24 | 3.0% | 19.8% | ||
| Q1 24 | 4.0% | 20.9% |
现金转化率BMRNBROS
| Q4 25 | — | 3.73× | ||
| Q3 25 | — | 5.09× | ||
| Q2 25 | 0.77× | 3.51× | ||
| Q1 25 | 0.94× | 2.40× | ||
| Q4 24 | 1.49× | 17.23× | ||
| Q3 24 | 2.09× | 6.60× | ||
| Q2 24 | 1.11× | 4.99× | ||
| Q1 24 | 0.53× | 5.83× |
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
BMRN
| VOXZOGO | $273.4M | 31% |
| VIMIZIM | $205.5M | 24% |
| PALYNZIQ | $125.3M | 14% |
| NAGLAZYME | $120.2M | 14% |
| Other | $49.4M | 6% |
| ALDURAZYME | $49.4M | 6% |
| KUVAN | $23.3M | 3% |
| Royalty And Other | $15.2M | 2% |
| ROCTAVIAN | $12.8M | 1% |
BROS
| Company Operated Shops | $409.6M | 92% |
| Franchise Fees | $32.3M | 7% |
| Other | $1.8M | 0% |
