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拜玛林制药（BMRN）与Cloudflare, Inc.（NET）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Cloudflare, Inc.的1.4倍（$874.6M vs $614.5M），Cloudflare, Inc.净利率更高（-2.0% vs -5.3%，领先3.4%），Cloudflare, Inc.同比增速更快（33.6% vs 17.0%），Cloudflare, Inc.自由现金流更多（$105.2M vs $58.9M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% 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。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
BMRN vs NET — 直观对比
营收规模更大
BMRN
是对方的1.4倍
$614.5M
营收增速更快
NET
高出16.6%
17.0%
净利率更高
NET
高出3.4%
-5.3%
自由现金流更多
NET
多$46.3M
$58.9M
两年增速更快
NET
近两年复合增速
16.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $874.6M | $614.5M |
| 净利润 | $-46.6M | $-12.1M |
| 毛利率 | 68.5% | 73.6% |
| 营业利润率 | -5.1% | -8.0% |
| 净利率 | -5.3% | -2.0% |
| 营收同比 | 17.0% | 33.6% |
| 净利润同比 | -137.3% | 6.0% |
| 每股收益（稀释后） | $-0.22 | $-0.03 |
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BMRNNET
| Q4 25 | $874.6M | $614.5M | ||
| Q3 25 | $776.1M | $562.0M | ||
| Q2 25 | $825.4M | $512.3M | ||
| Q1 25 | $745.1M | $479.1M | ||
| Q4 24 | $747.3M | $459.9M | ||
| Q3 24 | $745.7M | $430.1M | ||
| Q2 24 | $712.0M | $401.0M | ||
| Q1 24 | $648.8M | $378.6M |
净利润BMRNNET
| Q4 25 | $-46.6M | $-12.1M | ||
| Q3 25 | $-30.7M | $-1.3M | ||
| Q2 25 | $240.5M | $-50.4M | ||
| Q1 25 | $185.7M | $-38.5M | ||
| Q4 24 | $124.9M | $-12.8M | ||
| Q3 24 | $106.1M | $-15.3M | ||
| Q2 24 | $107.2M | $-15.1M | ||
| Q1 24 | $88.7M | $-35.5M |
毛利率BMRNNET
| Q4 25 | 68.5% | 73.6% | ||
| Q3 25 | 82.0% | 74.0% | ||
| Q2 25 | 81.8% | 74.9% | ||
| Q1 25 | 79.7% | 75.9% | ||
| Q4 24 | 81.8% | 76.4% | ||
| Q3 24 | 74.7% | 77.7% | ||
| Q2 24 | 81.7% | 77.8% | ||
| Q1 24 | 80.7% | 77.5% |
营业利润率BMRNNET
| Q4 25 | -5.1% | -8.0% | ||
| Q3 25 | -6.0% | -6.7% | ||
| Q2 25 | 33.5% | -13.1% | ||
| Q1 25 | 30.0% | -11.1% | ||
| Q4 24 | 21.6% | -7.5% | ||
| Q3 24 | 15.3% | -7.2% | ||
| Q2 24 | 16.9% | -8.7% | ||
| Q1 24 | 13.6% | -14.4% |
净利率BMRNNET
| Q4 25 | -5.3% | -2.0% | ||
| Q3 25 | -4.0% | -0.2% | ||
| Q2 25 | 29.1% | -9.8% | ||
| Q1 25 | 24.9% | -8.0% | ||
| Q4 24 | 16.7% | -2.8% | ||
| Q3 24 | 14.2% | -3.6% | ||
| Q2 24 | 15.1% | -3.8% | ||
| Q1 24 | 13.7% | -9.4% |
每股收益（稀释后）BMRNNET
| Q4 25 | $-0.22 | $-0.03 | ||
| Q3 25 | $-0.16 | $0.00 | ||
| Q2 25 | $1.23 | $-0.15 | ||
| Q1 25 | $0.95 | $-0.11 | ||
| Q4 24 | $0.65 | $-0.05 | ||
| Q3 24 | $0.55 | $-0.04 | ||
| Q2 24 | $0.55 | $-0.04 | ||
| Q1 24 | $0.46 | $-0.10 |
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 | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $6.1B | $1.5B |
| 总资产 | $7.6B | $6.0B |
| 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BMRNNET
| Q4 25 | $1.3B | $943.5M | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $1.0B | $204.5M | ||
| Q4 24 | $942.8M | $147.7M | ||
| Q3 24 | $675.4M | $182.9M | ||
| Q2 24 | $972.1M | $157.0M | ||
| Q1 24 | $747.0M | $254.4M |
股东权益BMRNNET
| Q4 25 | $6.1B | $1.5B | ||
| Q3 25 | $6.1B | $1.3B | ||
| Q2 25 | $6.0B | $1.2B | ||
| Q1 25 | $5.8B | $1.4B | ||
| Q4 24 | $5.7B | $1.0B | ||
| Q3 24 | $5.4B | $973.1M | ||
| Q2 24 | $5.3B | $881.5M | ||
| Q1 24 | $5.1B | $797.2M |
总资产BMRNNET
| Q4 25 | $7.6B | $6.0B | ||
| Q3 25 | $7.6B | $5.8B | ||
| Q2 25 | $7.5B | $5.6B | ||
| Q1 25 | $7.1B | $3.7B | ||
| Q4 24 | $7.0B | $3.3B | ||
| Q3 24 | $6.9B | $3.1B | ||
| Q2 24 | $7.1B | $2.9B | ||
| Q1 24 | $6.9B | $2.8B |
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 | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $58.9M | $105.2M |
| 自由现金流率自由现金流/营收 | 6.7% | 17.1% |
| 资本支出强度资本支出/营收 | 4.7% | 13.9% |
| 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 | $725.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流BMRNNET
| Q4 25 | $99.6M | $190.4M | ||
| Q3 25 | $368.7M | $167.1M | ||
| Q2 25 | $185.3M | $99.8M | ||
| Q1 25 | $174.4M | $145.8M | ||
| Q4 24 | $185.6M | $127.3M | ||
| Q3 24 | $221.5M | $104.7M | ||
| Q2 24 | $118.8M | $74.8M | ||
| Q1 24 | $47.0M | $73.6M |
自由现金流BMRNNET
| Q4 25 | $58.9M | $105.2M | ||
| Q3 25 | $340.2M | $82.5M | ||
| Q2 25 | $168.2M | $39.9M | ||
| Q1 25 | $157.6M | $59.9M | ||
| Q4 24 | $166.1M | $54.2M | ||
| Q3 24 | $203.0M | $54.5M | ||
| Q2 24 | $97.4M | $45.2M | ||
| Q1 24 | $20.9M | $41.5M |
自由现金流率BMRNNET
| Q4 25 | 6.7% | 17.1% | ||
| Q3 25 | 43.8% | 14.7% | ||
| Q2 25 | 20.4% | 7.8% | ||
| Q1 25 | 21.2% | 12.5% | ||
| Q4 24 | 22.2% | 11.8% | ||
| Q3 24 | 27.2% | 12.7% | ||
| Q2 24 | 13.7% | 11.3% | ||
| Q1 24 | 3.2% | 11.0% |
资本支出强度BMRNNET
| Q4 25 | 4.7% | 13.9% | ||
| Q3 25 | 3.7% | 15.1% | ||
| Q2 25 | 2.1% | 11.7% | ||
| Q1 25 | 2.3% | 17.9% | ||
| Q4 24 | 2.6% | 15.9% | ||
| Q3 24 | 2.5% | 11.7% | ||
| Q2 24 | 3.0% | 7.4% | ||
| Q1 24 | 4.0% | 8.5% |
现金转化率BMRNNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.77× | — | ||
| Q1 25 | 0.94× | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 2.09× | — | ||
| Q2 24 | 1.11× | — | ||
| Q1 24 | 0.53× | — |
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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
