vs
鲍德温（BWIN）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
鲍德温的季度营收约是Ultragenyx Pharmaceutical Inc.的1.7倍（$347.3M vs $207.3M），鲍德温净利率更高（-7.5% vs -62.0%，领先54.5%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 5.3%），鲍德温自由现金流更多（$-68.9M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs -4.4%）
鲍德温钢琴是美国知名钢琴品牌，曾是美国最大的键盘乐器制造商，主打 slogan 为「美国人最喜爱的钢琴」。2001年起成为吉普森品牌旗下子公司，2008年12月停止美国本土生产，将钢琴制造生产线迁至中国。
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。
BWIN vs RARE — 直观对比
营收规模更大
BWIN
是对方的1.7倍
$207.3M
营收增速更快
RARE
高出20.6%
5.3%
净利率更高
BWIN
高出54.5%
-62.0%
自由现金流更多
BWIN
多$31.8M
$-100.8M
两年增速更快
RARE
近两年复合增速
-4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $347.3M | $207.3M |
| 净利润 | $-25.9M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | -3.8% | -54.7% |
| 净利率 | -7.5% | -62.0% |
| 营收同比 | 5.3% | 25.9% |
| 净利润同比 | -28.3% | 3.5% |
| 每股收益（稀释后） | $-0.38 | $-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BWINRARE
| Q4 25 | $347.3M | $207.3M | ||
| Q3 25 | $365.4M | $159.9M | ||
| Q2 25 | $378.8M | $166.5M | ||
| Q1 25 | $413.4M | $139.3M | ||
| Q4 24 | $329.9M | $164.6M | ||
| Q3 24 | $338.9M | $139.5M | ||
| Q2 24 | $339.8M | $147.0M | ||
| Q1 24 | $380.4M | $108.8M |
净利润BWINRARE
| Q4 25 | $-25.9M | $-128.6M | ||
| Q3 25 | $-18.7M | $-180.4M | ||
| Q2 25 | $-3.2M | $-115.0M | ||
| Q1 25 | $13.9M | $-151.1M | ||
| Q4 24 | $-20.2M | $-133.2M | ||
| Q3 24 | $-8.4M | $-133.5M | ||
| Q2 24 | $-17.6M | $-131.6M | ||
| Q1 24 | $21.6M | $-170.7M |
营业利润率BWINRARE
| Q4 25 | -3.8% | -54.7% | ||
| Q3 25 | 0.9% | -106.9% | ||
| Q2 25 | 7.4% | -64.8% | ||
| Q1 25 | 13.6% | -102.6% | ||
| Q4 24 | -1.7% | -74.3% | ||
| Q3 24 | 4.5% | -94.6% | ||
| Q2 24 | 4.8% | -79.1% | ||
| Q1 24 | 9.0% | -151.9% |
净利率BWINRARE
| Q4 25 | -7.5% | -62.0% | ||
| Q3 25 | -5.1% | -112.8% | ||
| Q2 25 | -0.8% | -69.0% | ||
| Q1 25 | 3.4% | -108.5% | ||
| Q4 24 | -6.2% | -80.9% | ||
| Q3 24 | -2.5% | -95.7% | ||
| Q2 24 | -5.2% | -89.5% | ||
| Q1 24 | 5.7% | -156.8% |
每股收益（稀释后）BWINRARE
| Q4 25 | $-0.38 | $-1.28 | ||
| Q3 25 | $-0.27 | $-1.81 | ||
| Q2 25 | $-0.05 | $-1.17 | ||
| Q1 25 | $0.20 | $-1.57 | ||
| Q4 24 | $-0.31 | $-1.34 | ||
| Q3 24 | $-0.13 | $-1.40 | ||
| Q2 24 | $-0.28 | $-1.52 | ||
| Q1 24 | $0.33 | $-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 | $123.7M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $600.2M | $-80.0M |
| 总资产 | $3.9B | $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BWINRARE
| Q4 25 | $123.7M | $421.0M | ||
| Q3 25 | $89.7M | $202.5M | ||
| Q2 25 | $105.7M | $176.3M | ||
| Q1 25 | $81.8M | $127.1M | ||
| Q4 24 | $90.0M | $174.0M | ||
| Q3 24 | $181.8M | $150.6M | ||
| Q2 24 | $208.3M | $480.7M | ||
| Q1 24 | $112.1M | $112.3M |
股东权益BWINRARE
| Q4 25 | $600.2M | $-80.0M | ||
| Q3 25 | $619.7M | $9.2M | ||
| Q2 25 | $630.8M | $151.3M | ||
| Q1 25 | $619.6M | $144.2M | ||
| Q4 24 | $583.2M | $255.0M | ||
| Q3 24 | $595.4M | $346.8M | ||
| Q2 24 | $590.9M | $432.4M | ||
| Q1 24 | $597.9M | $140.3M |
总资产BWINRARE
| Q4 25 | $3.9B | $1.5B | ||
| Q3 25 | $3.8B | $1.2B | ||
| Q2 25 | $3.7B | $1.3B | ||
| Q1 25 | $3.5B | $1.3B | ||
| Q4 24 | $3.5B | $1.5B | ||
| Q3 24 | $3.5B | $1.5B | ||
| Q2 24 | $3.7B | $1.6B | ||
| Q1 24 | $3.5B | $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 | $-29.4M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $-68.9M | $-100.8M |
| 自由现金流率自由现金流/营收 | -19.9% | -48.6% |
| 资本支出强度资本支出/营收 | 11.4% | 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 | $-137.8M | $-472.0M |
8季度趋势，按日历期对齐
经营现金流BWINRARE
| Q4 25 | $-29.4M | $-99.8M | ||
| Q3 25 | $41.0M | $-91.4M | ||
| Q2 25 | $-16.7M | $-108.3M | ||
| Q1 25 | $-64.0M | $-166.5M | ||
| Q4 24 | $51.5M | $-79.3M | ||
| Q3 24 | $32.4M | $-67.0M | ||
| Q2 24 | $18.3M | $-77.0M | ||
| Q1 24 | $3.0M | $-190.7M |
自由现金流BWINRARE
| Q4 25 | $-68.9M | $-100.8M | ||
| Q3 25 | $32.2M | $-92.7M | ||
| Q2 25 | $-28.1M | $-110.7M | ||
| Q1 25 | $-72.9M | $-167.8M | ||
| Q4 24 | $10.4M | $-79.5M | ||
| Q3 24 | $22.2M | $-68.6M | ||
| Q2 24 | $7.8M | $-79.0M | ||
| Q1 24 | $-5.1M | $-193.9M |
自由现金流率BWINRARE
| Q4 25 | -19.9% | -48.6% | ||
| Q3 25 | 8.8% | -58.0% | ||
| Q2 25 | -7.4% | -66.5% | ||
| Q1 25 | -17.6% | -120.5% | ||
| Q4 24 | 3.2% | -48.3% | ||
| Q3 24 | 6.6% | -49.2% | ||
| Q2 24 | 2.3% | -53.7% | ||
| Q1 24 | -1.4% | -178.2% |
资本支出强度BWINRARE
| Q4 25 | 11.4% | 0.5% | ||
| Q3 25 | 2.4% | 0.8% | ||
| Q2 25 | 3.0% | 1.5% | ||
| Q1 25 | 2.2% | 1.0% | ||
| Q4 24 | 12.4% | 0.1% | ||
| Q3 24 | 3.0% | 1.2% | ||
| Q2 24 | 3.1% | 1.4% | ||
| Q1 24 | 2.1% | 3.0% |
现金转化率BWINRARE
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.14× | — |
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
BWIN
| Insurance Advisory Solutions | $157.9M | 45% |
| Underwriting Capacity Technology Solutions | $129.5M | 37% |
| Consultingand Service Fee Revenue | $20.9M | 6% |
| Policy Feeand Installment Fee Revenue | $20.4M | 6% |
| Other | $7.3M | 2% |
| Earned Premium | $6.9M | 2% |
| Other Insurance Product Line | $4.4M | 1% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
