vs
鲍德温（BWIN）与Royalty Pharma plc（RPRX）财务数据对比。点击上方公司名可切换其他公司
Royalty Pharma plc的季度营收约是鲍德温的1.8倍（$622.0M vs $347.3M），Royalty Pharma plc净利率更高（34.4% vs -7.5%，领先41.9%），鲍德温同比增速更快（5.3% vs 4.8%），过去两年Royalty Pharma plc的营收复合增速更高（4.6% 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。
本公司是总部位于美国马萨诸塞州剑桥市的临床阶段生物制药企业，专注于研发可调节转化生长因子β（TGF-β）超家族蛋白的药物，该类蛋白在红细胞、肌肉、骨骼、血管等细胞与组织的生长修复过程中发挥核心作用。
BWIN vs RPRX — 直观对比
营收规模更大
RPRX
是对方的1.8倍
$347.3M
营收增速更快
BWIN
高出0.5%
4.8%
净利率更高
RPRX
高出41.9%
-7.5%
两年增速更快
RPRX
近两年复合增速
-4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $347.3M | $622.0M |
| 净利润 | $-25.9M | $214.2M |
| 毛利率 | — | — |
| 营业利润率 | -3.8% | 62.4% |
| 净利率 | -7.5% | 34.4% |
| 营收同比 | 5.3% | 4.8% |
| 净利润同比 | -28.3% | 2.9% |
| 每股收益（稀释后） | $-0.38 | $0.49 |
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BWINRPRX
| Q4 25 | $347.3M | $622.0M | ||
| Q3 25 | $365.4M | $609.3M | ||
| Q2 25 | $378.8M | $578.7M | ||
| Q1 25 | $413.4M | $568.2M | ||
| Q4 24 | $329.9M | $593.6M | ||
| Q3 24 | $338.9M | $564.7M | ||
| Q2 24 | $339.8M | $537.3M | ||
| Q1 24 | $380.4M | $568.0M |
净利润BWINRPRX
| Q4 25 | $-25.9M | $214.2M | ||
| Q3 25 | $-18.7M | $288.2M | ||
| Q2 25 | $-3.2M | $30.2M | ||
| Q1 25 | $13.9M | $238.3M | ||
| Q4 24 | $-20.2M | $208.2M | ||
| Q3 24 | $-8.4M | $544.0M | ||
| Q2 24 | $-17.6M | $102.0M | ||
| Q1 24 | $21.6M | $4.8M |
营业利润率BWINRPRX
| Q4 25 | -3.8% | 62.4% | ||
| Q3 25 | 0.9% | 70.1% | ||
| Q2 25 | 7.4% | 36.3% | ||
| Q1 25 | 13.6% | 94.0% | ||
| Q4 24 | -1.7% | 60.9% | ||
| Q3 24 | 4.5% | — | ||
| Q2 24 | 4.8% | 50.2% | ||
| Q1 24 | 9.0% | -13.0% |
净利率BWINRPRX
| Q4 25 | -7.5% | 34.4% | ||
| Q3 25 | -5.1% | 47.3% | ||
| Q2 25 | -0.8% | 5.2% | ||
| Q1 25 | 3.4% | 41.9% | ||
| Q4 24 | -6.2% | 35.1% | ||
| Q3 24 | -2.5% | 96.3% | ||
| Q2 24 | -5.2% | 19.0% | ||
| Q1 24 | 5.7% | 0.8% |
每股收益（稀释后）BWINRPRX
| Q4 25 | $-0.38 | $0.49 | ||
| Q3 25 | $-0.27 | $0.67 | ||
| Q2 25 | $-0.05 | $0.07 | ||
| Q1 25 | $0.20 | $0.55 | ||
| Q4 24 | $-0.31 | $0.46 | ||
| Q3 24 | $-0.13 | $1.21 | ||
| Q2 24 | $-0.28 | $0.23 | ||
| Q1 24 | $0.33 | $0.01 |
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 | $618.7M |
| 总债务越低越好 | — | $9.0B |
| 股东权益账面价值 | $600.2M | $9.7B |
| 总资产 | $3.9B | $19.6B |
| 负债/权益比越低杠杆越低 | — | 0.92× |
8季度趋势，按日历期对齐
现金及短期投资BWINRPRX
| Q4 25 | $123.7M | $618.7M | ||
| Q3 25 | $89.7M | $938.9M | ||
| Q2 25 | $105.7M | $631.9M | ||
| Q1 25 | $81.8M | $1.1B | ||
| Q4 24 | $90.0M | $929.0M | ||
| Q3 24 | $181.8M | $950.1M | ||
| Q2 24 | $208.3M | $1.8B | ||
| Q1 24 | $112.1M | $843.0M |
总债务BWINRPRX
| Q4 25 | — | $9.0B | ||
| Q3 25 | — | $8.9B | ||
| Q2 25 | — | $8.0B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $7.6B | ||
| Q3 24 | — | $7.6B | ||
| Q2 24 | — | $7.6B | ||
| Q1 24 | — | $6.1B |
股东权益BWINRPRX
| Q4 25 | $600.2M | $9.7B | ||
| Q3 25 | $619.7M | $9.6B | ||
| Q2 25 | $630.8M | $9.5B | ||
| Q1 25 | $619.6M | $9.8B | ||
| Q4 24 | $583.2M | $10.3B | ||
| Q3 24 | $595.4M | $10.3B | ||
| Q2 24 | $590.9M | $9.8B | ||
| Q1 24 | $597.9M | $9.9B |
总资产BWINRPRX
| Q4 25 | $3.9B | $19.6B | ||
| Q3 25 | $3.8B | $19.3B | ||
| Q2 25 | $3.7B | $18.3B | ||
| Q1 25 | $3.5B | $17.6B | ||
| Q4 24 | $3.5B | $18.2B | ||
| Q3 24 | $3.5B | $18.0B | ||
| Q2 24 | $3.7B | $17.7B | ||
| Q1 24 | $3.5B | $16.1B |
负债/权益比BWINRPRX
| Q4 25 | — | 0.92× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.84× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.74× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.62× |
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 | $827.1M |
| 自由现金流经营现金流 - 资本支出 | $-68.9M | — |
| 自由现金流率自由现金流/营收 | -19.9% | — |
| 资本支出强度资本支出/营收 | 11.4% | — |
| 现金转化率经营现金流/净利润 | — | 3.86× |
| 过去12个月自由现金流最近4个季度 | $-137.8M | — |
8季度趋势，按日历期对齐
经营现金流BWINRPRX
| Q4 25 | $-29.4M | $827.1M | ||
| Q3 25 | $41.0M | $702.6M | ||
| Q2 25 | $-16.7M | $364.0M | ||
| Q1 25 | $-64.0M | $596.1M | ||
| Q4 24 | $51.5M | $742.5M | ||
| Q3 24 | $32.4M | $703.6M | ||
| Q2 24 | $18.3M | $658.2M | ||
| Q1 24 | $3.0M | $664.6M |
自由现金流BWINRPRX
| Q4 25 | $-68.9M | — | ||
| Q3 25 | $32.2M | — | ||
| Q2 25 | $-28.1M | — | ||
| Q1 25 | $-72.9M | — | ||
| Q4 24 | $10.4M | — | ||
| Q3 24 | $22.2M | — | ||
| Q2 24 | $7.8M | — | ||
| Q1 24 | $-5.1M | — |
自由现金流率BWINRPRX
| Q4 25 | -19.9% | — | ||
| Q3 25 | 8.8% | — | ||
| Q2 25 | -7.4% | — | ||
| Q1 25 | -17.6% | — | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 2.3% | — | ||
| Q1 24 | -1.4% | — |
资本支出强度BWINRPRX
| Q4 25 | 11.4% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 12.4% | — | ||
| Q3 24 | 3.0% | — | ||
| Q2 24 | 3.1% | — | ||
| Q1 24 | 2.1% | — |
现金转化率BWINRPRX
| Q4 25 | — | 3.86× | ||
| Q3 25 | — | 2.44× | ||
| Q2 25 | — | 12.06× | ||
| Q1 25 | -4.59× | 2.50× | ||
| Q4 24 | — | 3.57× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 6.45× | ||
| Q1 24 | 0.14× | 139.10× |
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% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
