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COMTECH TELECOMMUNICATIONS CORP（CMTL）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COMTECH TELECOMMUNICATIONS CORP的1.9倍（$207.3M vs $111.0M），COMTECH TELECOMMUNICATIONS CORP净利率更高（-14.3% vs -62.0%，领先47.7%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs -4.1%），COMTECH TELECOMMUNICATIONS CORP自由现金流更多（$4.8M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs -9.0%）
Comtech Telecommunications是一家总部位于美国的全球通信技术提供商，主营卫星通信系统、地面网络基础设施及定位服务，客户覆盖政府、国防、移动运营商和企业领域，为各类关键应用场景提供安全可靠的连接解决方案。
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。
CMTL vs RARE — 直观对比
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $111.0M | $207.3M |
| 净利润 | $-15.9M | $-128.6M |
| 毛利率 | 33.1% | — |
| 营业利润率 | -2.5% | -54.7% |
| 净利率 | -14.3% | -62.0% |
| 营收同比 | -4.1% | 25.9% |
| 净利润同比 | 89.3% | 3.5% |
| 每股收益（稀释后） | $-0.67 | $-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 | $111.0M | $207.3M | ||
| Q3 25 | $130.4M | $159.9M | ||
| Q2 25 | $126.8M | $166.5M | ||
| Q1 25 | $126.6M | $139.3M | ||
| Q4 24 | $115.8M | $164.6M | ||
| Q3 24 | $126.2M | $139.5M | ||
| Q2 24 | $128.1M | $147.0M | ||
| Q1 24 | $134.2M | $108.8M |
| Q4 25 | $-15.9M | $-128.6M | ||
| Q3 25 | $7.9M | $-180.4M | ||
| Q2 25 | $33.9M | $-115.0M | ||
| Q1 25 | $-48.7M | $-151.1M | ||
| Q4 24 | $-148.4M | $-133.2M | ||
| Q3 24 | $-90.8M | $-133.5M | ||
| Q2 24 | $2.8M | $-131.6M | ||
| Q1 24 | $-10.6M | $-170.7M |
| Q4 25 | 33.1% | — | ||
| Q3 25 | 31.2% | — | ||
| Q2 25 | 30.7% | — | ||
| Q1 25 | 26.7% | — | ||
| Q4 24 | 12.5% | — | ||
| Q3 24 | 21.5% | — | ||
| Q2 24 | 30.4% | — | ||
| Q1 24 | 32.2% | — |
| Q4 25 | -2.5% | -54.7% | ||
| Q3 25 | 1.4% | -106.9% | ||
| Q2 25 | -1.2% | -64.8% | ||
| Q1 25 | -8.1% | -102.6% | ||
| Q4 24 | -111.5% | -74.3% | ||
| Q3 24 | -64.6% | -94.6% | ||
| Q2 24 | -2.7% | -79.1% | ||
| Q1 24 | 2.2% | -151.9% |
| Q4 25 | -14.3% | -62.0% | ||
| Q3 25 | 6.1% | -112.8% | ||
| Q2 25 | 26.8% | -69.0% | ||
| Q1 25 | -38.5% | -108.5% | ||
| Q4 24 | -128.2% | -80.9% | ||
| Q3 24 | -71.9% | -95.7% | ||
| Q2 24 | 2.2% | -89.5% | ||
| Q1 24 | -7.9% | -156.8% |
| Q4 25 | $-0.67 | $-1.28 | ||
| Q3 25 | $-0.41 | $-1.81 | ||
| Q2 25 | $-0.49 | $-1.17 | ||
| Q1 25 | $-0.76 | $-1.57 | ||
| Q4 24 | $-5.29 | $-1.34 | ||
| Q3 24 | $-3.48 | $-1.40 | ||
| Q2 24 | $-0.04 | $-1.52 | ||
| Q1 24 | $-1.07 | $-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 | $43.6M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $85.6M | $-80.0M |
| 总资产 | $734.1M | $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 | $43.6M | $421.0M | ||
| Q3 25 | $40.0M | $202.5M | ||
| Q2 25 | $28.4M | $176.3M | ||
| Q1 25 | $26.7M | $127.1M | ||
| Q4 24 | $29.6M | $174.0M | ||
| Q3 24 | $32.4M | $150.6M | ||
| Q2 24 | $27.2M | $480.7M | ||
| Q1 24 | $40.0M | $112.3M |
| Q4 25 | $85.6M | $-80.0M | ||
| Q3 25 | $104.4M | $9.2M | ||
| Q2 25 | $115.4M | $151.3M | ||
| Q1 25 | $128.7M | $144.2M | ||
| Q4 24 | $150.4M | $255.0M | ||
| Q3 24 | $306.3M | $346.8M | ||
| Q2 24 | $406.4M | $432.4M | ||
| Q1 24 | $407.0M | $140.3M |
| Q4 25 | $734.1M | $1.5B | ||
| Q3 25 | $740.8M | $1.2B | ||
| Q2 25 | $751.1M | $1.3B | ||
| Q1 25 | $770.6M | $1.3B | ||
| Q4 24 | $793.2M | $1.5B | ||
| Q3 24 | $793.2M | $1.5B | ||
| Q2 24 | $991.0M | $1.6B | ||
| Q1 24 | $996.8M | $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 | $8.1M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $4.8M | $-100.8M |
| 自由现金流率自由现金流/营收 | 4.3% | -48.6% |
| 资本支出强度资本支出/营收 | 2.9% | 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 | $12.2M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $8.1M | $-99.8M | ||
| Q3 25 | $11.4M | $-91.4M | ||
| Q2 25 | $2.3M | $-108.3M | ||
| Q1 25 | $-234.0K | $-166.5M | ||
| Q4 24 | $-21.8M | $-79.3M | ||
| Q3 24 | $-9.5M | $-67.0M | ||
| Q2 24 | $-3.8M | $-77.0M | ||
| Q1 24 | $-26.7M | $-190.7M |
| Q4 25 | $4.8M | $-100.8M | ||
| Q3 25 | $9.4M | $-92.7M | ||
| Q2 25 | $-160.0K | $-110.7M | ||
| Q1 25 | $-1.9M | $-167.8M | ||
| Q4 24 | $-24.2M | $-79.5M | ||
| Q3 24 | $-12.4M | $-68.6M | ||
| Q2 24 | $-6.5M | $-79.0M | ||
| Q1 24 | $-30.9M | $-193.9M |
| Q4 25 | 4.3% | -48.6% | ||
| Q3 25 | 7.2% | -58.0% | ||
| Q2 25 | -0.1% | -66.5% | ||
| Q1 25 | -1.5% | -120.5% | ||
| Q4 24 | -20.9% | -48.3% | ||
| Q3 24 | -9.8% | -49.2% | ||
| Q2 24 | -5.0% | -53.7% | ||
| Q1 24 | -23.0% | -178.2% |
| Q4 25 | 2.9% | 0.5% | ||
| Q3 25 | 1.6% | 0.8% | ||
| Q2 25 | 1.9% | 1.5% | ||
| Q1 25 | 1.3% | 1.0% | ||
| Q4 24 | 2.1% | 0.1% | ||
| Q3 24 | 2.3% | 1.2% | ||
| Q2 24 | 2.1% | 1.4% | ||
| Q1 24 | 3.2% | 3.0% |
| Q4 25 | — | — | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 0.07× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -1.36× | — | ||
| Q1 24 | — | — |
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
CMTL
| Satellite And Space Communications Segment | $55.1M | 50% |
| Transferred At Point In Time | $39.4M | 36% |
| Satellite And Space Communications | $16.3M | 15% |
| Terrestrial And Wireless Networks | $1.1M | 1% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
