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三维系统（DDD）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.的季度营收约是三维系统的2.0倍（$207.3M vs $106.3M），三维系统净利率更高（-18.4% vs -62.0%，领先43.7%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs -4.3%），三维系统自由现金流更多（$-16.6M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 1.6%）
3D Systems是一家总部位于美国南卡罗来纳州罗克希尔的企业，核心业务涵盖3D打印机、3D打印材料的研发生产与销售，同时提供3D打印零部件定制及应用工程服务，可产品概念模型、精密功能原型、工裝母模以及直接数字化生产零部件等产品，服务各行各业的数字化制造需求。
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。
DDD vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $106.3M | $207.3M |
| 净利润 | $-19.5M | $-128.6M |
| 毛利率 | 30.8% | — |
| 营业利润率 | -21.3% | -54.7% |
| 净利率 | -18.4% | -62.0% |
| 营收同比 | -4.3% | 25.9% |
| 净利润同比 | 41.7% | 3.5% |
| 每股收益（稀释后） | $0.04 | $-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 | $106.3M | $207.3M | ||
| Q3 25 | $91.2M | $159.9M | ||
| Q2 25 | $94.8M | $166.5M | ||
| Q1 25 | $94.5M | $139.3M | ||
| Q4 24 | $111.0M | $164.6M | ||
| Q3 24 | $112.9M | $139.5M | ||
| Q2 24 | $113.3M | $147.0M | ||
| Q1 24 | $102.9M | $108.8M |
| Q4 25 | $-19.5M | $-128.6M | ||
| Q3 25 | $-18.1M | $-180.4M | ||
| Q2 25 | $104.4M | $-115.0M | ||
| Q1 25 | $-37.0M | $-151.1M | ||
| Q4 24 | $-33.5M | $-133.2M | ||
| Q3 24 | $-178.6M | $-133.5M | ||
| Q2 24 | $-27.3M | $-131.6M | ||
| Q1 24 | $-16.0M | $-170.7M |
| Q4 25 | 30.8% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 38.1% | — | ||
| Q1 25 | 34.6% | — | ||
| Q4 24 | 31.0% | — | ||
| Q3 24 | 36.9% | — | ||
| Q2 24 | 41.6% | — | ||
| Q1 24 | 39.8% | — |
| Q4 25 | -21.3% | -54.7% | ||
| Q3 25 | -23.4% | -106.9% | ||
| Q2 25 | -16.2% | -64.8% | ||
| Q1 25 | -38.9% | -102.6% | ||
| Q4 24 | -27.4% | -74.3% | ||
| Q3 24 | -160.0% | -94.6% | ||
| Q2 24 | -23.3% | -79.1% | ||
| Q1 24 | -38.7% | -151.9% |
| Q4 25 | -18.4% | -62.0% | ||
| Q3 25 | -19.8% | -112.8% | ||
| Q2 25 | 110.1% | -69.0% | ||
| Q1 25 | -39.1% | -108.5% | ||
| Q4 24 | -30.1% | -80.9% | ||
| Q3 24 | -158.2% | -95.7% | ||
| Q2 24 | -24.1% | -89.5% | ||
| Q1 24 | -15.5% | -156.8% |
| Q4 25 | $0.04 | $-1.28 | ||
| Q3 25 | $-0.14 | $-1.81 | ||
| Q2 25 | $0.57 | $-1.17 | ||
| Q1 25 | $-0.28 | $-1.57 | ||
| Q4 24 | $-0.26 | $-1.34 | ||
| Q3 24 | $-1.35 | $-1.40 | ||
| Q2 24 | $-0.21 | $-1.52 | ||
| Q1 24 | $-0.12 | $-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 | $95.6M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $240.4M | $-80.0M |
| 总资产 | $521.7M | $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 | $95.6M | $421.0M | ||
| Q3 25 | $95.5M | $202.5M | ||
| Q2 25 | $116.4M | $176.3M | ||
| Q1 25 | $135.0M | $127.1M | ||
| Q4 24 | $171.3M | $174.0M | ||
| Q3 24 | $190.0M | $150.6M | ||
| Q2 24 | $192.7M | $480.7M | ||
| Q1 24 | $212.0M | $112.3M |
| Q4 25 | $240.4M | $-80.0M | ||
| Q3 25 | $221.1M | $9.2M | ||
| Q2 25 | $241.2M | $151.3M | ||
| Q1 25 | $145.6M | $144.2M | ||
| Q4 24 | $176.2M | $255.0M | ||
| Q3 24 | $218.0M | $346.8M | ||
| Q2 24 | $381.7M | $432.4M | ||
| Q1 24 | $408.4M | $140.3M |
| Q4 25 | $521.7M | $1.5B | ||
| Q3 25 | $554.5M | $1.2B | ||
| Q2 25 | $587.8M | $1.3B | ||
| Q1 25 | $583.4M | $1.3B | ||
| Q4 24 | $608.8M | $1.5B | ||
| Q3 24 | $658.3M | $1.5B | ||
| Q2 24 | $821.5M | $1.6B | ||
| Q1 24 | $857.2M | $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 | $-14.7M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $-16.6M | $-100.8M |
| 自由现金流率自由现金流/营收 | -15.7% | -48.6% |
| 资本支出强度资本支出/营收 | 1.8% | 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 | $-97.8M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-14.7M | $-99.8M | ||
| Q3 25 | $-13.5M | $-91.4M | ||
| Q2 25 | $-25.8M | $-108.3M | ||
| Q1 25 | $-33.8M | $-166.5M | ||
| Q4 24 | $-7.8M | $-79.3M | ||
| Q3 24 | $-801.0K | $-67.0M | ||
| Q2 24 | $-10.8M | $-77.0M | ||
| Q1 24 | $-25.5M | $-190.7M |
| Q4 25 | $-16.6M | $-100.8M | ||
| Q3 25 | $-15.8M | $-92.7M | ||
| Q2 25 | $-28.8M | $-110.7M | ||
| Q1 25 | $-36.6M | $-167.8M | ||
| Q4 24 | $-13.1M | $-79.5M | ||
| Q3 24 | $-4.4M | $-68.6M | ||
| Q2 24 | $-14.7M | $-79.0M | ||
| Q1 24 | $-28.7M | $-193.9M |
| Q4 25 | -15.7% | -48.6% | ||
| Q3 25 | -17.3% | -58.0% | ||
| Q2 25 | -30.4% | -66.5% | ||
| Q1 25 | -38.7% | -120.5% | ||
| Q4 24 | -11.8% | -48.3% | ||
| Q3 24 | -3.9% | -49.2% | ||
| Q2 24 | -13.0% | -53.7% | ||
| Q1 24 | -27.9% | -178.2% |
| Q4 25 | 1.8% | 0.5% | ||
| Q3 25 | 2.5% | 0.8% | ||
| Q2 25 | 3.1% | 1.5% | ||
| Q1 25 | 3.0% | 1.0% | ||
| Q4 24 | 4.8% | 0.1% | ||
| Q3 24 | 3.2% | 1.2% | ||
| Q2 24 | 3.5% | 1.4% | ||
| Q1 24 | 3.1% | 3.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.25× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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
DDD
| Products | $62.6M | 59% |
| Services | $43.7M | 41% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
