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杜比实验室（DLB）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
杜比实验室的季度营收约是Ultragenyx Pharmaceutical Inc.的1.7倍（$346.7M vs $207.3M），杜比实验室净利率更高（15.4% vs -62.0%，领先77.4%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs -2.9%），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 9.6%）
杜比实验室是一家美国科技企业，专注于音频降噪、音频编码压缩、空间音频及高动态范围（HDR）影像等技术的研发，旗下技术广泛授权给全球各地的消费电子制造商使用，助力终端产品为用户带来更出色的视听体验。
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。
DLB vs RARE — 直观对比
营收规模更大
DLB
是对方的1.7倍
$207.3M
营收增速更快
RARE
高出28.8%
-2.9%
净利率更高
DLB
高出77.4%
-62.0%
两年增速更快
RARE
近两年复合增速
9.6%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $346.7M | $207.3M |
| 净利润 | $53.3M | $-128.6M |
| 毛利率 | 87.5% | — |
| 营业利润率 | 17.9% | -54.7% |
| 净利率 | 15.4% | -62.0% |
| 营收同比 | -2.9% | 25.9% |
| 净利润同比 | -21.4% | 3.5% |
| 每股收益（稀释后） | $0.55 | $-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DLBRARE
| Q1 26 | $346.7M | — | ||
| Q4 25 | $346.7M | $207.3M | ||
| Q3 25 | $307.0M | $159.9M | ||
| Q2 25 | $315.5M | $166.5M | ||
| Q1 25 | $369.6M | $139.3M | ||
| Q4 24 | $357.0M | $164.6M | ||
| Q3 24 | $304.8M | $139.5M | ||
| Q2 24 | $288.8M | $147.0M |
净利润DLBRARE
| Q1 26 | $53.3M | — | ||
| Q4 25 | $53.3M | $-128.6M | ||
| Q3 25 | $49.3M | $-180.4M | ||
| Q2 25 | $46.1M | $-115.0M | ||
| Q1 25 | $91.8M | $-151.1M | ||
| Q4 24 | $67.8M | $-133.2M | ||
| Q3 24 | $58.6M | $-133.5M | ||
| Q2 24 | $38.4M | $-131.6M |
毛利率DLBRARE
| Q1 26 | 87.5% | — | ||
| Q4 25 | 87.5% | — | ||
| Q3 25 | 87.1% | — | ||
| Q2 25 | 86.1% | — | ||
| Q1 25 | 90.3% | — | ||
| Q4 24 | 88.6% | — | ||
| Q3 24 | 88.8% | — | ||
| Q2 24 | 87.7% | — |
营业利润率DLBRARE
| Q1 26 | 17.9% | — | ||
| Q4 25 | 17.9% | -54.7% | ||
| Q3 25 | 9.7% | -106.9% | ||
| Q2 25 | 15.1% | -64.8% | ||
| Q1 25 | 29.2% | -102.6% | ||
| Q4 24 | 22.4% | -74.3% | ||
| Q3 24 | 15.2% | -94.6% | ||
| Q2 24 | 12.7% | -79.1% |
净利率DLBRARE
| Q1 26 | 15.4% | — | ||
| Q4 25 | 15.4% | -62.0% | ||
| Q3 25 | 16.1% | -112.8% | ||
| Q2 25 | 14.6% | -69.0% | ||
| Q1 25 | 24.8% | -108.5% | ||
| Q4 24 | 19.0% | -80.9% | ||
| Q3 24 | 19.2% | -95.7% | ||
| Q2 24 | 13.3% | -89.5% |
每股收益（稀释后）DLBRARE
| Q1 26 | $0.55 | — | ||
| Q4 25 | $0.55 | $-1.28 | ||
| Q3 25 | $0.50 | $-1.81 | ||
| Q2 25 | $0.48 | $-1.17 | ||
| Q1 25 | $0.94 | $-1.57 | ||
| Q4 24 | $0.70 | $-1.34 | ||
| Q3 24 | $0.59 | $-1.40 | ||
| Q2 24 | $0.40 | $-1.52 |
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 | $644.6M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $-80.0M |
| 总资产 | $3.2B | $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DLBRARE
| Q1 26 | $644.6M | — | ||
| Q4 25 | $644.6M | $421.0M | ||
| Q3 25 | $702.6M | $202.5M | ||
| Q2 25 | $699.3M | $176.3M | ||
| Q1 25 | $626.6M | $127.1M | ||
| Q4 24 | $520.8M | $174.0M | ||
| Q3 24 | $482.0M | $150.6M | ||
| Q2 24 | $869.0M | $480.7M |
股东权益DLBRARE
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.6B | $-80.0M | ||
| Q3 25 | $2.6B | $9.2M | ||
| Q2 25 | $2.6B | $151.3M | ||
| Q1 25 | $2.6B | $144.2M | ||
| Q4 24 | $2.5B | $255.0M | ||
| Q3 24 | $2.5B | $346.8M | ||
| Q2 24 | $2.4B | $432.4M |
总资产DLBRARE
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $1.5B | ||
| Q3 25 | $3.2B | $1.2B | ||
| Q2 25 | $3.2B | $1.3B | ||
| Q1 25 | $3.2B | $1.3B | ||
| Q4 24 | $3.2B | $1.5B | ||
| Q3 24 | $3.1B | $1.5B | ||
| Q2 24 | $3.0B | $1.6B |
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 | $54.8M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-100.8M |
| 自由现金流率自由现金流/营收 | — | -48.6% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | 1.03× | — |
| 过去12个月自由现金流最近4个季度 | — | $-472.0M |
8季度趋势，按日历期对齐
经营现金流DLBRARE
| Q1 26 | $54.8M | — | ||
| Q4 25 | $54.8M | $-99.8M | ||
| Q3 25 | $472.2M | $-91.4M | ||
| Q2 25 | $67.7M | $-108.3M | ||
| Q1 25 | $174.9M | $-166.5M | ||
| Q4 24 | $106.8M | $-79.3M | ||
| Q3 24 | $327.3M | $-67.0M | ||
| Q2 24 | $21.3M | $-77.0M |
自由现金流DLBRARE
| Q1 26 | — | — | ||
| Q4 25 | $50.2M | $-100.8M | ||
| Q3 25 | $435.9M | $-92.7M | ||
| Q2 25 | $61.3M | $-110.7M | ||
| Q1 25 | $168.0M | $-167.8M | ||
| Q4 24 | $100.0M | $-79.5M | ||
| Q3 24 | $297.2M | $-68.6M | ||
| Q2 24 | $13.7M | $-79.0M |
自由现金流率DLBRARE
| Q1 26 | — | — | ||
| Q4 25 | 14.5% | -48.6% | ||
| Q3 25 | 142.0% | -58.0% | ||
| Q2 25 | 19.4% | -66.5% | ||
| Q1 25 | 45.5% | -120.5% | ||
| Q4 24 | 28.0% | -48.3% | ||
| Q3 24 | 97.5% | -49.2% | ||
| Q2 24 | 4.7% | -53.7% |
资本支出强度DLBRARE
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 0.5% | ||
| Q3 25 | 11.8% | 0.8% | ||
| Q2 25 | 2.0% | 1.5% | ||
| Q1 25 | 1.9% | 1.0% | ||
| Q4 24 | 1.9% | 0.1% | ||
| Q3 24 | 9.8% | 1.2% | ||
| Q2 24 | 2.6% | 1.4% |
现金转化率DLBRARE
| Q1 26 | 1.03× | — | ||
| Q4 25 | 1.03× | — | ||
| Q3 25 | 9.57× | — | ||
| Q2 25 | 1.47× | — | ||
| Q1 25 | 1.91× | — | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 5.59× | — | ||
| Q2 24 | 0.55× | — |
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
DLB
| Licensing | $319.8M | 92% |
| Products and services | $26.9M | 8% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
