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多邻国（DUOL）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
多邻国的季度营收约是Ultragenyx Pharmaceutical Inc.的1.4倍（$282.9M vs $207.3M），多邻国净利率更高（14.8% vs -62.0%，领先76.9%），多邻国同比增速更快（35.0% vs 25.9%），多邻国自由现金流更多（$96.6M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 29.9%）
多邻国是全球知名教育科技企业，提供覆盖40余种语言的免费及付费游戏化自适应学习课程，同时推出官方语言能力认证、数学学习、扫盲教育等服务，面向个人用户、教育机构及企业客户提供多元学习解决方案。
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。
DUOL vs RARE — 直观对比
营收规模更大
DUOL
是对方的1.4倍
$207.3M
营收增速更快
DUOL
高出9.1%
25.9%
净利率更高
DUOL
高出76.9%
-62.0%
自由现金流更多
DUOL
多$197.3M
$-100.8M
两年增速更快
RARE
近两年复合增速
29.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $282.9M | $207.3M |
| 净利润 | $42.0M | $-128.6M |
| 毛利率 | 72.8% | — |
| 营业利润率 | 15.4% | -54.7% |
| 净利率 | 14.8% | -62.0% |
| 营收同比 | 35.0% | 25.9% |
| 净利润同比 | 201.7% | 3.5% |
| 每股收益（稀释后） | $0.99 | $-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DUOLRARE
| Q4 25 | $282.9M | $207.3M | ||
| Q3 25 | $271.7M | $159.9M | ||
| Q2 25 | $252.3M | $166.5M | ||
| Q1 25 | $230.7M | $139.3M | ||
| Q4 24 | $209.6M | $164.6M | ||
| Q3 24 | $192.6M | $139.5M | ||
| Q2 24 | $178.3M | $147.0M | ||
| Q1 24 | $167.6M | $108.8M |
净利润DUOLRARE
| Q4 25 | $42.0M | $-128.6M | ||
| Q3 25 | $292.2M | $-180.4M | ||
| Q2 25 | $44.8M | $-115.0M | ||
| Q1 25 | $35.1M | $-151.1M | ||
| Q4 24 | $13.9M | $-133.2M | ||
| Q3 24 | $23.4M | $-133.5M | ||
| Q2 24 | $24.4M | $-131.6M | ||
| Q1 24 | $27.0M | $-170.7M |
毛利率DUOLRARE
| Q4 25 | 72.8% | — | ||
| Q3 25 | 72.5% | — | ||
| Q2 25 | 72.4% | — | ||
| Q1 25 | 71.1% | — | ||
| Q4 24 | 71.9% | — | ||
| Q3 24 | 72.9% | — | ||
| Q2 24 | 73.4% | — | ||
| Q1 24 | 73.0% | — |
营业利润率DUOLRARE
| Q4 25 | 15.4% | -54.7% | ||
| Q3 25 | 12.9% | -106.9% | ||
| Q2 25 | 13.2% | -64.8% | ||
| Q1 25 | 10.2% | -102.6% | ||
| Q4 24 | 6.6% | -74.3% | ||
| Q3 24 | 7.0% | -94.6% | ||
| Q2 24 | 10.5% | -79.1% | ||
| Q1 24 | 9.8% | -151.9% |
净利率DUOLRARE
| Q4 25 | 14.8% | -62.0% | ||
| Q3 25 | 107.5% | -112.8% | ||
| Q2 25 | 17.8% | -69.0% | ||
| Q1 25 | 15.2% | -108.5% | ||
| Q4 24 | 6.6% | -80.9% | ||
| Q3 24 | 12.1% | -95.7% | ||
| Q2 24 | 13.7% | -89.5% | ||
| Q1 24 | 16.1% | -156.8% |
每股收益（稀释后）DUOLRARE
| Q4 25 | $0.99 | $-1.28 | ||
| Q3 25 | $5.95 | $-1.81 | ||
| Q2 25 | $0.91 | $-1.17 | ||
| Q1 25 | $0.72 | $-1.57 | ||
| Q4 24 | $0.31 | $-1.34 | ||
| Q3 24 | $0.49 | $-1.40 | ||
| Q2 24 | $0.51 | $-1.52 | ||
| Q1 24 | $0.57 | $-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 | $1.0B | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.3B | $-80.0M |
| 总资产 | $2.0B | $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DUOLRARE
| Q4 25 | $1.0B | $421.0M | ||
| Q3 25 | $1.0B | $202.5M | ||
| Q2 25 | $976.2M | $176.3M | ||
| Q1 25 | $884.0M | $127.1M | ||
| Q4 24 | $785.8M | $174.0M | ||
| Q3 24 | $854.4M | $150.6M | ||
| Q2 24 | $888.2M | $480.7M | ||
| Q1 24 | $829.7M | $112.3M |
股东权益DUOLRARE
| Q4 25 | $1.3B | $-80.0M | ||
| Q3 25 | $1.3B | $9.2M | ||
| Q2 25 | $977.0M | $151.3M | ||
| Q1 25 | $893.8M | $144.2M | ||
| Q4 24 | $824.5M | $255.0M | ||
| Q3 24 | $822.5M | $346.8M | ||
| Q2 24 | $766.9M | $432.4M | ||
| Q1 24 | $711.1M | $140.3M |
总资产DUOLRARE
| Q4 25 | $2.0B | $1.5B | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $1.5B | $1.3B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.3B | $1.5B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.1B | $1.6B | ||
| Q1 24 | $1.1B | $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 | $107.3M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $96.6M | $-100.8M |
| 自由现金流率自由现金流/营收 | 34.1% | -48.6% |
| 资本支出强度资本支出/营收 | 3.8% | 0.5% |
| 现金转化率经营现金流/净利润 | 2.56× | — |
| 过去12个月自由现金流最近4个季度 | $369.7M | $-472.0M |
8季度趋势，按日历期对齐
经营现金流DUOLRARE
| Q4 25 | $107.3M | $-99.8M | ||
| Q3 25 | $84.2M | $-91.4M | ||
| Q2 25 | $90.7M | $-108.3M | ||
| Q1 25 | $105.6M | $-166.5M | ||
| Q4 24 | $83.3M | $-79.3M | ||
| Q3 24 | $56.3M | $-67.0M | ||
| Q2 24 | $62.4M | $-77.0M | ||
| Q1 24 | $83.5M | $-190.7M |
自由现金流DUOLRARE
| Q4 25 | $96.6M | $-100.8M | ||
| Q3 25 | $79.4M | $-92.7M | ||
| Q2 25 | $89.5M | $-110.7M | ||
| Q1 25 | $104.3M | $-167.8M | ||
| Q4 24 | $81.4M | $-79.5M | ||
| Q3 24 | $53.1M | $-68.6M | ||
| Q2 24 | $56.8M | $-79.0M | ||
| Q1 24 | $82.1M | $-193.9M |
自由现金流率DUOLRARE
| Q4 25 | 34.1% | -48.6% | ||
| Q3 25 | 29.2% | -58.0% | ||
| Q2 25 | 35.5% | -66.5% | ||
| Q1 25 | 45.2% | -120.5% | ||
| Q4 24 | 38.8% | -48.3% | ||
| Q3 24 | 27.6% | -49.2% | ||
| Q2 24 | 31.9% | -53.7% | ||
| Q1 24 | 49.0% | -178.2% |
资本支出强度DUOLRARE
| Q4 25 | 3.8% | 0.5% | ||
| Q3 25 | 1.8% | 0.8% | ||
| Q2 25 | 0.5% | 1.5% | ||
| Q1 25 | 0.6% | 1.0% | ||
| Q4 24 | 0.9% | 0.1% | ||
| Q3 24 | 1.7% | 1.2% | ||
| Q2 24 | 3.1% | 1.4% | ||
| Q1 24 | 0.8% | 3.0% |
现金转化率DUOLRARE
| Q4 25 | 2.56× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 3.01× | — | ||
| Q4 24 | 5.99× | — | ||
| Q3 24 | 2.41× | — | ||
| Q2 24 | 2.56× | — | ||
| Q1 24 | 3.10× | — |
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
DUOL
| License And Service | $242.3M | 86% |
| Advertising | $20.2M | 7% |
| English Test | $10.3M | 4% |
| Other | $10.1M | 4% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
