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eHealth, Inc.（EHTH）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
eHealth, Inc.的季度营收约是Ultragenyx Pharmaceutical Inc.的1.6倍（$326.2M vs $207.3M），eHealth, Inc.净利率更高（26.7% vs -62.0%，领先88.7%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 3.5%），eHealth, Inc.自由现金流更多（$-36.1M vs $-100.8M），过去两年eHealth, Inc.的营收复合增速更高（87.3% vs 38.0%）
eHealth, Inc.以eHealthInsurance品牌开展业务，是一家公开上市的健康保险在线交易平台，公司注册于特拉华州，总部位于加利福尼亚州圣克拉拉。该平台主要提供医疗保险相关计划，涵盖联邦医疗保险处方药计划、联邦医疗保险补充计划、优势计划等产品，同时也售卖个人健康保险产品，业务覆盖美国全部50个州及华盛顿特区。
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。
EHTH vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $326.2M | $207.3M |
| 净利润 | $87.2M | $-128.6M |
| 毛利率 | 55.3% | — |
| 营业利润率 | 38.7% | -54.7% |
| 净利率 | 26.7% | -62.0% |
| 营收同比 | 3.5% | 25.9% |
| 净利润同比 | -10.6% | 3.5% |
| 每股收益（稀释后） | $2.43 | $-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 | $326.2M | $207.3M | ||
| Q3 25 | $53.9M | $159.9M | ||
| Q2 25 | $60.8M | $166.5M | ||
| Q1 25 | $113.1M | $139.3M | ||
| Q4 24 | $315.2M | $164.6M | ||
| Q3 24 | $58.4M | $139.5M | ||
| Q2 24 | $65.9M | $147.0M | ||
| Q1 24 | $93.0M | $108.8M |
| Q4 25 | $87.2M | $-128.6M | ||
| Q3 25 | $-31.7M | $-180.4M | ||
| Q2 25 | $-17.4M | $-115.0M | ||
| Q1 25 | $1.9M | $-151.1M | ||
| Q4 24 | $97.5M | $-133.2M | ||
| Q3 24 | $-42.5M | $-133.5M | ||
| Q2 24 | $-28.0M | $-131.6M | ||
| Q1 24 | $-17.0M | $-170.7M |
| Q4 25 | 55.3% | — | ||
| Q3 25 | -0.3% | — | ||
| Q2 25 | 31.1% | — | ||
| Q1 25 | 36.9% | — | ||
| Q4 24 | 52.0% | — | ||
| Q3 24 | -6.5% | — | ||
| Q2 24 | 28.7% | — | ||
| Q1 24 | 31.7% | — |
| Q4 25 | 38.7% | -54.7% | ||
| Q3 25 | -77.1% | -106.9% | ||
| Q2 25 | -37.9% | -64.8% | ||
| Q1 25 | 4.2% | -102.6% | ||
| Q4 24 | 35.7% | -74.3% | ||
| Q3 24 | -74.0% | -94.6% | ||
| Q2 24 | -42.5% | -79.1% | ||
| Q1 24 | -19.3% | -151.9% |
| Q4 25 | 26.7% | -62.0% | ||
| Q3 25 | -58.8% | -112.8% | ||
| Q2 25 | -28.6% | -69.0% | ||
| Q1 25 | 1.7% | -108.5% | ||
| Q4 24 | 30.9% | -80.9% | ||
| Q3 24 | -72.7% | -95.7% | ||
| Q2 24 | -42.5% | -89.5% | ||
| Q1 24 | -18.3% | -156.8% |
| Q4 25 | $2.43 | $-1.28 | ||
| Q3 25 | $-1.46 | $-1.81 | ||
| Q2 25 | $-0.98 | $-1.17 | ||
| Q1 25 | $-0.33 | $-1.57 | ||
| Q4 24 | $2.93 | $-1.34 | ||
| Q3 24 | $-1.83 | $-1.40 | ||
| Q2 24 | $-1.33 | $-1.52 | ||
| Q1 24 | $-0.96 | $-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 | $73.7M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $591.6M | $-80.0M |
| 总资产 | $1.3B | $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 | $73.7M | $421.0M | ||
| Q3 25 | $63.1M | $202.5M | ||
| Q2 25 | $65.9M | $176.3M | ||
| Q1 25 | $121.1M | $127.1M | ||
| Q4 24 | $39.2M | $174.0M | ||
| Q3 24 | $64.0M | $150.6M | ||
| Q2 24 | $126.3M | $480.7M | ||
| Q1 24 | $175.0M | $112.3M |
| Q4 25 | $591.6M | $-80.0M | ||
| Q3 25 | $514.2M | $9.2M | ||
| Q2 25 | $554.9M | $151.3M | ||
| Q1 25 | $581.6M | $144.2M | ||
| Q4 24 | $588.4M | $255.0M | ||
| Q3 24 | $499.3M | $346.8M | ||
| Q2 24 | $548.9M | $432.4M | ||
| Q1 24 | $582.8M | $140.3M |
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $1.1B | $1.3B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.2B | $1.5B | ||
| Q3 24 | $1.0B | $1.5B | ||
| Q2 24 | $1.0B | $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 | $-35.9M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $-36.1M | $-100.8M |
| 自由现金流率自由现金流/营收 | -11.1% | -48.6% |
| 资本支出强度资本支出/营收 | 0.0% | 0.5% |
| 现金转化率经营现金流/净利润 | -0.41× | — |
| 过去12个月自由现金流最近4个季度 | $-27.6M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-35.9M | $-99.8M | ||
| Q3 25 | $-25.3M | $-91.4M | ||
| Q2 25 | $-41.2M | $-108.3M | ||
| Q1 25 | $77.1M | $-166.5M | ||
| Q4 24 | $-27.7M | $-79.3M | ||
| Q3 24 | $-29.3M | $-67.0M | ||
| Q2 24 | $-32.2M | $-77.0M | ||
| Q1 24 | $70.8M | $-190.7M |
| Q4 25 | $-36.1M | $-100.8M | ||
| Q3 25 | $-25.5M | $-92.7M | ||
| Q2 25 | $-42.8M | $-110.7M | ||
| Q1 25 | $76.8M | $-167.8M | ||
| Q4 24 | $-28.3M | $-79.5M | ||
| Q3 24 | $-30.3M | $-68.6M | ||
| Q2 24 | $-32.4M | $-79.0M | ||
| Q1 24 | $70.6M | $-193.9M |
| Q4 25 | -11.1% | -48.6% | ||
| Q3 25 | -47.4% | -58.0% | ||
| Q2 25 | -70.4% | -66.5% | ||
| Q1 25 | 67.9% | -120.5% | ||
| Q4 24 | -9.0% | -48.3% | ||
| Q3 24 | -51.8% | -49.2% | ||
| Q2 24 | -49.3% | -53.7% | ||
| Q1 24 | 75.9% | -178.2% |
| Q4 25 | 0.0% | 0.5% | ||
| Q3 25 | 0.4% | 0.8% | ||
| Q2 25 | 2.6% | 1.5% | ||
| Q1 25 | 0.3% | 1.0% | ||
| Q4 24 | 0.2% | 0.1% | ||
| Q3 24 | 1.7% | 1.2% | ||
| Q2 24 | 0.4% | 1.4% | ||
| Q1 24 | 0.2% | 3.0% |
| Q4 25 | -0.41× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 39.55× | — | ||
| Q4 24 | -0.28× | — | ||
| 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
EHTH
| Medicare | $282.7M | 87% |
| Other | $29.2M | 9% |
| Ancillaries | $7.9M | 2% |
| Commission Members Approved In Prior Periods | $3.8M | 1% |
| Small Business | $3.1M | 1% |
| Commission Revenue From Renewals | $2.4M | 1% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
