vs
Evolent Health, Inc.（EVH）与Royalty Pharma plc（RPRX）财务数据对比。点击上方公司名可切换其他公司
Royalty Pharma plc的季度营收约是Evolent Health, Inc.的1.3倍（$622.0M vs $468.7M），Royalty Pharma plc净利率更高（34.4% vs -91.6%，领先126.0%），Royalty Pharma plc同比增速更快（4.8% vs -27.5%），过去两年Royalty Pharma plc的营收复合增速更高（4.6% vs -14.4%）
马奎尔健康是一家美国营利性医疗管理企业，目前为森特里奇旗下子公司，核心服务对象为特殊群体，业务聚焦医疗领域多个细分赛道。客户群体涵盖健康保险计划、其他管理式医疗机构、企业、工会、各类军事与政府机构以及第三方管理机构，2021年位列财富美国500强第390名。
本公司是总部位于美国马萨诸塞州剑桥市的临床阶段生物制药企业，专注于研发可调节转化生长因子β（TGF-β）超家族蛋白的药物，该类蛋白在红细胞、肌肉、骨骼、血管等细胞与组织的生长修复过程中发挥核心作用。
EVH vs RPRX — 直观对比
营收规模更大
RPRX
是对方的1.3倍
$468.7M
营收增速更快
RPRX
高出32.3%
-27.5%
净利率更高
RPRX
高出126.0%
-91.6%
两年增速更快
RPRX
近两年复合增速
-14.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $468.7M | $622.0M |
| 净利润 | $-429.1M | $214.2M |
| 毛利率 | 20.7% | — |
| 营业利润率 | -87.1% | 62.4% |
| 净利率 | -91.6% | 34.4% |
| 营收同比 | -27.5% | 4.8% |
| 净利润同比 | -1782.0% | 2.9% |
| 每股收益（稀释后） | $-3.76 | $0.49 |
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EVHRPRX
| Q4 25 | $468.7M | $622.0M | ||
| Q3 25 | $479.5M | $609.3M | ||
| Q2 25 | $444.3M | $578.7M | ||
| Q1 25 | $483.6M | $568.2M | ||
| Q4 24 | $646.5M | $593.6M | ||
| Q3 24 | $621.4M | $564.7M | ||
| Q2 24 | $647.1M | $537.3M | ||
| Q1 24 | $639.7M | $568.0M |
净利润EVHRPRX
| Q4 25 | $-429.1M | $214.2M | ||
| Q3 25 | $-20.9M | $288.2M | ||
| Q2 25 | $-19.9M | $30.2M | ||
| Q1 25 | $-64.6M | $238.3M | ||
| Q4 24 | $-22.8M | $208.2M | ||
| Q3 24 | $-23.1M | $544.0M | ||
| Q2 24 | $1.6M | $102.0M | ||
| Q1 24 | $-17.3M | $4.8M |
毛利率EVHRPRX
| Q4 25 | 20.7% | — | ||
| Q3 25 | 20.8% | — | ||
| Q2 25 | 22.6% | — | ||
| Q1 25 | 21.2% | — | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 13.0% | — | ||
| Q2 24 | 16.5% | — | ||
| Q1 24 | 16.3% | — |
营业利润率EVHRPRX
| Q4 25 | -87.1% | 62.4% | ||
| Q3 25 | 0.2% | 70.1% | ||
| Q2 25 | -0.3% | 36.3% | ||
| Q1 25 | -0.3% | 94.0% | ||
| Q4 24 | -2.9% | 60.9% | ||
| Q3 24 | -2.6% | — | ||
| Q2 24 | 1.2% | 50.2% | ||
| Q1 24 | -2.1% | -13.0% |
净利率EVHRPRX
| Q4 25 | -91.6% | 34.4% | ||
| Q3 25 | -4.4% | 47.3% | ||
| Q2 25 | -4.5% | 5.2% | ||
| Q1 25 | -13.4% | 41.9% | ||
| Q4 24 | -3.5% | 35.1% | ||
| Q3 24 | -3.7% | 96.3% | ||
| Q2 24 | 0.2% | 19.0% | ||
| Q1 24 | -2.7% | 0.8% |
每股收益（稀释后）EVHRPRX
| Q4 25 | $-3.76 | $0.49 | ||
| Q3 25 | $-0.24 | $0.67 | ||
| Q2 25 | $-0.44 | $0.07 | ||
| Q1 25 | $-0.63 | $0.55 | ||
| Q4 24 | $-0.26 | $0.46 | ||
| Q3 24 | $-0.27 | $1.21 | ||
| Q2 24 | $-0.06 | $0.23 | ||
| Q1 24 | $-0.22 | $0.01 |
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 | $151.9M | $618.7M |
| 总债务越低越好 | — | $9.0B |
| 股东权益账面价值 | $415.2M | $9.7B |
| 总资产 | $1.9B | $19.6B |
| 负债/权益比越低杠杆越低 | — | 0.92× |
8季度趋势，按日历期对齐
现金及短期投资EVHRPRX
| Q4 25 | $151.9M | $618.7M | ||
| Q3 25 | $116.7M | $938.9M | ||
| Q2 25 | $151.0M | $631.9M | ||
| Q1 25 | $246.5M | $1.1B | ||
| Q4 24 | $104.2M | $929.0M | ||
| Q3 24 | $96.6M | $950.1M | ||
| Q2 24 | $101.3M | $1.8B | ||
| Q1 24 | $165.1M | $843.0M |
总债务EVHRPRX
| Q4 25 | — | $9.0B | ||
| Q3 25 | — | $8.9B | ||
| Q2 25 | — | $8.0B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $7.6B | ||
| Q3 24 | — | $7.6B | ||
| Q2 24 | — | $7.6B | ||
| Q1 24 | — | $6.1B |
股东权益EVHRPRX
| Q4 25 | $415.2M | $9.7B | ||
| Q3 25 | $842.2M | $9.6B | ||
| Q2 25 | $896.0M | $9.5B | ||
| Q1 25 | $935.5M | $9.8B | ||
| Q4 24 | $1.0B | $10.3B | ||
| Q3 24 | $1.0B | $10.3B | ||
| Q2 24 | $1.1B | $9.8B | ||
| Q1 24 | $1.0B | $9.9B |
总资产EVHRPRX
| Q4 25 | $1.9B | $19.6B | ||
| Q3 25 | $2.5B | $19.3B | ||
| Q2 25 | $2.5B | $18.3B | ||
| Q1 25 | $2.7B | $17.6B | ||
| Q4 24 | $2.5B | $18.2B | ||
| Q3 24 | $2.5B | $18.0B | ||
| Q2 24 | $2.5B | $17.7B | ||
| Q1 24 | $2.6B | $16.1B |
负债/权益比EVHRPRX
| Q4 25 | — | 0.92× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.84× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.74× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.62× |
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 | $48.8M | $827.1M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 3.86× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流EVHRPRX
| Q4 25 | $48.8M | $827.1M | ||
| Q3 25 | $15.8M | $702.6M | ||
| Q2 25 | $-30.3M | $364.0M | ||
| Q1 25 | $4.6M | $596.1M | ||
| Q4 24 | $-26.2M | $742.5M | ||
| Q3 24 | $18.7M | $703.6M | ||
| Q2 24 | $21.4M | $658.2M | ||
| Q1 24 | $4.9M | $664.6M |
现金转化率EVHRPRX
| Q4 25 | — | 3.86× | ||
| Q3 25 | — | 2.44× | ||
| Q2 25 | — | 12.06× | ||
| Q1 25 | — | 2.50× | ||
| Q4 24 | — | 3.57× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | 13.42× | 6.45× | ||
| Q1 24 | — | 139.10× |
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
EVH
| Commercial And Other Customers | $147.9M | 32% |
| Medicare Customers | $111.2M | 24% |
| Specialty Technology And Services Suite | $95.7M | 20% |
| Administrative Service | $55.8M | 12% |
| Cases | $47.7M | 10% |
| Related Party | $4.5M | 1% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
