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FIRST HORIZON CORP（FHN）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
FIRST HORIZON CORP的季度营收约是Royalty Pharma plc的1.4倍（$888.0M vs $622.0M），Royalty Pharma plc净利率更高（34.4% vs 29.4%，领先5.0%），FIRST HORIZON CORP同比增速更快（21.8% vs 4.8%），过去两年FIRST HORIZON CORP的营收复合增速更高（20.0% vs 4.6%）
第一地平线公司（前身为第一田纳西银行）是一家成立于1864年的金融服务企业，总部位于美国田纳西州孟菲斯市。该公司通过旗下子公司第一地平线银行开展业务，网点覆盖美国东南部12个州，是该区域第四大区域性银行。
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。
FHN vs RPRX — 直观对比
营收规模更大
FHN
是对方的1.4倍
$622.0M
营收增速更快
FHN
高出17.0%
4.8%
净利率更高
RPRX
高出5.0%
29.4%
两年增速更快
FHN
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $888.0M | $622.0M |
| 净利润 | $261.0M | $214.2M |
| 毛利率 | — | — |
| 营业利润率 | 38.5% | 62.4% |
| 净利率 | 29.4% | 34.4% |
| 营收同比 | 21.8% | 4.8% |
| 净利润同比 | 57.2% | 2.9% |
| 每股收益（稀释后） | $0.51 | $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FHNRPRX
| Q4 25 | $888.0M | $622.0M | ||
| Q3 25 | $889.0M | $609.3M | ||
| Q2 25 | $830.0M | $578.7M | ||
| Q1 25 | $812.0M | $568.2M | ||
| Q4 24 | $729.0M | $593.6M | ||
| Q3 24 | $827.0M | $564.7M | ||
| Q2 24 | — | $537.3M | ||
| Q1 24 | $819.0M | $568.0M |
净利润FHNRPRX
| Q4 25 | $261.0M | $214.2M | ||
| Q3 25 | $262.0M | $288.2M | ||
| Q2 25 | $241.0M | $30.2M | ||
| Q1 25 | $218.0M | $238.3M | ||
| Q4 24 | $166.0M | $208.2M | ||
| Q3 24 | $218.0M | $544.0M | ||
| Q2 24 | — | $102.0M | ||
| Q1 24 | $192.0M | $4.8M |
营业利润率FHNRPRX
| Q4 25 | 38.5% | 62.4% | ||
| Q3 25 | 38.7% | 70.1% | ||
| Q2 25 | 37.2% | 36.3% | ||
| Q1 25 | 35.1% | 94.0% | ||
| Q4 24 | 28.8% | 60.9% | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | — | 50.2% | ||
| Q1 24 | 31.0% | -13.0% |
净利率FHNRPRX
| Q4 25 | 29.4% | 34.4% | ||
| Q3 25 | 29.5% | 47.3% | ||
| Q2 25 | 29.0% | 5.2% | ||
| Q1 25 | 26.8% | 41.9% | ||
| Q4 24 | 22.8% | 35.1% | ||
| Q3 24 | 26.4% | 96.3% | ||
| Q2 24 | — | 19.0% | ||
| Q1 24 | 23.4% | 0.8% |
每股收益（稀释后）FHNRPRX
| Q4 25 | $0.51 | $0.49 | ||
| Q3 25 | $0.50 | $0.67 | ||
| Q2 25 | $0.45 | $0.07 | ||
| Q1 25 | $0.41 | $0.55 | ||
| Q4 24 | $0.29 | $0.46 | ||
| Q3 24 | $0.40 | $1.21 | ||
| Q2 24 | — | $0.23 | ||
| Q1 24 | $0.33 | $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 | — | $618.7M |
| 总债务越低越好 | — | $9.0B |
| 股东权益账面价值 | $8.8B | $9.7B |
| 总资产 | $83.9B | $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FHNRPRX
| Q4 25 | — | $618.7M | ||
| Q3 25 | — | $938.9M | ||
| Q2 25 | — | $631.9M | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $929.0M | ||
| Q3 24 | — | $950.1M | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | — | $843.0M |
总债务FHNRPRX
| 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FHNRPRX
| Q4 25 | $8.8B | $9.7B | ||
| Q3 25 | $8.9B | $9.6B | ||
| Q2 25 | $9.0B | $9.5B | ||
| Q1 25 | $8.7B | $9.8B | ||
| Q4 24 | $8.8B | $10.3B | ||
| Q3 24 | $9.0B | $10.3B | ||
| Q2 24 | — | $9.8B | ||
| Q1 24 | $8.9B | $9.9B |
总资产FHNRPRX
| Q4 25 | $83.9B | $19.6B | ||
| Q3 25 | $83.2B | $19.3B | ||
| Q2 25 | $82.1B | $18.3B | ||
| Q1 25 | $81.5B | $17.6B | ||
| Q4 24 | $82.2B | $18.2B | ||
| Q3 24 | $82.6B | $18.0B | ||
| Q2 24 | — | $17.7B | ||
| Q1 24 | $81.8B | $16.1B |
负债/权益比FHNRPRX
| 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 | $396.0M | $827.1M |
| 自由现金流经营现金流 - 资本支出 | $389.0M | — |
| 自由现金流率自由现金流/营收 | 43.8% | — |
| 资本支出强度资本支出/营收 | 0.8% | — |
| 现金转化率经营现金流/净利润 | 1.52× | 3.86× |
| 过去12个月自由现金流最近4个季度 | $595.0M | — |
8季度趋势，按日历期对齐
经营现金流FHNRPRX
| Q4 25 | $396.0M | $827.1M | ||
| Q3 25 | $-200.0M | $702.6M | ||
| Q2 25 | $83.0M | $364.0M | ||
| Q1 25 | $349.0M | $596.1M | ||
| Q4 24 | $191.0M | $742.5M | ||
| Q3 24 | $389.0M | $703.6M | ||
| Q2 24 | — | $658.2M | ||
| Q1 24 | $838.0M | $664.6M |
自由现金流FHNRPRX
| Q4 25 | $389.0M | — | ||
| Q3 25 | $-208.0M | — | ||
| Q2 25 | $74.0M | — | ||
| Q1 25 | $340.0M | — | ||
| Q4 24 | $174.0M | — | ||
| Q3 24 | $383.0M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $828.0M | — |
自由现金流率FHNRPRX
| Q4 25 | 43.8% | — | ||
| Q3 25 | -23.4% | — | ||
| Q2 25 | 8.9% | — | ||
| Q1 25 | 41.9% | — | ||
| Q4 24 | 23.9% | — | ||
| Q3 24 | 46.3% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 101.1% | — |
资本支出强度FHNRPRX
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.9% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.2% | — |
现金转化率FHNRPRX
| Q4 25 | 1.52× | 3.86× | ||
| Q3 25 | -0.76× | 2.44× | ||
| Q2 25 | 0.34× | 12.06× | ||
| Q1 25 | 1.60× | 2.50× | ||
| Q4 24 | 1.15× | 3.57× | ||
| Q3 24 | 1.78× | 1.29× | ||
| Q2 24 | — | 6.45× | ||
| Q1 24 | 4.36× | 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
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
