vs
飞汇（FLYW）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
Ultragenyx Pharmaceutical Inc.的季度营收约是飞汇的1.3倍（$207.3M vs $157.5M），飞汇净利率更高（0.0% vs -62.0%，领先62.0%），飞汇同比增速更快（34.0% vs 25.9%），飞汇自由现金流更多（$4.5M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 17.5%）
Flywire Corp（飞汇）是一家全球支付解决方案提供商，核心服务覆盖教育、医疗、旅游及B2B商务领域，提供安全跨境支付处理、货币兑换及支付流程优化工具，为全球多国的机构与付款人简化交易流程。
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。
FLYW vs RARE — 直观对比
营收规模更大
RARE
是对方的1.3倍
$157.5M
营收增速更快
FLYW
高出8.1%
25.9%
净利率更高
FLYW
高出62.0%
-62.0%
自由现金流更多
FLYW
多$105.3M
$-100.8M
两年增速更快
RARE
近两年复合增速
17.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $157.5M | $207.3M |
| 净利润 | $33.0K | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | -0.6% | -54.7% |
| 净利率 | 0.0% | -62.0% |
| 营收同比 | 34.0% | 25.9% |
| 净利润同比 | 100.2% | 3.5% |
| 每股收益（稀释后） | $0.01 | $-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FLYWRARE
| Q4 25 | $157.5M | $207.3M | ||
| Q3 25 | $200.1M | $159.9M | ||
| Q2 25 | $131.9M | $166.5M | ||
| Q1 25 | $133.5M | $139.3M | ||
| Q4 24 | $117.5M | $164.6M | ||
| Q3 24 | $156.8M | $139.5M | ||
| Q2 24 | $103.7M | $147.0M | ||
| Q1 24 | $114.1M | $108.8M |
净利润FLYWRARE
| Q4 25 | $33.0K | $-128.6M | ||
| Q3 25 | $29.6M | $-180.4M | ||
| Q2 25 | $-12.0M | $-115.0M | ||
| Q1 25 | $-4.2M | $-151.1M | ||
| Q4 24 | $-15.9M | $-133.2M | ||
| Q3 24 | $38.9M | $-133.5M | ||
| Q2 24 | $-13.9M | $-131.6M | ||
| Q1 24 | $-6.2M | $-170.7M |
营业利润率FLYWRARE
| Q4 25 | -0.6% | -54.7% | ||
| Q3 25 | 16.1% | -106.9% | ||
| Q2 25 | -6.8% | -64.8% | ||
| Q1 25 | -8.2% | -102.6% | ||
| Q4 24 | -4.9% | -74.3% | ||
| Q3 24 | 12.9% | -94.6% | ||
| Q2 24 | -15.2% | -79.1% | ||
| Q1 24 | -5.2% | -151.9% |
净利率FLYWRARE
| Q4 25 | 0.0% | -62.0% | ||
| Q3 25 | 14.8% | -112.8% | ||
| Q2 25 | -9.1% | -69.0% | ||
| Q1 25 | -3.1% | -108.5% | ||
| Q4 24 | -13.5% | -80.9% | ||
| Q3 24 | 24.8% | -95.7% | ||
| Q2 24 | -13.4% | -89.5% | ||
| Q1 24 | -5.4% | -156.8% |
每股收益（稀释后）FLYWRARE
| Q4 25 | $0.01 | $-1.28 | ||
| Q3 25 | $0.23 | $-1.81 | ||
| Q2 25 | $-0.10 | $-1.17 | ||
| Q1 25 | $-0.03 | $-1.57 | ||
| Q4 24 | $-0.12 | $-1.34 | ||
| Q3 24 | $0.30 | $-1.40 | ||
| Q2 24 | $-0.11 | $-1.52 | ||
| Q1 24 | $-0.05 | $-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 | $355.0M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $835.2M | $-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
现金及短期投资FLYWRARE
| Q4 25 | $355.0M | $421.0M | ||
| Q3 25 | $377.3M | $202.5M | ||
| Q2 25 | $274.2M | $176.3M | ||
| Q1 25 | $255.3M | $127.1M | ||
| Q4 24 | $611.1M | $174.0M | ||
| Q3 24 | $681.1M | $150.6M | ||
| Q2 24 | $571.0M | $480.7M | ||
| Q1 24 | $619.0M | $112.3M |
总债务FLYWRARE
| Q4 25 | — | — | ||
| Q3 25 | $15.0M | — | ||
| Q2 25 | $60.0M | — | ||
| Q1 25 | $60.0M | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FLYWRARE
| Q4 25 | $835.2M | $-80.0M | ||
| Q3 25 | $829.1M | $9.2M | ||
| Q2 25 | $792.4M | $151.3M | ||
| Q1 25 | $784.3M | $144.2M | ||
| Q4 24 | $814.8M | $255.0M | ||
| Q3 24 | $843.2M | $346.8M | ||
| Q2 24 | $802.6M | $432.4M | ||
| Q1 24 | $-797.0M | $140.3M |
总资产FLYWRARE
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.1B | $1.3B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.1B | $1.5B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $998.7M | $1.6B | ||
| Q1 24 | $998.7M | $1.3B |
负债/权益比FLYWRARE
| Q4 25 | — | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.08× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $4.9M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $4.5M | $-100.8M |
| 自由现金流率自由现金流/营收 | 2.9% | -48.6% |
| 资本支出强度资本支出/营收 | 0.2% | 0.5% |
| 现金转化率经营现金流/净利润 | 148.06× | — |
| 过去12个月自由现金流最近4个季度 | $98.8M | $-472.0M |
8季度趋势，按日历期对齐
经营现金流FLYWRARE
| Q4 25 | $4.9M | $-99.8M | ||
| Q3 25 | $150.1M | $-91.4M | ||
| Q2 25 | $24.1M | $-108.3M | ||
| Q1 25 | $-78.9M | $-166.5M | ||
| Q4 24 | $-28.6M | $-79.3M | ||
| Q3 24 | $184.6M | $-67.0M | ||
| Q2 24 | $-19.3M | $-77.0M | ||
| Q1 24 | $-38.1M | $-190.7M |
自由现金流FLYWRARE
| Q4 25 | $4.5M | $-100.8M | ||
| Q3 25 | $149.9M | $-92.7M | ||
| Q2 25 | $23.5M | $-110.7M | ||
| Q1 25 | $-79.1M | $-167.8M | ||
| Q4 24 | $-28.7M | $-79.5M | ||
| Q3 24 | $184.4M | $-68.6M | ||
| Q2 24 | $-19.7M | $-79.0M | ||
| Q1 24 | $-38.3M | $-193.9M |
自由现金流率FLYWRARE
| Q4 25 | 2.9% | -48.6% | ||
| Q3 25 | 74.9% | -58.0% | ||
| Q2 25 | 17.8% | -66.5% | ||
| Q1 25 | -59.3% | -120.5% | ||
| Q4 24 | -24.4% | -48.3% | ||
| Q3 24 | 117.6% | -49.2% | ||
| Q2 24 | -19.0% | -53.7% | ||
| Q1 24 | -33.6% | -178.2% |
资本支出强度FLYWRARE
| Q4 25 | 0.2% | 0.5% | ||
| Q3 25 | 0.1% | 0.8% | ||
| Q2 25 | 0.4% | 1.5% | ||
| Q1 25 | 0.1% | 1.0% | ||
| Q4 24 | 0.1% | 0.1% | ||
| Q3 24 | 0.1% | 1.2% | ||
| Q2 24 | 0.3% | 1.4% | ||
| Q1 24 | 0.2% | 3.0% |
现金转化率FLYWRARE
| Q4 25 | 148.06× | — | ||
| Q3 25 | 5.07× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.75× | — | ||
| 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
FLYW
| Transactions | $126.4M | 80% |
| Platform And Other Revenues | $31.1M | 20% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
