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FRIEDMAN INDUSTRIES INC（FRD）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FRIEDMAN INDUSTRIES INC的1.2倍（$207.3M vs $168.0M），FRIEDMAN INDUSTRIES INC净利率更高（1.8% vs -62.0%，领先63.8%），FRIEDMAN INDUSTRIES INC同比增速更快（78.6% vs 25.9%），FRIEDMAN INDUSTRIES INC自由现金流更多（$-6.3M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 13.3%）
赫尔曼与弗里德曼（H&F）是一家美国私募股权公司，由沃伦·赫尔曼与塔利·弗里德曼于1984年创立，主要通过杠杆收购及成长资本开展投资业务，核心投资方向覆盖传媒、金融服务、专业服务与信息服务等多个领域。
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。
FRD vs RARE — 直观对比
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $168.0M | $207.3M |
| 净利润 | $3.0M | $-128.6M |
| 毛利率 | 2.3% | — |
| 营业利润率 | 2.3% | -54.7% |
| 净利率 | 1.8% | -62.0% |
| 营收同比 | 78.6% | 25.9% |
| 净利润同比 | 364.1% | 3.5% |
| 每股收益（稀释后） | $0.43 | $-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 | $168.0M | $207.3M | ||
| Q3 25 | $152.4M | $159.9M | ||
| Q2 25 | $134.8M | $166.5M | ||
| Q1 25 | — | $139.3M | ||
| Q4 24 | $94.1M | $164.6M | ||
| Q3 24 | $106.8M | $139.5M | ||
| Q2 24 | $114.6M | $147.0M | ||
| Q1 24 | — | $108.8M |
| Q4 25 | $3.0M | $-128.6M | ||
| Q3 25 | $2.2M | $-180.4M | ||
| Q2 25 | $5.0M | $-115.0M | ||
| Q1 25 | — | $-151.1M | ||
| Q4 24 | $-1.2M | $-133.2M | ||
| Q3 24 | $-675.0K | $-133.5M | ||
| Q2 24 | $2.6M | $-131.6M | ||
| Q1 24 | — | $-170.7M |
| Q4 25 | 2.3% | — | ||
| Q3 25 | 1.9% | — | ||
| Q2 25 | 5.2% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.2% | — | ||
| Q2 24 | -1.2% | — | ||
| Q1 24 | — | — |
| Q4 25 | 2.3% | -54.7% | ||
| Q3 25 | 1.9% | -106.9% | ||
| Q2 25 | 5.2% | -64.8% | ||
| Q1 25 | — | -102.6% | ||
| Q4 24 | -1.3% | -74.3% | ||
| Q3 24 | -0.2% | -94.6% | ||
| Q2 24 | -1.2% | -79.1% | ||
| Q1 24 | — | -151.9% |
| Q4 25 | 1.8% | -62.0% | ||
| Q3 25 | 1.5% | -112.8% | ||
| Q2 25 | 3.7% | -69.0% | ||
| Q1 25 | — | -108.5% | ||
| Q4 24 | -1.2% | -80.9% | ||
| Q3 24 | -0.6% | -95.7% | ||
| Q2 24 | 2.2% | -89.5% | ||
| Q1 24 | — | -156.8% |
| Q4 25 | $0.43 | $-1.28 | ||
| Q3 25 | $0.32 | $-1.81 | ||
| Q2 25 | $0.71 | $-1.17 | ||
| Q1 25 | — | $-1.57 | ||
| Q4 24 | $-0.17 | $-1.34 | ||
| Q3 24 | $-0.10 | $-1.40 | ||
| Q2 24 | $0.37 | $-1.52 | ||
| Q1 24 | — | $-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 | $3.0M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $142.2M | $-80.0M |
| 总资产 | $311.9M | $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 | $3.0M | $421.0M | ||
| Q3 25 | $4.6M | $202.5M | ||
| Q2 25 | $2.1M | $176.3M | ||
| Q1 25 | — | $127.1M | ||
| Q4 24 | $1.1M | $174.0M | ||
| Q3 24 | $2.5M | $150.6M | ||
| Q2 24 | $4.1M | $480.7M | ||
| Q1 24 | — | $112.3M |
| Q4 25 | $142.2M | $-80.0M | ||
| Q3 25 | $139.3M | $9.2M | ||
| Q2 25 | $137.3M | $151.3M | ||
| Q1 25 | — | $144.2M | ||
| Q4 24 | $127.3M | $255.0M | ||
| Q3 24 | $128.8M | $346.8M | ||
| Q2 24 | $129.7M | $432.4M | ||
| Q1 24 | — | $140.3M |
| Q4 25 | $311.9M | $1.5B | ||
| Q3 25 | $311.3M | $1.2B | ||
| Q2 25 | $219.1M | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $210.3M | $1.5B | ||
| Q3 24 | $209.2M | $1.5B | ||
| Q2 24 | $222.8M | $1.6B | ||
| Q1 24 | — | $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 | $-4.7M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $-6.3M | $-100.8M |
| 自由现金流率自由现金流/营收 | -3.8% | -48.6% |
| 资本支出强度资本支出/营收 | 1.0% | 0.5% |
| 现金转化率经营现金流/净利润 | -1.56× | — |
| 过去12个月自由现金流最近4个季度 | — | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-4.7M | $-99.8M | ||
| Q3 25 | $434.0K | $-91.4M | ||
| Q2 25 | $15.5M | $-108.3M | ||
| Q1 25 | — | $-166.5M | ||
| Q4 24 | — | $-79.3M | ||
| Q3 24 | — | $-67.0M | ||
| Q2 24 | $-6.1M | $-77.0M | ||
| Q1 24 | — | $-190.7M |
| Q4 25 | $-6.3M | $-100.8M | ||
| Q3 25 | $-2.0M | $-92.7M | ||
| Q2 25 | $13.7M | $-110.7M | ||
| Q1 25 | — | $-167.8M | ||
| Q4 24 | — | $-79.5M | ||
| Q3 24 | — | $-68.6M | ||
| Q2 24 | $-7.1M | $-79.0M | ||
| Q1 24 | — | $-193.9M |
| Q4 25 | -3.8% | -48.6% | ||
| Q3 25 | -1.3% | -58.0% | ||
| Q2 25 | 10.2% | -66.5% | ||
| Q1 25 | — | -120.5% | ||
| Q4 24 | — | -48.3% | ||
| Q3 24 | — | -49.2% | ||
| Q2 24 | -6.2% | -53.7% | ||
| Q1 24 | — | -178.2% |
| Q4 25 | 1.0% | 0.5% | ||
| Q3 25 | 1.6% | 0.8% | ||
| Q2 25 | 1.3% | 1.5% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | 0.9% | 1.4% | ||
| Q1 24 | — | 3.0% |
| Q4 25 | -1.56× | — | ||
| Q3 25 | 0.19× | — | ||
| Q2 25 | 3.08× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -2.36× | — | ||
| 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
FRD
| Prime Coil | $152.0M | 90% |
| Manufactured Pipe | $14.9M | 9% |
| Customer Owned | $1.1M | 1% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
