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GCM Grosvenor Inc.（GCMG）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GCM Grosvenor Inc.的1.2倍（$207.3M vs $177.1M），GCM Grosvenor Inc.净利率更高（32.8% vs -62.0%，领先94.9%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 7.2%），GCM Grosvenor Inc.自由现金流更多（$175.0M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 27.5%）
GCM Grosvenor是美国头部另类资产管理机构，截至2023年资产管理规模约760亿美元，拥有约530名专业人士，为全球机构及个人投资者提供定制化另类投资解决方案，覆盖私募股权、对冲基金、房地产、基础设施等多元资产类别。
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。
GCMG vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $177.1M | $207.3M |
| 净利润 | $58.2M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | 30.9% | -54.7% |
| 净利率 | 32.8% | -62.0% |
| 营收同比 | 7.2% | 25.9% |
| 净利润同比 | 149.2% | 3.5% |
| 每股收益（稀释后） | $0.23 | $-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 | $177.1M | $207.3M | ||
| Q3 25 | $135.0M | $159.9M | ||
| Q2 25 | $119.7M | $166.5M | ||
| Q1 25 | $125.8M | $139.3M | ||
| Q4 24 | $165.3M | $164.6M | ||
| Q3 24 | $122.9M | $139.5M | ||
| Q2 24 | $117.0M | $147.0M | ||
| Q1 24 | $108.9M | $108.8M |
| Q4 25 | $58.2M | $-128.6M | ||
| Q3 25 | $10.5M | $-180.4M | ||
| Q2 25 | $15.4M | $-115.0M | ||
| Q1 25 | $463.0K | $-151.1M | ||
| Q4 24 | $7.6M | $-133.2M | ||
| Q3 24 | $4.2M | $-133.5M | ||
| Q2 24 | $4.8M | $-131.6M | ||
| Q1 24 | $2.1M | $-170.7M |
| Q4 25 | 30.9% | -54.7% | ||
| Q3 25 | 32.7% | -106.9% | ||
| Q2 25 | 16.1% | -64.8% | ||
| Q1 25 | 12.2% | -102.6% | ||
| Q4 24 | 26.4% | -74.3% | ||
| Q3 24 | 20.3% | -94.6% | ||
| Q2 24 | 17.8% | -79.1% | ||
| Q1 24 | -14.7% | -151.9% |
| Q4 25 | 32.8% | -62.0% | ||
| Q3 25 | 7.8% | -112.8% | ||
| Q2 25 | 12.9% | -69.0% | ||
| Q1 25 | 0.4% | -108.5% | ||
| Q4 24 | 4.6% | -80.9% | ||
| Q3 24 | 3.4% | -95.7% | ||
| Q2 24 | 4.1% | -89.5% | ||
| Q1 24 | 2.0% | -156.8% |
| Q4 25 | $0.23 | $-1.28 | ||
| Q3 25 | $0.16 | $-1.81 | ||
| Q2 25 | $0.05 | $-1.17 | ||
| Q1 25 | $-0.02 | $-1.57 | ||
| Q4 24 | $0.09 | $-1.34 | ||
| Q3 24 | $0.03 | $-1.40 | ||
| Q2 24 | $0.04 | $-1.52 | ||
| Q1 24 | $-0.13 | $-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 | $242.1M | $421.0M |
| 总债务越低越好 | $428.4M | — |
| 股东权益账面价值 | $27.0M | $-80.0M |
| 总资产 | $813.8M | $1.5B |
| 负债/权益比越低杠杆越低 | 15.87× | — |
8季度趋势，按日历期对齐
| Q4 25 | $242.1M | $421.0M | ||
| Q3 25 | $182.7M | $202.5M | ||
| Q2 25 | $136.3M | $176.3M | ||
| Q1 25 | $94.5M | $127.1M | ||
| Q4 24 | $89.5M | $174.0M | ||
| Q3 24 | $98.4M | $150.6M | ||
| Q2 24 | $73.9M | $480.7M | ||
| Q1 24 | $41.9M | $112.3M |
| Q4 25 | $428.4M | — | ||
| Q3 25 | $429.3M | — | ||
| Q2 25 | $430.2M | — | ||
| Q1 25 | $431.1M | — | ||
| Q4 24 | $432.0M | — | ||
| Q3 24 | $432.9M | — | ||
| Q2 24 | $433.8M | — | ||
| Q1 24 | $384.0M | — |
| Q4 25 | $27.0M | $-80.0M | ||
| Q3 25 | $-7.4M | $9.2M | ||
| Q2 25 | $-12.3M | $151.3M | ||
| Q1 25 | $-28.3M | $144.2M | ||
| Q4 24 | $-27.6M | $255.0M | ||
| Q3 24 | $-31.9M | $346.8M | ||
| Q2 24 | $-28.5M | $432.4M | ||
| Q1 24 | $-26.4M | $140.3M |
| Q4 25 | $813.8M | $1.5B | ||
| Q3 25 | $685.9M | $1.2B | ||
| Q2 25 | $636.9M | $1.3B | ||
| Q1 25 | $579.8M | $1.3B | ||
| Q4 24 | $612.7M | $1.5B | ||
| Q3 24 | $575.0M | $1.5B | ||
| Q2 24 | $543.9M | $1.6B | ||
| Q1 24 | $497.3M | $1.3B |
| Q4 25 | 15.87× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $183.5M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $175.0M | $-100.8M |
| 自由现金流率自由现金流/营收 | 98.8% | -48.6% |
| 资本支出强度资本支出/营收 | 4.8% | 0.5% |
| 现金转化率经营现金流/净利润 | 3.16× | — |
| 过去12个月自由现金流最近4个季度 | $326.2M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $183.5M | $-99.8M | ||
| Q3 25 | $79.8M | $-91.4M | ||
| Q2 25 | $42.0M | $-108.3M | ||
| Q1 25 | $33.3M | $-166.5M | ||
| Q4 24 | $148.8M | $-79.3M | ||
| Q3 24 | $69.0M | $-67.0M | ||
| Q2 24 | $17.5M | $-77.0M | ||
| Q1 24 | $24.2M | $-190.7M |
| Q4 25 | $175.0M | $-100.8M | ||
| Q3 25 | $78.3M | $-92.7M | ||
| Q2 25 | $40.8M | $-110.7M | ||
| Q1 25 | $32.1M | $-167.8M | ||
| Q4 24 | $132.0M | $-79.5M | ||
| Q3 24 | $62.2M | $-68.6M | ||
| Q2 24 | $12.8M | $-79.0M | ||
| Q1 24 | $20.0M | $-193.9M |
| Q4 25 | 98.8% | -48.6% | ||
| Q3 25 | 58.0% | -58.0% | ||
| Q2 25 | 34.1% | -66.5% | ||
| Q1 25 | 25.5% | -120.5% | ||
| Q4 24 | 79.9% | -48.3% | ||
| Q3 24 | 50.6% | -49.2% | ||
| Q2 24 | 10.9% | -53.7% | ||
| Q1 24 | 18.4% | -178.2% |
| Q4 25 | 4.8% | 0.5% | ||
| Q3 25 | 1.1% | 0.8% | ||
| Q2 25 | 1.0% | 1.5% | ||
| Q1 25 | 0.9% | 1.0% | ||
| Q4 24 | 10.1% | 0.1% | ||
| Q3 24 | 5.5% | 1.2% | ||
| Q2 24 | 4.0% | 1.4% | ||
| Q1 24 | 3.9% | 3.0% |
| Q4 25 | 3.16× | — | ||
| Q3 25 | 7.61× | — | ||
| Q2 25 | 2.72× | — | ||
| Q1 25 | 71.84× | — | ||
| Q4 24 | 19.54× | — | ||
| Q3 24 | 16.60× | — | ||
| Q2 24 | 3.64× | — | ||
| Q1 24 | 11.40× | — |
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
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
