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GigaCloud Technology Inc（GCT）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
GigaCloud Technology Inc的季度营收约是Ultragenyx Pharmaceutical Inc.的1.6倍（$332.6M vs $207.3M），GigaCloud Technology Inc净利率更高（11.2% vs -62.0%，领先73.2%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 9.7%），GigaCloud Technology Inc自由现金流更多（$77.1M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 36.6%）
GigaCloud Technology Inc是一家美国电商企业，主打家具、家电、健身器材等体积较大、规格不统一商品的B2B交易，旗下拥有线上B2B交易平台，业务覆盖撮合交易、全程物流直至终端配送环节。公司总部位于加利福尼亚州埃尔蒙特，自2022年8月起在纳斯达克挂牌上市。
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。
GCT vs RARE — 直观对比
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $332.6M | $207.3M |
| 净利润 | $37.2M | $-128.6M |
| 毛利率 | 23.2% | — |
| 营业利润率 | 12.2% | -54.7% |
| 净利率 | 11.2% | -62.0% |
| 营收同比 | 9.7% | 25.9% |
| 净利润同比 | -8.6% | 3.5% |
| 每股收益（稀释后） | $0.99 | $-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 | — | $207.3M | ||
| Q3 25 | $332.6M | $159.9M | ||
| Q2 25 | $322.6M | $166.5M | ||
| Q1 25 | $271.9M | $139.3M | ||
| Q4 24 | $295.8M | $164.6M | ||
| Q3 24 | $303.3M | $139.5M | ||
| Q2 24 | $310.9M | $147.0M | ||
| Q1 24 | $251.1M | $108.8M |
| Q4 25 | — | $-128.6M | ||
| Q3 25 | $37.2M | $-180.4M | ||
| Q2 25 | $34.6M | $-115.0M | ||
| Q1 25 | $27.1M | $-151.1M | ||
| Q4 24 | $31.0M | $-133.2M | ||
| Q3 24 | $40.7M | $-133.5M | ||
| Q2 24 | $27.0M | $-131.6M | ||
| Q1 24 | $27.2M | $-170.7M |
| Q4 25 | — | — | ||
| Q3 25 | 23.2% | — | ||
| Q2 25 | 23.9% | — | ||
| Q1 25 | 23.4% | — | ||
| Q4 24 | 22.0% | — | ||
| Q3 24 | 25.5% | — | ||
| Q2 24 | 24.6% | — | ||
| Q1 24 | 26.5% | — |
| Q4 25 | — | -54.7% | ||
| Q3 25 | 12.2% | -106.9% | ||
| Q2 25 | 11.1% | -64.8% | ||
| Q1 25 | 10.4% | -102.6% | ||
| Q4 24 | 9.3% | -74.3% | ||
| Q3 24 | 13.4% | -94.6% | ||
| Q2 24 | 8.8% | -79.1% | ||
| Q1 24 | 13.9% | -151.9% |
| Q4 25 | — | -62.0% | ||
| Q3 25 | 11.2% | -112.8% | ||
| Q2 25 | 10.7% | -69.0% | ||
| Q1 25 | 10.0% | -108.5% | ||
| Q4 24 | 10.5% | -80.9% | ||
| Q3 24 | 13.4% | -95.7% | ||
| Q2 24 | 8.7% | -89.5% | ||
| Q1 24 | 10.8% | -156.8% |
| Q4 25 | — | $-1.28 | ||
| Q3 25 | $0.99 | $-1.81 | ||
| Q2 25 | $0.91 | $-1.17 | ||
| Q1 25 | $0.68 | $-1.57 | ||
| Q4 24 | $0.76 | $-1.34 | ||
| Q3 24 | $0.98 | $-1.40 | ||
| Q2 24 | $0.65 | $-1.52 | ||
| Q1 24 | $0.66 | $-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 | $365.9M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $457.3M | $-80.0M |
| 总资产 | $1.1B | $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 | — | $421.0M | ||
| Q3 25 | $365.9M | $202.5M | ||
| Q2 25 | $303.0M | $176.3M | ||
| Q1 25 | $286.8M | $127.1M | ||
| Q4 24 | $302.4M | $174.0M | ||
| Q3 24 | $259.8M | $150.6M | ||
| Q2 24 | $207.8M | $480.7M | ||
| Q1 24 | $195.3M | $112.3M |
| Q4 25 | — | $-80.0M | ||
| Q3 25 | $457.3M | $9.2M | ||
| Q2 25 | $431.4M | $151.3M | ||
| Q1 25 | $412.9M | $144.2M | ||
| Q4 24 | $405.2M | $255.0M | ||
| Q3 24 | $400.4M | $346.8M | ||
| Q2 24 | $358.4M | $432.4M | ||
| Q1 24 | $317.8M | $140.3M |
| Q4 25 | — | $1.5B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.1B | $1.3B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.1B | $1.5B | ||
| Q3 24 | $1.1B | $1.5B | ||
| Q2 24 | $1.1B | $1.6B | ||
| Q1 24 | $977.6M | $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 | $78.3M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $77.1M | $-100.8M |
| 自由现金流率自由现金流/营收 | 23.2% | -48.6% |
| 资本支出强度资本支出/营收 | 0.4% | 0.5% |
| 现金转化率经营现金流/净利润 | 2.10× | — |
| 过去12个月自由现金流最近4个季度 | $188.1M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | — | $-99.8M | ||
| Q3 25 | $78.3M | $-91.4M | ||
| Q2 25 | $38.6M | $-108.3M | ||
| Q1 25 | $9.4M | $-166.5M | ||
| Q4 24 | $68.4M | $-79.3M | ||
| Q3 24 | $55.2M | $-67.0M | ||
| Q2 24 | $19.1M | $-77.0M | ||
| Q1 24 | $15.3M | $-190.7M |
| Q4 25 | — | $-100.8M | ||
| Q3 25 | $77.1M | $-92.7M | ||
| Q2 25 | $37.0M | $-110.7M | ||
| Q1 25 | $7.0M | $-167.8M | ||
| Q4 24 | $66.9M | $-79.5M | ||
| Q3 24 | $51.4M | $-68.6M | ||
| Q2 24 | $12.9M | $-79.0M | ||
| Q1 24 | $11.3M | $-193.9M |
| Q4 25 | — | -48.6% | ||
| Q3 25 | 23.2% | -58.0% | ||
| Q2 25 | 11.5% | -66.5% | ||
| Q1 25 | 2.6% | -120.5% | ||
| Q4 24 | 22.6% | -48.3% | ||
| Q3 24 | 16.9% | -49.2% | ||
| Q2 24 | 4.2% | -53.7% | ||
| Q1 24 | 4.5% | -178.2% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | 0.4% | 0.8% | ||
| Q2 25 | 0.5% | 1.5% | ||
| Q1 25 | 0.9% | 1.0% | ||
| Q4 24 | 0.5% | 0.1% | ||
| Q3 24 | 1.3% | 1.2% | ||
| Q2 24 | 2.0% | 1.4% | ||
| Q1 24 | 1.6% | 3.0% |
| Q4 25 | — | — | ||
| Q3 25 | 2.10× | — | ||
| Q2 25 | 1.12× | — | ||
| Q1 25 | 0.35× | — | ||
| Q4 24 | 2.21× | — | ||
| Q3 24 | 1.36× | — | ||
| Q2 24 | 0.71× | — | ||
| Q1 24 | 0.56× | — |
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
GCT
| Services | $108.4M | 33% |
| Transferred Over Time | $89.8M | 27% |
| Product Sales To B | $50.1M | 15% |
| Last Mile Delivery Service | $49.2M | 15% |
| Warehousing Service | $14.2M | 4% |
| Ocean Transportation Service | $9.0M | 3% |
| Platform Commission | $4.9M | 1% |
| Drayage Service | $3.2M | 1% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
