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GOLDEN ENTERTAINMENT, INC.（GDEN）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GOLDEN ENTERTAINMENT, INC.的1.3倍（$207.3M vs $155.6M），GOLDEN ENTERTAINMENT, INC.净利率更高（-5.5% vs -62.0%，领先56.5%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs -5.2%），GOLDEN ENTERTAINMENT, INC.自由现金流更多（$-4.4M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs -5.4%）
黄金娱乐公司是一家总部位于内华达州恩特普赖斯的美国博彩企业，成立于2015年，由黄金博彩与莱克斯娱乐合并而来。该公司目前在内华达南部运营8家度假赌场，同时也是内华达州规模最大的酒馆运营商，2017年10月曾以8.5亿美元完成对美国赌场娱乐地产公司的收购。
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。
GDEN vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $155.6M | $207.3M |
| 净利润 | $-8.5M | $-128.6M |
| 毛利率 | 92.5% | — |
| 营业利润率 | -1.5% | -54.7% |
| 净利率 | -5.5% | -62.0% |
| 营收同比 | -5.2% | 25.9% |
| 净利润同比 | -386.0% | 3.5% |
| 每股收益（稀释后） | $-0.31 | $-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 | $155.6M | $207.3M | ||
| Q3 25 | $154.8M | $159.9M | ||
| Q2 25 | $163.6M | $166.5M | ||
| Q1 25 | $160.8M | $139.3M | ||
| Q4 24 | $164.2M | $164.6M | ||
| Q3 24 | $161.2M | $139.5M | ||
| Q2 24 | $167.3M | $147.0M | ||
| Q1 24 | $174.0M | $108.8M |
| Q4 25 | $-8.5M | $-128.6M | ||
| Q3 25 | $-4.7M | $-180.4M | ||
| Q2 25 | $4.6M | $-115.0M | ||
| Q1 25 | $2.5M | $-151.1M | ||
| Q4 24 | $3.0M | $-133.2M | ||
| Q3 24 | $5.2M | $-133.5M | ||
| Q2 24 | $623.0K | $-131.6M | ||
| Q1 24 | $42.0M | $-170.7M |
| Q4 25 | 92.5% | — | ||
| Q3 25 | 92.8% | — | ||
| Q2 25 | 93.1% | — | ||
| Q1 25 | 92.7% | — | ||
| Q4 24 | 96.3% | — | ||
| Q3 24 | 93.0% | — | ||
| Q2 24 | 93.2% | — | ||
| Q1 24 | 89.9% | — |
| Q4 25 | -1.5% | -54.7% | ||
| Q3 25 | 0.6% | -106.9% | ||
| Q2 25 | 7.3% | -64.8% | ||
| Q1 25 | 6.9% | -102.6% | ||
| Q4 24 | 7.1% | -74.3% | ||
| Q3 24 | 4.2% | -94.6% | ||
| Q2 24 | 8.1% | -79.1% | ||
| Q1 24 | 46.0% | -151.9% |
| Q4 25 | -5.5% | -62.0% | ||
| Q3 25 | -3.0% | -112.8% | ||
| Q2 25 | 2.8% | -69.0% | ||
| Q1 25 | 1.6% | -108.5% | ||
| Q4 24 | 1.8% | -80.9% | ||
| Q3 24 | 3.2% | -95.7% | ||
| Q2 24 | 0.4% | -89.5% | ||
| Q1 24 | 24.1% | -156.8% |
| Q4 25 | $-0.31 | $-1.28 | ||
| Q3 25 | $-0.18 | $-1.81 | ||
| Q2 25 | $0.17 | $-1.17 | ||
| Q1 25 | $0.09 | $-1.57 | ||
| Q4 24 | $0.14 | $-1.34 | ||
| Q3 24 | $0.18 | $-1.40 | ||
| Q2 24 | $0.02 | $-1.52 | ||
| Q1 24 | $1.37 | $-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 | $55.3M | $421.0M |
| 总债务越低越好 | $426.6M | — |
| 股东权益账面价值 | $420.9M | $-80.0M |
| 总资产 | $1.0B | $1.5B |
| 负债/权益比越低杠杆越低 | 1.01× | — |
8季度趋势，按日历期对齐
| Q4 25 | $55.3M | $421.0M | ||
| Q3 25 | $58.3M | $202.5M | ||
| Q2 25 | $52.3M | $176.3M | ||
| Q1 25 | $50.5M | $127.1M | ||
| Q4 24 | $57.7M | $174.0M | ||
| Q3 24 | $68.6M | $150.6M | ||
| Q2 24 | $88.6M | $480.7M | ||
| Q1 24 | $404.3M | $112.3M |
| Q4 25 | $426.6M | — | ||
| Q3 25 | $417.3M | — | ||
| Q2 25 | $423.3M | — | ||
| Q1 25 | $399.3M | — | ||
| Q4 24 | $405.3M | — | ||
| Q3 24 | $386.3M | — | ||
| Q2 24 | $388.2M | — | ||
| Q1 24 | $660.9M | — |
| Q4 25 | $420.9M | $-80.0M | ||
| Q3 25 | $434.2M | $9.2M | ||
| Q2 25 | $443.3M | $151.3M | ||
| Q1 25 | $462.0M | $144.2M | ||
| Q4 24 | $474.2M | $255.0M | ||
| Q3 24 | $513.1M | $346.8M | ||
| Q2 24 | $539.0M | $432.4M | ||
| Q1 24 | $569.6M | $140.3M |
| Q4 25 | $1.0B | $1.5B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.1B | $1.5B | ||
| Q3 24 | $1.1B | $1.5B | ||
| Q2 24 | $1.2B | $1.6B | ||
| Q1 24 | $1.5B | $1.3B |
| Q4 25 | 1.01× | — | ||
| Q3 25 | 0.96× | — | ||
| Q2 25 | 0.95× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 0.85× | — | ||
| Q3 24 | 0.75× | — | ||
| Q2 24 | 0.72× | — | ||
| Q1 24 | 1.16× | — |
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 | $10.2M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $-4.4M | $-100.8M |
| 自由现金流率自由现金流/营收 | -2.8% | -48.6% |
| 资本支出强度资本支出/营收 | 9.4% | 0.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $35.6M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $10.2M | $-99.8M | ||
| Q3 25 | $26.9M | $-91.4M | ||
| Q2 25 | $17.4M | $-108.3M | ||
| Q1 25 | $28.6M | $-166.5M | ||
| Q4 24 | $22.5M | $-79.3M | ||
| Q3 24 | $22.5M | $-67.0M | ||
| Q2 24 | $21.5M | $-77.0M | ||
| Q1 24 | $25.8M | $-190.7M |
| Q4 25 | $-4.4M | $-100.8M | ||
| Q3 25 | $19.3M | $-92.7M | ||
| Q2 25 | $4.0M | $-110.7M | ||
| Q1 25 | $16.6M | $-167.8M | ||
| Q4 24 | $14.3M | $-79.5M | ||
| Q3 24 | $14.7M | $-68.6M | ||
| Q2 24 | $3.9M | $-79.0M | ||
| Q1 24 | $9.5M | $-193.9M |
| Q4 25 | -2.8% | -48.6% | ||
| Q3 25 | 12.5% | -58.0% | ||
| Q2 25 | 2.4% | -66.5% | ||
| Q1 25 | 10.4% | -120.5% | ||
| Q4 24 | 8.7% | -48.3% | ||
| Q3 24 | 9.1% | -49.2% | ||
| Q2 24 | 2.3% | -53.7% | ||
| Q1 24 | 5.5% | -178.2% |
| Q4 25 | 9.4% | 0.5% | ||
| Q3 25 | 4.9% | 0.8% | ||
| Q2 25 | 8.2% | 1.5% | ||
| Q1 25 | 7.4% | 1.0% | ||
| Q4 24 | 5.0% | 0.1% | ||
| Q3 24 | 4.9% | 1.2% | ||
| Q2 24 | 10.5% | 1.4% | ||
| Q1 24 | 9.3% | 3.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.76× | — | ||
| Q1 25 | 11.43× | — | ||
| Q4 24 | 7.57× | — | ||
| Q3 24 | 4.36× | — | ||
| Q2 24 | 34.51× | — | ||
| Q1 24 | 0.61× | — |
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
GDEN
| Nevada Casino Resorts | $90.2M | 58% |
| Nevada Locals Casinos | $37.4M | 24% |
| Nevada Taverns | $27.7M | 18% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
