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GENMAB A/S（GMAB）与Toast, Inc.（TOST）财务数据对比。点击上方公司名可切换其他公司
Toast, Inc.的季度营收约是GENMAB A/S的1.8倍（$1.6B vs $925.0M），GENMAB A/S净利率更高（36.3% vs 6.2%，领先30.1%），Toast, Inc.同比增速更快（22.0% vs 18.7%），GENMAB A/S自由现金流更多（$327.0M vs $178.0M）
Genmab A/S是丹麦生物技术企业，1999年2月由原BankInvest生物医药风险基金董事总经理Florian Schönharting创立，总部位于丹麦哥本哈根，在荷兰乌得勒支、美国新泽西州普林斯顿、日本东京、德国慕尼黑及中国苏州均设有子公司，深耕生物科技领域的研发与运营。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
GMAB vs TOST — 直观对比
营收规模更大
TOST
是对方的1.8倍
$925.0M
营收增速更快
TOST
高出3.3%
18.7%
净利率更高
GMAB
高出30.1%
6.2%
自由现金流更多
GMAB
多$149.0M
$178.0M
损益表 — Q2 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $925.0M | $1.6B |
| 净利润 | $336.0M | $101.0M |
| 毛利率 | 93.8% | 25.9% |
| 营业利润率 | 38.9% | 5.2% |
| 净利率 | 36.3% | 6.2% |
| 营收同比 | 18.7% | 22.0% |
| 净利润同比 | 65.5% | 215.6% |
| 每股收益（稀释后） | $5.42 | $0.18 |
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GMABTOST
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | $925.0M | $1.6B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | $779.0M | $1.2B | ||
| Q1 24 | — | $1.1B |
净利润GMABTOST
| Q4 25 | — | $101.0M | ||
| Q3 25 | — | $105.0M | ||
| Q2 25 | $336.0M | $80.0M | ||
| Q1 25 | — | $56.0M | ||
| Q4 24 | — | $32.0M | ||
| Q3 24 | — | $56.0M | ||
| Q2 24 | $203.0M | $14.0M | ||
| Q1 24 | — | $-83.0M |
毛利率GMABTOST
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | 93.8% | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | 96.4% | 23.0% | ||
| Q1 24 | — | 23.2% |
营业利润率GMABTOST
| Q4 25 | — | 5.2% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | 38.9% | 5.2% | ||
| Q1 25 | — | 3.2% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | 30.3% | 0.4% | ||
| Q1 24 | — | -5.2% |
净利率GMABTOST
| Q4 25 | — | 6.2% | ||
| Q3 25 | — | 6.4% | ||
| Q2 25 | 36.3% | 5.2% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 4.3% | ||
| Q2 24 | 26.1% | 1.1% | ||
| Q1 24 | — | -7.7% |
每股收益（稀释后）GMABTOST
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.16 | ||
| Q2 25 | $5.42 | $0.13 | ||
| Q1 25 | — | $0.09 | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | — | $0.07 | ||
| Q2 24 | $3.13 | $0.02 | ||
| Q1 24 | — | $-0.15 |
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 | $1.3B | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $5.3B | $2.1B |
| 总资产 | $6.5B | $3.1B |
| 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GMABTOST
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $903.0M | ||
| Q3 24 | — | $761.0M | ||
| Q2 24 | $622.0M | $691.0M | ||
| Q1 24 | — | $578.0M |
股东权益GMABTOST
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | $5.3B | $1.8B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | $4.4B | $1.3B | ||
| Q1 24 | — | $1.2B |
总资产GMABTOST
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | $6.5B | $2.8B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | $5.6B | $2.2B | ||
| Q1 24 | — | $2.1B |
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 | $349.0M | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $327.0M | $178.0M |
| 自由现金流率自由现金流/营收 | 35.4% | 10.9% |
| 资本支出强度资本支出/营收 | 2.4% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.04× | 1.92× |
| 过去12个月自由现金流最近4个季度 | — | $608.0M |
8季度趋势，按日历期对齐
经营现金流GMABTOST
| Q4 25 | — | $194.0M | ||
| Q3 25 | — | $165.0M | ||
| Q2 25 | $349.0M | $223.0M | ||
| Q1 25 | — | $79.0M | ||
| Q4 24 | — | $147.0M | ||
| Q3 24 | — | $109.0M | ||
| Q2 24 | $438.0M | $124.0M | ||
| Q1 24 | — | $-20.0M |
自由现金流GMABTOST
| Q4 25 | — | $178.0M | ||
| Q3 25 | — | $153.0M | ||
| Q2 25 | $327.0M | $208.0M | ||
| Q1 25 | — | $69.0M | ||
| Q4 24 | — | $134.0M | ||
| Q3 24 | — | $97.0M | ||
| Q2 24 | $430.0M | $108.0M | ||
| Q1 24 | — | $-33.0M |
自由现金流率GMABTOST
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | 35.4% | 13.4% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | — | 7.4% | ||
| Q2 24 | 55.2% | 8.7% | ||
| Q1 24 | — | -3.1% |
资本支出强度GMABTOST
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | 2.4% | 1.0% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | 1.0% | 1.3% | ||
| Q1 24 | — | 1.2% |
现金转化率GMABTOST
| Q4 25 | — | 1.92× | ||
| Q3 25 | — | 1.57× | ||
| Q2 25 | 1.04× | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | 2.16× | 8.86× | ||
| 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
GMAB
| Darzalex | $638.0M | 69% |
| Kesimpta | $108.0M | 12% |
| Net Product Sales | $101.0M | 11% |
| Other | $28.0M | 3% |
| Tepezza | $20.0M | 2% |
| Reimbursement Revenue | $13.0M | 1% |
| Bio N Tech | $11.0M | 1% |
| Abb Vie | $5.0M | 1% |
| Milestone Revenue | $1.0M | 0% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
