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Hess Midstream LP（HESM）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
Hess Midstream LP的季度营收约是Ultragenyx Pharmaceutical Inc.的2.0倍（$404.2M vs $207.3M），Hess Midstream LP净利率更高（23.1% vs -62.0%，领先85.1%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 2.1%），Hess Midstream LP自由现金流更多（$178.9M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 6.6%）
赫斯是美国全球化独立能源企业，主要从事原油与天然气的勘探、生产业务。公司于1968年由赫斯石油化工和阿美拉达石油合并成立，2023年10月同意被雪佛龙收购，相关交易已于2025年7月完成交割。
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。
HESM vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $404.2M | $207.3M |
| 净利润 | $93.3M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | 62.2% | -54.7% |
| 净利率 | 23.1% | -62.0% |
| 营收同比 | 2.1% | 25.9% |
| 净利润同比 | 32.5% | 3.5% |
| 每股收益（稀释后） | — | $-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 | $404.2M | $207.3M | ||
| Q3 25 | $420.9M | $159.9M | ||
| Q2 25 | $414.2M | $166.5M | ||
| Q1 25 | $382.0M | $139.3M | ||
| Q4 24 | $395.9M | $164.6M | ||
| Q3 24 | $378.5M | $139.5M | ||
| Q2 24 | $365.5M | $147.0M | ||
| Q1 24 | $355.6M | $108.8M |
| Q4 25 | $93.3M | $-128.6M | ||
| Q3 25 | $97.7M | $-180.4M | ||
| Q2 25 | $90.3M | $-115.0M | ||
| Q1 25 | $71.6M | $-151.1M | ||
| Q4 24 | $70.4M | $-133.2M | ||
| Q3 24 | $58.6M | $-133.5M | ||
| Q2 24 | $49.5M | $-131.6M | ||
| Q1 24 | $44.6M | $-170.7M |
| Q4 25 | 62.2% | -54.7% | ||
| Q3 25 | 61.5% | -106.9% | ||
| Q2 25 | 62.8% | -64.8% | ||
| Q1 25 | 62.1% | -102.6% | ||
| Q4 24 | 61.4% | -74.3% | ||
| Q3 24 | 61.2% | -94.6% | ||
| Q2 24 | 60.8% | -79.1% | ||
| Q1 24 | 62.4% | -151.9% |
| Q4 25 | 23.1% | -62.0% | ||
| Q3 25 | 23.2% | -112.8% | ||
| Q2 25 | 21.8% | -69.0% | ||
| Q1 25 | 18.7% | -108.5% | ||
| Q4 24 | 17.8% | -80.9% | ||
| Q3 24 | 15.5% | -95.7% | ||
| Q2 24 | 13.5% | -89.5% | ||
| Q1 24 | 12.5% | -156.8% |
| Q4 25 | — | $-1.28 | ||
| Q3 25 | — | $-1.81 | ||
| Q2 25 | — | $-1.17 | ||
| Q1 25 | — | $-1.57 | ||
| Q4 24 | — | $-1.34 | ||
| Q3 24 | — | $-1.40 | ||
| Q2 24 | — | $-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 | $1.9M | $421.0M |
| 总债务越低越好 | $3.8B | — |
| 股东权益账面价值 | — | $-80.0M |
| 总资产 | $4.4B | $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 | $1.9M | $421.0M | ||
| Q3 25 | $5.5M | $202.5M | ||
| Q2 25 | $4.5M | $176.3M | ||
| Q1 25 | $6.1M | $127.1M | ||
| Q4 24 | $4.3M | $174.0M | ||
| Q3 24 | $10.3M | $150.6M | ||
| Q2 24 | $99.6M | $480.7M | ||
| Q1 24 | $4.2M | $112.3M |
| Q4 25 | $3.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $-80.0M | ||
| Q3 25 | — | $9.2M | ||
| Q2 25 | — | $151.3M | ||
| Q1 25 | — | $144.2M | ||
| Q4 24 | — | $255.0M | ||
| Q3 24 | — | $346.8M | ||
| Q2 24 | — | $432.4M | ||
| Q1 24 | — | $140.3M |
| Q4 25 | $4.4B | $1.5B | ||
| Q3 25 | $4.4B | $1.2B | ||
| Q2 25 | $4.4B | $1.3B | ||
| Q1 25 | $4.3B | $1.3B | ||
| Q4 24 | $4.2B | $1.5B | ||
| Q3 24 | $4.1B | $1.5B | ||
| Q2 24 | $4.1B | $1.6B | ||
| Q1 24 | $3.9B | $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 | $245.6M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $178.9M | $-100.8M |
| 自由现金流率自由现金流/营收 | 44.3% | -48.6% |
| 资本支出强度资本支出/营收 | 16.5% | 0.5% |
| 现金转化率经营现金流/净利润 | 2.63× | — |
| 过去12个月自由现金流最近4个季度 | $728.2M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $245.6M | $-99.8M | ||
| Q3 25 | $258.9M | $-91.4M | ||
| Q2 25 | $276.9M | $-108.3M | ||
| Q1 25 | $202.4M | $-166.5M | ||
| Q4 24 | $258.5M | $-79.3M | ||
| Q3 24 | $224.9M | $-67.0M | ||
| Q2 24 | $271.6M | $-77.0M | ||
| Q1 24 | $185.3M | $-190.7M |
| Q4 25 | $178.9M | $-100.8M | ||
| Q3 25 | $178.9M | $-92.7M | ||
| Q2 25 | $213.5M | $-110.7M | ||
| Q1 25 | $156.9M | $-167.8M | ||
| Q4 24 | $163.4M | $-79.5M | ||
| Q3 24 | $132.6M | $-68.6M | ||
| Q2 24 | $207.7M | $-79.0M | ||
| Q1 24 | $130.5M | $-193.9M |
| Q4 25 | 44.3% | -48.6% | ||
| Q3 25 | 42.5% | -58.0% | ||
| Q2 25 | 51.5% | -66.5% | ||
| Q1 25 | 41.1% | -120.5% | ||
| Q4 24 | 41.3% | -48.3% | ||
| Q3 24 | 35.0% | -49.2% | ||
| Q2 24 | 56.8% | -53.7% | ||
| Q1 24 | 36.7% | -178.2% |
| Q4 25 | 16.5% | 0.5% | ||
| Q3 25 | 19.0% | 0.8% | ||
| Q2 25 | 15.3% | 1.5% | ||
| Q1 25 | 11.9% | 1.0% | ||
| Q4 24 | 24.0% | 0.1% | ||
| Q3 24 | 24.4% | 1.2% | ||
| Q2 24 | 17.5% | 1.4% | ||
| Q1 24 | 15.4% | 3.0% |
| Q4 25 | 2.63× | — | ||
| Q3 25 | 2.65× | — | ||
| Q2 25 | 3.07× | — | ||
| Q1 25 | 2.83× | — | ||
| Q4 24 | 3.67× | — | ||
| Q3 24 | 3.84× | — | ||
| Q2 24 | 5.49× | — | ||
| Q1 24 | 4.15× | — |
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
HESM
| Gathering | $217.3M | 54% |
| Processing And Storage | $154.7M | 38% |
| Terminaling And Export | $32.2M | 8% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
