vs
华利安（HLI）与Royalty Pharma plc（RPRX）财务数据对比。点击上方公司名可切换其他公司
华利安的季度营收约是Royalty Pharma plc的1.2倍（$717.1M vs $622.0M），Royalty Pharma plc净利率更高（34.4% vs 16.3%，领先18.2%），华利安同比增速更快（13.0% vs 4.8%），过去两年华利安的营收复合增速更高（17.4% vs 4.6%）
华利安是美国知名跨国独立投资银行及金融服务机构，1972年成立，总部位于加利福尼亚州洛杉矶世纪城的星座广场。公司为上市企业、非公众公司、机构及政府主体提供专业服务，核心业务涵盖并购咨询、资本解决方案、重组与困境并购、公允意见出具，以及财务与估值顾问等领域。
本公司是总部位于美国马萨诸塞州剑桥市的临床阶段生物制药企业，专注于研发可调节转化生长因子β（TGF-β）超家族蛋白的药物，该类蛋白在红细胞、肌肉、骨骼、血管等细胞与组织的生长修复过程中发挥核心作用。
HLI vs RPRX — 直观对比
营收规模更大
HLI
是对方的1.2倍
$622.0M
营收增速更快
HLI
高出8.3%
4.8%
净利率更高
RPRX
高出18.2%
16.3%
两年增速更快
HLI
近两年复合增速
4.6%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $717.1M | $622.0M |
| 净利润 | $116.5M | $214.2M |
| 毛利率 | 32.2% | — |
| 营业利润率 | 22.4% | 62.4% |
| 净利率 | 16.3% | 34.4% |
| 营收同比 | 13.0% | 4.8% |
| 净利润同比 | 22.3% | 2.9% |
| 每股收益（稀释后） | $1.70 | $0.49 |
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HLIRPRX
| Q4 25 | $717.1M | $622.0M | ||
| Q3 25 | $659.5M | $609.3M | ||
| Q2 25 | $605.3M | $578.7M | ||
| Q1 25 | $666.4M | $568.2M | ||
| Q4 24 | $634.4M | $593.6M | ||
| Q3 24 | $575.0M | $564.7M | ||
| Q2 24 | $513.6M | $537.3M | ||
| Q1 24 | $520.5M | $568.0M |
净利润HLIRPRX
| Q4 25 | $116.5M | $214.2M | ||
| Q3 25 | $111.8M | $288.2M | ||
| Q2 25 | $97.5M | $30.2M | ||
| Q1 25 | $121.9M | $238.3M | ||
| Q4 24 | $95.3M | $208.2M | ||
| Q3 24 | $93.5M | $544.0M | ||
| Q2 24 | $88.9M | $102.0M | ||
| Q1 24 | $81.1M | $4.8M |
毛利率HLIRPRX
| Q4 25 | 32.2% | — | ||
| Q3 25 | 33.8% | — | ||
| Q2 25 | 31.0% | — | ||
| Q1 25 | 33.9% | — | ||
| Q4 24 | 31.4% | — | ||
| Q3 24 | 33.0% | — | ||
| Q2 24 | 30.6% | — | ||
| Q1 24 | 30.3% | — |
营业利润率HLIRPRX
| Q4 25 | 22.4% | 62.4% | ||
| Q3 25 | 22.9% | 70.1% | ||
| Q2 25 | 14.8% | 36.3% | ||
| Q1 25 | 20.9% | 94.0% | ||
| Q4 24 | 21.5% | 60.9% | ||
| Q3 24 | 22.7% | — | ||
| Q2 24 | 18.6% | 50.2% | ||
| Q1 24 | 19.7% | -13.0% |
净利率HLIRPRX
| Q4 25 | 16.3% | 34.4% | ||
| Q3 25 | 17.0% | 47.3% | ||
| Q2 25 | 16.1% | 5.2% | ||
| Q1 25 | 18.3% | 41.9% | ||
| Q4 24 | 15.0% | 35.1% | ||
| Q3 24 | 16.3% | 96.3% | ||
| Q2 24 | 17.3% | 19.0% | ||
| Q1 24 | 15.6% | 0.8% |
每股收益（稀释后）HLIRPRX
| Q4 25 | $1.70 | $0.49 | ||
| Q3 25 | $1.63 | $0.67 | ||
| Q2 25 | $1.42 | $0.07 | ||
| Q1 25 | $1.76 | $0.55 | ||
| Q4 24 | $1.39 | $0.46 | ||
| Q3 24 | $1.37 | $1.21 | ||
| Q2 24 | $1.30 | $0.23 | ||
| Q1 24 | $1.18 | $0.01 |
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 | $1.1B | $618.7M |
| 总债务越低越好 | — | $9.0B |
| 股东权益账面价值 | $2.3B | $9.7B |
| 总资产 | $3.9B | $19.6B |
| 负债/权益比越低杠杆越低 | — | 0.92× |
8季度趋势，按日历期对齐
现金及短期投资HLIRPRX
| Q4 25 | $1.1B | $618.7M | ||
| Q3 25 | $923.6M | $938.9M | ||
| Q2 25 | $793.8M | $631.9M | ||
| Q1 25 | $971.0M | $1.1B | ||
| Q4 24 | $799.3M | $929.0M | ||
| Q3 24 | $691.4M | $950.1M | ||
| Q2 24 | $449.7M | $1.8B | ||
| Q1 24 | $721.2M | $843.0M |
总债务HLIRPRX
| Q4 25 | — | $9.0B | ||
| Q3 25 | — | $8.9B | ||
| Q2 25 | — | $8.0B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $7.6B | ||
| Q3 24 | — | $7.6B | ||
| Q2 24 | — | $7.6B | ||
| Q1 24 | — | $6.1B |
股东权益HLIRPRX
| Q4 25 | $2.3B | $9.7B | ||
| Q3 25 | $2.2B | $9.6B | ||
| Q2 25 | $2.2B | $9.5B | ||
| Q1 25 | $2.2B | $9.8B | ||
| Q4 24 | $2.1B | $10.3B | ||
| Q3 24 | $2.0B | $10.3B | ||
| Q2 24 | $1.8B | $9.8B | ||
| Q1 24 | $1.8B | $9.9B |
总资产HLIRPRX
| Q4 25 | $3.9B | $19.6B | ||
| Q3 25 | $3.8B | $19.3B | ||
| Q2 25 | $3.5B | $18.3B | ||
| Q1 25 | $3.8B | $17.6B | ||
| Q4 24 | $3.5B | $18.2B | ||
| Q3 24 | $3.2B | $18.0B | ||
| Q2 24 | $2.9B | $17.7B | ||
| Q1 24 | $3.2B | $16.1B |
负债/权益比HLIRPRX
| Q4 25 | — | 0.92× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.84× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.74× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.62× |
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 | $217.7M | $827.1M |
| 自由现金流经营现金流 - 资本支出 | $217.0M | — |
| 自由现金流率自由现金流/营收 | 30.3% | — |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 现金转化率经营现金流/净利润 | 1.87× | 3.86× |
| 过去12个月自由现金流最近4个季度 | $738.9M | — |
8季度趋势，按日历期对齐
经营现金流HLIRPRX
| Q4 25 | $217.7M | $827.1M | ||
| Q3 25 | $325.0M | $702.6M | ||
| Q2 25 | $-131.6M | $364.0M | ||
| Q1 25 | $358.4M | $596.1M | ||
| Q4 24 | $265.5M | $742.5M | ||
| Q3 24 | $289.2M | $703.6M | ||
| Q2 24 | $-64.5M | $658.2M | ||
| Q1 24 | $225.3M | $664.6M |
自由现金流HLIRPRX
| Q4 25 | $217.0M | — | ||
| Q3 25 | $322.8M | — | ||
| Q2 25 | $-144.8M | — | ||
| Q1 25 | $343.9M | — | ||
| Q4 24 | $261.7M | — | ||
| Q3 24 | $278.7M | — | ||
| Q2 24 | $-75.4M | — | ||
| Q1 24 | $213.1M | — |
自由现金流率HLIRPRX
| Q4 25 | 30.3% | — | ||
| Q3 25 | 49.0% | — | ||
| Q2 25 | -23.9% | — | ||
| Q1 25 | 51.6% | — | ||
| Q4 24 | 41.2% | — | ||
| Q3 24 | 48.5% | — | ||
| Q2 24 | -14.7% | — | ||
| Q1 24 | 40.9% | — |
资本支出强度HLIRPRX
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 1.8% | — | ||
| Q2 24 | 2.1% | — | ||
| Q1 24 | 2.3% | — |
现金转化率HLIRPRX
| Q4 25 | 1.87× | 3.86× | ||
| Q3 25 | 2.91× | 2.44× | ||
| Q2 25 | -1.35× | 12.06× | ||
| Q1 25 | 2.94× | 2.50× | ||
| Q4 24 | 2.79× | 3.57× | ||
| Q3 24 | 3.09× | 1.29× | ||
| Q2 24 | -0.73× | 6.45× | ||
| Q1 24 | 2.78× | 139.10× |
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
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
