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HEALTHEQUITY, INC.（HQY）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
HEALTHEQUITY, INC.的季度营收约是Ultragenyx Pharmaceutical Inc.的1.6倍（$322.2M vs $207.3M），HEALTHEQUITY, INC.净利率更高（16.0% vs -62.0%，领先78.1%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 7.2%），HEALTHEQUITY, INC.自由现金流更多（$137.8M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 10.8%）
HealthEquity, Inc.是美国一家金融科技及商业服务企业，拥有美国国税局授予的非银行类健康储蓄受托人资质，无论用户资金存入哪家金融机构，该公司均可作为对应健康储蓄账户的托管方，提供专业账户管理服务。
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。
HQY vs RARE — 直观对比
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $322.2M | $207.3M |
| 净利润 | $51.7M | $-128.6M |
| 毛利率 | 70.8% | — |
| 营业利润率 | 24.4% | -54.7% |
| 净利率 | 16.0% | -62.0% |
| 营收同比 | 7.2% | 25.9% |
| 净利润同比 | 806.4% | 3.5% |
| 每股收益（稀释后） | $0.59 | $-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 | $322.2M | $207.3M | ||
| Q3 25 | $325.8M | $159.9M | ||
| Q2 25 | $330.8M | $166.5M | ||
| Q1 25 | $311.8M | $139.3M | ||
| Q4 24 | $300.4M | $164.6M | ||
| Q3 24 | $299.9M | $139.5M | ||
| Q2 24 | $287.6M | $147.0M | ||
| Q1 24 | $262.4M | $108.8M |
| Q4 25 | $51.7M | $-128.6M | ||
| Q3 25 | $59.9M | $-180.4M | ||
| Q2 25 | $53.9M | $-115.0M | ||
| Q1 25 | $26.4M | $-151.1M | ||
| Q4 24 | $5.7M | $-133.2M | ||
| Q3 24 | $35.8M | $-133.5M | ||
| Q2 24 | $28.8M | $-131.6M | ||
| Q1 24 | $26.4M | $-170.7M |
| Q4 25 | 70.8% | — | ||
| Q3 25 | 71.4% | — | ||
| Q2 25 | 67.8% | — | ||
| Q1 25 | 60.6% | — | ||
| Q4 24 | 65.6% | — | ||
| Q3 24 | 68.0% | — | ||
| Q2 24 | 65.1% | — | ||
| Q1 24 | 63.1% | — |
| Q4 25 | 24.4% | -54.7% | ||
| Q3 25 | 27.5% | -106.9% | ||
| Q2 25 | 25.1% | -64.8% | ||
| Q1 25 | 13.5% | -102.6% | ||
| Q4 24 | 6.5% | -74.3% | ||
| Q3 24 | 19.6% | -94.6% | ||
| Q2 24 | 14.5% | -79.1% | ||
| Q1 24 | 14.8% | -151.9% |
| Q4 25 | 16.0% | -62.0% | ||
| Q3 25 | 18.4% | -112.8% | ||
| Q2 25 | 16.3% | -69.0% | ||
| Q1 25 | 8.5% | -108.5% | ||
| Q4 24 | 1.9% | -80.9% | ||
| Q3 24 | 11.9% | -95.7% | ||
| Q2 24 | 10.0% | -89.5% | ||
| Q1 24 | 10.0% | -156.8% |
| Q4 25 | $0.59 | $-1.28 | ||
| Q3 25 | $0.68 | $-1.81 | ||
| Q2 25 | $0.61 | $-1.17 | ||
| Q1 25 | $0.30 | $-1.57 | ||
| Q4 24 | $0.06 | $-1.34 | ||
| Q3 24 | $0.40 | $-1.40 | ||
| Q2 24 | $0.33 | $-1.52 | ||
| Q1 24 | $0.30 | $-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 | $309.3M | $421.0M |
| 总债务越低越好 | $982.1M | — |
| 股东权益账面价值 | $2.1B | $-80.0M |
| 总资产 | $3.4B | $1.5B |
| 负债/权益比越低杠杆越低 | 0.46× | — |
8季度趋势，按日历期对齐
| Q4 25 | $309.3M | $421.0M | ||
| Q3 25 | $304.5M | $202.5M | ||
| Q2 25 | $287.9M | $176.3M | ||
| Q1 25 | $295.9M | $127.1M | ||
| Q4 24 | $322.2M | $174.0M | ||
| Q3 24 | $326.9M | $150.6M | ||
| Q2 24 | $251.2M | $480.7M | ||
| Q1 24 | $404.0M | $112.3M |
| Q4 25 | $982.1M | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $925.7M | — | ||
| Q1 24 | $875.0M | — |
| Q4 25 | $2.1B | $-80.0M | ||
| Q3 25 | $2.1B | $9.2M | ||
| Q2 25 | $2.1B | $151.3M | ||
| Q1 25 | $2.1B | $144.2M | ||
| Q4 24 | $2.1B | $255.0M | ||
| Q3 24 | $2.2B | $346.8M | ||
| Q2 24 | $2.1B | $432.4M | ||
| Q1 24 | $2.0B | $140.3M |
| Q4 25 | $3.4B | $1.5B | ||
| Q3 25 | $3.4B | $1.2B | ||
| Q2 25 | $3.4B | $1.3B | ||
| Q1 25 | $3.4B | $1.3B | ||
| Q4 24 | $3.5B | $1.5B | ||
| Q3 24 | $3.5B | $1.5B | ||
| Q2 24 | $3.2B | $1.6B | ||
| Q1 24 | $3.2B | $1.3B |
| Q4 25 | 0.46× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.50× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.51× | — | ||
| Q2 24 | 0.44× | — | ||
| Q1 24 | 0.43× | — |
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 | $138.6M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $137.8M | $-100.8M |
| 自由现金流率自由现金流/营收 | 42.8% | -48.6% |
| 资本支出强度资本支出/营收 | 0.2% | 0.5% |
| 现金转化率经营现金流/净利润 | 2.68× | — |
| 过去12个月自由现金流最近4个季度 | $413.0M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $138.6M | $-99.8M | ||
| Q3 25 | $135.9M | $-91.4M | ||
| Q2 25 | $64.7M | $-108.3M | ||
| Q1 25 | $75.7M | $-166.5M | ||
| Q4 24 | $90.5M | $-79.3M | ||
| Q3 24 | $108.1M | $-67.0M | ||
| Q2 24 | $65.4M | $-77.0M | ||
| Q1 24 | $77.1M | $-190.7M |
| Q4 25 | $137.8M | $-100.8M | ||
| Q3 25 | $135.1M | $-92.7M | ||
| Q2 25 | $64.7M | $-110.7M | ||
| Q1 25 | $75.4M | $-167.8M | ||
| Q4 24 | $90.3M | $-79.5M | ||
| Q3 24 | $107.4M | $-68.6M | ||
| Q2 24 | $64.7M | $-79.0M | ||
| Q1 24 | $76.5M | $-193.9M |
| Q4 25 | 42.8% | -48.6% | ||
| Q3 25 | 41.5% | -58.0% | ||
| Q2 25 | 19.5% | -66.5% | ||
| Q1 25 | 24.2% | -120.5% | ||
| Q4 24 | 30.0% | -48.3% | ||
| Q3 24 | 35.8% | -49.2% | ||
| Q2 24 | 22.5% | -53.7% | ||
| Q1 24 | 29.2% | -178.2% |
| Q4 25 | 0.2% | 0.5% | ||
| Q3 25 | 0.2% | 0.8% | ||
| Q2 25 | 0.0% | 1.5% | ||
| Q1 25 | 0.1% | 1.0% | ||
| Q4 24 | 0.1% | 0.1% | ||
| Q3 24 | 0.2% | 1.2% | ||
| Q2 24 | 0.3% | 1.4% | ||
| Q1 24 | 0.2% | 3.0% |
| Q4 25 | 2.68× | — | ||
| Q3 25 | 2.27× | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | 2.87× | — | ||
| Q4 24 | 15.88× | — | ||
| Q3 24 | 3.02× | — | ||
| Q2 24 | 2.27× | — | ||
| Q1 24 | 2.92× | — |
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
HQY
| Financial Service Other | $159.1M | 49% |
| Services | $120.3M | 37% |
| Credit And Debit Card | $42.8M | 13% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
