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IMMERSION CORP（IMMR）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
IMMERSION CORP的季度营收约是Ultragenyx Pharmaceutical Inc.的1.8倍（$372.9M vs $207.3M），IMMERSION CORP净利率更高（-4.6% vs -62.0%，领先57.5%），IMMERSION CORP同比增速更快（750.4% vs 25.9%），过去两年IMMERSION CORP的营收复合增速更高（537.9% vs 38.0%）
Immersion Corporation总部位于佛罗里达州阿文图拉，主要研发并授权触觉反馈技术（即触感技术）。公司由路易斯·罗森伯格于1993年创立，目前由律师弗朗西斯·何塞掌管，他同时担任首席执行官与总法律顾问一职。
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。
IMMR vs RARE — 直观对比
营收规模更大
IMMR
是对方的1.8倍
$207.3M
营收增速更快
IMMR
高出724.5%
25.9%
净利率更高
IMMR
高出57.5%
-62.0%
两年增速更快
IMMR
近两年复合增速
38.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $372.9M | $207.3M |
| 净利润 | $-17.0M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | -2.8% | -54.7% |
| 净利率 | -4.6% | -62.0% |
| 营收同比 | 750.4% | 25.9% |
| 净利润同比 | -191.3% | 3.5% |
| 每股收益（稀释后） | $-0.57 | $-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
营收IMMRRARE
| Q4 25 | — | $207.3M | ||
| Q3 25 | — | $159.9M | ||
| Q2 25 | $372.9M | $166.5M | ||
| Q1 25 | $471.3M | $139.3M | ||
| Q4 24 | $616.2M | $164.6M | ||
| Q3 24 | — | $139.5M | ||
| Q2 24 | $95.5M | $147.0M | ||
| Q1 24 | $43.8M | $108.8M |
净利润IMMRRARE
| Q4 25 | — | $-128.6M | ||
| Q3 25 | — | $-180.4M | ||
| Q2 25 | $-17.0M | $-115.0M | ||
| Q1 25 | $24.1M | $-151.1M | ||
| Q4 24 | $30.8M | $-133.2M | ||
| Q3 24 | — | $-133.5M | ||
| Q2 24 | $26.4M | $-131.6M | ||
| Q1 24 | $18.7M | $-170.7M |
营业利润率IMMRRARE
| Q4 25 | — | -54.7% | ||
| Q3 25 | — | -106.9% | ||
| Q2 25 | -2.8% | -64.8% | ||
| Q1 25 | 7.5% | -102.6% | ||
| Q4 24 | 11.4% | -74.3% | ||
| Q3 24 | — | -94.6% | ||
| Q2 24 | 23.7% | -79.1% | ||
| Q1 24 | 37.9% | -151.9% |
净利率IMMRRARE
| Q4 25 | — | -62.0% | ||
| Q3 25 | — | -112.8% | ||
| Q2 25 | -4.6% | -69.0% | ||
| Q1 25 | 5.1% | -108.5% | ||
| Q4 24 | 5.0% | -80.9% | ||
| Q3 24 | — | -95.7% | ||
| Q2 24 | 27.7% | -89.5% | ||
| Q1 24 | 42.5% | -156.8% |
每股收益（稀释后）IMMRRARE
| Q4 25 | — | $-1.28 | ||
| Q3 25 | — | $-1.81 | ||
| Q2 25 | $-0.57 | $-1.17 | ||
| Q1 25 | $0.73 | $-1.57 | ||
| Q4 24 | $0.93 | $-1.34 | ||
| Q3 24 | — | $-1.40 | ||
| Q2 24 | $0.81 | $-1.52 | ||
| Q1 24 | $0.59 | $-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 | $161.4M | $421.0M |
| 总债务越低越好 | $103.1M | — |
| 股东权益账面价值 | $298.1M | $-80.0M |
| 总资产 | $1.1B | $1.5B |
| 负债/权益比越低杠杆越低 | 0.35× | — |
8季度趋势，按日历期对齐
现金及短期投资IMMRRARE
| Q4 25 | — | $421.0M | ||
| Q3 25 | — | $202.5M | ||
| Q2 25 | $161.4M | $176.3M | ||
| Q1 25 | $153.9M | $127.1M | ||
| Q4 24 | $159.3M | $174.0M | ||
| Q3 24 | — | $150.6M | ||
| Q2 24 | $133.4M | $480.7M | ||
| Q1 24 | $179.1M | $112.3M |
总债务IMMRRARE
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $103.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益IMMRRARE
| Q4 25 | — | $-80.0M | ||
| Q3 25 | — | $9.2M | ||
| Q2 25 | $298.1M | $151.3M | ||
| Q1 25 | $317.9M | $144.2M | ||
| Q4 24 | $305.5M | $255.0M | ||
| Q3 24 | — | $346.8M | ||
| Q2 24 | $273.4M | $432.4M | ||
| Q1 24 | $201.5M | $140.3M |
总资产IMMRRARE
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | $1.1B | $1.3B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.4B | $1.5B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | $1.2B | $1.6B | ||
| Q1 24 | $244.7M | $1.3B |
负债/权益比IMMRRARE
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | — | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-100.8M |
| 自由现金流率自由现金流/营收 | — | -48.6% |
| 资本支出强度资本支出/营收 | — | 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 | — | $-472.0M |
8季度趋势，按日历期对齐
经营现金流IMMRRARE
| Q4 25 | — | $-99.8M | ||
| Q3 25 | — | $-91.4M | ||
| Q2 25 | — | $-108.3M | ||
| Q1 25 | $-43.7M | $-166.5M | ||
| Q4 24 | — | $-79.3M | ||
| Q3 24 | — | $-67.0M | ||
| Q2 24 | $-85.9M | $-77.0M | ||
| Q1 24 | $29.9M | $-190.7M |
自由现金流IMMRRARE
| Q4 25 | — | $-100.8M | ||
| Q3 25 | — | $-92.7M | ||
| Q2 25 | — | $-110.7M | ||
| Q1 25 | $-46.2M | $-167.8M | ||
| Q4 24 | — | $-79.5M | ||
| Q3 24 | — | $-68.6M | ||
| Q2 24 | — | $-79.0M | ||
| Q1 24 | — | $-193.9M |
自由现金流率IMMRRARE
| Q4 25 | — | -48.6% | ||
| Q3 25 | — | -58.0% | ||
| Q2 25 | — | -66.5% | ||
| Q1 25 | -9.8% | -120.5% | ||
| Q4 24 | — | -48.3% | ||
| Q3 24 | — | -49.2% | ||
| Q2 24 | — | -53.7% | ||
| Q1 24 | — | -178.2% |
资本支出强度IMMRRARE
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | 0.5% | 1.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 3.0% |
现金转化率IMMRRARE
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -1.82× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -3.25× | — | ||
| Q1 24 | 1.60× | — |
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
IMMR
| Course Material Sale | $150.9M | 40% |
| General Merchandise Sale | $138.0M | 37% |
| Rental Services | $51.8M | 14% |
| Services And Other Revenue | $25.6M | 7% |
| Per Unit Royalties | $1.8M | 0% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
