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IONIS PHARMACEUTICALS INC（IONS）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
ROYAL GOLD INC的季度营收约是IONIS PHARMACEUTICALS INC的1.8倍（$375.3M vs $203.3M），ROYAL GOLD INC净利率更高（24.9% vs -112.8%，领先137.8%），ROYAL GOLD INC同比增速更快（85.3% vs -10.3%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% vs 30.4%）
IONIS制药是1989年成立的生物科技企业，总部位于美国加利福尼亚州卡尔斯巴德，专注于反义疗法、RNA干扰及CRISPR疗法的研发，2015年12月前曾以Isis制药的名称运营。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
IONS vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.8倍
$203.3M
营收增速更快
RGLD
高出95.5%
-10.3%
净利率更高
RGLD
高出137.8%
-112.8%
两年增速更快
RGLD
近两年复合增速
30.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $203.3M | $375.3M |
| 净利润 | $-229.4M | $93.6M |
| 毛利率 | 96.1% | 64.6% |
| 营业利润率 | -105.5% | 56.2% |
| 净利率 | -112.8% | 24.9% |
| 营收同比 | -10.3% | 85.3% |
| 净利润同比 | -119.8% | -12.8% |
| 每股收益（稀释后） | $-1.35 | $1.04 |
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IONSRGLD
| Q4 25 | $203.3M | $375.3M | ||
| Q3 25 | $156.7M | $252.1M | ||
| Q2 25 | $452.0M | $209.6M | ||
| Q1 25 | $131.6M | $193.4M | ||
| Q4 24 | $226.6M | $202.6M | ||
| Q3 24 | $133.8M | $193.8M | ||
| Q2 24 | $225.3M | $174.1M | ||
| Q1 24 | $119.5M | $148.9M |
净利润IONSRGLD
| Q4 25 | $-229.4M | $93.6M | ||
| Q3 25 | $-128.6M | $126.8M | ||
| Q2 25 | $123.6M | $132.3M | ||
| Q1 25 | $-146.9M | $113.5M | ||
| Q4 24 | $-104.3M | $107.4M | ||
| Q3 24 | $-140.5M | $96.2M | ||
| Q2 24 | $-66.3M | $81.2M | ||
| Q1 24 | $-142.8M | $47.2M |
毛利率IONSRGLD
| Q4 25 | 96.1% | 64.6% | ||
| Q3 25 | 98.5% | 73.6% | ||
| Q2 25 | 99.1% | 72.6% | ||
| Q1 25 | 98.9% | 69.4% | ||
| Q4 24 | 98.3% | 70.3% | ||
| Q3 24 | 99.2% | 66.6% | ||
| Q2 24 | 98.2% | 64.7% | ||
| Q1 24 | 98.2% | 58.4% |
营业利润率IONSRGLD
| Q4 25 | -105.5% | 56.2% | ||
| Q3 25 | -102.2% | 64.4% | ||
| Q2 25 | 30.9% | 67.7% | ||
| Q1 25 | -111.6% | 63.6% | ||
| Q4 24 | -48.9% | 65.9% | ||
| Q3 24 | -111.1% | 61.3% | ||
| Q2 24 | -29.3% | 58.6% | ||
| Q1 24 | -125.1% | 50.7% |
净利率IONSRGLD
| Q4 25 | -112.8% | 24.9% | ||
| Q3 25 | -82.1% | 50.3% | ||
| Q2 25 | 27.3% | 63.1% | ||
| Q1 25 | -111.6% | 58.7% | ||
| Q4 24 | -46.1% | 53.0% | ||
| Q3 24 | -105.0% | 49.7% | ||
| Q2 24 | -29.4% | 46.6% | ||
| Q1 24 | -119.5% | 31.7% |
每股收益（稀释后）IONSRGLD
| Q4 25 | $-1.35 | $1.04 | ||
| Q3 25 | $-0.80 | $1.92 | ||
| Q2 25 | $0.70 | $2.01 | ||
| Q1 25 | $-0.93 | $1.72 | ||
| Q4 24 | $-0.66 | $1.63 | ||
| Q3 24 | $-0.95 | $1.46 | ||
| Q2 24 | $-0.45 | $1.23 | ||
| Q1 24 | $-0.98 | $0.72 |
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 | $2.7B | $233.7M |
| 总债务越低越好 | $1.8B | — |
| 股东权益账面价值 | $489.1M | $7.2B |
| 总资产 | $3.5B | $9.5B |
| 负债/权益比越低杠杆越低 | 3.71× | — |
8季度趋势，按日历期对齐
现金及短期投资IONSRGLD
| Q4 25 | $2.7B | $233.7M | ||
| Q3 25 | $2.2B | $172.8M | ||
| Q2 25 | $2.3B | $248.2M | ||
| Q1 25 | $2.1B | $240.8M | ||
| Q4 24 | $2.3B | $195.5M | ||
| Q3 24 | $2.5B | $127.9M | ||
| Q2 24 | $2.1B | $74.2M | ||
| Q1 24 | $2.2B | $137.9M |
总债务IONSRGLD
| Q4 25 | $1.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益IONSRGLD
| Q4 25 | $489.1M | $7.2B | ||
| Q3 25 | $618.0M | $3.4B | ||
| Q2 25 | $631.7M | $3.3B | ||
| Q1 25 | $475.7M | $3.2B | ||
| Q4 24 | $588.4M | $3.1B | ||
| Q3 24 | $662.5M | $3.0B | ||
| Q2 24 | $263.7M | $3.0B | ||
| Q1 24 | $296.5M | $2.9B |
总资产IONSRGLD
| Q4 25 | $3.5B | $9.5B | ||
| Q3 25 | $3.0B | $4.5B | ||
| Q2 25 | $3.0B | $3.6B | ||
| Q1 25 | $2.8B | $3.5B | ||
| Q4 24 | $3.0B | $3.4B | ||
| Q3 24 | $3.1B | $3.3B | ||
| Q2 24 | $2.7B | $3.3B | ||
| Q1 24 | $2.8B | $3.3B |
负债/权益比IONSRGLD
| Q4 25 | 3.71× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.13× | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| 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 | $-137.7M | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $-159.0M | — |
| 自由现金流率自由现金流/营收 | -78.2% | — |
| 资本支出强度资本支出/营收 | 10.5% | — |
| 现金转化率经营现金流/净利润 | — | 2.58× |
| 过去12个月自由现金流最近4个季度 | $-320.0M | — |
8季度趋势，按日历期对齐
经营现金流IONSRGLD
| Q4 25 | $-137.7M | $241.7M | ||
| Q3 25 | $-131.4M | $174.0M | ||
| Q2 25 | $151.3M | $152.8M | ||
| Q1 25 | $-150.8M | $136.4M | ||
| Q4 24 | $-116.1M | $141.1M | ||
| Q3 24 | $-115.0M | $136.7M | ||
| Q2 24 | $-119.9M | $113.5M | ||
| Q1 24 | $-149.9M | $138.3M |
自由现金流IONSRGLD
| Q4 25 | $-159.0M | — | ||
| Q3 25 | $-136.7M | — | ||
| Q2 25 | $139.0M | — | ||
| Q1 25 | $-163.4M | — | ||
| Q4 24 | $-141.6M | — | ||
| Q3 24 | $-124.0M | — | ||
| Q2 24 | $-126.1M | — | ||
| Q1 24 | $-154.4M | — |
自由现金流率IONSRGLD
| Q4 25 | -78.2% | — | ||
| Q3 25 | -87.2% | — | ||
| Q2 25 | 30.8% | — | ||
| Q1 25 | -124.1% | — | ||
| Q4 24 | -62.5% | — | ||
| Q3 24 | -92.7% | — | ||
| Q2 24 | -56.0% | — | ||
| Q1 24 | -129.2% | — |
资本支出强度IONSRGLD
| Q4 25 | 10.5% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 2.7% | — | ||
| Q1 25 | 9.6% | — | ||
| Q4 24 | 11.3% | — | ||
| Q3 24 | 6.8% | — | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 3.8% | — |
现金转化率IONSRGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | 1.22× | 1.15× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | 1.40× | ||
| Q1 24 | — | 2.93× |
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
IONS
| Products | $58.0M | 29% |
| Spinraza Royalties | $54.0M | 27% |
| Collaborative Agreement Revenue | $52.4M | 26% |
| Wainus Royalties | $16.0M | 8% |
| Wainua Joint Development Revenue | $9.6M | 5% |
| Other Commercial | $7.6M | 4% |
| Other Royalties | $5.7M | 3% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
