vs
IREN Ltd（IREN）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
Ultragenyx Pharmaceutical Inc.的季度营收约是IREN Ltd的1.1倍（$207.3M vs $184.7M），Ultragenyx Pharmaceutical Inc.净利率更高（-62.0% vs -84.1%，领先22.1%），IREN Ltd同比增速更快（59.0% vs 25.9%），Ultragenyx Pharmaceutical Inc.自由现金流更多（$-100.8M vs $-468.0M）
IREN Ltd是一家垂直整合的数据中心企业，依托可再生能源为比特币、人工智能等前沿领域发展提供算力支撑，旗下设施策略性布局于美国及加拿大境内可再生能源丰富、光纤网络完善的区域。
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。
IREN vs RARE — 直观对比
营收规模更大
RARE
是对方的1.1倍
$184.7M
营收增速更快
IREN
高出33.1%
25.9%
净利率更高
RARE
高出22.1%
-84.1%
自由现金流更多
RARE
多$367.3M
$-468.0M
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $184.7M | $207.3M |
| 净利润 | $-155.4M | $-128.6M |
| 毛利率 | 64.4% | — |
| 营业利润率 | -63.0% | -54.7% |
| 净利率 | -84.1% | -62.0% |
| 营收同比 | 59.0% | 25.9% |
| 净利润同比 | -610.0% | 3.5% |
| 每股收益（稀释后） | $-0.52 | $-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IRENRARE
| Q4 25 | $184.7M | $207.3M | ||
| Q3 25 | $240.3M | $159.9M | ||
| Q2 25 | — | $166.5M | ||
| Q1 25 | — | $139.3M | ||
| Q4 24 | $116.1M | $164.6M | ||
| Q3 24 | $52.8M | $139.5M | ||
| Q2 24 | — | $147.0M | ||
| Q1 24 | $54.3M | $108.8M |
净利润IRENRARE
| Q4 25 | $-155.4M | $-128.6M | ||
| Q3 25 | $384.6M | $-180.4M | ||
| Q2 25 | — | $-115.0M | ||
| Q1 25 | — | $-151.1M | ||
| Q4 24 | $-21.9M | $-133.2M | ||
| Q3 24 | $-51.7M | $-133.5M | ||
| Q2 24 | — | $-131.6M | ||
| Q1 24 | $8.6M | $-170.7M |
毛利率IRENRARE
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 39.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率IRENRARE
| Q4 25 | -63.0% | -54.7% | ||
| Q3 25 | -31.8% | -106.9% | ||
| Q2 25 | — | -64.8% | ||
| Q1 25 | — | -102.6% | ||
| Q4 24 | 14.9% | -74.3% | ||
| Q3 24 | -89.2% | -94.6% | ||
| Q2 24 | — | -79.1% | ||
| Q1 24 | 11.1% | -151.9% |
净利率IRENRARE
| Q4 25 | -84.1% | -62.0% | ||
| Q3 25 | 160.1% | -112.8% | ||
| Q2 25 | — | -69.0% | ||
| Q1 25 | — | -108.5% | ||
| Q4 24 | -18.8% | -80.9% | ||
| Q3 24 | -98.0% | -95.7% | ||
| Q2 24 | — | -89.5% | ||
| Q1 24 | 15.9% | -156.8% |
每股收益（稀释后）IRENRARE
| Q4 25 | $-0.52 | $-1.28 | ||
| Q3 25 | $1.08 | $-1.81 | ||
| Q2 25 | — | $-1.17 | ||
| Q1 25 | — | $-1.57 | ||
| Q4 24 | $-0.10 | $-1.34 | ||
| Q3 24 | $-0.27 | $-1.40 | ||
| Q2 24 | — | $-1.52 | ||
| Q1 24 | $0.00 | $-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 | $3.3B | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $-80.0M |
| 总资产 | $7.0B | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资IRENRARE
| Q4 25 | $3.3B | $421.0M | ||
| Q3 25 | $1.0B | $202.5M | ||
| Q2 25 | — | $176.3M | ||
| Q1 25 | — | $127.1M | ||
| Q4 24 | $427.3M | $174.0M | ||
| Q3 24 | $98.6M | $150.6M | ||
| Q2 24 | — | $480.7M | ||
| Q1 24 | $259.7M | $112.3M |
股东权益IRENRARE
| Q4 25 | $2.5B | $-80.0M | ||
| Q3 25 | $2.9B | $9.2M | ||
| Q2 25 | — | $151.3M | ||
| Q1 25 | — | $144.2M | ||
| Q4 24 | $1.2B | $255.0M | ||
| Q3 24 | $1.1B | $346.8M | ||
| Q2 24 | — | $432.4M | ||
| Q1 24 | $677.2M | $140.3M |
总资产IRENRARE
| Q4 25 | $7.0B | $1.5B | ||
| Q3 25 | $4.3B | $1.2B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $1.9B | $1.5B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | $723.6M | $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 | $71.7M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $-468.0M | $-100.8M |
| 自由现金流率自由现金流/营收 | -253.4% | -48.6% |
| 资本支出强度资本支出/营收 | 292.2% | 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 | $-701.2M | $-472.0M |
8季度趋势，按日历期对齐
经营现金流IRENRARE
| Q4 25 | $71.7M | $-99.8M | ||
| Q3 25 | $142.4M | $-91.4M | ||
| Q2 25 | — | $-108.3M | ||
| Q1 25 | — | $-166.5M | ||
| Q4 24 | $53.6M | $-79.3M | ||
| Q3 24 | $-3.9M | $-67.0M | ||
| Q2 24 | — | $-77.0M | ||
| Q1 24 | $-27.1M | $-190.7M |
自由现金流IRENRARE
| Q4 25 | $-468.0M | $-100.8M | ||
| Q3 25 | $-38.0M | $-92.7M | ||
| Q2 25 | — | $-110.7M | ||
| Q1 25 | — | $-167.8M | ||
| Q4 24 | $-85.5M | $-79.5M | ||
| Q3 24 | $-109.7M | $-68.6M | ||
| Q2 24 | — | $-79.0M | ||
| Q1 24 | $-108.3M | $-193.9M |
自由现金流率IRENRARE
| Q4 25 | -253.4% | -48.6% | ||
| Q3 25 | -15.8% | -58.0% | ||
| Q2 25 | — | -66.5% | ||
| Q1 25 | — | -120.5% | ||
| Q4 24 | -73.6% | -48.3% | ||
| Q3 24 | -208.0% | -49.2% | ||
| Q2 24 | — | -53.7% | ||
| Q1 24 | -199.4% | -178.2% |
资本支出强度IRENRARE
| Q4 25 | 292.2% | 0.5% | ||
| Q3 25 | 75.0% | 0.8% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | 119.7% | 0.1% | ||
| Q3 24 | 200.6% | 1.2% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | 149.5% | 3.0% |
现金转化率IRENRARE
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.13× | — |
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
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
