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Karman Holdings Inc.（KRMN）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Karman Holdings Inc.的1.5倍（$207.3M vs $134.5M），Karman Holdings Inc.净利率更高（5.7% vs -62.0%，领先67.8%），Karman Holdings Inc.同比增速更快（47.4% vs 25.9%），Karman Holdings Inc.自由现金流更多（$4.0M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 27.3%）
Karman Holdings是一家美国航天与防务系统制造商，总部位于加利福尼亚州亨廷顿海滩，当前估值约40亿美元，近期已完成首次公开发行，专注为航天及国防领域提供相关系统产品及配套服务。
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。
KRMN vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $134.5M | $207.3M |
| 净利润 | $7.7M | $-128.6M |
| 毛利率 | 39.9% | — |
| 营业利润率 | 15.7% | -54.7% |
| 净利率 | 5.7% | -62.0% |
| 营收同比 | 47.4% | 25.9% |
| 净利润同比 | 358.3% | 3.5% |
| 每股收益（稀释后） | $0.06 | $-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 | $134.5M | $207.3M | ||
| Q3 25 | $121.8M | $159.9M | ||
| Q2 25 | $115.1M | $166.5M | ||
| Q1 25 | $100.1M | $139.3M | ||
| Q4 24 | $91.2M | $164.6M | ||
| Q3 24 | $86.0M | $139.5M | ||
| Q2 24 | $85.0M | $147.0M | ||
| Q1 24 | $83.0M | $108.8M |
| Q4 25 | $7.7M | $-128.6M | ||
| Q3 25 | $7.6M | $-180.4M | ||
| Q2 25 | $6.8M | $-115.0M | ||
| Q1 25 | $-4.8M | $-151.1M | ||
| Q4 24 | $1.7M | $-133.2M | ||
| Q3 24 | $4.3M | $-133.5M | ||
| Q2 24 | $4.6M | $-131.6M | ||
| Q1 24 | $2.1M | $-170.7M |
| Q4 25 | 39.9% | — | ||
| Q3 25 | 41.0% | — | ||
| Q2 25 | 40.9% | — | ||
| Q1 25 | 39.4% | — | ||
| Q4 24 | 38.1% | — | ||
| Q3 24 | 39.3% | — | ||
| Q2 24 | 40.7% | — | ||
| Q1 24 | 34.9% | — |
| Q4 25 | 15.7% | -54.7% | ||
| Q3 25 | 17.9% | -106.9% | ||
| Q2 25 | 17.5% | -64.8% | ||
| Q1 25 | 10.0% | -102.6% | ||
| Q4 24 | 15.8% | -74.3% | ||
| Q3 24 | 20.2% | -94.6% | ||
| Q2 24 | 21.5% | -79.1% | ||
| Q1 24 | 16.3% | -151.9% |
| Q4 25 | 5.7% | -62.0% | ||
| Q3 25 | 6.3% | -112.8% | ||
| Q2 25 | 5.9% | -69.0% | ||
| Q1 25 | -4.8% | -108.5% | ||
| Q4 24 | 1.8% | -80.9% | ||
| Q3 24 | 5.0% | -95.7% | ||
| Q2 24 | 5.4% | -89.5% | ||
| Q1 24 | 2.6% | -156.8% |
| Q4 25 | $0.06 | $-1.28 | ||
| Q3 25 | $0.06 | $-1.81 | ||
| Q2 25 | $0.05 | $-1.17 | ||
| Q1 25 | $-0.04 | $-1.57 | ||
| Q4 24 | $0.01 | $-1.34 | ||
| Q3 24 | $0.03 | $-1.40 | ||
| Q2 24 | $0.03 | $-1.52 | ||
| Q1 24 | $0.01 | $-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 | $34.0M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $382.7M | $-80.0M |
| 总资产 | $1.1B | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $34.0M | $421.0M | ||
| Q3 25 | $18.7M | $202.5M | ||
| Q2 25 | $27.4M | $176.3M | ||
| Q1 25 | $113.7M | $127.1M | ||
| Q4 24 | $11.5M | $174.0M | ||
| Q3 24 | — | $150.6M | ||
| Q2 24 | — | $480.7M | ||
| Q1 24 | — | $112.3M |
| Q4 25 | $382.7M | $-80.0M | ||
| Q3 25 | $369.1M | $9.2M | ||
| Q2 25 | $361.5M | $151.3M | ||
| Q1 25 | $348.9M | $144.2M | ||
| Q4 24 | $196.0M | $255.0M | ||
| Q3 24 | $194.1M | $346.8M | ||
| Q2 24 | $189.6M | $432.4M | ||
| Q1 24 | $184.8M | $140.3M |
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $968.1M | $1.2B | ||
| Q2 25 | $953.9M | $1.3B | ||
| Q1 25 | $875.4M | $1.3B | ||
| Q4 24 | $774.0M | $1.5B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $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 | $8.7M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $4.0M | $-100.8M |
| 自由现金流率自由现金流/营收 | 3.0% | -48.6% |
| 资本支出强度资本支出/营收 | 3.5% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.13× | — |
| 过去12个月自由现金流最近4个季度 | $-42.5M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $8.7M | $-99.8M | ||
| Q3 25 | $131.0K | $-91.4M | ||
| Q2 25 | $-17.4M | $-108.3M | ||
| Q1 25 | $-13.6M | $-166.5M | ||
| Q4 24 | — | $-79.3M | ||
| Q3 24 | — | $-67.0M | ||
| Q2 24 | — | $-77.0M | ||
| Q1 24 | $3.1M | $-190.7M |
| Q4 25 | $4.0M | $-100.8M | ||
| Q3 25 | $-6.8M | $-92.7M | ||
| Q2 25 | $-21.0M | $-110.7M | ||
| Q1 25 | $-18.6M | $-167.8M | ||
| Q4 24 | — | $-79.5M | ||
| Q3 24 | — | $-68.6M | ||
| Q2 24 | — | $-79.0M | ||
| Q1 24 | $1.5M | $-193.9M |
| Q4 25 | 3.0% | -48.6% | ||
| Q3 25 | -5.6% | -58.0% | ||
| Q2 25 | -18.2% | -66.5% | ||
| Q1 25 | -18.6% | -120.5% | ||
| Q4 24 | — | -48.3% | ||
| Q3 24 | — | -49.2% | ||
| Q2 24 | — | -53.7% | ||
| Q1 24 | 1.8% | -178.2% |
| Q4 25 | 3.5% | 0.5% | ||
| Q3 25 | 5.7% | 0.8% | ||
| Q2 25 | 3.2% | 1.5% | ||
| Q1 25 | 5.0% | 1.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | 1.9% | 3.0% |
| Q4 25 | 1.13× | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | -2.55× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.45× | — |
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
KRMN
| Tactical Missile And Integrated Defense Systems | $50.5M | 38% |
| Hypersonic And Strategic Missile Defense | $48.4M | 36% |
| Space And Launch | $35.7M | 27% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
