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LIGAND PHARMACEUTICALS INC（LGND）与RE/MAX Holdings, Inc.（RMAX）财务数据对比。点击上方公司名可切换其他公司
RE/MAX Holdings, Inc.的季度营收约是LIGAND PHARMACEUTICALS INC的1.2倍（$71.1M vs $59.7M），LIGAND PHARMACEUTICALS INC净利率更高（75.1% vs 2.0%，领先73.0%），LIGAND PHARMACEUTICALS INC同比增速更快（39.4% vs -1.8%），LIGAND PHARMACEUTICALS INC自由现金流更多（$45.9M vs $33.5M），过去两年LIGAND PHARMACEUTICALS INC的营收复合增速更高（38.8% vs -4.7%）
利根制药是美国的生物制药企业，专注于收购和开发可产生特许权使用费的资产。截至2024年，公司的资产组合涵盖约90款覆盖多个治疗领域的药品的特许权使用权，可从多发性骨髓瘤治疗药物凯洛斯、Evomela，肾病治疗药物Filspari，以及肺炎球菌疫苗Vaxneuvance等知名产品中获得相关收益。
RE/MAX是全球知名的房地产特许经营机构，业务遍布全球一百多个国家和地区，旗下拥有数千家门店，总计超过十万名房产经纪人，在国际房产中介领域拥有极高的品牌知名度与市场影响力。
LGND vs RMAX — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $59.7M | $71.1M |
| 净利润 | $44.8M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | 23.2% | 13.1% |
| 净利率 | 75.1% | 2.0% |
| 营收同比 | 39.4% | -1.8% |
| 净利润同比 | 244.1% | -75.2% |
| 每股收益（稀释后） | $2.42 | — |
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 | $59.7M | $71.1M | ||
| Q3 25 | $115.5M | $73.2M | ||
| Q2 25 | $47.6M | $72.8M | ||
| Q1 25 | $45.3M | $74.5M | ||
| Q4 24 | $42.8M | $72.5M | ||
| Q3 24 | $51.8M | $78.5M | ||
| Q2 24 | $41.5M | $78.5M | ||
| Q1 24 | $31.0M | $78.3M |
| Q4 25 | $44.8M | $1.4M | ||
| Q3 25 | $117.3M | $4.0M | ||
| Q2 25 | $4.8M | $4.7M | ||
| Q1 25 | $-42.5M | $-2.0M | ||
| Q4 24 | $-31.1M | $5.8M | ||
| Q3 24 | $-7.2M | $966.0K | ||
| Q2 24 | $-51.9M | $3.7M | ||
| Q1 24 | $86.1M | $-3.4M |
| Q4 25 | 23.2% | 13.1% | ||
| Q3 25 | 47.6% | 25.0% | ||
| Q2 25 | 17.7% | 19.3% | ||
| Q1 25 | -79.9% | 7.2% | ||
| Q4 24 | -22.5% | 5.9% | ||
| Q3 24 | 6.1% | 19.4% | ||
| Q2 24 | -46.0% | 20.6% | ||
| Q1 24 | 9.6% | 5.8% |
| Q4 25 | 75.1% | 2.0% | ||
| Q3 25 | 101.6% | 5.4% | ||
| Q2 25 | 10.2% | 6.4% | ||
| Q1 25 | -93.6% | -2.6% | ||
| Q4 24 | -72.6% | 8.0% | ||
| Q3 24 | -13.8% | 1.2% | ||
| Q2 24 | -125.0% | 4.7% | ||
| Q1 24 | 278.1% | -4.3% |
| Q4 25 | $2.42 | — | ||
| Q3 25 | $5.68 | — | ||
| Q2 25 | $0.24 | — | ||
| Q1 25 | $-2.21 | — | ||
| Q4 24 | $-1.70 | — | ||
| Q3 24 | $-0.39 | — | ||
| Q2 24 | $-2.88 | — | ||
| Q1 24 | $4.75 | — |
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 | $733.5M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $1.0B | $452.4M |
| 总资产 | $1.6B | $582.5M |
| 负债/权益比越低杠杆越低 | — | 0.96× |
8季度趋势，按日历期对齐
| Q4 25 | $733.5M | $118.7M | ||
| Q3 25 | $664.5M | $107.5M | ||
| Q2 25 | $245.0M | $94.3M | ||
| Q1 25 | $208.9M | $89.1M | ||
| Q4 24 | $256.2M | $96.6M | ||
| Q3 24 | $219.6M | $83.8M | ||
| Q2 24 | $226.9M | $66.1M | ||
| Q1 24 | $310.6M | $82.1M |
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | — | $435.3M | ||
| Q4 24 | — | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | — | $438.1M | ||
| Q1 24 | — | $439.0M |
| Q4 25 | $1.0B | $452.4M | ||
| Q3 25 | $950.2M | $448.1M | ||
| Q2 25 | $828.5M | $442.4M | ||
| Q1 25 | $795.5M | $433.5M | ||
| Q4 24 | $830.4M | $429.5M | ||
| Q3 24 | $841.2M | $423.1M | ||
| Q2 24 | $775.2M | $418.4M | ||
| Q1 24 | $806.5M | $412.0M |
| Q4 25 | $1.6B | $582.5M | ||
| Q3 25 | $1.5B | $582.2M | ||
| Q2 25 | $948.6M | $574.8M | ||
| Q1 25 | $905.4M | $571.4M | ||
| Q4 24 | $941.8M | $581.6M | ||
| Q3 24 | $954.9M | $578.6M | ||
| Q2 24 | $866.4M | $571.4M | ||
| Q1 24 | $913.9M | $566.7M |
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.07× |
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 | $45.9M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $45.9M | $33.5M |
| 自由现金流率自由现金流/营收 | 76.9% | 47.1% |
| 资本支出强度资本支出/营收 | 0.0% | 10.4% |
| 现金转化率经营现金流/净利润 | 1.03× | 28.39× |
| 过去12个月自由现金流最近4个季度 | $48.9M | $56.8M |
8季度趋势，按日历期对齐
| Q4 25 | $45.9M | $40.9M | ||
| Q3 25 | $13.1M | $17.7M | ||
| Q2 25 | $15.8M | $4.6M | ||
| Q1 25 | $-25.4M | $5.7M | ||
| Q4 24 | $28.5M | $59.7M | ||
| Q3 24 | $36.5M | $17.6M | ||
| Q2 24 | $13.3M | $15.9M | ||
| Q1 24 | $18.7M | $9.4M |
| Q4 25 | $45.9M | $33.5M | ||
| Q3 25 | $13.1M | $16.4M | ||
| Q2 25 | $15.6M | $2.9M | ||
| Q1 25 | $-25.7M | $4.0M | ||
| Q4 24 | $27.8M | $53.0M | ||
| Q3 24 | $35.9M | $16.3M | ||
| Q2 24 | $12.9M | $14.0M | ||
| Q1 24 | $18.6M | $6.8M |
| Q4 25 | 76.9% | 47.1% | ||
| Q3 25 | 11.3% | 22.4% | ||
| Q2 25 | 32.7% | 4.0% | ||
| Q1 25 | -56.6% | 5.3% | ||
| Q4 24 | 64.8% | 73.2% | ||
| Q3 24 | 69.4% | 20.8% | ||
| Q2 24 | 31.1% | 17.8% | ||
| Q1 24 | 60.1% | 8.6% |
| Q4 25 | 0.0% | 10.4% | ||
| Q3 25 | 0.0% | 1.8% | ||
| Q2 25 | 0.4% | 2.2% | ||
| Q1 25 | 0.5% | 2.3% | ||
| Q4 24 | 1.7% | 9.1% | ||
| Q3 24 | 1.2% | 1.7% | ||
| Q2 24 | 1.0% | 2.4% | ||
| Q1 24 | 0.3% | 3.3% |
| Q4 25 | 1.03× | 28.39× | ||
| Q3 25 | 0.11× | 4.45× | ||
| Q2 25 | 3.26× | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| Q1 24 | 0.22× | — |
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
LGND
| Intangible Royalty Assets | $40.7M | 68% |
| Financial Royalty Assets | $9.8M | 16% |
| Material Sales Captisol | $7.8M | 13% |
| Vaxneuvance | $1.4M | 2% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
