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LIGAND PHARMACEUTICALS INC（LGND）与Repay Holdings Corp（RPAY）财务数据对比。点击上方公司名可切换其他公司
Repay Holdings Corp的季度营收约是LIGAND PHARMACEUTICALS INC的1.3倍（$78.6M vs $59.7M），LIGAND PHARMACEUTICALS INC净利率更高（75.1% vs -178.3%，领先253.4%），LIGAND PHARMACEUTICALS INC同比增速更快（39.4% vs 0.4%），LIGAND PHARMACEUTICALS INC自由现金流更多（$45.9M vs $23.2M），过去两年LIGAND PHARMACEUTICALS INC的营收复合增速更高（38.8% vs -1.3%）
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。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
LGND vs RPAY — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $59.7M | $78.6M |
| 净利润 | $44.8M | $-140.1M |
| 毛利率 | — | 74.2% |
| 营业利润率 | 23.2% | -182.2% |
| 净利率 | 75.1% | -178.3% |
| 营收同比 | 39.4% | 0.4% |
| 净利润同比 | 244.1% | -3304.1% |
| 每股收益（稀释后） | $2.42 | $-1.68 |
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 | $78.6M | ||
| Q3 25 | $115.5M | $77.7M | ||
| Q2 25 | $47.6M | $75.6M | ||
| Q1 25 | $45.3M | $77.3M | ||
| Q4 24 | $42.8M | $78.3M | ||
| Q3 24 | $51.8M | $79.1M | ||
| Q2 24 | $41.5M | $74.9M | ||
| Q1 24 | $31.0M | $80.7M |
| Q4 25 | $44.8M | $-140.1M | ||
| Q3 25 | $117.3M | $-6.4M | ||
| Q2 25 | $4.8M | $-102.3M | ||
| Q1 25 | $-42.5M | $-7.9M | ||
| Q4 24 | $-31.1M | $-4.1M | ||
| Q3 24 | $-7.2M | $3.2M | ||
| Q2 24 | $-51.9M | $-4.1M | ||
| Q1 24 | $86.1M | $-5.2M |
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% | ||
| Q1 24 | — | 76.2% |
| Q4 25 | 23.2% | -182.2% | ||
| Q3 25 | 47.6% | -3.9% | ||
| Q2 25 | 17.7% | -138.7% | ||
| Q1 25 | -79.9% | -4.7% | ||
| Q4 24 | -22.5% | -1.5% | ||
| Q3 24 | 6.1% | -0.9% | ||
| Q2 24 | -46.0% | -4.6% | ||
| Q1 24 | 9.6% | -3.1% |
| Q4 25 | 75.1% | -178.3% | ||
| Q3 25 | 101.6% | -8.3% | ||
| Q2 25 | 10.2% | -135.2% | ||
| Q1 25 | -93.6% | -10.3% | ||
| Q4 24 | -72.6% | -5.3% | ||
| Q3 24 | -13.8% | 4.1% | ||
| Q2 24 | -125.0% | -5.4% | ||
| Q1 24 | 278.1% | -6.5% |
| Q4 25 | $2.42 | $-1.68 | ||
| Q3 25 | $5.68 | $-0.08 | ||
| Q2 25 | $0.24 | $-1.15 | ||
| Q1 25 | $-2.21 | $-0.09 | ||
| Q4 24 | $-1.70 | $-0.04 | ||
| Q3 24 | $-0.39 | $0.03 | ||
| Q2 24 | $-2.88 | $-0.04 | ||
| Q1 24 | $4.75 | $-0.06 |
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 | $115.7M |
| 总债务越低越好 | — | $280.1M |
| 股东权益账面价值 | $1.0B | $484.4M |
| 总资产 | $1.6B | $1.2B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
| Q4 25 | $733.5M | $115.7M | ||
| Q3 25 | $664.5M | $95.7M | ||
| Q2 25 | $245.0M | $162.6M | ||
| Q1 25 | $208.9M | $165.5M | ||
| Q4 24 | $256.2M | $189.5M | ||
| Q3 24 | $219.6M | $168.7M | ||
| Q2 24 | $226.9M | $147.1M | ||
| Q1 24 | $310.6M | $128.3M |
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
| Q4 25 | $1.0B | $484.4M | ||
| Q3 25 | $950.2M | $616.9M | ||
| Q2 25 | $828.5M | $633.7M | ||
| Q1 25 | $795.5M | $755.7M | ||
| Q4 24 | $830.4M | $761.3M | ||
| Q3 24 | $841.2M | $754.7M | ||
| Q2 24 | $775.2M | $815.4M | ||
| Q1 24 | $806.5M | $813.8M |
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.5B | $1.3B | ||
| Q2 25 | $948.6M | $1.4B | ||
| Q1 25 | $905.4M | $1.5B | ||
| Q4 24 | $941.8M | $1.6B | ||
| Q3 24 | $954.9M | $1.6B | ||
| Q2 24 | $866.4M | $1.5B | ||
| Q1 24 | $913.9M | $1.5B |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $45.9M | $23.2M |
| 自由现金流率自由现金流/营收 | 76.9% | 29.6% |
| 资本支出强度资本支出/营收 | 0.0% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.03× | — |
| 过去12个月自由现金流最近4个季度 | $48.9M | $90.7M |
8季度趋势，按日历期对齐
| Q4 25 | $45.9M | $23.3M | ||
| Q3 25 | $13.1M | $32.2M | ||
| Q2 25 | $15.8M | $33.1M | ||
| Q1 25 | $-25.4M | $2.5M | ||
| Q4 24 | $28.5M | $34.3M | ||
| Q3 24 | $36.5M | $60.1M | ||
| Q2 24 | $13.3M | $31.0M | ||
| Q1 24 | $18.7M | $24.8M |
| Q4 25 | $45.9M | $23.2M | ||
| Q3 25 | $13.1M | $32.1M | ||
| Q2 25 | $15.6M | $33.0M | ||
| Q1 25 | $-25.7M | $2.4M | ||
| Q4 24 | $27.8M | $34.0M | ||
| Q3 24 | $35.9M | $59.8M | ||
| Q2 24 | $12.9M | $30.5M | ||
| Q1 24 | $18.6M | $24.7M |
| Q4 25 | 76.9% | 29.6% | ||
| Q3 25 | 11.3% | 41.3% | ||
| Q2 25 | 32.7% | 43.6% | ||
| Q1 25 | -56.6% | 3.0% | ||
| Q4 24 | 64.8% | 43.5% | ||
| Q3 24 | 69.4% | 75.6% | ||
| Q2 24 | 31.1% | 40.7% | ||
| Q1 24 | 60.1% | 30.6% |
| Q4 25 | 0.0% | 0.1% | ||
| Q3 25 | 0.0% | 0.2% | ||
| Q2 25 | 0.4% | 0.1% | ||
| Q1 25 | 0.5% | 0.2% | ||
| Q4 24 | 1.7% | 0.3% | ||
| Q3 24 | 1.2% | 0.3% | ||
| Q2 24 | 1.0% | 0.6% | ||
| Q1 24 | 0.3% | 0.1% |
| Q4 25 | 1.03× | — | ||
| Q3 25 | 0.11× | — | ||
| Q2 25 | 3.26× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| Q2 24 | — | — | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
