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冠群电脑（MANH）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
冠群电脑的季度营收约是Ultragenyx Pharmaceutical Inc.的1.4倍（$282.2M vs $207.3M），冠群电脑净利率更高（17.5% vs -62.0%，领先79.5%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 6.0%），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 3.1%）
原冠群电脑国际有限公司，后更名为CA科技，是1976年至2018年存续的美国跨国企业软件开发商与发行商。作为全球顶尖独立软件企业之一，曾位列行业第二，旗下系统软件适配IBM大型机、分布式计算、虚拟机及云计算环境。
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。
MANH vs RARE — 直观对比
营收规模更大
MANH
是对方的1.4倍
$207.3M
营收增速更快
RARE
高出19.9%
6.0%
净利率更高
MANH
高出79.5%
-62.0%
两年增速更快
RARE
近两年复合增速
3.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $282.2M | $207.3M |
| 净利润 | $49.3M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | 23.0% | -54.7% |
| 净利率 | 17.5% | -62.0% |
| 营收同比 | 6.0% | 25.9% |
| 净利润同比 | -6.3% | 3.5% |
| 每股收益（稀释后） | $0.82 | $-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MANHRARE
| Q1 26 | $282.2M | — | ||
| Q4 25 | $270.4M | $207.3M | ||
| Q3 25 | $275.8M | $159.9M | ||
| Q2 25 | $272.4M | $166.5M | ||
| Q1 25 | $262.8M | $139.3M | ||
| Q4 24 | $255.8M | $164.6M | ||
| Q3 24 | $266.7M | $139.5M | ||
| Q2 24 | $265.3M | $147.0M |
净利润MANHRARE
| Q1 26 | $49.3M | — | ||
| Q4 25 | $52.0M | $-128.6M | ||
| Q3 25 | $58.6M | $-180.4M | ||
| Q2 25 | $56.8M | $-115.0M | ||
| Q1 25 | $52.6M | $-151.1M | ||
| Q4 24 | $48.0M | $-133.2M | ||
| Q3 24 | $63.8M | $-133.5M | ||
| Q2 24 | $52.8M | $-131.6M |
毛利率MANHRARE
| Q1 26 | — | — | ||
| Q4 25 | 55.0% | — | ||
| Q3 25 | 56.6% | — | ||
| Q2 25 | 57.3% | — | ||
| Q1 25 | 56.4% | — | ||
| Q4 24 | 55.8% | — | ||
| Q3 24 | 55.5% | — | ||
| Q2 24 | 54.8% | — |
营业利润率MANHRARE
| Q1 26 | 23.0% | — | ||
| Q4 25 | 24.8% | -54.7% | ||
| Q3 25 | 27.5% | -106.9% | ||
| Q2 25 | 27.1% | -64.8% | ||
| Q1 25 | 24.0% | -102.6% | ||
| Q4 24 | 23.7% | -74.3% | ||
| Q3 24 | 28.2% | -94.6% | ||
| Q2 24 | 25.7% | -79.1% |
净利率MANHRARE
| Q1 26 | 17.5% | — | ||
| Q4 25 | 19.2% | -62.0% | ||
| Q3 25 | 21.3% | -112.8% | ||
| Q2 25 | 20.8% | -69.0% | ||
| Q1 25 | 20.0% | -108.5% | ||
| Q4 24 | 18.8% | -80.9% | ||
| Q3 24 | 23.9% | -95.7% | ||
| Q2 24 | 19.9% | -89.5% |
每股收益（稀释后）MANHRARE
| Q1 26 | $0.82 | — | ||
| Q4 25 | $0.86 | $-1.28 | ||
| Q3 25 | $0.96 | $-1.81 | ||
| Q2 25 | $0.93 | $-1.17 | ||
| Q1 25 | $0.85 | $-1.57 | ||
| Q4 24 | $0.77 | $-1.34 | ||
| Q3 24 | $1.03 | $-1.40 | ||
| Q2 24 | $0.85 | $-1.52 |
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 | $226.1M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $205.2M | $-80.0M |
| 总资产 | $740.5M | $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MANHRARE
| Q1 26 | $226.1M | — | ||
| Q4 25 | $328.7M | $421.0M | ||
| Q3 25 | $263.6M | $202.5M | ||
| Q2 25 | $230.6M | $176.3M | ||
| Q1 25 | $205.9M | $127.1M | ||
| Q4 24 | $266.2M | $174.0M | ||
| Q3 24 | $215.0M | $150.6M | ||
| Q2 24 | $202.7M | $480.7M |
股东权益MANHRARE
| Q1 26 | $205.2M | — | ||
| Q4 25 | $314.8M | $-80.0M | ||
| Q3 25 | $309.2M | $9.2M | ||
| Q2 25 | $278.8M | $151.3M | ||
| Q1 25 | $245.1M | $144.2M | ||
| Q4 24 | $299.1M | $255.0M | ||
| Q3 24 | $278.0M | $346.8M | ||
| Q2 24 | $240.6M | $432.4M |
总资产MANHRARE
| Q1 26 | $740.5M | — | ||
| Q4 25 | $839.4M | $1.5B | ||
| Q3 25 | $768.8M | $1.2B | ||
| Q2 25 | $744.7M | $1.3B | ||
| Q1 25 | $708.2M | $1.3B | ||
| Q4 24 | $757.6M | $1.5B | ||
| Q3 24 | $698.1M | $1.5B | ||
| Q2 24 | $665.3M | $1.6B |
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 | $84.0M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-100.8M |
| 自由现金流率自由现金流/营收 | — | -48.6% |
| 资本支出强度资本支出/营收 | 0.3% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.70× | — |
| 过去12个月自由现金流最近4个季度 | — | $-472.0M |
8季度趋势，按日历期对齐
经营现金流MANHRARE
| Q1 26 | $84.0M | — | ||
| Q4 25 | $147.1M | $-99.8M | ||
| Q3 25 | $93.1M | $-91.4M | ||
| Q2 25 | $74.0M | $-108.3M | ||
| Q1 25 | $75.3M | $-166.5M | ||
| Q4 24 | $104.7M | $-79.3M | ||
| Q3 24 | $62.3M | $-67.0M | ||
| Q2 24 | $73.3M | $-77.0M |
自由现金流MANHRARE
| Q1 26 | — | — | ||
| Q4 25 | $142.4M | $-100.8M | ||
| Q3 25 | $87.2M | $-92.7M | ||
| Q2 25 | $70.1M | $-110.7M | ||
| Q1 25 | $74.4M | $-167.8M | ||
| Q4 24 | $101.6M | $-79.5M | ||
| Q3 24 | $61.3M | $-68.6M | ||
| Q2 24 | $71.0M | $-79.0M |
自由现金流率MANHRARE
| Q1 26 | — | — | ||
| Q4 25 | 52.7% | -48.6% | ||
| Q3 25 | 31.6% | -58.0% | ||
| Q2 25 | 25.7% | -66.5% | ||
| Q1 25 | 28.3% | -120.5% | ||
| Q4 24 | 39.7% | -48.3% | ||
| Q3 24 | 23.0% | -49.2% | ||
| Q2 24 | 26.8% | -53.7% |
资本支出强度MANHRARE
| Q1 26 | 0.3% | — | ||
| Q4 25 | 1.7% | 0.5% | ||
| Q3 25 | 2.1% | 0.8% | ||
| Q2 25 | 1.5% | 1.5% | ||
| Q1 25 | 0.3% | 1.0% | ||
| Q4 24 | 1.2% | 0.1% | ||
| Q3 24 | 0.4% | 1.2% | ||
| Q2 24 | 0.8% | 1.4% |
现金转化率MANHRARE
| Q1 26 | 1.70× | — | ||
| Q4 25 | 2.83× | — | ||
| Q3 25 | 1.59× | — | ||
| Q2 25 | 1.30× | — | ||
| Q1 25 | 1.43× | — | ||
| Q4 24 | 2.18× | — | ||
| Q3 24 | 0.98× | — | ||
| Q2 24 | 1.39× | — |
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
MANH
| Services | $125.7M | 45% |
| Cloud subscriptions | $117.1M | 42% |
| Maintenance | $30.6M | 11% |
| Hardware | $6.5M | 2% |
| Software license | $2.2M | 1% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
