vs
MARA Holdings, Inc.（MARA）与REPLIGEN CORP（RGEN）财务数据对比。点击上方公司名可切换其他公司
MARA Holdings, Inc.的季度营收约是REPLIGEN CORP的1.0倍（$202.3M vs $197.9M），REPLIGEN CORP净利率更高（6.7% vs -14298.3%，领先14305.0%），REPLIGEN CORP同比增速更快（13.6% vs -5.6%），REPLIGEN CORP自由现金流更多（$17.6M vs $-1.2B），过去两年REPLIGEN CORP的营收复合增速更高（14.4% vs 10.7%）
MARA Holdings, Inc.是一家美国数字资产技术及加密货币挖矿企业，总部位于佛罗里达州劳德代尔堡。公司成立于2010年，最初以专利控股公司的模式运营，2010年代后期转向专注于区块链基础设施与数字资产相关业务。
Repligen是一家全球生命科学企业，专注于创新生物工艺技术与系统的研发及商业化，助力提升生物药生产效率。公司1981年成立，总部位于美国马萨诸塞州沃尔瑟姆，于纳斯达克挂牌上市，股票代码RGEN，截至2025年全球员工超1900人，主要服务生物制药领域客户。
MARA vs RGEN — 直观对比
营收规模更大
MARA
是对方的1.0倍
$197.9M
营收增速更快
RGEN
高出19.3%
-5.6%
净利率更高
RGEN
高出14305.0%
-14298.3%
自由现金流更多
RGEN
多$1.2B
$-1.2B
两年增速更快
RGEN
近两年复合增速
10.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $202.3M | $197.9M |
| 净利润 | $-1.7B | $13.3M |
| 毛利率 | — | 52.5% |
| 营业利润率 | -11795.9% | 9.0% |
| 净利率 | -14298.3% | 6.7% |
| 营收同比 | -5.6% | 13.6% |
| 净利润同比 | -423.5% | 143.9% |
| 每股收益（稀释后） | $-4.25 | $0.24 |
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MARARGEN
| Q4 25 | $202.3M | $197.9M | ||
| Q3 25 | $252.4M | $188.8M | ||
| Q2 25 | $238.5M | $182.4M | ||
| Q1 25 | $213.9M | $169.2M | ||
| Q4 24 | $214.4M | $174.1M | ||
| Q3 24 | $131.6M | $154.9M | ||
| Q2 24 | $145.1M | $154.1M | ||
| Q1 24 | $165.2M | $151.3M |
净利润MARARGEN
| Q4 25 | $-1.7B | $13.3M | ||
| Q3 25 | $123.1M | $14.9M | ||
| Q2 25 | $808.2M | $14.9M | ||
| Q1 25 | $-533.4M | $5.8M | ||
| Q4 24 | $528.5M | $-30.3M | ||
| Q3 24 | $-124.8M | $-654.0K | ||
| Q2 24 | $-199.7M | $3.3M | ||
| Q1 24 | $337.2M | $2.1M |
毛利率MARARGEN
| Q4 25 | — | 52.5% | ||
| Q3 25 | — | 53.2% | ||
| Q2 25 | — | 50.0% | ||
| Q1 25 | — | 53.6% | ||
| Q4 24 | -2613.4% | 26.1% | ||
| Q3 24 | -1065.0% | 50.0% | ||
| Q2 24 | -587.6% | 49.8% | ||
| Q1 24 | -289.4% | 49.5% |
营业利润率MARARGEN
| Q4 25 | -11795.9% | 9.0% | ||
| Q3 25 | 18.9% | 8.9% | ||
| Q2 25 | — | 7.6% | ||
| Q1 25 | -253.0% | 3.9% | ||
| Q4 24 | — | -17.7% | ||
| Q3 24 | -130.8% | -5.1% | ||
| Q2 24 | -160.1% | 1.0% | ||
| Q1 24 | — | 1.3% |
净利率MARARGEN
| Q4 25 | -14298.3% | 6.7% | ||
| Q3 25 | 48.8% | 7.9% | ||
| Q2 25 | 338.9% | 8.2% | ||
| Q1 25 | -249.4% | 3.4% | ||
| Q4 24 | 5367.4% | -17.4% | ||
| Q3 24 | -94.8% | -0.4% | ||
| Q2 24 | -137.6% | 2.2% | ||
| Q1 24 | 204.1% | 1.4% |
每股收益（稀释后）MARARGEN
| Q4 25 | $-4.25 | $0.24 | ||
| Q3 25 | $0.27 | $0.26 | ||
| Q2 25 | $1.84 | $0.26 | ||
| Q1 25 | $-1.55 | $0.10 | ||
| Q4 24 | $1.60 | $-0.55 | ||
| Q3 24 | $-0.42 | $-0.01 | ||
| Q2 24 | $-0.72 | $0.06 | ||
| Q1 24 | $1.26 | $0.04 |
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 | $547.1M | $767.6M |
| 总债务越低越好 | $3.6B | $542.2M |
| 股东权益账面价值 | $3.5B | $2.1B |
| 总资产 | $7.3B | $2.9B |
| 负债/权益比越低杠杆越低 | 1.04× | 0.26× |
8季度趋势，按日历期对齐
现金及短期投资MARARGEN
| Q4 25 | $547.1M | $767.6M | ||
| Q3 25 | $826.4M | $748.7M | ||
| Q2 25 | $109.5M | $708.9M | ||
| Q1 25 | $196.2M | $697.2M | ||
| Q4 24 | $391.8M | $757.4M | ||
| Q3 24 | $164.3M | $784.0M | ||
| Q2 24 | $256.0M | $809.1M | ||
| Q1 24 | $324.3M | $780.6M |
总债务MARARGEN
| Q4 25 | $3.6B | $542.2M | ||
| Q3 25 | $3.2B | $537.9M | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | $525.6M | ||
| Q3 24 | $618.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MARARGEN
| Q4 25 | $3.5B | $2.1B | ||
| Q3 25 | $5.2B | $2.1B | ||
| Q2 25 | $4.8B | $2.1B | ||
| Q1 25 | $3.7B | $2.0B | ||
| Q4 24 | $4.1B | $2.0B | ||
| Q3 24 | $2.9B | $2.0B | ||
| Q2 24 | $2.6B | $2.0B | ||
| Q1 24 | $2.5B | $2.0B |
总资产MARARGEN
| Q4 25 | $7.3B | $2.9B | ||
| Q3 25 | $9.2B | $2.9B | ||
| Q2 25 | $7.7B | $2.9B | ||
| Q1 25 | $6.4B | $2.9B | ||
| Q4 24 | $6.8B | $2.8B | ||
| Q3 24 | $3.6B | $2.8B | ||
| Q2 24 | $3.1B | $2.9B | ||
| Q1 24 | $3.0B | $2.8B |
负债/权益比MARARGEN
| Q4 25 | 1.04× | 0.26× | ||
| Q3 25 | 0.63× | 0.26× | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.59× | 0.27× | ||
| Q3 24 | 0.22× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-802.7M | $25.7M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $17.6M |
| 自由现金流率自由现金流/营收 | -598.0% | 8.9% |
| 资本支出强度资本支出/营收 | 201.2% | 4.1% |
| 现金转化率经营现金流/净利润 | — | 1.93× |
| 过去12个月自由现金流最近4个季度 | $-2.0B | $93.9M |
8季度趋势，按日历期对齐
经营现金流MARARGEN
| Q4 25 | $-802.7M | $25.7M | ||
| Q3 25 | $-199.0M | $48.1M | ||
| Q2 25 | $-163.4M | $28.6M | ||
| Q1 25 | $-215.5M | $15.0M | ||
| Q4 24 | $-677.0M | $39.2M | ||
| Q3 24 | $-160.1M | $49.3M | ||
| Q2 24 | $-115.2M | $42.2M | ||
| Q1 24 | $-88.3M | $44.7M |
自由现金流MARARGEN
| Q4 25 | $-1.2B | $17.6M | ||
| Q3 25 | $-283.9M | $43.4M | ||
| Q2 25 | $-282.4M | $21.5M | ||
| Q1 25 | $-254.3M | $11.4M | ||
| Q4 24 | $-927.8M | $33.6M | ||
| Q3 24 | $-198.1M | $42.3M | ||
| Q2 24 | $-132.4M | $37.4M | ||
| Q1 24 | $-97.4M | $36.4M |
自由现金流率MARARGEN
| Q4 25 | -598.0% | 8.9% | ||
| Q3 25 | -112.5% | 23.0% | ||
| Q2 25 | -118.4% | 11.8% | ||
| Q1 25 | -118.9% | 6.8% | ||
| Q4 24 | -432.8% | 19.3% | ||
| Q3 24 | -150.5% | 27.3% | ||
| Q2 24 | -91.2% | 24.3% | ||
| Q1 24 | -59.0% | 24.0% |
资本支出强度MARARGEN
| Q4 25 | 201.2% | 4.1% | ||
| Q3 25 | 33.6% | 2.5% | ||
| Q2 25 | 49.9% | 3.9% | ||
| Q1 25 | 18.2% | 2.1% | ||
| Q4 24 | 117.0% | 3.2% | ||
| Q3 24 | 28.9% | 4.5% | ||
| Q2 24 | 11.9% | 3.1% | ||
| Q1 24 | 5.5% | 5.5% |
现金转化率MARARGEN
| Q4 25 | — | 1.93× | ||
| Q3 25 | -1.62× | 3.23× | ||
| Q2 25 | -0.20× | 1.92× | ||
| Q1 25 | — | 2.57× | ||
| Q4 24 | -1.28× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 12.70× | ||
| Q1 24 | -0.26× | 21.35× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
