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Merchants Bancorp（MBIN）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Merchants Bancorp的1.2倍（$207.3M vs $175.2M），Merchants Bancorp净利率更高（38.6% vs -62.0%，领先100.7%），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 4.8%）
Ameris Bancorp是总部位于美国佐治亚州亚特兰大的银行控股企业，旗下设有Ameris Bank子公司，在佐治亚州、阿拉巴马州、佛罗里达州、北卡罗来纳州、南卡罗来纳州运营全服务网点，同时在上述五州及弗吉尼亚州、马里兰州、田纳西州设立仅办理抵押贷款业务的网点，为个人和企业客户提供线上及移动端银行服务。
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。
MBIN vs RARE — 直观对比
营收规模更大
RARE
是对方的1.2倍
$175.2M
净利率更高
MBIN
高出100.7%
-62.0%
两年增速更快
RARE
近两年复合增速
4.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $175.2M | $207.3M |
| 净利润 | $67.7M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | — | -54.7% |
| 净利率 | 38.6% | -62.0% |
| 营收同比 | — | 25.9% |
| 净利润同比 | 16.3% | 3.5% |
| 每股收益（稀释后） | $1.25 | $-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MBINRARE
| Q1 26 | $175.2M | — | ||
| Q4 25 | $185.3M | $207.3M | ||
| Q3 25 | $171.1M | $159.9M | ||
| Q2 25 | $179.2M | $166.5M | ||
| Q1 25 | $145.9M | $139.3M | ||
| Q4 24 | $193.8M | $164.6M | ||
| Q3 24 | $149.6M | $139.5M | ||
| Q2 24 | $159.5M | $147.0M |
净利润MBINRARE
| Q1 26 | $67.7M | — | ||
| Q4 25 | — | $-128.6M | ||
| Q3 25 | $54.7M | $-180.4M | ||
| Q2 25 | $38.0M | $-115.0M | ||
| Q1 25 | $58.2M | $-151.1M | ||
| Q4 24 | — | $-133.2M | ||
| Q3 24 | $61.3M | $-133.5M | ||
| Q2 24 | $76.4M | $-131.6M |
营业利润率MBINRARE
| Q1 26 | — | — | ||
| Q4 25 | 39.9% | -54.7% | ||
| Q3 25 | 37.8% | -106.9% | ||
| Q2 25 | 27.3% | -64.8% | ||
| Q1 25 | 52.4% | -102.6% | ||
| Q4 24 | 66.0% | -74.3% | ||
| Q3 24 | 54.4% | -94.6% | ||
| Q2 24 | 62.2% | -79.1% |
净利率MBINRARE
| Q1 26 | 38.6% | — | ||
| Q4 25 | — | -62.0% | ||
| Q3 25 | 32.0% | -112.8% | ||
| Q2 25 | 21.2% | -69.0% | ||
| Q1 25 | 39.9% | -108.5% | ||
| Q4 24 | — | -80.9% | ||
| Q3 24 | 41.0% | -95.7% | ||
| Q2 24 | 47.9% | -89.5% |
每股收益（稀释后）MBINRARE
| Q1 26 | $1.25 | — | ||
| Q4 25 | $1.28 | $-1.28 | ||
| Q3 25 | $0.97 | $-1.81 | ||
| Q2 25 | $0.60 | $-1.17 | ||
| Q1 25 | $0.93 | $-1.57 | ||
| Q4 24 | $1.84 | $-1.34 | ||
| Q3 24 | $1.17 | $-1.40 | ||
| Q2 24 | $1.49 | $-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 | $83.2M | $421.0M |
| 总债务越低越好 | $32.0M | — |
| 股东权益账面价值 | $2.3B | $-80.0M |
| 总资产 | $20.3B | $1.5B |
| 负债/权益比越低杠杆越低 | 0.01× | — |
8季度趋势，按日历期对齐
现金及短期投资MBINRARE
| Q1 26 | $83.2M | — | ||
| Q4 25 | — | $421.0M | ||
| Q3 25 | — | $202.5M | ||
| Q2 25 | — | $176.3M | ||
| Q1 25 | — | $127.1M | ||
| Q4 24 | — | $174.0M | ||
| Q3 24 | — | $150.6M | ||
| Q2 24 | — | $480.7M |
总债务MBINRARE
| Q1 26 | $32.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益MBINRARE
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | $-80.0M | ||
| Q3 25 | $2.2B | $9.2M | ||
| Q2 25 | $2.2B | $151.3M | ||
| Q1 25 | $2.2B | $144.2M | ||
| Q4 24 | $2.2B | $255.0M | ||
| Q3 24 | $1.9B | $346.8M | ||
| Q2 24 | $1.9B | $432.4M |
总资产MBINRARE
| Q1 26 | $20.3B | — | ||
| Q4 25 | $19.4B | $1.5B | ||
| Q3 25 | $19.4B | $1.2B | ||
| Q2 25 | $19.1B | $1.3B | ||
| Q1 25 | $18.8B | $1.3B | ||
| Q4 24 | $18.8B | $1.5B | ||
| Q3 24 | $18.7B | $1.5B | ||
| Q2 24 | $18.2B | $1.6B |
负债/权益比MBINRARE
| Q1 26 | 0.01× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — | $-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 | — | 0.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 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MBINRARE
| Q1 26 | — | — | ||
| Q4 25 | $-341.2M | $-99.8M | ||
| Q3 25 | $29.8M | $-91.4M | ||
| Q2 25 | $-121.2M | $-108.3M | ||
| Q1 25 | $148.0M | $-166.5M | ||
| Q4 24 | $-835.3M | $-79.3M | ||
| Q3 24 | $-492.6M | $-67.0M | ||
| Q2 24 | $51.1M | $-77.0M |
自由现金流MBINRARE
| Q1 26 | — | — | ||
| Q4 25 | $-362.2M | $-100.8M | ||
| Q3 25 | $24.0M | $-92.7M | ||
| Q2 25 | $-125.7M | $-110.7M | ||
| Q1 25 | $141.2M | $-167.8M | ||
| Q4 24 | $-853.7M | $-79.5M | ||
| Q3 24 | $-497.2M | $-68.6M | ||
| Q2 24 | $45.8M | $-79.0M |
自由现金流率MBINRARE
| Q1 26 | — | — | ||
| Q4 25 | -195.5% | -48.6% | ||
| Q3 25 | 14.0% | -58.0% | ||
| Q2 25 | -70.1% | -66.5% | ||
| Q1 25 | 96.8% | -120.5% | ||
| Q4 24 | -440.6% | -48.3% | ||
| Q3 24 | -332.4% | -49.2% | ||
| Q2 24 | 28.7% | -53.7% |
资本支出强度MBINRARE
| Q1 26 | — | — | ||
| Q4 25 | 11.3% | 0.5% | ||
| Q3 25 | 3.4% | 0.8% | ||
| Q2 25 | 2.5% | 1.5% | ||
| Q1 25 | 4.7% | 1.0% | ||
| Q4 24 | 9.5% | 0.1% | ||
| Q3 24 | 3.0% | 1.2% | ||
| Q2 24 | 3.3% | 1.4% |
现金转化率MBINRARE
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.54× | — | ||
| Q2 25 | -3.19× | — | ||
| Q1 25 | 2.54× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -8.04× | — | ||
| Q2 24 | 0.67× | — |
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
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
