vs
美世（MERC）与Royalty Pharma plc（RPRX）财务数据对比。点击上方公司名可切换其他公司
Royalty Pharma plc的季度营收约是美世的1.4倍（$622.0M vs $449.5M），Royalty Pharma plc净利率更高（34.4% vs -68.7%，领先103.1%），Royalty Pharma plc同比增速更快（4.8% vs -8.0%），过去两年Royalty Pharma plc的营收复合增速更高（4.6% vs -9.9%）
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
本公司是总部位于美国马萨诸塞州剑桥市的临床阶段生物制药企业，专注于研发可调节转化生长因子β（TGF-β）超家族蛋白的药物，该类蛋白在红细胞、肌肉、骨骼、血管等细胞与组织的生长修复过程中发挥核心作用。
MERC vs RPRX — 直观对比
营收规模更大
RPRX
是对方的1.4倍
$449.5M
营收增速更快
RPRX
高出12.7%
-8.0%
净利率更高
RPRX
高出103.1%
-68.7%
两年增速更快
RPRX
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $449.5M | $622.0M |
| 净利润 | $-308.7M | $214.2M |
| 毛利率 | — | — |
| 营业利润率 | -62.0% | 62.4% |
| 净利率 | -68.7% | 34.4% |
| 营收同比 | -8.0% | 4.8% |
| 净利润同比 | -1947.7% | 2.9% |
| 每股收益（稀释后） | $-4.61 | $0.49 |
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MERCRPRX
| Q4 25 | $449.5M | $622.0M | ||
| Q3 25 | $458.1M | $609.3M | ||
| Q2 25 | $453.5M | $578.7M | ||
| Q1 25 | $507.0M | $568.2M | ||
| Q4 24 | $488.4M | $593.6M | ||
| Q3 24 | $502.1M | $564.7M | ||
| Q2 24 | $499.4M | $537.3M | ||
| Q1 24 | $553.4M | $568.0M |
净利润MERCRPRX
| Q4 25 | $-308.7M | $214.2M | ||
| Q3 25 | $-80.8M | $288.2M | ||
| Q2 25 | $-86.1M | $30.2M | ||
| Q1 25 | $-22.3M | $238.3M | ||
| Q4 24 | $16.7M | $208.2M | ||
| Q3 24 | $-17.6M | $544.0M | ||
| Q2 24 | $-67.6M | $102.0M | ||
| Q1 24 | $-16.7M | $4.8M |
营业利润率MERCRPRX
| Q4 25 | -62.0% | 62.4% | ||
| Q3 25 | -14.8% | 70.1% | ||
| Q2 25 | -12.9% | 36.3% | ||
| Q1 25 | 1.3% | 94.0% | ||
| Q4 24 | 10.3% | 60.9% | ||
| Q3 24 | 1.8% | — | ||
| Q2 24 | -8.8% | 50.2% | ||
| Q1 24 | -0.1% | -13.0% |
净利率MERCRPRX
| Q4 25 | -68.7% | 34.4% | ||
| Q3 25 | -17.6% | 47.3% | ||
| Q2 25 | -19.0% | 5.2% | ||
| Q1 25 | -4.4% | 41.9% | ||
| Q4 24 | 3.4% | 35.1% | ||
| Q3 24 | -3.5% | 96.3% | ||
| Q2 24 | -13.5% | 19.0% | ||
| Q1 24 | -3.0% | 0.8% |
每股收益（稀释后）MERCRPRX
| Q4 25 | $-4.61 | $0.49 | ||
| Q3 25 | $-1.21 | $0.67 | ||
| Q2 25 | $-1.29 | $0.07 | ||
| Q1 25 | $-0.33 | $0.55 | ||
| Q4 24 | $0.25 | $0.46 | ||
| Q3 24 | $-0.26 | $1.21 | ||
| Q2 24 | $-1.01 | $0.23 | ||
| Q1 24 | $-0.25 | $0.01 |
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 | $186.8M | $618.7M |
| 总债务越低越好 | $1.6B | $9.0B |
| 股东权益账面价值 | $68.1M | $9.7B |
| 总资产 | $2.0B | $19.6B |
| 负债/权益比越低杠杆越低 | 23.58× | 0.92× |
8季度趋势，按日历期对齐
现金及短期投资MERCRPRX
| Q4 25 | $186.8M | $618.7M | ||
| Q3 25 | $98.1M | $938.9M | ||
| Q2 25 | $146.5M | $631.9M | ||
| Q1 25 | $181.5M | $1.1B | ||
| Q4 24 | $184.9M | $929.0M | ||
| Q3 24 | $239.0M | $950.1M | ||
| Q2 24 | $263.2M | $1.8B | ||
| Q1 24 | $274.3M | $843.0M |
总债务MERCRPRX
| Q4 25 | $1.6B | $9.0B | ||
| Q3 25 | $1.5B | $8.9B | ||
| Q2 25 | $1.5B | $8.0B | ||
| Q1 25 | $1.5B | $7.6B | ||
| Q4 24 | $1.5B | $7.6B | ||
| Q3 24 | $1.6B | $7.6B | ||
| Q2 24 | $1.6B | $7.6B | ||
| Q1 24 | $1.6B | $6.1B |
股东权益MERCRPRX
| Q4 25 | $68.1M | $9.7B | ||
| Q3 25 | $359.5M | $9.6B | ||
| Q2 25 | $446.5M | $9.5B | ||
| Q1 25 | $437.4M | $9.8B | ||
| Q4 24 | $429.8M | $10.3B | ||
| Q3 24 | $516.8M | $10.3B | ||
| Q2 24 | $487.7M | $9.8B | ||
| Q1 24 | $573.6M | $9.9B |
总资产MERCRPRX
| Q4 25 | $2.0B | $19.6B | ||
| Q3 25 | $2.3B | $19.3B | ||
| Q2 25 | $2.4B | $18.3B | ||
| Q1 25 | $2.3B | $17.6B | ||
| Q4 24 | $2.3B | $18.2B | ||
| Q3 24 | $2.5B | $18.0B | ||
| Q2 24 | $2.5B | $17.7B | ||
| Q1 24 | $2.6B | $16.1B |
负债/权益比MERCRPRX
| Q4 25 | 23.58× | 0.92× | ||
| Q3 25 | 4.30× | 0.93× | ||
| Q2 25 | 3.42× | 0.84× | ||
| Q1 25 | 3.44× | 0.78× | ||
| Q4 24 | 3.43× | 0.74× | ||
| Q3 24 | 3.09× | 0.74× | ||
| Q2 24 | 3.22× | 0.78× | ||
| Q1 24 | 2.82× | 0.62× |
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 | $46.2M | $827.1M |
| 自由现金流经营现金流 - 资本支出 | $32.0M | — |
| 自由现金流率自由现金流/营收 | 7.1% | — |
| 资本支出强度资本支出/营收 | 3.1% | — |
| 现金转化率经营现金流/净利润 | — | 3.86× |
| 过去12个月自由现金流最近4个季度 | $-80.0M | — |
8季度趋势，按日历期对齐
经营现金流MERCRPRX
| Q4 25 | $46.2M | $827.1M | ||
| Q3 25 | $-30.1M | $702.6M | ||
| Q2 25 | $-4.5M | $364.0M | ||
| Q1 25 | $-3.0M | $596.1M | ||
| Q4 24 | $71.2M | $742.5M | ||
| Q3 24 | $-13.9M | $703.6M | ||
| Q2 24 | $62.2M | $658.2M | ||
| Q1 24 | $-29.2M | $664.6M |
自由现金流MERCRPRX
| Q4 25 | $32.0M | — | ||
| Q3 25 | $-60.1M | — | ||
| Q2 25 | $-28.9M | — | ||
| Q1 25 | $-23.1M | — | ||
| Q4 24 | $50.4M | — | ||
| Q3 24 | $-41.2M | — | ||
| Q2 24 | $44.3M | — | ||
| Q1 24 | $-47.7M | — |
自由现金流率MERCRPRX
| Q4 25 | 7.1% | — | ||
| Q3 25 | -13.1% | — | ||
| Q2 25 | -6.4% | — | ||
| Q1 25 | -4.6% | — | ||
| Q4 24 | 10.3% | — | ||
| Q3 24 | -8.2% | — | ||
| Q2 24 | 8.9% | — | ||
| Q1 24 | -8.6% | — |
资本支出强度MERCRPRX
| Q4 25 | 3.1% | — | ||
| Q3 25 | 6.6% | — | ||
| Q2 25 | 5.4% | — | ||
| Q1 25 | 4.0% | — | ||
| Q4 24 | 4.2% | — | ||
| Q3 24 | 5.4% | — | ||
| Q2 24 | 3.6% | — | ||
| Q1 24 | 3.3% | — |
现金转化率MERCRPRX
| Q4 25 | — | 3.86× | ||
| Q3 25 | — | 2.44× | ||
| Q2 25 | — | 12.06× | ||
| Q1 25 | — | 2.50× | ||
| Q4 24 | 4.26× | 3.57× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 6.45× | ||
| Q1 24 | — | 139.10× |
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
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
