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MarketAxess（MKTX）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
MarketAxess的季度营收约是Ultragenyx Pharmaceutical Inc.的1.0倍（$209.4M vs $207.3M），MarketAxess净利率更高（44.0% vs -62.0%，领先106.1%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 3.5%），MarketAxess自由现金流更多（$373.9M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs -0.2%）
MarketAxess Holdings Inc.是一家国际金融科技企业，运营面向机构信贷市场的电子交易平台，同时提供市场数据及交易后服务，支持机构投资者、经纪自营商开展企业债券等各类固定收益类信用工具的交易。
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。
MKTX vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $209.4M | $207.3M |
| 净利润 | $92.2M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | 36.3% | -54.7% |
| 净利率 | 44.0% | -62.0% |
| 营收同比 | 3.5% | 25.9% |
| 净利润同比 | 41.6% | 3.5% |
| 每股收益（稀释后） | $2.49 | $-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
| Q4 25 | $209.4M | $207.3M | ||
| Q3 25 | $208.8M | $159.9M | ||
| Q2 25 | $219.5M | $166.5M | ||
| Q1 25 | $208.6M | $139.3M | ||
| Q4 24 | $202.4M | $164.6M | ||
| Q3 24 | $206.7M | $139.5M | ||
| Q2 24 | $197.7M | $147.0M | ||
| Q1 24 | $210.3M | $108.8M |
| Q4 25 | $92.2M | $-128.6M | ||
| Q3 25 | $68.2M | $-180.4M | ||
| Q2 25 | $71.1M | $-115.0M | ||
| Q1 25 | $15.1M | $-151.1M | ||
| Q4 24 | $65.1M | $-133.2M | ||
| Q3 24 | $71.5M | $-133.5M | ||
| Q2 24 | $64.9M | $-131.6M | ||
| Q1 24 | $72.6M | $-170.7M |
| Q4 25 | 36.3% | -54.7% | ||
| Q3 25 | 41.0% | -106.9% | ||
| Q2 25 | 41.9% | -64.8% | ||
| Q1 25 | 42.4% | -102.6% | ||
| Q4 24 | 39.5% | -74.3% | ||
| Q3 24 | 42.1% | -94.6% | ||
| Q2 24 | 41.2% | -79.1% | ||
| Q1 24 | 44.0% | -151.9% |
| Q4 25 | 44.0% | -62.0% | ||
| Q3 25 | 32.6% | -112.8% | ||
| Q2 25 | 32.4% | -69.0% | ||
| Q1 25 | 7.2% | -108.5% | ||
| Q4 24 | 32.2% | -80.9% | ||
| Q3 24 | 34.6% | -95.7% | ||
| Q2 24 | 32.9% | -89.5% | ||
| Q1 24 | 34.5% | -156.8% |
| Q4 25 | $2.49 | $-1.28 | ||
| Q3 25 | $1.84 | $-1.81 | ||
| Q2 25 | $1.91 | $-1.17 | ||
| Q1 25 | $0.40 | $-1.57 | ||
| Q4 24 | $1.74 | $-1.34 | ||
| Q3 24 | $1.90 | $-1.40 | ||
| Q2 24 | $1.72 | $-1.52 | ||
| Q1 24 | $1.92 | $-2.03 |
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 | $519.7M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.1B | $-80.0M |
| 总资产 | $1.9B | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $519.7M | $421.0M | ||
| Q3 25 | $473.3M | $202.5M | ||
| Q2 25 | $462.8M | $176.3M | ||
| Q1 25 | $486.2M | $127.1M | ||
| Q4 24 | $544.5M | $174.0M | ||
| Q3 24 | $446.3M | $150.6M | ||
| Q2 24 | $434.1M | $480.7M | ||
| Q1 24 | $376.7M | $112.3M |
| Q4 25 | $1.1B | $-80.0M | ||
| Q3 25 | $1.4B | $9.2M | ||
| Q2 25 | $1.4B | $151.3M | ||
| Q1 25 | $1.3B | $144.2M | ||
| Q4 24 | $1.4B | $255.0M | ||
| Q3 24 | $1.4B | $346.8M | ||
| Q2 24 | $1.3B | $432.4M | ||
| Q1 24 | $1.3B | $140.3M |
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $2.0B | $1.3B | ||
| Q1 25 | $1.9B | $1.3B | ||
| Q4 24 | $1.8B | $1.5B | ||
| Q3 24 | $1.8B | $1.5B | ||
| Q2 24 | $1.9B | $1.6B | ||
| Q1 24 | $1.9B | $1.3B |
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 | $382.1M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $373.9M | $-100.8M |
| 自由现金流率自由现金流/营收 | 178.6% | -48.6% |
| 资本支出强度资本支出/营收 | 3.9% | 0.5% |
| 现金转化率经营现金流/净利润 | 4.14× | — |
| 过去12个月自由现金流最近4个季度 | $592.8M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $382.1M | $-99.8M | ||
| Q3 25 | $90.2M | $-91.4M | ||
| Q2 25 | $103.7M | $-108.3M | ||
| Q1 25 | $29.6M | $-166.5M | ||
| Q4 24 | $385.2M | $-79.3M | ||
| Q3 24 | $95.1M | $-67.0M | ||
| Q2 24 | $118.8M | $-77.0M | ||
| Q1 24 | $-4.9M | $-190.7M |
| Q4 25 | $373.9M | $-100.8M | ||
| Q3 25 | $88.7M | $-92.7M | ||
| Q2 25 | $102.5M | $-110.7M | ||
| Q1 25 | $27.7M | $-167.8M | ||
| Q4 24 | $375.3M | $-79.5M | ||
| Q3 24 | $94.3M | $-68.6M | ||
| Q2 24 | $111.2M | $-79.0M | ||
| Q1 24 | $-6.1M | $-193.9M |
| Q4 25 | 178.6% | -48.6% | ||
| Q3 25 | 42.5% | -58.0% | ||
| Q2 25 | 46.7% | -66.5% | ||
| Q1 25 | 13.3% | -120.5% | ||
| Q4 24 | 185.4% | -48.3% | ||
| Q3 24 | 45.6% | -49.2% | ||
| Q2 24 | 56.2% | -53.7% | ||
| Q1 24 | -2.9% | -178.2% |
| Q4 25 | 3.9% | 0.5% | ||
| Q3 25 | 0.7% | 0.8% | ||
| Q2 25 | 0.5% | 1.5% | ||
| Q1 25 | 0.9% | 1.0% | ||
| Q4 24 | 4.9% | 0.1% | ||
| Q3 24 | 0.4% | 1.2% | ||
| Q2 24 | 3.9% | 1.4% | ||
| Q1 24 | 0.6% | 3.0% |
| Q4 25 | 4.14× | — | ||
| Q3 25 | 1.32× | — | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 5.91× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.83× | — | ||
| Q1 24 | -0.07× | — |
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
MKTX
| Commission Revenue | $181.3M | 87% |
| Information Services | $13.5M | 6% |
| Post Trade Services | $11.0M | 5% |
| Technology Services | $3.6M | 2% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
