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Marcus & Millichap, Inc.（MMI）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
Marcus & Millichap, Inc.的季度营收约是Ultragenyx Pharmaceutical Inc.的1.2倍（$243.9M vs $207.3M），Marcus & Millichap, Inc.净利率更高（5.5% vs -62.0%，领先67.5%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 1.6%），Marcus & Millichap, Inc.自由现金流更多（$43.9M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 37.5%）
马库斯-米利查普是一家美国商业地产服务企业，在美国和加拿大开展业务，核心服务涵盖商业地产经纪、抵押贷款经纪、市场研究及顾问咨询，业内首创了单经纪机构独家代理房源挂牌模式，目前在美加两国设有超过80家办事处，员工规模超1800人。
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。
MMI vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $243.9M | $207.3M |
| 净利润 | $13.3M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | 6.3% | -54.7% |
| 净利率 | 5.5% | -62.0% |
| 营收同比 | 1.6% | 25.9% |
| 净利润同比 | 55.7% | 3.5% |
| 每股收益（稀释后） | $0.33 | $-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 | $243.9M | $207.3M | ||
| Q3 25 | $193.9M | $159.9M | ||
| Q2 25 | $172.3M | $166.5M | ||
| Q1 25 | $145.0M | $139.3M | ||
| Q4 24 | $240.1M | $164.6M | ||
| Q3 24 | $168.5M | $139.5M | ||
| Q2 24 | $158.4M | $147.0M | ||
| Q1 24 | $129.1M | $108.8M |
| Q4 25 | $13.3M | $-128.6M | ||
| Q3 25 | $240.0K | $-180.4M | ||
| Q2 25 | $-11.0M | $-115.0M | ||
| Q1 25 | $-4.4M | $-151.1M | ||
| Q4 24 | $8.5M | $-133.2M | ||
| Q3 24 | $-5.4M | $-133.5M | ||
| Q2 24 | $-5.5M | $-131.6M | ||
| Q1 24 | $-10.0M | $-170.7M |
| Q4 25 | 6.3% | -54.7% | ||
| Q3 25 | -1.2% | -106.9% | ||
| Q2 25 | -5.3% | -64.8% | ||
| Q1 25 | -12.2% | -102.6% | ||
| Q4 24 | 2.8% | -74.3% | ||
| Q3 24 | -6.8% | -94.6% | ||
| Q2 24 | -5.1% | -79.1% | ||
| Q1 24 | -15.6% | -151.9% |
| Q4 25 | 5.5% | -62.0% | ||
| Q3 25 | 0.1% | -112.8% | ||
| Q2 25 | -6.4% | -69.0% | ||
| Q1 25 | -3.0% | -108.5% | ||
| Q4 24 | 3.6% | -80.9% | ||
| Q3 24 | -3.2% | -95.7% | ||
| Q2 24 | -3.5% | -89.5% | ||
| Q1 24 | -7.7% | -156.8% |
| Q4 25 | $0.33 | $-1.28 | ||
| Q3 25 | $0.01 | $-1.81 | ||
| Q2 25 | $-0.28 | $-1.17 | ||
| Q1 25 | $-0.11 | $-1.57 | ||
| Q4 24 | $0.22 | $-1.34 | ||
| Q3 24 | $-0.14 | $-1.40 | ||
| Q2 24 | $-0.14 | $-1.52 | ||
| Q1 24 | $-0.26 | $-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 | — | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $603.1M | $-80.0M |
| 总资产 | $827.2M | $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 | — | $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 | ||
| Q1 24 | — | $112.3M |
| Q4 25 | $603.1M | $-80.0M | ||
| Q3 25 | $602.2M | $9.2M | ||
| Q2 25 | $607.8M | $151.3M | ||
| Q1 25 | $617.6M | $144.2M | ||
| Q4 24 | $630.8M | $255.0M | ||
| Q3 24 | $617.7M | $346.8M | ||
| Q2 24 | $626.7M | $432.4M | ||
| Q1 24 | $625.6M | $140.3M |
| Q4 25 | $827.2M | $1.5B | ||
| Q3 25 | $812.5M | $1.2B | ||
| Q2 25 | $792.2M | $1.3B | ||
| Q1 25 | $802.0M | $1.3B | ||
| Q4 24 | $869.8M | $1.5B | ||
| Q3 24 | $833.7M | $1.5B | ||
| Q2 24 | $825.4M | $1.6B | ||
| Q1 24 | $826.7M | $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 | $46.3M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $43.9M | $-100.8M |
| 自由现金流率自由现金流/营收 | 18.0% | -48.6% |
| 资本支出强度资本支出/营收 | 1.0% | 0.5% |
| 现金转化率经营现金流/净利润 | 3.48× | — |
| 过去12个月自由现金流最近4个季度 | $58.8M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $46.3M | $-99.8M | ||
| Q3 25 | $52.2M | $-91.4M | ||
| Q2 25 | $21.0M | $-108.3M | ||
| Q1 25 | $-52.8M | $-166.5M | ||
| Q4 24 | $56.7M | $-79.3M | ||
| Q3 24 | $15.2M | $-67.0M | ||
| Q2 24 | $851.0K | $-77.0M | ||
| Q1 24 | $-51.0M | $-190.7M |
| Q4 25 | $43.9M | $-100.8M | ||
| Q3 25 | $50.0M | $-92.7M | ||
| Q2 25 | $19.3M | $-110.7M | ||
| Q1 25 | $-54.3M | $-167.8M | ||
| Q4 24 | $55.1M | $-79.5M | ||
| Q3 24 | $13.2M | $-68.6M | ||
| Q2 24 | $-806.0K | $-79.0M | ||
| Q1 24 | $-53.7M | $-193.9M |
| Q4 25 | 18.0% | -48.6% | ||
| Q3 25 | 25.8% | -58.0% | ||
| Q2 25 | 11.2% | -66.5% | ||
| Q1 25 | -37.5% | -120.5% | ||
| Q4 24 | 23.0% | -48.3% | ||
| Q3 24 | 7.8% | -49.2% | ||
| Q2 24 | -0.5% | -53.7% | ||
| Q1 24 | -41.6% | -178.2% |
| Q4 25 | 1.0% | 0.5% | ||
| Q3 25 | 1.2% | 0.8% | ||
| Q2 25 | 1.0% | 1.5% | ||
| Q1 25 | 1.0% | 1.0% | ||
| Q4 24 | 0.6% | 0.1% | ||
| Q3 24 | 1.2% | 1.2% | ||
| Q2 24 | 1.0% | 1.4% | ||
| Q1 24 | 2.0% | 3.0% |
| Q4 25 | 3.48× | — | ||
| Q3 25 | 217.54× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.63× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
MMI
| Real Estate Brokerage Commissions | $205.3M | 84% |
| Financing Fees | $33.2M | 14% |
| Other Revenues | $5.4M | 2% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
