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MARTIN MIDSTREAM PARTNERS L.P.（MMLP）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MARTIN MIDSTREAM PARTNERS L.P.的1.1倍（$207.3M vs $187.7M），MARTIN MIDSTREAM PARTNERS L.P.净利率更高（1.7% vs -62.0%，领先63.7%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs -2.5%），MARTIN MIDSTREAM PARTNERS L.P.自由现金流更多（$-6.0M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 0.8%）
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
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。
MMLP vs RARE — 直观对比
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $187.7M | $207.3M |
| 净利润 | $3.2M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | 4.1% | -54.7% |
| 净利率 | 1.7% | -62.0% |
| 营收同比 | -2.5% | 25.9% |
| 净利润同比 | -37.1% | 3.5% |
| 每股收益（稀释后） | — | $-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
| Q1 26 | $187.7M | — | ||
| Q4 25 | $174.2M | $207.3M | ||
| Q3 25 | $168.7M | $159.9M | ||
| Q2 25 | $180.7M | $166.5M | ||
| Q1 25 | $192.5M | $139.3M | ||
| Q4 24 | $171.3M | $164.6M | ||
| Q3 24 | $170.9M | $139.5M | ||
| Q2 24 | $184.5M | $147.0M |
| Q1 26 | $3.2M | — | ||
| Q4 25 | $-2.9M | $-128.6M | ||
| Q3 25 | $-8.4M | $-180.4M | ||
| Q2 25 | $-2.4M | $-115.0M | ||
| Q1 25 | $-1.0M | $-151.1M | ||
| Q4 24 | $-8.9M | $-133.2M | ||
| Q3 24 | $-3.3M | $-133.5M | ||
| Q2 24 | $3.8M | $-131.6M |
| Q1 26 | — | — | ||
| Q4 25 | 57.1% | — | ||
| Q3 25 | 55.1% | — | ||
| Q2 25 | 56.5% | — | ||
| Q1 25 | 53.5% | — | ||
| Q4 24 | 58.2% | — | ||
| Q3 24 | 58.5% | — | ||
| Q2 24 | 58.4% | — |
| Q1 26 | 4.1% | — | ||
| Q4 25 | 7.3% | -54.7% | ||
| Q3 25 | 4.1% | -106.9% | ||
| Q2 25 | 8.2% | -64.8% | ||
| Q1 25 | 7.5% | -102.6% | ||
| Q4 24 | 4.0% | -74.3% | ||
| Q3 24 | 7.4% | -94.6% | ||
| Q2 24 | 10.8% | -79.1% |
| Q1 26 | 1.7% | — | ||
| Q4 25 | -1.7% | -62.0% | ||
| Q3 25 | -5.0% | -112.8% | ||
| Q2 25 | -1.3% | -69.0% | ||
| Q1 25 | -0.5% | -108.5% | ||
| Q4 24 | -5.2% | -80.9% | ||
| Q3 24 | -1.9% | -95.7% | ||
| Q2 24 | 2.0% | -89.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | $-1.28 | ||
| Q3 25 | — | $-1.81 | ||
| Q2 25 | — | $-1.17 | ||
| Q1 25 | — | $-1.57 | ||
| Q4 24 | — | $-1.34 | ||
| Q3 24 | — | $-1.40 | ||
| Q2 24 | — | $-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 | — | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $-80.0M |
| 总资产 | $537.1M | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | $428.0M | — | ||
| Q3 25 | $441.3M | — | ||
| Q2 25 | $427.8M | — | ||
| Q1 25 | $451.4M | — | ||
| Q4 24 | $437.6M | — | ||
| Q3 24 | $469.3M | — | ||
| Q2 24 | $439.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $-80.0M | ||
| Q3 25 | — | $9.2M | ||
| Q2 25 | — | $151.3M | ||
| Q1 25 | — | $144.2M | ||
| Q4 24 | — | $255.0M | ||
| Q3 24 | — | $346.8M | ||
| Q2 24 | — | $432.4M |
| Q1 26 | $537.1M | — | ||
| Q4 25 | $522.4M | $1.5B | ||
| Q3 25 | $510.1M | $1.2B | ||
| Q2 25 | $515.6M | $1.3B | ||
| Q1 25 | $533.4M | $1.3B | ||
| Q4 24 | $538.5M | $1.5B | ||
| Q3 24 | $554.8M | $1.5B | ||
| Q2 24 | $535.1M | $1.6B |
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 | $-6.0M | $-100.8M |
| 自由现金流率自由现金流/营收 | -3.2% | -48.6% |
| 资本支出强度资本支出/营收 | 1.6% | 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 | $27.2M | $-472.0M |
8季度趋势，按日历期对齐
| Q1 26 | — | — | ||
| Q4 25 | $22.4M | $-99.8M | ||
| Q3 25 | $-1.2M | $-91.4M | ||
| Q2 25 | $30.9M | $-108.3M | ||
| Q1 25 | $-6.0M | $-166.5M | ||
| Q4 24 | $42.2M | $-79.3M | ||
| Q3 24 | $-15.8M | $-67.0M | ||
| Q2 24 | $11.8M | $-77.0M |
| Q1 26 | $-6.0M | — | ||
| Q4 25 | $15.6M | $-100.8M | ||
| Q3 25 | $-7.9M | $-92.7M | ||
| Q2 25 | $25.6M | $-110.7M | ||
| Q1 25 | $-11.9M | $-167.8M | ||
| Q4 24 | $34.2M | $-79.5M | ||
| Q3 24 | $-25.6M | $-68.6M | ||
| Q2 24 | $-696.0K | $-79.0M |
| Q1 26 | -3.2% | — | ||
| Q4 25 | 8.9% | -48.6% | ||
| Q3 25 | -4.7% | -58.0% | ||
| Q2 25 | 14.2% | -66.5% | ||
| Q1 25 | -6.2% | -120.5% | ||
| Q4 24 | 20.0% | -48.3% | ||
| Q3 24 | -15.0% | -49.2% | ||
| Q2 24 | -0.4% | -53.7% |
| Q1 26 | 1.6% | — | ||
| Q4 25 | 3.9% | 0.5% | ||
| Q3 25 | 4.0% | 0.8% | ||
| Q2 25 | 3.0% | 1.5% | ||
| Q1 25 | 3.1% | 1.0% | ||
| Q4 24 | 4.6% | 0.1% | ||
| Q3 24 | 5.8% | 1.2% | ||
| Q2 24 | 6.8% | 1.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.13× | — |
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
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
