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MACH NATURAL RESOURCES LP（MNR）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
MACH NATURAL RESOURCES LP的季度营收约是Ultragenyx Pharmaceutical Inc.的1.9倍（$387.5M vs $207.3M），MACH NATURAL RESOURCES LP净利率更高（18.9% vs -62.0%，领先80.9%），MACH NATURAL RESOURCES LP同比增速更快（65.0% vs 25.9%），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 27.3%）
Mach Natural Resources LP是一家总部位于美国的上游能源企业，主要从事石油、天然气及液化天然气的勘探、开发与生产业务，核心运营资产分布在二叠纪盆地等美国陆上油气产区，专注于开发低成本高收益资产，为利益相关方创造可持续回报。
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。
MNR vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $387.5M | $207.3M |
| 净利润 | $73.1M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | 26.1% | -54.7% |
| 净利率 | 18.9% | -62.0% |
| 营收同比 | 65.0% | 25.9% |
| 净利润同比 | 100.2% | 3.5% |
| 每股收益（稀释后） | $0.47 | $-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 | $387.5M | $207.3M | ||
| Q3 25 | $272.6M | $159.9M | ||
| Q2 25 | $288.5M | $166.5M | ||
| Q1 25 | $226.8M | $139.3M | ||
| Q4 24 | $234.9M | $164.6M | ||
| Q3 24 | $255.5M | $139.5M | ||
| Q2 24 | $240.0M | $147.0M | ||
| Q1 24 | $239.2M | $108.8M |
| Q4 25 | $73.1M | $-128.6M | ||
| Q3 25 | $-35.7M | $-180.4M | ||
| Q2 25 | $89.7M | $-115.0M | ||
| Q1 25 | $15.9M | $-151.1M | ||
| Q4 24 | $36.5M | $-133.2M | ||
| Q3 24 | $67.4M | $-133.5M | ||
| Q2 24 | $39.5M | $-131.6M | ||
| Q1 24 | $41.7M | $-170.7M |
| Q4 25 | 26.1% | -54.7% | ||
| Q3 25 | -7.0% | -106.9% | ||
| Q2 25 | 38.6% | -64.8% | ||
| Q1 25 | 22.8% | -102.6% | ||
| Q4 24 | 24.9% | -74.3% | ||
| Q3 24 | 37.1% | -94.6% | ||
| Q2 24 | 29.4% | -79.1% | ||
| Q1 24 | 28.1% | -151.9% |
| Q4 25 | 18.9% | -62.0% | ||
| Q3 25 | -13.1% | -112.8% | ||
| Q2 25 | 31.1% | -69.0% | ||
| Q1 25 | 7.0% | -108.5% | ||
| Q4 24 | 15.5% | -80.9% | ||
| Q3 24 | 26.4% | -95.7% | ||
| Q2 24 | 16.5% | -89.5% | ||
| Q1 24 | 17.4% | -156.8% |
| Q4 25 | $0.47 | $-1.28 | ||
| Q3 25 | $-0.28 | $-1.81 | ||
| Q2 25 | $0.76 | $-1.17 | ||
| Q1 25 | $0.14 | $-1.57 | ||
| Q4 24 | $0.34 | $-1.34 | ||
| Q3 24 | $0.70 | $-1.40 | ||
| Q2 24 | $0.42 | $-1.52 | ||
| Q1 24 | $0.44 | $-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 | $42.6M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $-80.0M |
| 总资产 | $3.8B | $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 | $42.6M | $421.0M | ||
| Q3 25 | $53.6M | $202.5M | ||
| Q2 25 | $13.8M | $176.3M | ||
| Q1 25 | $7.8M | $127.1M | ||
| Q4 24 | $105.8M | $174.0M | ||
| Q3 24 | $184.5M | $150.6M | ||
| Q2 24 | $144.6M | $480.7M | ||
| Q1 24 | $151.3M | $112.3M |
| 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 24 | — | $140.3M |
| Q4 25 | $3.8B | $1.5B | ||
| Q3 25 | $3.8B | $1.2B | ||
| Q2 25 | $2.3B | $1.3B | ||
| Q1 25 | $2.2B | $1.3B | ||
| Q4 24 | $2.3B | $1.5B | ||
| Q3 24 | $2.3B | $1.5B | ||
| Q2 24 | $2.2B | $1.6B | ||
| Q1 24 | $2.3B | $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 | $128.7M | $-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 | 1.76× | — |
| 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
| Q4 25 | $128.7M | $-99.8M | ||
| Q3 25 | $105.5M | $-91.4M | ||
| Q2 25 | $130.1M | $-108.3M | ||
| Q1 25 | $142.5M | $-166.5M | ||
| Q4 24 | $133.7M | $-79.3M | ||
| Q3 24 | $110.8M | $-67.0M | ||
| Q2 24 | $116.8M | $-77.0M | ||
| Q1 24 | $144.0M | $-190.7M |
| Q4 25 | — | $-100.8M | ||
| Q3 25 | — | $-92.7M | ||
| Q2 25 | — | $-110.7M | ||
| Q1 25 | — | $-167.8M | ||
| Q4 24 | — | $-79.5M | ||
| Q3 24 | — | $-68.6M | ||
| Q2 24 | — | $-79.0M | ||
| Q1 24 | — | $-193.9M |
| Q4 25 | — | -48.6% | ||
| Q3 25 | — | -58.0% | ||
| Q2 25 | — | -66.5% | ||
| Q1 25 | — | -120.5% | ||
| Q4 24 | — | -48.3% | ||
| Q3 24 | — | -49.2% | ||
| Q2 24 | — | -53.7% | ||
| Q1 24 | — | -178.2% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 3.0% |
| Q4 25 | 1.76× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.45× | — | ||
| Q1 25 | 8.97× | — | ||
| Q4 24 | 3.66× | — | ||
| Q3 24 | 1.64× | — | ||
| Q2 24 | 2.96× | — | ||
| Q1 24 | 3.45× | — |
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
MNR
| Oil Gas And Natural Gas Liquids Net | $331.0M | 85% |
| Natural Gas Liquids Reserves | $44.8M | 12% |
| Natural Gas Midstream | $8.6M | 2% |
| Products | $6.3M | 2% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
