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摩丁制造（MOD）与UNITED THERAPEUTICS Corp（UTHR）财务数据对比。点击上方公司名可切换其他公司
摩丁制造的季度营收约是UNITED THERAPEUTICS Corp的1.0倍（$805.0M vs $790.2M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs -5.9%，领先52.0%），摩丁制造同比增速更快（30.5% vs 7.4%），UNITED THERAPEUTICS Corp自由现金流更多（$173.3M vs $-17.1M），过去两年摩丁制造的营收复合增速更高（15.5% vs 8.0%）
摩丁制造是1916年成立于美国的热管理企业。创始人亚瑟·B·摩丁获拖拉机Spirex散热器专利后创立公司，曾为福特T型车生产Turbotube散热器，1941年在威斯康星州拉辛建成全球首个车用风洞，二战期间为P-51野马战斗机供应后冷却器。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
MOD vs UTHR — 直观对比
营收规模更大
MOD
是对方的1.0倍
$790.2M
营收增速更快
MOD
高出23.1%
7.4%
净利率更高
UTHR
高出52.0%
-5.9%
自由现金流更多
UTHR
多$190.4M
$-17.1M
两年增速更快
MOD
近两年复合增速
8.0%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $805.0M | $790.2M |
| 净利润 | $-47.4M | $364.3M |
| 毛利率 | 23.1% | 86.9% |
| 营业利润率 | 11.1% | 45.1% |
| 净利率 | -5.9% | 46.1% |
| 营收同比 | 30.5% | 7.4% |
| 净利润同比 | -215.6% | 20.9% |
| 每股收益（稀释后） | $-0.90 | $7.66 |
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MODUTHR
| Q4 25 | $805.0M | $790.2M | ||
| Q3 25 | $738.9M | $799.5M | ||
| Q2 25 | $682.8M | $798.6M | ||
| Q1 25 | $647.2M | $794.4M | ||
| Q4 24 | $616.8M | $735.9M | ||
| Q3 24 | $658.0M | $748.9M | ||
| Q2 24 | $661.5M | $714.9M | ||
| Q1 24 | $603.5M | $677.7M |
净利润MODUTHR
| Q4 25 | $-47.4M | $364.3M | ||
| Q3 25 | $44.4M | $338.7M | ||
| Q2 25 | $51.2M | $309.5M | ||
| Q1 25 | $49.6M | $322.2M | ||
| Q4 24 | $41.0M | $301.3M | ||
| Q3 24 | $46.1M | $309.1M | ||
| Q2 24 | $47.3M | $278.1M | ||
| Q1 24 | $25.8M | $306.6M |
毛利率MODUTHR
| Q4 25 | 23.1% | 86.9% | ||
| Q3 25 | 22.3% | 87.4% | ||
| Q2 25 | 24.2% | 89.0% | ||
| Q1 25 | 25.6% | 88.4% | ||
| Q4 24 | 24.3% | 89.7% | ||
| Q3 24 | 25.2% | 88.9% | ||
| Q2 24 | 24.6% | 89.1% | ||
| Q1 24 | 22.4% | 89.2% |
营业利润率MODUTHR
| Q4 25 | 11.1% | 45.1% | ||
| Q3 25 | 9.9% | 48.6% | ||
| Q2 25 | 11.1% | 45.6% | ||
| Q1 25 | 11.5% | 48.2% | ||
| Q4 24 | 9.6% | 48.6% | ||
| Q3 24 | 11.4% | 45.8% | ||
| Q2 24 | 11.2% | 44.7% | ||
| Q1 24 | 7.8% | 52.6% |
净利率MODUTHR
| Q4 25 | -5.9% | 46.1% | ||
| Q3 25 | 6.0% | 42.4% | ||
| Q2 25 | 7.5% | 38.8% | ||
| Q1 25 | 7.7% | 40.6% | ||
| Q4 24 | 6.6% | 40.9% | ||
| Q3 24 | 7.0% | 41.3% | ||
| Q2 24 | 7.2% | 38.9% | ||
| Q1 24 | 4.3% | 45.2% |
每股收益（稀释后）MODUTHR
| Q4 25 | $-0.90 | $7.66 | ||
| Q3 25 | $0.83 | $7.16 | ||
| Q2 25 | $0.95 | $6.41 | ||
| Q1 25 | $0.92 | $6.63 | ||
| Q4 24 | $0.76 | $6.23 | ||
| Q3 24 | $0.86 | $6.39 | ||
| Q2 24 | $0.88 | $5.85 | ||
| Q1 24 | $0.48 | $6.17 |
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 | $98.7M | $2.9B |
| 总债务越低越好 | $570.7M | — |
| 股东权益账面价值 | $1.1B | $7.1B |
| 总资产 | $2.5B | $7.9B |
| 负债/权益比越低杠杆越低 | 0.51× | — |
8季度趋势，按日历期对齐
现金及短期投资MODUTHR
| Q4 25 | $98.7M | $2.9B | ||
| Q3 25 | $83.8M | $2.8B | ||
| Q2 25 | $124.5M | $3.0B | ||
| Q1 25 | $71.6M | $3.3B | ||
| Q4 24 | $83.8M | $3.3B | ||
| Q3 24 | $78.6M | $3.3B | ||
| Q2 24 | $72.9M | $3.0B | ||
| Q1 24 | $60.1M | $2.7B |
总债务MODUTHR
| Q4 25 | $570.7M | — | ||
| Q3 25 | $525.8M | — | ||
| Q2 25 | $482.1M | — | ||
| Q1 25 | $296.7M | — | ||
| Q4 24 | $330.0M | — | ||
| Q3 24 | $359.1M | — | ||
| Q2 24 | $405.7M | — | ||
| Q1 24 | $399.9M | — |
股东权益MODUTHR
| Q4 25 | $1.1B | $7.1B | ||
| Q3 25 | $1.1B | $6.6B | ||
| Q2 25 | $1.0B | $7.2B | ||
| Q1 25 | $910.2M | $6.8B | ||
| Q4 24 | $855.1M | $6.4B | ||
| Q3 24 | $858.8M | $6.1B | ||
| Q2 24 | $788.4M | $5.7B | ||
| Q1 24 | $747.6M | $5.3B |
总资产MODUTHR
| Q4 25 | $2.5B | $7.9B | ||
| Q3 25 | $2.4B | $7.4B | ||
| Q2 25 | $2.2B | $7.9B | ||
| Q1 25 | $1.9B | $7.7B | ||
| Q4 24 | $1.8B | $7.4B | ||
| Q3 24 | $1.9B | $7.1B | ||
| Q2 24 | $1.9B | $6.7B | ||
| Q1 24 | $1.9B | $6.5B |
负债/权益比MODUTHR
| Q4 25 | 0.51× | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 0.33× | — | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | 0.51× | — | ||
| Q1 24 | 0.53× | — |
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 | $24.7M | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $-17.1M | $173.3M |
| 自由现金流率自由现金流/营收 | -2.1% | 21.9% |
| 资本支出强度资本支出/营收 | 5.2% | 21.9% |
| 现金转化率经营现金流/净利润 | — | 0.95× |
| 过去12个月自由现金流最近4个季度 | $-20.3M | $1.0B |
8季度趋势，按日历期对齐
经营现金流MODUTHR
| Q4 25 | $24.7M | $346.2M | ||
| Q3 25 | $1.4M | $562.1M | ||
| Q2 25 | $27.7M | $191.7M | ||
| Q1 25 | $54.8M | $461.2M | ||
| Q4 24 | $60.7M | $341.2M | ||
| Q3 24 | $57.3M | $377.2M | ||
| Q2 24 | $40.5M | $232.2M | ||
| Q1 24 | $39.6M | $376.5M |
自由现金流MODUTHR
| Q4 25 | $-17.1M | $173.3M | ||
| Q3 25 | $-30.5M | $351.6M | ||
| Q2 25 | $200.0K | $129.5M | ||
| Q1 25 | $27.1M | $386.3M | ||
| Q4 24 | $44.7M | $254.5M | ||
| Q3 24 | $43.8M | $300.7M | ||
| Q2 24 | $13.7M | $187.1M | ||
| Q1 24 | $-4.3M | $338.3M |
自由现金流率MODUTHR
| Q4 25 | -2.1% | 21.9% | ||
| Q3 25 | -4.1% | 44.0% | ||
| Q2 25 | 0.0% | 16.2% | ||
| Q1 25 | 4.2% | 48.6% | ||
| Q4 24 | 7.2% | 34.6% | ||
| Q3 24 | 6.7% | 40.2% | ||
| Q2 24 | 2.1% | 26.2% | ||
| Q1 24 | -0.7% | 49.9% |
资本支出强度MODUTHR
| Q4 25 | 5.2% | 21.9% | ||
| Q3 25 | 4.3% | 26.3% | ||
| Q2 25 | 4.0% | 7.8% | ||
| Q1 25 | 4.3% | 9.4% | ||
| Q4 24 | 2.6% | 11.8% | ||
| Q3 24 | 2.1% | 10.2% | ||
| Q2 24 | 4.1% | 6.3% | ||
| Q1 24 | 7.3% | 5.6% |
现金转化率MODUTHR
| Q4 25 | — | 0.95× | ||
| Q3 25 | 0.03× | 1.66× | ||
| Q2 25 | 0.54× | 0.62× | ||
| Q1 25 | 1.10× | 1.43× | ||
| Q4 24 | 1.48× | 1.13× | ||
| Q3 24 | 1.24× | 1.22× | ||
| Q2 24 | 0.86× | 0.83× | ||
| Q1 24 | 1.53× | 1.23× |
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
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 1% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
