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丰田北美（MPAA）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.的季度营收约是丰田北美的1.2倍（$207.3M vs $167.7M），丰田北美净利率更高（1.1% vs -62.0%，领先63.1%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs -9.9%），丰田北美自由现金流更多（$-8.6M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs -5.9%）
丰田北美（TMNA）是丰田汽车旗下负责加拿大、墨西哥及美国全境业务的运营子公司，业务范围覆盖研发、生产制造、销售营销、售后及企业管理等板块，相关核心业务由TMNA统筹，部分板块由其他子公司及控股企业负责执行，公司总部位于得克萨斯州普莱诺，在肯塔基州乔治敦等多地设有分支机构。
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。
MPAA vs RARE — 直观对比
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $167.7M | $207.3M |
| 净利润 | $1.8M | $-128.6M |
| 毛利率 | 19.6% | — |
| 营业利润率 | 5.0% | -54.7% |
| 净利率 | 1.1% | -62.0% |
| 营收同比 | -9.9% | 25.9% |
| 净利润同比 | -22.4% | 3.5% |
| 每股收益（稀释后） | $0.09 | $-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 | $167.7M | $207.3M | ||
| Q3 25 | $221.5M | $159.9M | ||
| Q2 25 | $188.4M | $166.5M | ||
| Q1 25 | $193.1M | $139.3M | ||
| Q4 24 | $186.2M | $164.6M | ||
| Q3 24 | $208.2M | $139.5M | ||
| Q2 24 | $169.9M | $147.0M | ||
| Q1 24 | $189.5M | $108.8M |
| Q4 25 | $1.8M | $-128.6M | ||
| Q3 25 | $-2.1M | $-180.4M | ||
| Q2 25 | $3.0M | $-115.0M | ||
| Q1 25 | $-722.0K | $-151.1M | ||
| Q4 24 | $2.3M | $-133.2M | ||
| Q3 24 | $-3.0M | $-133.5M | ||
| Q2 24 | $-18.1M | $-131.6M | ||
| Q1 24 | $1.3M | $-170.7M |
| Q4 25 | 19.6% | — | ||
| Q3 25 | 19.3% | — | ||
| Q2 25 | 18.0% | — | ||
| Q1 25 | 19.9% | — | ||
| Q4 24 | 24.1% | — | ||
| Q3 24 | 19.8% | — | ||
| Q2 24 | 17.2% | — | ||
| Q1 24 | 18.4% | — |
| Q4 25 | 5.0% | -54.7% | ||
| Q3 25 | 7.4% | -106.9% | ||
| Q2 25 | 10.7% | -64.8% | ||
| Q1 25 | 8.4% | -102.6% | ||
| Q4 24 | 9.4% | -74.3% | ||
| Q3 24 | 6.0% | -94.6% | ||
| Q2 24 | -3.8% | -79.1% | ||
| Q1 24 | 6.4% | -151.9% |
| Q4 25 | 1.1% | -62.0% | ||
| Q3 25 | -1.0% | -112.8% | ||
| Q2 25 | 1.6% | -69.0% | ||
| Q1 25 | -0.4% | -108.5% | ||
| Q4 24 | 1.2% | -80.9% | ||
| Q3 24 | -1.4% | -95.7% | ||
| Q2 24 | -10.6% | -89.5% | ||
| Q1 24 | 0.7% | -156.8% |
| Q4 25 | $0.09 | $-1.28 | ||
| Q3 25 | $-0.11 | $-1.81 | ||
| Q2 25 | $0.15 | $-1.17 | ||
| Q1 25 | $-0.03 | $-1.57 | ||
| Q4 24 | $0.11 | $-1.34 | ||
| Q3 24 | $-0.15 | $-1.40 | ||
| Q2 24 | $-0.92 | $-1.52 | ||
| Q1 24 | $0.06 | $-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 | $19.6M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $258.5M | $-80.0M |
| 总资产 | $991.3M | $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 | $19.6M | $421.0M | ||
| Q3 25 | $17.7M | $202.5M | ||
| Q2 25 | $14.5M | $176.3M | ||
| Q1 25 | $11.3M | $127.1M | ||
| Q4 24 | $12.7M | $174.0M | ||
| Q3 24 | $12.3M | $150.6M | ||
| Q2 24 | $9.4M | $480.7M | ||
| Q1 24 | $15.8M | $112.3M |
| Q4 25 | $258.5M | $-80.0M | ||
| Q3 25 | $258.5M | $9.2M | ||
| Q2 25 | $260.1M | $151.3M | ||
| Q1 25 | $257.7M | $144.2M | ||
| Q4 24 | $262.7M | $255.0M | ||
| Q3 24 | $264.0M | $346.8M | ||
| Q2 24 | $267.2M | $432.4M | ||
| Q1 24 | $285.1M | $140.3M |
| Q4 25 | $991.3M | $1.5B | ||
| Q3 25 | $990.0M | $1.2B | ||
| Q2 25 | $973.4M | $1.3B | ||
| Q1 25 | $957.6M | $1.3B | ||
| Q4 24 | $949.5M | $1.5B | ||
| Q3 24 | $986.2M | $1.5B | ||
| Q2 24 | $978.0M | $1.6B | ||
| Q1 24 | $1.0B | $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 | $-8.2M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $-8.6M | $-100.8M |
| 自由现金流率自由现金流/营收 | -5.2% | -48.6% |
| 资本支出强度资本支出/营收 | 0.2% | 0.5% |
| 现金转化率经营现金流/净利润 | -4.63× | — |
| 过去12个月自由现金流最近4个季度 | $27.7M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-8.2M | $-99.8M | ||
| Q3 25 | $21.9M | $-91.4M | ||
| Q2 25 | $10.0M | $-108.3M | ||
| Q1 25 | $9.1M | $-166.5M | ||
| Q4 24 | $34.4M | $-79.3M | ||
| Q3 24 | $22.9M | $-67.0M | ||
| Q2 24 | $-20.8M | $-77.0M | ||
| Q1 24 | $-9.3M | $-190.7M |
| Q4 25 | $-8.6M | $-100.8M | ||
| Q3 25 | $20.8M | $-92.7M | ||
| Q2 25 | $9.2M | $-110.7M | ||
| Q1 25 | $6.2M | $-167.8M | ||
| Q4 24 | $33.7M | $-79.5M | ||
| Q3 24 | $22.3M | $-68.6M | ||
| Q2 24 | $-21.3M | $-79.0M | ||
| Q1 24 | $-9.8M | $-193.9M |
| Q4 25 | -5.2% | -48.6% | ||
| Q3 25 | 9.4% | -58.0% | ||
| Q2 25 | 4.9% | -66.5% | ||
| Q1 25 | 3.2% | -120.5% | ||
| Q4 24 | 18.1% | -48.3% | ||
| Q3 24 | 10.7% | -49.2% | ||
| Q2 24 | -12.6% | -53.7% | ||
| Q1 24 | -5.2% | -178.2% |
| Q4 25 | 0.2% | 0.5% | ||
| Q3 25 | 0.5% | 0.8% | ||
| Q2 25 | 0.4% | 1.5% | ||
| Q1 25 | 1.5% | 1.0% | ||
| Q4 24 | 0.4% | 0.1% | ||
| Q3 24 | 0.3% | 1.2% | ||
| Q2 24 | 0.3% | 1.4% | ||
| Q1 24 | 0.3% | 3.0% |
| Q4 25 | -4.63× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.30× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 15.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -6.93× | — |
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
MPAA
| Reportable Segment Aggregation Before Other Operating Segment | $156.3M | 93% |
| Other | $11.4M | 7% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
