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Marqeta, Inc.（MQ）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Marqeta, Inc.的1.2倍（$207.3M vs $172.1M），Marqeta, Inc.同比增速更快（26.7% vs 25.9%），Marqeta, Inc.自由现金流更多（$53.2M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 20.8%）
Marqeta, Inc.运营云原生开放API平台，提供现代发卡与数字支付处理服务，可赋能金融科技初创企业、大型零售商及企业客户推出定制化实体、虚拟支付卡及嵌入式金融解决方案，服务覆盖全球消费及商业市场。
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。
MQ vs RARE — 直观对比
营收规模更大
RARE
是对方的1.2倍
$172.1M
营收增速更快
MQ
高出0.9%
25.9%
自由现金流更多
MQ
多$153.9M
$-100.8M
两年增速更快
RARE
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $172.1M | $207.3M |
| 净利润 | — | $-128.6M |
| 毛利率 | 69.7% | — |
| 营业利润率 | -4.8% | -54.7% |
| 净利率 | — | -62.0% |
| 营收同比 | 26.7% | 25.9% |
| 净利润同比 | — | 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
营收MQRARE
| Q4 25 | $172.1M | $207.3M | ||
| Q3 25 | $163.3M | $159.9M | ||
| Q2 25 | $150.4M | $166.5M | ||
| Q1 25 | $139.1M | $139.3M | ||
| Q4 24 | $135.8M | $164.6M | ||
| Q3 24 | $128.0M | $139.5M | ||
| Q2 24 | $125.3M | $147.0M | ||
| Q1 24 | $118.0M | $108.8M |
净利润MQRARE
| Q4 25 | — | $-128.6M | ||
| Q3 25 | $-3.6M | $-180.4M | ||
| Q2 25 | $-647.0K | $-115.0M | ||
| Q1 25 | $-8.3M | $-151.1M | ||
| Q4 24 | — | $-133.2M | ||
| Q3 24 | $-28.6M | $-133.5M | ||
| Q2 24 | $119.1M | $-131.6M | ||
| Q1 24 | $-36.1M | $-170.7M |
毛利率MQRARE
| Q4 25 | 69.7% | — | ||
| Q3 25 | 70.1% | — | ||
| Q2 25 | 69.2% | — | ||
| Q1 25 | 71.0% | — | ||
| Q4 24 | 72.3% | — | ||
| Q3 24 | 70.4% | — | ||
| Q2 24 | 63.3% | — | ||
| Q1 24 | 71.3% | — |
营业利润率MQRARE
| Q4 25 | -4.8% | -54.7% | ||
| Q3 25 | -6.4% | -106.9% | ||
| Q2 25 | -6.1% | -64.8% | ||
| Q1 25 | -13.3% | -102.6% | ||
| Q4 24 | -27.6% | -74.3% | ||
| Q3 24 | -33.0% | -94.6% | ||
| Q2 24 | 83.9% | -79.1% | ||
| Q1 24 | -42.3% | -151.9% |
净利率MQRARE
| Q4 25 | — | -62.0% | ||
| Q3 25 | -2.2% | -112.8% | ||
| Q2 25 | -0.4% | -69.0% | ||
| Q1 25 | -5.9% | -108.5% | ||
| Q4 24 | — | -80.9% | ||
| Q3 24 | -22.4% | -95.7% | ||
| Q2 24 | 95.1% | -89.5% | ||
| Q1 24 | -30.6% | -156.8% |
每股收益（稀释后）MQRARE
| 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 | ||
| Q1 24 | — | $-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 | $709.4M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $762.0M | $-80.0M |
| 总资产 | $1.5B | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MQRARE
| Q4 25 | $709.4M | $421.0M | ||
| Q3 25 | $747.2M | $202.5M | ||
| Q2 25 | $732.7M | $176.3M | ||
| Q1 25 | $830.9M | $127.1M | ||
| Q4 24 | $923.0M | $174.0M | ||
| Q3 24 | $886.4M | $150.6M | ||
| Q2 24 | $924.7M | $480.7M | ||
| Q1 24 | $970.4M | $112.3M |
股东权益MQRARE
| Q4 25 | $762.0M | $-80.0M | ||
| Q3 25 | $839.2M | $9.2M | ||
| Q2 25 | $843.4M | $151.3M | ||
| Q1 25 | $987.3M | $144.2M | ||
| Q4 24 | $1.1B | $255.0M | ||
| Q3 24 | $1.1B | $346.8M | ||
| Q2 24 | $1.1B | $432.4M | ||
| Q1 24 | $1.2B | $140.3M |
总资产MQRARE
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.2B | $1.3B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.5B | $1.6B | ||
| Q1 24 | $1.6B | $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 | $53.3M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $53.2M | $-100.8M |
| 自由现金流率自由现金流/营收 | 30.9% | -48.6% |
| 资本支出强度资本支出/营收 | 0.1% | 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 | $160.5M | $-472.0M |
8季度趋势，按日历期对齐
经营现金流MQRARE
| Q4 25 | $53.3M | $-99.8M | ||
| Q3 25 | $86.8M | $-91.4M | ||
| Q2 25 | $12.5M | $-108.3M | ||
| Q1 25 | $10.0M | $-166.5M | ||
| Q4 24 | $24.8M | $-79.3M | ||
| Q3 24 | $7.3M | $-67.0M | ||
| Q2 24 | $25.7M | $-77.0M | ||
| Q1 24 | $426.0K | $-190.7M |
自由现金流MQRARE
| Q4 25 | $53.2M | $-100.8M | ||
| Q3 25 | $86.4M | $-92.7M | ||
| Q2 25 | $12.2M | $-110.7M | ||
| Q1 25 | $8.7M | $-167.8M | ||
| Q4 24 | $24.7M | $-79.5M | ||
| Q3 24 | $7.1M | $-68.6M | ||
| Q2 24 | $24.7M | $-79.0M | ||
| Q1 24 | $-765.0K | $-193.9M |
自由现金流率MQRARE
| Q4 25 | 30.9% | -48.6% | ||
| Q3 25 | 52.9% | -58.0% | ||
| Q2 25 | 8.1% | -66.5% | ||
| Q1 25 | 6.3% | -120.5% | ||
| Q4 24 | 18.2% | -48.3% | ||
| Q3 24 | 5.5% | -49.2% | ||
| Q2 24 | 19.7% | -53.7% | ||
| Q1 24 | -0.6% | -178.2% |
资本支出强度MQRARE
| Q4 25 | 0.1% | 0.5% | ||
| Q3 25 | 0.2% | 0.8% | ||
| Q2 25 | 0.2% | 1.5% | ||
| Q1 25 | 0.9% | 1.0% | ||
| Q4 24 | 0.0% | 0.1% | ||
| Q3 24 | 0.1% | 1.2% | ||
| Q2 24 | 0.8% | 1.4% | ||
| Q1 24 | 1.0% | 3.0% |
现金转化率MQRARE
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.22× | — | ||
| 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
MQ
| Platform Service Revenue Net | $163.4M | 95% |
| Other Services Revenue | $8.8M | 5% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
