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莫德纳（MRNA）与NCR Atleos Corp（NATL）财务数据对比。点击上方公司名可切换其他公司
NCR Atleos Corp的季度营收约是莫德纳的1.1倍（$1.2B vs $1.0B），NCR Atleos Corp净利率更高（7.2% vs -19.7%，领先26.9%），NCR Atleos Corp同比增速更快（4.0% vs -45.4%），NCR Atleos Corp自由现金流更多（$194.0M vs $-880.0M），过去两年NCR Atleos Corp的营收复合增速更高（4.9% vs -45.0%）
莫德纳是一家总部位于美国马萨诸塞州剑桥市的生物制药企业，深耕RNA治疗领域，核心业务聚焦mRNA疫苗研发。其疫苗通过信使RNA（mRNA）分子拷贝传递蛋白合成指令以触发人体免疫反应，公司名称由“修饰”“RNA”与“现代”三个词组合而来。
NCR Atleos Corp 前身为NCR公司（National Cash Register），是全球知名的软件、咨询与技术企业，提供多元专业服务与电子产品，业务覆盖自助服务 kiosk、销售点终端、自动柜员机、支票处理系统、条码扫描器等商用软硬件的研发与生产，服务全球各行业客户的数字化运营需求。
MRNA vs NATL — 直观对比
营收规模更大
NATL
是对方的1.1倍
$1.0B
营收增速更快
NATL
高出49.4%
-45.4%
净利率更高
NATL
高出26.9%
-19.7%
自由现金流更多
NATL
多$1.1B
$-880.0M
两年增速更快
NATL
近两年复合增速
-45.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.2B |
| 净利润 | $-200.0M | $83.0M |
| 毛利率 | 79.6% | — |
| 营业利润率 | -25.6% | 13.5% |
| 净利率 | -19.7% | 7.2% |
| 营收同比 | -45.4% | 4.0% |
| 净利润同比 | -1638.5% | 102.4% |
| 每股收益（稀释后） | $-0.51 | $1.09 |
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MRNANATL
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.0B | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $979.0M | ||
| Q4 24 | $966.0M | $1.1B | ||
| Q3 24 | $1.9B | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.0B |
净利润MRNANATL
| Q4 25 | — | $83.0M | ||
| Q3 25 | $-200.0M | $26.0M | ||
| Q2 25 | — | $39.0M | ||
| Q1 25 | — | $14.0M | ||
| Q4 24 | $-1.1B | $41.0M | ||
| Q3 24 | $13.0M | $21.0M | ||
| Q2 24 | — | $27.0M | ||
| Q1 24 | — | $-9.0M |
毛利率MRNANATL
| Q4 25 | — | — | ||
| Q3 25 | 79.6% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 23.5% | — | ||
| Q3 24 | 72.4% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率MRNANATL
| Q4 25 | — | 13.5% | ||
| Q3 25 | -25.6% | 9.8% | ||
| Q2 25 | — | 10.8% | ||
| Q1 25 | — | 9.5% | ||
| Q4 24 | -129.0% | 13.4% | ||
| Q3 24 | -3.8% | 10.6% | ||
| Q2 24 | — | 9.8% | ||
| Q1 24 | — | 6.5% |
净利率MRNANATL
| Q4 25 | — | 7.2% | ||
| Q3 25 | -19.7% | 2.3% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | -115.9% | 3.7% | ||
| Q3 24 | 0.7% | 2.0% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | -0.9% |
每股收益（稀释后）MRNANATL
| Q4 25 | — | $1.09 | ||
| Q3 25 | $-0.51 | $0.34 | ||
| Q2 25 | — | $0.52 | ||
| Q1 25 | — | $0.19 | ||
| Q4 24 | $-2.91 | $0.56 | ||
| Q3 24 | $0.03 | $0.28 | ||
| Q2 24 | — | $0.37 | ||
| Q1 24 | — | $-0.13 |
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 | $1.1B | $456.0M |
| 总债务越低越好 | — | $2.7B |
| 股东权益账面价值 | $9.3B | $403.0M |
| 总资产 | $12.1B | $5.7B |
| 负债/权益比越低杠杆越低 | — | 6.63× |
8季度趋势，按日历期对齐
现金及短期投资MRNANATL
| Q4 25 | — | $456.0M | ||
| Q3 25 | $1.1B | $412.0M | ||
| Q2 25 | — | $357.0M | ||
| Q1 25 | — | $352.0M | ||
| Q4 24 | $1.9B | $419.0M | ||
| Q3 24 | $1.6B | $395.0M | ||
| Q2 24 | — | $374.0M | ||
| Q1 24 | — | $343.0M |
总债务MRNANATL
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MRNANATL
| Q4 25 | — | $403.0M | ||
| Q3 25 | $9.3B | $330.0M | ||
| Q2 25 | — | $350.0M | ||
| Q1 25 | — | $275.0M | ||
| Q4 24 | $10.9B | $219.0M | ||
| Q3 24 | $11.9B | $264.0M | ||
| Q2 24 | — | $250.0M | ||
| Q1 24 | — | $283.0M |
总资产MRNANATL
| Q4 25 | — | $5.7B | ||
| Q3 25 | $12.1B | $5.7B | ||
| Q2 25 | — | $5.8B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | $14.1B | $5.5B | ||
| Q3 24 | $15.8B | $5.7B | ||
| Q2 24 | — | $5.8B | ||
| Q1 24 | — | $5.8B |
负债/权益比MRNANATL
| Q4 25 | — | 6.63× | ||
| Q3 25 | — | 8.45× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 13.05× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-847.0M | $231.0M |
| 自由现金流经营现金流 - 资本支出 | $-880.0M | $194.0M |
| 自由现金流率自由现金流/营收 | -86.6% | 16.8% |
| 资本支出强度资本支出/营收 | 3.2% | 3.2% |
| 现金转化率经营现金流/净利润 | — | 2.78× |
| 过去12个月自由现金流最近4个季度 | $-1.9B | $239.0M |
8季度趋势，按日历期对齐
经营现金流MRNANATL
| Q4 25 | — | $231.0M | ||
| Q3 25 | $-847.0M | $25.0M | ||
| Q2 25 | — | $-23.0M | ||
| Q1 25 | — | $123.0M | ||
| Q4 24 | $825.0M | $80.0M | ||
| Q3 24 | $-1.6B | $107.0M | ||
| Q2 24 | — | $9.0M | ||
| Q1 24 | — | $148.0M |
自由现金流MRNANATL
| Q4 25 | — | $194.0M | ||
| Q3 25 | $-880.0M | $-5.0M | ||
| Q2 25 | — | $-44.0M | ||
| Q1 25 | — | $94.0M | ||
| Q4 24 | $303.0M | $62.0M | ||
| Q3 24 | $-1.7B | $85.0M | ||
| Q2 24 | — | $-14.0M | ||
| Q1 24 | — | $124.0M |
自由现金流率MRNANATL
| Q4 25 | — | 16.8% | ||
| Q3 25 | -86.6% | -0.4% | ||
| Q2 25 | — | -4.0% | ||
| Q1 25 | — | 9.6% | ||
| Q4 24 | 31.4% | 5.6% | ||
| Q3 24 | -92.2% | 7.9% | ||
| Q2 24 | — | -1.3% | ||
| Q1 24 | — | 11.9% |
资本支出强度MRNANATL
| Q4 25 | — | 3.2% | ||
| Q3 25 | 3.2% | 2.7% | ||
| Q2 25 | — | 1.9% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | 54.0% | 1.6% | ||
| Q3 24 | 8.1% | 2.1% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | 2.3% |
现金转化率MRNANATL
| Q4 25 | — | 2.78× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | -0.59× | ||
| Q1 25 | — | 8.79× | ||
| Q4 24 | — | 1.95× | ||
| Q3 24 | -120.46× | 5.10× | ||
| Q2 24 | — | 0.33× | ||
| 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
MRNA
| COVID19 | $971.0M | 96% |
| Other Revenue | $20.0M | 2% |
| Grant | $14.0M | 1% |
| Collaboration Arrangement Including Arrangements With Affiliate | $7.0M | 1% |
| License And Royalty | $2.0M | 0% |
NATL
| Services | $848.0M | 74% |
| APJ | $136.0M | 12% |
| Americas Excluding United States | $135.0M | 12% |
| TT | $44.0M | 4% |
