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微策略（MSTR）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.的季度营收约是微策略的1.7倍（$207.3M vs $123.0M），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 1.9%），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 3.3%）
Strategy Inc（原名为微策略）是1989年成立的美国上市企业，主营商业智能与移动软件业务，旗下产品可帮助企业分析内外部数据以支撑经营决策，还可用于移动应用开发，总部位于弗吉尼亚州泰森斯角，商业分析赛道核心竞品包括SAP等。
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。
MSTR vs RARE — 直观对比
营收规模更大
RARE
是对方的1.7倍
$123.0M
营收增速更快
RARE
高出24.0%
1.9%
两年增速更快
RARE
近两年复合增速
3.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $207.3M |
| 净利润 | — | $-128.6M |
| 毛利率 | 66.1% | — |
| 营业利润率 | — | -54.7% |
| 净利率 | — | -62.0% |
| 营收同比 | 1.9% | 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MSTRRARE
| Q4 25 | $123.0M | $207.3M | ||
| Q3 25 | $128.7M | $159.9M | ||
| Q2 25 | $114.5M | $166.5M | ||
| Q1 25 | $111.1M | $139.3M | ||
| Q4 24 | $120.7M | $164.6M | ||
| Q3 24 | $116.1M | $139.5M | ||
| Q2 24 | $111.4M | $147.0M | ||
| Q1 24 | $115.2M | $108.8M |
净利润MSTRRARE
| Q4 25 | — | $-128.6M | ||
| Q3 25 | $2.8B | $-180.4M | ||
| Q2 25 | $10.0B | $-115.0M | ||
| Q1 25 | $-4.2B | $-151.1M | ||
| Q4 24 | $-670.8M | $-133.2M | ||
| Q3 24 | $-340.2M | $-133.5M | ||
| Q2 24 | $-102.6M | $-131.6M | ||
| Q1 24 | $-53.1M | $-170.7M |
毛利率MSTRRARE
| Q4 25 | 66.1% | — | ||
| Q3 25 | 70.5% | — | ||
| Q2 25 | 68.8% | — | ||
| Q1 25 | 69.4% | — | ||
| Q4 24 | 71.7% | — | ||
| Q3 24 | 70.4% | — | ||
| Q2 24 | 72.2% | — | ||
| Q1 24 | 74.0% | — |
营业利润率MSTRRARE
| Q4 25 | — | -54.7% | ||
| Q3 25 | — | -106.9% | ||
| Q2 25 | — | -64.8% | ||
| Q1 25 | -5331.4% | -102.6% | ||
| Q4 24 | -842.1% | -74.3% | ||
| Q3 24 | -372.7% | -94.6% | ||
| Q2 24 | -179.7% | -79.1% | ||
| Q1 24 | -176.8% | -151.9% |
净利率MSTRRARE
| Q4 25 | — | -62.0% | ||
| Q3 25 | 2164.1% | -112.8% | ||
| Q2 25 | 8752.7% | -69.0% | ||
| Q1 25 | -3797.2% | -108.5% | ||
| Q4 24 | -555.8% | -80.9% | ||
| Q3 24 | -293.1% | -95.7% | ||
| Q2 24 | -92.0% | -89.5% | ||
| Q1 24 | -46.1% | -156.8% |
每股收益（稀释后）MSTRRARE
| Q4 25 | — | $-1.28 | ||
| Q3 25 | $8.42 | $-1.81 | ||
| Q2 25 | $32.60 | $-1.17 | ||
| Q1 25 | $-16.49 | $-1.57 | ||
| Q4 24 | $4.49 | $-1.34 | ||
| Q3 24 | $-1.72 | $-1.40 | ||
| Q2 24 | $-0.57 | $-1.52 | ||
| Q1 24 | $-0.31 | $-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 | $2.3B | $421.0M |
| 总债务越低越好 | $8.2B | — |
| 股东权益账面价值 | $44.1B | $-80.0M |
| 总资产 | $61.6B | $1.5B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资MSTRRARE
| Q4 25 | $2.3B | $421.0M | ||
| Q3 25 | $54.3M | $202.5M | ||
| Q2 25 | $50.1M | $176.3M | ||
| Q1 25 | $60.3M | $127.1M | ||
| Q4 24 | $38.1M | $174.0M | ||
| Q3 24 | $46.3M | $150.6M | ||
| Q2 24 | $66.9M | $480.7M | ||
| Q1 24 | $81.3M | $112.3M |
总债务MSTRRARE
| Q4 25 | $8.2B | — | ||
| Q3 25 | $8.2B | — | ||
| Q2 25 | $8.2B | — | ||
| Q1 25 | $8.1B | — | ||
| Q4 24 | $7.2B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $3.8B | — | ||
| Q1 24 | $3.6B | — |
股东权益MSTRRARE
| Q4 25 | $44.1B | $-80.0M | ||
| Q3 25 | $52.3B | $9.2M | ||
| Q2 25 | $47.5B | $151.3M | ||
| Q1 25 | $32.2B | $144.2M | ||
| Q4 24 | $18.2B | $255.0M | ||
| Q3 24 | $3.8B | $346.8M | ||
| Q2 24 | $2.8B | $432.4M | ||
| Q1 24 | $2.4B | $140.3M |
总资产MSTRRARE
| Q4 25 | $61.6B | $1.5B | ||
| Q3 25 | $73.6B | $1.2B | ||
| Q2 25 | $64.8B | $1.3B | ||
| Q1 25 | $43.9B | $1.3B | ||
| Q4 24 | $25.8B | $1.5B | ||
| Q3 24 | $8.3B | $1.5B | ||
| Q2 24 | $7.1B | $1.6B | ||
| Q1 24 | $6.4B | $1.3B |
负债/权益比MSTRRARE
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.25× | — | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 1.12× | — | ||
| Q2 24 | 1.36× | — | ||
| Q1 24 | 1.48× | — |
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 | — | $-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 | — | — |
| 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
经营现金流MSTRRARE
| Q4 25 | — | $-99.8M | ||
| Q3 25 | $-8.3M | $-91.4M | ||
| Q2 25 | $-34.9M | $-108.3M | ||
| Q1 25 | $-2.4M | $-166.5M | ||
| Q4 24 | $-17.3M | $-79.3M | ||
| Q3 24 | $-41.0M | $-67.0M | ||
| Q2 24 | $-23.3M | $-77.0M | ||
| Q1 24 | $28.6M | $-190.7M |
自由现金流MSTRRARE
| Q4 25 | — | $-100.8M | ||
| Q3 25 | $-11.1M | $-92.7M | ||
| Q2 25 | $-37.0M | $-110.7M | ||
| Q1 25 | $-5.1M | $-167.8M | ||
| Q4 24 | $-17.6M | $-79.5M | ||
| Q3 24 | $-41.4M | $-68.6M | ||
| Q2 24 | $-24.1M | $-79.0M | ||
| Q1 24 | $27.0M | $-193.9M |
自由现金流率MSTRRARE
| Q4 25 | — | -48.6% | ||
| Q3 25 | -8.6% | -58.0% | ||
| Q2 25 | -32.3% | -66.5% | ||
| Q1 25 | -4.6% | -120.5% | ||
| Q4 24 | -14.6% | -48.3% | ||
| Q3 24 | -35.7% | -49.2% | ||
| Q2 24 | -21.6% | -53.7% | ||
| Q1 24 | 23.5% | -178.2% |
资本支出强度MSTRRARE
| Q4 25 | — | 0.5% | ||
| Q3 25 | 2.2% | 0.8% | ||
| Q2 25 | 1.8% | 1.5% | ||
| Q1 25 | 2.5% | 1.0% | ||
| Q4 24 | 0.2% | 0.1% | ||
| Q3 24 | 0.4% | 1.2% | ||
| Q2 24 | 0.6% | 1.4% | ||
| Q1 24 | 1.3% | 3.0% |
现金转化率MSTRRARE
| Q4 25 | — | — | ||
| Q3 25 | -0.00× | — | ||
| Q2 25 | -0.00× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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
MSTR
暂无分部数据
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
