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范尔度假村（MTN）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
范尔度假村的季度营收约是Ultragenyx Pharmaceutical Inc.的1.3倍（$271.0M vs $207.3M），Ultragenyx Pharmaceutical Inc.净利率更高（-62.0% vs -68.9%，领先6.9%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 4.1%），范尔度假村自由现金流更多（$244.3M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs -49.9%）
范尔度假村是美国知名山地度假集团，总部位于科罗拉多州布鲁姆菲尔德。集团旗下在全球4个国家运营42家山地度假村，同时持有并运营酒店、民宿、公寓及高尔夫球场等各类度假不动产，为全球游客提供高品质的山地休闲与旅居服务。
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。
MTN vs RARE — 直观对比
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $271.0M | $207.3M |
| 净利润 | $-186.8M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | -77.4% | -54.7% |
| 净利率 | -68.9% | -62.0% |
| 营收同比 | 4.1% | 25.9% |
| 净利润同比 | -8.1% | 3.5% |
| 每股收益（稀释后） | $-5.20 | $-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 | $271.0M | $207.3M | ||
| Q3 25 | $271.3M | $159.9M | ||
| Q2 25 | $1.3B | $166.5M | ||
| Q1 25 | $1.1B | $139.3M | ||
| Q4 24 | $260.3M | $164.6M | ||
| Q3 24 | $265.4M | $139.5M | ||
| Q2 24 | $1.3B | $147.0M | ||
| Q1 24 | $1.1B | $108.8M |
| Q4 25 | $-186.8M | $-128.6M | ||
| Q3 25 | $-185.5M | $-180.4M | ||
| Q2 25 | $392.8M | $-115.0M | ||
| Q1 25 | $245.5M | $-151.1M | ||
| Q4 24 | $-172.8M | $-133.2M | ||
| Q3 24 | $-175.4M | $-133.5M | ||
| Q2 24 | $362.0M | $-131.6M | ||
| Q1 24 | $219.3M | $-170.7M |
| Q4 25 | -77.4% | -54.7% | ||
| Q3 25 | -75.1% | -106.9% | ||
| Q2 25 | 44.9% | -64.8% | ||
| Q1 25 | 33.8% | -102.6% | ||
| Q4 24 | -77.6% | -74.3% | ||
| Q3 24 | -74.9% | -94.6% | ||
| Q2 24 | 42.6% | -79.1% | ||
| Q1 24 | 32.5% | -151.9% |
| Q4 25 | -68.9% | -62.0% | ||
| Q3 25 | -68.4% | -112.8% | ||
| Q2 25 | 30.3% | -69.0% | ||
| Q1 25 | 21.6% | -108.5% | ||
| Q4 24 | -66.4% | -80.9% | ||
| Q3 24 | -66.1% | -95.7% | ||
| Q2 24 | 28.2% | -89.5% | ||
| Q1 24 | 20.3% | -156.8% |
| Q4 25 | $-5.20 | $-1.28 | ||
| Q3 25 | $-4.96 | $-1.81 | ||
| Q2 25 | $10.54 | $-1.17 | ||
| Q1 25 | $6.56 | $-1.57 | ||
| Q4 24 | $-4.61 | $-1.34 | ||
| Q3 24 | $-4.63 | $-1.40 | ||
| Q2 24 | $9.54 | $-1.52 | ||
| Q1 24 | $5.76 | $-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 | $581.5M | $421.0M |
| 总债务越低越好 | $2.6B | — |
| 股东权益账面价值 | $156.5M | $-80.0M |
| 总资产 | $5.8B | $1.5B |
| 负债/权益比越低杠杆越低 | 16.51× | — |
8季度趋势，按日历期对齐
| Q4 25 | $581.5M | $421.0M | ||
| Q3 25 | $440.3M | $202.5M | ||
| Q2 25 | $467.0M | $176.3M | ||
| Q1 25 | $488.2M | $127.1M | ||
| Q4 24 | $403.8M | $174.0M | ||
| Q3 24 | $322.8M | $150.6M | ||
| Q2 24 | $705.4M | $480.7M | ||
| Q1 24 | $812.2M | $112.3M |
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.7B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.7B | — |
| Q4 25 | $156.5M | $-80.0M | ||
| Q3 25 | $424.5M | $9.2M | ||
| Q2 25 | $895.4M | $151.3M | ||
| Q1 25 | $530.7M | $144.2M | ||
| Q4 24 | $444.1M | $255.0M | ||
| Q3 24 | $723.5M | $346.8M | ||
| Q2 24 | $1.0B | $432.4M | ||
| Q1 24 | $829.9M | $140.3M |
| Q4 25 | $5.8B | $1.5B | ||
| Q3 25 | $5.8B | $1.2B | ||
| Q2 25 | $5.8B | $1.3B | ||
| Q1 25 | $5.5B | $1.3B | ||
| Q4 24 | $5.6B | $1.5B | ||
| Q3 24 | $5.7B | $1.5B | ||
| Q2 24 | $5.8B | $1.6B | ||
| Q1 24 | $5.8B | $1.3B |
| Q4 25 | 16.51× | — | ||
| Q3 25 | 6.11× | — | ||
| Q2 25 | 2.35× | — | ||
| Q1 25 | 3.99× | — | ||
| Q4 24 | 6.10× | — | ||
| Q3 24 | 3.76× | — | ||
| Q2 24 | 2.69× | — | ||
| Q1 24 | 3.28× | — |
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 | $315.9M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $244.3M | $-100.8M |
| 自由现金流率自由现金流/营收 | 90.1% | -48.6% |
| 资本支出强度资本支出/营收 | 26.4% | 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 | $352.5M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $315.9M | $-99.8M | ||
| Q3 25 | $-171.6M | $-91.4M | ||
| Q2 25 | $117.7M | $-108.3M | ||
| Q1 25 | $326.3M | $-166.5M | ||
| Q4 24 | $282.4M | $-79.3M | ||
| Q3 24 | $-94.2M | $-67.0M | ||
| Q2 24 | $109.9M | $-77.0M | ||
| Q1 24 | $242.7M | $-190.7M |
| Q4 25 | $244.3M | $-100.8M | ||
| Q3 25 | $-227.5M | $-92.7M | ||
| Q2 25 | $84.5M | $-110.7M | ||
| Q1 25 | $251.2M | $-167.8M | ||
| Q4 24 | $211.4M | $-79.5M | ||
| Q3 24 | $-150.3M | $-68.6M | ||
| Q2 24 | $85.0M | $-79.0M | ||
| Q1 24 | $165.8M | $-193.9M |
| Q4 25 | 90.1% | -48.6% | ||
| Q3 25 | -83.9% | -58.0% | ||
| Q2 25 | 6.5% | -66.5% | ||
| Q1 25 | 22.1% | -120.5% | ||
| Q4 24 | 81.2% | -48.3% | ||
| Q3 24 | -56.6% | -49.2% | ||
| Q2 24 | 6.6% | -53.7% | ||
| Q1 24 | 15.4% | -178.2% |
| Q4 25 | 26.4% | 0.5% | ||
| Q3 25 | 20.6% | 0.8% | ||
| Q2 25 | 2.6% | 1.5% | ||
| Q1 25 | 6.6% | 1.0% | ||
| Q4 24 | 27.3% | 0.1% | ||
| Q3 24 | 21.1% | 1.2% | ||
| Q2 24 | 1.9% | 1.4% | ||
| Q1 24 | 7.1% | 3.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.30× | — | ||
| Q1 25 | 1.33× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.30× | — | ||
| Q1 24 | 1.11× | — |
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
MTN
| Dining | $84.6M | 31% |
| Lodgingrevenueexcludingpayrollcostreimbursements | $67.2M | 25% |
| Other Mountain Revenue | $55.1M | 20% |
| Managedcondominiumrooms | $26.1M | 10% |
| Owned Hotel Revenue | $12.7M | 5% |
| Other Lodging Revenue | $10.2M | 4% |
| Other | $5.9M | 2% |
| Transportation | $4.8M | 2% |
| Payrollcostreimbursements | $4.4M | 2% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
