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MACOM Technology Solutions Holdings, Inc.（MTSI）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
MACOM Technology Solutions Holdings, Inc.的季度营收约是Ultragenyx Pharmaceutical Inc.的1.3倍（$271.6M vs $207.3M），MACOM Technology Solutions Holdings, Inc.净利率更高（18.0% vs -62.0%，领先80.0%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 24.5%），MACOM Technology Solutions Holdings, Inc.自由现金流更多（$30.0M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 22.4%）
MACOM是美国知名的射频、微波及毫米波半导体器件与组件研发生产商，总部位于马萨诸塞州洛厄尔，2005年曾是当地规模最大的私营雇主。公司已通过ISO9001国际质量体系认证及ISO14001环境管理体系认证，在北美、欧洲、亚洲及澳大利亚均设有设计中心与销售办事处。
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。
MTSI vs RARE — 直观对比
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $271.6M | $207.3M |
| 净利润 | $48.8M | $-128.6M |
| 毛利率 | 55.9% | — |
| 营业利润率 | 15.9% | -54.7% |
| 净利率 | 18.0% | -62.0% |
| 营收同比 | 24.5% | 25.9% |
| 净利润同比 | 129.1% | 3.5% |
| 每股收益（稀释后） | $0.64 | $-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
| Q1 26 | $271.6M | — | ||
| Q4 25 | $261.2M | $207.3M | ||
| Q3 25 | $252.1M | $159.9M | ||
| Q2 25 | $235.9M | $166.5M | ||
| Q1 25 | $218.1M | $139.3M | ||
| Q4 24 | — | $164.6M | ||
| Q3 24 | $200.7M | $139.5M | ||
| Q2 24 | $190.5M | $147.0M |
| Q1 26 | $48.8M | — | ||
| Q4 25 | $45.1M | $-128.6M | ||
| Q3 25 | $36.5M | $-180.4M | ||
| Q2 25 | $31.7M | $-115.0M | ||
| Q1 25 | $-167.5M | $-151.1M | ||
| Q4 24 | — | $-133.2M | ||
| Q3 24 | $29.4M | $-133.5M | ||
| Q2 24 | $19.9M | $-131.6M |
| Q1 26 | 55.9% | — | ||
| Q4 25 | 54.5% | — | ||
| Q3 25 | 55.3% | — | ||
| Q2 25 | 55.2% | — | ||
| Q1 25 | 53.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 54.7% | — | ||
| Q2 24 | 53.2% | — |
| Q1 26 | 15.9% | — | ||
| Q4 25 | 15.2% | -54.7% | ||
| Q3 25 | 14.9% | -106.9% | ||
| Q2 25 | 14.8% | -64.8% | ||
| Q1 25 | 8.0% | -102.6% | ||
| Q4 24 | — | -74.3% | ||
| Q3 24 | 13.7% | -94.6% | ||
| Q2 24 | 10.4% | -79.1% |
| Q1 26 | 18.0% | — | ||
| Q4 25 | 17.3% | -62.0% | ||
| Q3 25 | 14.5% | -112.8% | ||
| Q2 25 | 13.4% | -69.0% | ||
| Q1 25 | -76.8% | -108.5% | ||
| Q4 24 | — | -80.9% | ||
| Q3 24 | 14.7% | -95.7% | ||
| Q2 24 | 10.5% | -89.5% |
| Q1 26 | $0.64 | — | ||
| Q4 25 | $0.67 | $-1.28 | ||
| Q3 25 | $0.48 | $-1.81 | ||
| Q2 25 | $0.42 | $-1.17 | ||
| Q1 25 | $-2.30 | $-1.57 | ||
| Q4 24 | — | $-1.34 | ||
| Q3 24 | $0.40 | $-1.40 | ||
| Q2 24 | $0.27 | $-1.52 |
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 | $768.5M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $-80.0M |
| 总资产 | $2.1B | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q1 26 | $768.5M | — | ||
| Q4 25 | $786.0M | $421.0M | ||
| Q3 25 | $735.2M | $202.5M | ||
| Q2 25 | $681.5M | $176.3M | ||
| Q1 25 | $656.5M | $127.1M | ||
| Q4 24 | — | $174.0M | ||
| Q3 24 | $581.9M | $150.6M | ||
| Q2 24 | $521.5M | $480.7M |
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.3B | $-80.0M | ||
| Q3 25 | $1.3B | $9.2M | ||
| Q2 25 | $1.2B | $151.3M | ||
| Q1 25 | $1.2B | $144.2M | ||
| Q4 24 | — | $255.0M | ||
| Q3 24 | $1.1B | $346.8M | ||
| Q2 24 | $1.1B | $432.4M |
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.8B | $1.3B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $1.8B | $1.5B | ||
| Q2 24 | $1.7B | $1.6B |
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 | $42.9M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $30.0M | $-100.8M |
| 自由现金流率自由现金流/营收 | 11.0% | -48.6% |
| 资本支出强度资本支出/营收 | 4.8% | 0.5% |
| 现金转化率经营现金流/净利润 | 0.88× | — |
| 过去12个月自由现金流最近4个季度 | $161.5M | $-472.0M |
8季度趋势，按日历期对齐
| Q1 26 | $42.9M | — | ||
| Q4 25 | $69.6M | $-99.8M | ||
| Q3 25 | $60.4M | $-91.4M | ||
| Q2 25 | $38.7M | $-108.3M | ||
| Q1 25 | $66.7M | $-166.5M | ||
| Q4 24 | — | $-79.3M | ||
| Q3 24 | $62.3M | $-67.0M | ||
| Q2 24 | $49.0M | $-77.0M |
| Q1 26 | $30.0M | — | ||
| Q4 25 | $49.4M | $-100.8M | ||
| Q3 25 | $51.6M | $-92.7M | ||
| Q2 25 | $30.5M | $-110.7M | ||
| Q1 25 | $61.3M | $-167.8M | ||
| Q4 24 | — | $-79.5M | ||
| Q3 24 | $57.1M | $-68.6M | ||
| Q2 24 | $41.5M | $-79.0M |
| Q1 26 | 11.0% | — | ||
| Q4 25 | 18.9% | -48.6% | ||
| Q3 25 | 20.5% | -58.0% | ||
| Q2 25 | 12.9% | -66.5% | ||
| Q1 25 | 28.1% | -120.5% | ||
| Q4 24 | — | -48.3% | ||
| Q3 24 | 28.5% | -49.2% | ||
| Q2 24 | 21.8% | -53.7% |
| Q1 26 | 4.8% | — | ||
| Q4 25 | 7.7% | 0.5% | ||
| Q3 25 | 3.5% | 0.8% | ||
| Q2 25 | 3.5% | 1.5% | ||
| Q1 25 | 2.4% | 1.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | 2.6% | 1.2% | ||
| Q2 24 | 3.9% | 1.4% |
| Q1 26 | 0.88× | — | ||
| Q4 25 | 1.54× | — | ||
| Q3 25 | 1.65× | — | ||
| Q2 25 | 1.22× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.12× | — | ||
| Q2 24 | 2.46× | — |
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
MTSI
| Industrial Defense | $117.7M | 43% |
| Data Center | $85.8M | 32% |
| Telecom | $68.1M | 25% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
