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National Bank Holdings Corp（NBHC）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National Bank Holdings Corp的1.6倍（$207.3M vs $126.8M），National Bank Holdings Corp净利率更高（16.4% vs -62.0%，领先78.4%），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 14.0%）
这是一家美国区域性银行控股集团，目前在伊利诺伊、印第安纳等八个美国州布局营业网点，拥有近250个金融服务中心与约200家零售分行，总资产达485亿美元。它是总部位于印第安纳州的最大银行控股公司，也跻身美国银行业三十强之列。
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。
NBHC vs RARE — 直观对比
营收规模更大
RARE
是对方的1.6倍
$126.8M
净利率更高
NBHC
高出78.4%
-62.0%
两年增速更快
RARE
近两年复合增速
14.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $126.8M | $207.3M |
| 净利润 | $20.8M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | — | -54.7% |
| 净利率 | 16.4% | -62.0% |
| 营收同比 | — | 25.9% |
| 净利润同比 | -14.2% | 3.5% |
| 每股收益（稀释后） | $0.46 | $-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NBHCRARE
| Q1 26 | $126.8M | — | ||
| Q4 25 | $100.6M | $207.3M | ||
| Q3 25 | $108.9M | $159.9M | ||
| Q2 25 | $104.5M | $166.5M | ||
| Q1 25 | $102.1M | $139.3M | ||
| Q4 24 | $101.3M | $164.6M | ||
| Q3 24 | $106.0M | $139.5M | ||
| Q2 24 | $97.6M | $147.0M |
净利润NBHCRARE
| Q1 26 | $20.8M | — | ||
| Q4 25 | $16.0M | $-128.6M | ||
| Q3 25 | $35.3M | $-180.4M | ||
| Q2 25 | $34.0M | $-115.0M | ||
| Q1 25 | $24.2M | $-151.1M | ||
| Q4 24 | $28.2M | $-133.2M | ||
| Q3 24 | $33.1M | $-133.5M | ||
| Q2 24 | $26.1M | $-131.6M |
营业利润率NBHCRARE
| Q1 26 | — | — | ||
| Q4 25 | 19.0% | -54.7% | ||
| Q3 25 | 39.6% | -106.9% | ||
| Q2 25 | 39.8% | -64.8% | ||
| Q1 25 | 29.2% | -102.6% | ||
| Q4 24 | 34.3% | -74.3% | ||
| Q3 24 | 37.6% | -94.6% | ||
| Q2 24 | 32.5% | -79.1% |
净利率NBHCRARE
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.9% | -62.0% | ||
| Q3 25 | 32.4% | -112.8% | ||
| Q2 25 | 32.6% | -69.0% | ||
| Q1 25 | 23.7% | -108.5% | ||
| Q4 24 | 27.8% | -80.9% | ||
| Q3 24 | 31.2% | -95.7% | ||
| Q2 24 | 26.8% | -89.5% |
每股收益（稀释后）NBHCRARE
| Q1 26 | $0.46 | — | ||
| Q4 25 | $0.42 | $-1.28 | ||
| Q3 25 | $0.92 | $-1.81 | ||
| Q2 25 | $0.88 | $-1.17 | ||
| Q1 25 | $0.63 | $-1.57 | ||
| Q4 24 | $0.72 | $-1.34 | ||
| Q3 24 | $0.86 | $-1.40 | ||
| Q2 24 | $0.68 | $-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 | $472.8M | $421.0M |
| 总债务越低越好 | $202.1M | — |
| 股东权益账面价值 | $1.7B | $-80.0M |
| 总资产 | $12.6B | $1.5B |
| 负债/权益比越低杠杆越低 | 0.12× | — |
8季度趋势，按日历期对齐
现金及短期投资NBHCRARE
| Q1 26 | $472.8M | — | ||
| Q4 25 | $417.1M | $421.0M | ||
| Q3 25 | $555.6M | $202.5M | ||
| Q2 25 | $296.5M | $176.3M | ||
| Q1 25 | $246.3M | $127.1M | ||
| Q4 24 | $127.8M | $174.0M | ||
| Q3 24 | $180.8M | $150.6M | ||
| Q2 24 | $145.0M | $480.7M |
总债务NBHCRARE
| Q1 26 | $202.1M | — | ||
| Q4 25 | $54.5M | — | ||
| Q3 25 | $54.7M | — | ||
| Q2 25 | $54.4M | — | ||
| Q1 25 | $54.6M | — | ||
| Q4 24 | $54.5M | — | ||
| Q3 24 | $54.4M | — | ||
| Q2 24 | $54.4M | — |
股东权益NBHCRARE
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.4B | $-80.0M | ||
| Q3 25 | $1.4B | $9.2M | ||
| Q2 25 | $1.4B | $151.3M | ||
| Q1 25 | $1.3B | $144.2M | ||
| Q4 24 | $1.3B | $255.0M | ||
| Q3 24 | $1.3B | $346.8M | ||
| Q2 24 | $1.2B | $432.4M |
总资产NBHCRARE
| Q1 26 | $12.6B | — | ||
| Q4 25 | $9.9B | $1.5B | ||
| Q3 25 | $10.2B | $1.2B | ||
| Q2 25 | $10.0B | $1.3B | ||
| Q1 25 | $10.1B | $1.3B | ||
| Q4 24 | $9.8B | $1.5B | ||
| Q3 24 | $10.0B | $1.5B | ||
| Q2 24 | $10.0B | $1.6B |
负债/权益比NBHCRARE
| Q1 26 | 0.12× | — | ||
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.04× | — | ||
| Q2 25 | 0.04× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | 0.04× | — | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.04× | — |
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NBHCRARE
| Q1 26 | — | — | ||
| Q4 25 | $162.4M | $-99.8M | ||
| Q3 25 | $52.4M | $-91.4M | ||
| Q2 25 | $32.3M | $-108.3M | ||
| Q1 25 | $39.6M | $-166.5M | ||
| Q4 24 | $155.3M | $-79.3M | ||
| Q3 24 | $47.0M | $-67.0M | ||
| Q2 24 | $31.9M | $-77.0M |
自由现金流NBHCRARE
| Q1 26 | — | — | ||
| Q4 25 | — | $-100.8M | ||
| Q3 25 | — | $-92.7M | ||
| Q2 25 | — | $-110.7M | ||
| Q1 25 | — | $-167.8M | ||
| Q4 24 | — | $-79.5M | ||
| Q3 24 | — | $-68.6M | ||
| Q2 24 | — | $-79.0M |
自由现金流率NBHCRARE
| Q1 26 | — | — | ||
| Q4 25 | — | -48.6% | ||
| Q3 25 | — | -58.0% | ||
| Q2 25 | — | -66.5% | ||
| Q1 25 | — | -120.5% | ||
| Q4 24 | — | -48.3% | ||
| Q3 24 | — | -49.2% | ||
| Q2 24 | — | -53.7% |
资本支出强度NBHCRARE
| Q1 26 | — | — | ||
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.4% |
现金转化率NBHCRARE
| Q1 26 | — | — | ||
| Q4 25 | 10.13× | — | ||
| Q3 25 | 1.48× | — | ||
| Q2 25 | 0.95× | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 5.51× | — | ||
| Q3 24 | 1.42× | — | ||
| Q2 24 | 1.22× | — |
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
NBHC
| Net Interest Income | $108.8M | 86% |
| Noninterest Income | $18.0M | 14% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
