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网件（NTGR）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.的季度营收约是网件的1.1倍（$207.3M vs $182.5M），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 0.0%），网件自由现金流更多（$13.6M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 5.3%）
网件是总部位于美国加利福尼亚州圣何塞的计算机网络设备企业，在全球约22个国家设有分支机构，面向个人消费者、企业及服务提供商研发生产各类网络硬件，业务分为零售、商业客户、服务供应商三大板块。
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。
NTGR vs RARE — 直观对比
营收规模更大
RARE
是对方的1.1倍
$182.5M
营收增速更快
RARE
高出25.9%
0.0%
自由现金流更多
NTGR
多$114.4M
$-100.8M
两年增速更快
RARE
近两年复合增速
5.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $182.5M | $207.3M |
| 净利润 | — | $-128.6M |
| 毛利率 | 40.4% | — |
| 营业利润率 | -2.6% | -54.7% |
| 净利率 | — | -62.0% |
| 营收同比 | 0.0% | 25.9% |
| 净利润同比 | — | 3.5% |
| 每股收益（稀释后） | $-0.03 | $-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NTGRRARE
| Q4 25 | $182.5M | $207.3M | ||
| Q3 25 | $184.6M | $159.9M | ||
| Q2 25 | $170.5M | $166.5M | ||
| Q1 25 | $162.1M | $139.3M | ||
| Q4 24 | $182.4M | $164.6M | ||
| Q3 24 | $182.9M | $139.5M | ||
| Q2 24 | $143.9M | $147.0M | ||
| Q1 24 | $164.6M | $108.8M |
净利润NTGRRARE
| Q4 25 | — | $-128.6M | ||
| Q3 25 | $-4.8M | $-180.4M | ||
| Q2 25 | $-6.4M | $-115.0M | ||
| Q1 25 | $-6.0M | $-151.1M | ||
| Q4 24 | $-8.9M | $-133.2M | ||
| Q3 24 | $85.1M | $-133.5M | ||
| Q2 24 | $-45.2M | $-131.6M | ||
| Q1 24 | $-18.6M | $-170.7M |
毛利率NTGRRARE
| Q4 25 | 40.4% | — | ||
| Q3 25 | 39.1% | — | ||
| Q2 25 | 37.5% | — | ||
| Q1 25 | 34.8% | — | ||
| Q4 24 | 32.6% | — | ||
| Q3 24 | 30.9% | — | ||
| Q2 24 | 22.1% | — | ||
| Q1 24 | 29.3% | — |
营业利润率NTGRRARE
| Q4 25 | -2.6% | -54.7% | ||
| Q3 25 | -3.8% | -106.9% | ||
| Q2 25 | -5.6% | -64.8% | ||
| Q1 25 | -7.9% | -102.6% | ||
| Q4 24 | -8.3% | -74.3% | ||
| Q3 24 | 52.4% | -94.6% | ||
| Q2 24 | -32.6% | -79.1% | ||
| Q1 24 | -13.2% | -151.9% |
净利率NTGRRARE
| Q4 25 | — | -62.0% | ||
| Q3 25 | -2.6% | -112.8% | ||
| Q2 25 | -3.8% | -69.0% | ||
| Q1 25 | -3.7% | -108.5% | ||
| Q4 24 | -4.9% | -80.9% | ||
| Q3 24 | 46.5% | -95.7% | ||
| Q2 24 | -31.4% | -89.5% | ||
| Q1 24 | -11.3% | -156.8% |
每股收益（稀释后）NTGRRARE
| Q4 25 | $-0.03 | $-1.28 | ||
| Q3 25 | $-0.17 | $-1.81 | ||
| Q2 25 | $-0.22 | $-1.17 | ||
| Q1 25 | $-0.21 | $-1.57 | ||
| Q4 24 | $-0.29 | $-1.34 | ||
| Q3 24 | $2.90 | $-1.40 | ||
| Q2 24 | $-1.56 | $-1.52 | ||
| Q1 24 | $-0.63 | $-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 | $323.0M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $497.8M | $-80.0M |
| 总资产 | $836.3M | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NTGRRARE
| Q4 25 | $323.0M | $421.0M | ||
| Q3 25 | $326.4M | $202.5M | ||
| Q2 25 | $363.5M | $176.3M | ||
| Q1 25 | $391.9M | $127.1M | ||
| Q4 24 | $408.7M | $174.0M | ||
| Q3 24 | $395.7M | $150.6M | ||
| Q2 24 | $294.3M | $480.7M | ||
| Q1 24 | $289.4M | $112.3M |
股东权益NTGRRARE
| Q4 25 | $497.8M | $-80.0M | ||
| Q3 25 | $506.8M | $9.2M | ||
| Q2 25 | $523.2M | $151.3M | ||
| Q1 25 | $534.2M | $144.2M | ||
| Q4 24 | $541.1M | $255.0M | ||
| Q3 24 | $550.3M | $346.8M | ||
| Q2 24 | $459.4M | $432.4M | ||
| Q1 24 | $511.4M | $140.3M |
总资产NTGRRARE
| Q4 25 | $836.3M | $1.5B | ||
| Q3 25 | $810.8M | $1.2B | ||
| Q2 25 | $803.5M | $1.3B | ||
| Q1 25 | $814.2M | $1.3B | ||
| Q4 24 | $850.2M | $1.5B | ||
| Q3 24 | $862.6M | $1.5B | ||
| Q2 24 | $754.1M | $1.6B | ||
| Q1 24 | $801.3M | $1.3B |
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 | $19.5M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $13.6M | $-100.8M |
| 自由现金流率自由现金流/营收 | 7.5% | -48.6% |
| 资本支出强度资本支出/营收 | 3.2% | 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 | $-18.9M | $-472.0M |
8季度趋势，按日历期对齐
经营现金流NTGRRARE
| Q4 25 | $19.5M | $-99.8M | ||
| Q3 25 | $-7.4M | $-91.4M | ||
| Q2 25 | $-1.8M | $-108.3M | ||
| Q1 25 | $-8.7M | $-166.5M | ||
| Q4 24 | $21.5M | $-79.3M | ||
| Q3 24 | $107.7M | $-67.0M | ||
| Q2 24 | $18.4M | $-77.0M | ||
| Q1 24 | $17.2M | $-190.7M |
自由现金流NTGRRARE
| Q4 25 | $13.6M | $-100.8M | ||
| Q3 25 | $-17.1M | $-92.7M | ||
| Q2 25 | $-5.3M | $-110.7M | ||
| Q1 25 | $-10.1M | $-167.8M | ||
| Q4 24 | $19.0M | $-79.5M | ||
| Q3 24 | $106.0M | $-68.6M | ||
| Q2 24 | $16.1M | $-79.0M | ||
| Q1 24 | $14.7M | $-193.9M |
自由现金流率NTGRRARE
| Q4 25 | 7.5% | -48.6% | ||
| Q3 25 | -9.3% | -58.0% | ||
| Q2 25 | -3.1% | -66.5% | ||
| Q1 25 | -6.3% | -120.5% | ||
| Q4 24 | 10.4% | -48.3% | ||
| Q3 24 | 58.0% | -49.2% | ||
| Q2 24 | 11.2% | -53.7% | ||
| Q1 24 | 8.9% | -178.2% |
资本支出强度NTGRRARE
| Q4 25 | 3.2% | 0.5% | ||
| Q3 25 | 5.3% | 0.8% | ||
| Q2 25 | 2.1% | 1.5% | ||
| Q1 25 | 0.9% | 1.0% | ||
| Q4 24 | 1.4% | 0.1% | ||
| Q3 24 | 0.9% | 1.2% | ||
| Q2 24 | 1.6% | 1.4% | ||
| Q1 24 | 1.5% | 3.0% |
现金转化率NTGRRARE
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.27× | — | ||
| 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
NTGR
| Other | $93.4M | 51% |
| Sales Channel Directly To Consumer | $89.1M | 49% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
