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如新（NUS）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
如新的季度营收约是Ultragenyx Pharmaceutical Inc.的1.8倍（$370.3M vs $207.3M），如新净利率更高（3.9% vs -62.0%，领先65.9%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs -16.9%），如新自由现金流更多（$5.9M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs -5.8%）
如新企业集团是一家美国多层次直销企业，主打研发并销售个人护理产品与营养膳食补充产品，旗下拥有Nu Skin及Pharmanex两大品牌，目前已在全球54个市场开展业务，依托约120万独立销售代表的销售网络覆盖全球市场。
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。
NUS vs RARE — 直观对比
营收规模更大
NUS
是对方的1.8倍
$207.3M
营收增速更快
RARE
高出42.8%
-16.9%
净利率更高
NUS
高出65.9%
-62.0%
自由现金流更多
NUS
多$106.6M
$-100.8M
两年增速更快
RARE
近两年复合增速
-5.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $370.3M | $207.3M |
| 净利润 | $14.5M | $-128.6M |
| 毛利率 | 70.7% | — |
| 营业利润率 | 6.3% | -54.7% |
| 净利率 | 3.9% | -62.0% |
| 营收同比 | -16.9% | 25.9% |
| 净利润同比 | 140.1% | 3.5% |
| 每股收益（稀释后） | $0.27 | $-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NUSRARE
| Q4 25 | $370.3M | $207.3M | ||
| Q3 25 | $364.2M | $159.9M | ||
| Q2 25 | $386.1M | $166.5M | ||
| Q1 25 | $364.5M | $139.3M | ||
| Q4 24 | $445.6M | $164.6M | ||
| Q3 24 | $430.1M | $139.5M | ||
| Q2 24 | $439.1M | $147.0M | ||
| Q1 24 | $417.3M | $108.8M |
净利润NUSRARE
| Q4 25 | $14.5M | $-128.6M | ||
| Q3 25 | $17.1M | $-180.4M | ||
| Q2 25 | $21.1M | $-115.0M | ||
| Q1 25 | $107.5M | $-151.1M | ||
| Q4 24 | $-36.1M | $-133.2M | ||
| Q3 24 | $8.3M | $-133.5M | ||
| Q2 24 | $-118.3M | $-131.6M | ||
| Q1 24 | $-533.0K | $-170.7M |
毛利率NUSRARE
| Q4 25 | 70.7% | — | ||
| Q3 25 | 70.5% | — | ||
| Q2 25 | 68.8% | — | ||
| Q1 25 | 67.8% | — | ||
| Q4 24 | 62.7% | — | ||
| Q3 24 | 70.1% | — | ||
| Q2 24 | 70.0% | — | ||
| Q1 24 | 70.5% | — |
营业利润率NUSRARE
| Q4 25 | 6.3% | -54.7% | ||
| Q3 25 | 5.9% | -106.9% | ||
| Q2 25 | 8.0% | -64.8% | ||
| Q1 25 | -2.7% | -102.6% | ||
| Q4 24 | -11.9% | -74.3% | ||
| Q3 24 | 4.2% | -94.6% | ||
| Q2 24 | -28.6% | -79.1% | ||
| Q1 24 | 2.1% | -151.9% |
净利率NUSRARE
| Q4 25 | 3.9% | -62.0% | ||
| Q3 25 | 4.7% | -112.8% | ||
| Q2 25 | 5.5% | -69.0% | ||
| Q1 25 | 29.5% | -108.5% | ||
| Q4 24 | -8.1% | -80.9% | ||
| Q3 24 | 1.9% | -95.7% | ||
| Q2 24 | -26.9% | -89.5% | ||
| Q1 24 | -0.1% | -156.8% |
每股收益（稀释后）NUSRARE
| Q4 25 | $0.27 | $-1.28 | ||
| Q3 25 | $0.34 | $-1.81 | ||
| Q2 25 | $0.43 | $-1.17 | ||
| Q1 25 | $2.14 | $-1.57 | ||
| Q4 24 | $-0.73 | $-1.34 | ||
| Q3 24 | $0.17 | $-1.40 | ||
| Q2 24 | $-2.38 | $-1.52 | ||
| Q1 24 | $-0.01 | $-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 | $239.8M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $805.2M | $-80.0M |
| 总资产 | $1.4B | $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NUSRARE
| Q4 25 | $239.8M | $421.0M | ||
| Q3 25 | $253.0M | $202.5M | ||
| Q2 25 | $265.4M | $176.3M | ||
| Q1 25 | $213.6M | $127.1M | ||
| Q4 24 | $198.0M | $174.0M | ||
| Q3 24 | $237.8M | $150.6M | ||
| Q2 24 | $232.9M | $480.7M | ||
| Q1 24 | $221.2M | $112.3M |
股东权益NUSRARE
| Q4 25 | $805.2M | $-80.0M | ||
| Q3 25 | $799.8M | $9.2M | ||
| Q2 25 | $787.8M | $151.3M | ||
| Q1 25 | $754.0M | $144.2M | ||
| Q4 24 | $651.5M | $255.0M | ||
| Q3 24 | $706.9M | $346.8M | ||
| Q2 24 | $686.2M | $432.4M | ||
| Q1 24 | $810.2M | $140.3M |
总资产NUSRARE
| Q4 25 | $1.4B | $1.5B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $1.6B | $1.5B | ||
| Q2 24 | $1.6B | $1.6B | ||
| Q1 24 | $1.7B | $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 | $16.6M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $5.9M | $-100.8M |
| 自由现金流率自由现金流/营收 | 1.6% | -48.6% |
| 资本支出强度资本支出/营收 | 2.9% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.15× | — |
| 过去12个月自由现金流最近4个季度 | $46.0M | $-472.0M |
8季度趋势，按日历期对齐
经营现金流NUSRARE
| Q4 25 | $16.6M | $-99.8M | ||
| Q3 25 | $27.5M | $-91.4M | ||
| Q2 25 | $35.8M | $-108.3M | ||
| Q1 25 | $389.0K | $-166.5M | ||
| Q4 24 | $25.8M | $-79.3M | ||
| Q3 24 | $31.4M | $-67.0M | ||
| Q2 24 | $51.2M | $-77.0M | ||
| Q1 24 | $3.3M | $-190.7M |
自由现金流NUSRARE
| Q4 25 | $5.9M | $-100.8M | ||
| Q3 25 | $17.6M | $-92.7M | ||
| Q2 25 | $35.8M | $-110.7M | ||
| Q1 25 | $-13.2M | $-167.8M | ||
| Q4 24 | $13.2M | $-79.5M | ||
| Q3 24 | $22.8M | $-68.6M | ||
| Q2 24 | $43.1M | $-79.0M | ||
| Q1 24 | $-9.0M | $-193.9M |
自由现金流率NUSRARE
| Q4 25 | 1.6% | -48.6% | ||
| Q3 25 | 4.8% | -58.0% | ||
| Q2 25 | 9.3% | -66.5% | ||
| Q1 25 | -3.6% | -120.5% | ||
| Q4 24 | 3.0% | -48.3% | ||
| Q3 24 | 5.3% | -49.2% | ||
| Q2 24 | 9.8% | -53.7% | ||
| Q1 24 | -2.1% | -178.2% |
资本支出强度NUSRARE
| Q4 25 | 2.9% | 0.5% | ||
| Q3 25 | 2.7% | 0.8% | ||
| Q2 25 | 0.0% | 1.5% | ||
| Q1 25 | 3.7% | 1.0% | ||
| Q4 24 | 2.8% | 0.1% | ||
| Q3 24 | 2.0% | 1.2% | ||
| Q2 24 | 1.9% | 1.4% | ||
| Q1 24 | 2.9% | 3.0% |
现金转化率NUSRARE
| Q4 25 | 1.15× | — | ||
| Q3 25 | 1.61× | — | ||
| Q2 25 | 1.69× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.79× | — | ||
| 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
NUS
| Other | $161.9M | 44% |
| Mainland China Segment | $52.0M | 14% |
| Southeast Asia Pacific Segment | $50.5M | 14% |
| Europe And Africa Segment | $41.8M | 11% |
| Hong Kong Taiwan Segment | $29.6M | 8% |
| South Korea Segment | $28.4M | 8% |
| Rhyz Other Segment | $6.1M | 2% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
