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Orion S.A.（OEC）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
Orion S.A.的季度营收约是Ultragenyx Pharmaceutical Inc.的2.0倍（$411.7M vs $207.3M），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs -5.2%），Orion S.A.自由现金流更多（$44.2M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs -9.5%）
奥里昂集团成立于1917年，总部位于芬兰埃斯波，是一家全球化运营的芬兰企业。公司面向全球市场研发、生产并销售人用与兽用药品以及药用活性成分，旗下所有生产基地及大部分研发部门均设于芬兰境内。
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。
OEC vs RARE — 直观对比
营收规模更大
OEC
是对方的2.0倍
$207.3M
营收增速更快
RARE
高出31.1%
-5.2%
自由现金流更多
OEC
多$145.0M
$-100.8M
两年增速更快
RARE
近两年复合增速
-9.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $411.7M | $207.3M |
| 净利润 | — | $-128.6M |
| 毛利率 | 18.9% | — |
| 营业利润率 | 4.3% | -54.7% |
| 净利率 | — | -62.0% |
| 营收同比 | -5.2% | 25.9% |
| 净利润同比 | — | 3.5% |
| 每股收益（稀释后） | $-0.36 | $-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OECRARE
| Q4 25 | $411.7M | $207.3M | ||
| Q3 25 | $450.9M | $159.9M | ||
| Q2 25 | $466.4M | $166.5M | ||
| Q1 25 | $477.7M | $139.3M | ||
| Q4 24 | $434.2M | $164.6M | ||
| Q3 24 | $463.4M | $139.5M | ||
| Q2 24 | $477.0M | $147.0M | ||
| Q1 24 | $502.9M | $108.8M |
净利润OECRARE
| Q4 25 | — | $-128.6M | ||
| Q3 25 | $-67.1M | $-180.4M | ||
| Q2 25 | $9.0M | $-115.0M | ||
| Q1 25 | $9.1M | $-151.1M | ||
| Q4 24 | — | $-133.2M | ||
| Q3 24 | $-20.2M | $-133.5M | ||
| Q2 24 | $20.5M | $-131.6M | ||
| Q1 24 | $26.7M | $-170.7M |
毛利率OECRARE
| Q4 25 | 18.9% | — | ||
| Q3 25 | 19.0% | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 20.5% | — | ||
| Q4 24 | 20.6% | — | ||
| Q3 24 | 23.2% | — | ||
| Q2 24 | 23.0% | — | ||
| Q1 24 | 24.3% | — |
营业利润率OECRARE
| Q4 25 | 4.3% | -54.7% | ||
| Q3 25 | -11.9% | -106.9% | ||
| Q2 25 | 6.9% | -64.8% | ||
| Q1 25 | 6.5% | -102.6% | ||
| Q4 24 | 5.4% | -74.3% | ||
| Q3 24 | -3.3% | -94.6% | ||
| Q2 24 | 8.7% | -79.1% | ||
| Q1 24 | 10.5% | -151.9% |
净利率OECRARE
| Q4 25 | — | -62.0% | ||
| Q3 25 | -14.9% | -112.8% | ||
| Q2 25 | 1.9% | -69.0% | ||
| Q1 25 | 1.9% | -108.5% | ||
| Q4 24 | — | -80.9% | ||
| Q3 24 | -4.4% | -95.7% | ||
| Q2 24 | 4.3% | -89.5% | ||
| Q1 24 | 5.3% | -156.8% |
每股收益（稀释后）OECRARE
| Q4 25 | $-0.36 | $-1.28 | ||
| Q3 25 | $-1.20 | $-1.81 | ||
| Q2 25 | $0.16 | $-1.17 | ||
| Q1 25 | $0.16 | $-1.57 | ||
| Q4 24 | $0.31 | $-1.34 | ||
| Q3 24 | $-0.35 | $-1.40 | ||
| Q2 24 | $0.35 | $-1.52 | ||
| Q1 24 | $0.45 | $-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 | $60.7M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $384.6M | $-80.0M |
| 总资产 | $1.9B | $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OECRARE
| Q4 25 | $60.7M | $421.0M | ||
| Q3 25 | $51.3M | $202.5M | ||
| Q2 25 | $42.6M | $176.3M | ||
| Q1 25 | $37.5M | $127.1M | ||
| Q4 24 | $44.2M | $174.0M | ||
| Q3 24 | $53.2M | $150.6M | ||
| Q2 24 | $34.2M | $480.7M | ||
| Q1 24 | $43.9M | $112.3M |
股东权益OECRARE
| Q4 25 | $384.6M | $-80.0M | ||
| Q3 25 | $401.8M | $9.2M | ||
| Q2 25 | $466.5M | $151.3M | ||
| Q1 25 | $466.1M | $144.2M | ||
| Q4 24 | $474.9M | $255.0M | ||
| Q3 24 | $476.3M | $346.8M | ||
| Q2 24 | $503.9M | $432.4M | ||
| Q1 24 | $492.2M | $140.3M |
总资产OECRARE
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $2.0B | $1.3B | ||
| Q1 25 | $2.0B | $1.3B | ||
| Q4 24 | $1.9B | $1.5B | ||
| Q3 24 | $2.0B | $1.5B | ||
| Q2 24 | $1.9B | $1.6B | ||
| Q1 24 | $1.9B | $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 | $92.9M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $44.2M | $-100.8M |
| 自由现金流率自由现金流/营收 | 10.7% | -48.6% |
| 资本支出强度资本支出/营收 | 11.8% | 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 | $54.8M | $-472.0M |
8季度趋势，按日历期对齐
经营现金流OECRARE
| Q4 25 | $92.9M | $-99.8M | ||
| Q3 25 | $68.8M | $-91.4M | ||
| Q2 25 | $53.7M | $-108.3M | ||
| Q1 25 | $400.0K | $-166.5M | ||
| Q4 24 | $94.5M | $-79.3M | ||
| Q3 24 | $-30.9M | $-67.0M | ||
| Q2 24 | $29.3M | $-77.0M | ||
| Q1 24 | $32.4M | $-190.7M |
自由现金流OECRARE
| Q4 25 | $44.2M | $-100.8M | ||
| Q3 25 | $27.9M | $-92.7M | ||
| Q2 25 | $11.5M | $-110.7M | ||
| Q1 25 | $-28.8M | $-167.8M | ||
| Q4 24 | $23.5M | $-79.5M | ||
| Q3 24 | $-78.8M | $-68.6M | ||
| Q2 24 | $-25.4M | $-79.0M | ||
| Q1 24 | $-700.0K | $-193.9M |
自由现金流率OECRARE
| Q4 25 | 10.7% | -48.6% | ||
| Q3 25 | 6.2% | -58.0% | ||
| Q2 25 | 2.5% | -66.5% | ||
| Q1 25 | -6.0% | -120.5% | ||
| Q4 24 | 5.4% | -48.3% | ||
| Q3 24 | -17.0% | -49.2% | ||
| Q2 24 | -5.3% | -53.7% | ||
| Q1 24 | -0.1% | -178.2% |
资本支出强度OECRARE
| Q4 25 | 11.8% | 0.5% | ||
| Q3 25 | 9.1% | 0.8% | ||
| Q2 25 | 9.0% | 1.5% | ||
| Q1 25 | 6.1% | 1.0% | ||
| Q4 24 | 16.4% | 0.1% | ||
| Q3 24 | 10.3% | 1.2% | ||
| Q2 24 | 11.5% | 1.4% | ||
| Q1 24 | 6.6% | 3.0% |
现金转化率OECRARE
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 5.97× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.43× | — | ||
| Q1 24 | 1.21× | — |
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
OEC
| Rubber | $272.0M | 66% |
| Specialties | $139.7M | 34% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
