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UNIVERSAL DISPLAY CORP \PA\（OLED）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UNIVERSAL DISPLAY CORP \PA\的1.2倍（$207.3M vs $172.9M），UNIVERSAL DISPLAY CORP \PA\净利率更高（38.4% vs -62.0%，领先100.4%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 6.6%），UNIVERSAL DISPLAY CORP \PA\自由现金流更多（$15.1M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 2.3%）
Universal Display Corporation（股票代码OLED）是有机发光二极管（OLED）技术及材料的研发与生产企业，拥有深厚的技术积累，面向显示、照明两大领域提供相关配套服务，是全球OLED上游产业链的核心供应商之一。
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。
OLED vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $172.9M | $207.3M |
| 净利润 | $66.3M | $-128.6M |
| 毛利率 | 76.1% | — |
| 营业利润率 | 38.9% | -54.7% |
| 净利率 | 38.4% | -62.0% |
| 营收同比 | 6.6% | 25.9% |
| 净利润同比 | 44.2% | 3.5% |
| 每股收益（稀释后） | $1.40 | $-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
| Q4 25 | $172.9M | $207.3M | ||
| Q3 25 | $139.6M | $159.9M | ||
| Q2 25 | $171.8M | $166.5M | ||
| Q1 25 | $166.3M | $139.3M | ||
| Q4 24 | $162.3M | $164.6M | ||
| Q3 24 | $161.6M | $139.5M | ||
| Q2 24 | $158.5M | $147.0M | ||
| Q1 24 | $165.3M | $108.8M |
| Q4 25 | $66.3M | $-128.6M | ||
| Q3 25 | $44.0M | $-180.4M | ||
| Q2 25 | $67.3M | $-115.0M | ||
| Q1 25 | $64.4M | $-151.1M | ||
| Q4 24 | $46.0M | $-133.2M | ||
| Q3 24 | $66.9M | $-133.5M | ||
| Q2 24 | $52.3M | $-131.6M | ||
| Q1 24 | $56.9M | $-170.7M |
| Q4 25 | 76.1% | — | ||
| Q3 25 | 74.6% | — | ||
| Q2 25 | 77.2% | — | ||
| Q1 25 | 77.1% | — | ||
| Q4 24 | 77.0% | — | ||
| Q3 24 | 77.8% | — | ||
| Q2 24 | 75.8% | — | ||
| Q1 24 | 77.6% | — |
| Q4 25 | 38.9% | -54.7% | ||
| Q3 25 | 30.9% | -106.9% | ||
| Q2 25 | 39.9% | -64.8% | ||
| Q1 25 | 41.9% | -102.6% | ||
| Q4 24 | 32.3% | -74.3% | ||
| Q3 24 | 41.5% | -94.6% | ||
| Q2 24 | 35.6% | -79.1% | ||
| Q1 24 | 38.0% | -151.9% |
| Q4 25 | 38.4% | -62.0% | ||
| Q3 25 | 31.5% | -112.8% | ||
| Q2 25 | 39.2% | -69.0% | ||
| Q1 25 | 38.8% | -108.5% | ||
| Q4 24 | 28.4% | -80.9% | ||
| Q3 24 | 41.4% | -95.7% | ||
| Q2 24 | 33.0% | -89.5% | ||
| Q1 24 | 34.4% | -156.8% |
| Q4 25 | $1.40 | $-1.28 | ||
| Q3 25 | $0.92 | $-1.81 | ||
| Q2 25 | $1.41 | $-1.17 | ||
| Q1 25 | $1.35 | $-1.57 | ||
| Q4 24 | $0.96 | $-1.34 | ||
| Q3 24 | $1.40 | $-1.40 | ||
| Q2 24 | $1.10 | $-1.52 | ||
| Q1 24 | $1.19 | $-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 | $602.4M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.8B | $-80.0M |
| 总资产 | $2.0B | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $602.4M | $421.0M | ||
| Q3 25 | $603.0M | $202.5M | ||
| Q2 25 | $525.2M | $176.3M | ||
| Q1 25 | $571.3M | $127.1M | ||
| Q4 24 | $492.7M | $174.0M | ||
| Q3 24 | $551.6M | $150.6M | ||
| Q2 24 | $530.5M | $480.7M | ||
| Q1 24 | $539.3M | $112.3M |
| Q4 25 | $1.8B | $-80.0M | ||
| Q3 25 | $1.7B | $9.2M | ||
| Q2 25 | $1.7B | $151.3M | ||
| Q1 25 | $1.7B | $144.2M | ||
| Q4 24 | $1.6B | $255.0M | ||
| Q3 24 | $1.6B | $346.8M | ||
| Q2 24 | $1.5B | $432.4M | ||
| Q1 24 | $1.5B | $140.3M |
| Q4 25 | $2.0B | $1.5B | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.9B | $1.3B | ||
| Q4 24 | $1.8B | $1.5B | ||
| Q3 24 | $1.8B | $1.5B | ||
| Q2 24 | $1.8B | $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 | $31.1M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $15.1M | $-100.8M |
| 自由现金流率自由现金流/营收 | 8.7% | -48.6% |
| 资本支出强度资本支出/营收 | 9.3% | 0.5% |
| 现金转化率经营现金流/净利润 | 0.47× | — |
| 过去12个月自由现金流最近4个季度 | $154.4M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $31.1M | $-99.8M | ||
| Q3 25 | $97.2M | $-91.4M | ||
| Q2 25 | $51.9M | $-108.3M | ||
| Q1 25 | $30.6M | $-166.5M | ||
| Q4 24 | $34.7M | $-79.3M | ||
| Q3 24 | $79.9M | $-67.0M | ||
| Q2 24 | $67.0M | $-77.0M | ||
| Q1 24 | $72.2M | $-190.7M |
| Q4 25 | $15.1M | $-100.8M | ||
| Q3 25 | $84.3M | $-92.7M | ||
| Q2 25 | $37.5M | $-110.7M | ||
| Q1 25 | $17.5M | $-167.8M | ||
| Q4 24 | $22.0M | $-79.5M | ||
| Q3 24 | $66.2M | $-68.6M | ||
| Q2 24 | $57.9M | $-79.0M | ||
| Q1 24 | $65.0M | $-193.9M |
| Q4 25 | 8.7% | -48.6% | ||
| Q3 25 | 60.4% | -58.0% | ||
| Q2 25 | 21.8% | -66.5% | ||
| Q1 25 | 10.5% | -120.5% | ||
| Q4 24 | 13.6% | -48.3% | ||
| Q3 24 | 41.0% | -49.2% | ||
| Q2 24 | 36.5% | -53.7% | ||
| Q1 24 | 39.3% | -178.2% |
| Q4 25 | 9.3% | 0.5% | ||
| Q3 25 | 9.2% | 0.8% | ||
| Q2 25 | 8.4% | 1.5% | ||
| Q1 25 | 7.9% | 1.0% | ||
| Q4 24 | 7.8% | 0.1% | ||
| Q3 24 | 8.4% | 1.2% | ||
| Q2 24 | 5.8% | 1.4% | ||
| Q1 24 | 4.4% | 3.0% |
| Q4 25 | 0.47× | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 0.77× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | 1.28× | — | ||
| Q1 24 | 1.27× | — |
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
OLED
| Material Sales | $95.5M | 55% |
| Other | $72.6M | 42% |
| Contract Research Services | $4.8M | 3% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
