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百济神州（ONC）与Ulta Beauty（ULTA）财务数据对比。点击上方公司名可切换其他公司
Ulta Beauty的季度营收约是百济神州的1.9倍（$2.9B vs $1.5B），Ulta Beauty净利率更高（8.1% vs 4.4%，领先3.6%），百济神州同比增速更快（32.8% vs 12.9%），百济神州自由现金流更多（$379.8M vs $-81.6M），过去两年百济神州的营收复合增速更高（41.2% vs 7.2%）
BeOne Medicines（原百济神州）是一家跨国肿瘤领域制药企业，专注于癌症治疗创新药物的研发与商业化，致力于为全球癌症患者提供更有效、可及性更高的治疗方案，改善患者的生存质量与预后。
Ulta Beauty是美国头部美妆连锁品牌，总部位于伊利诺伊州博林布鲁克，旗下门店在售商品覆盖高低端彩妆、香水、美甲、身体护理、美发产品及美妆工具等全品类美妆个护产品，每家门店均配备对外开放的美容沙龙，为消费者提供一站式美妆消费及服务体验。
ONC vs ULTA — 直观对比
营收规模更大
ULTA
是对方的1.9倍
$1.5B
营收增速更快
ONC
高出19.9%
12.9%
净利率更高
ULTA
高出3.6%
4.4%
自由现金流更多
ONC
多$461.5M
$-81.6M
两年增速更快
ONC
近两年复合增速
7.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.9B |
| 净利润 | $66.5M | $230.9M |
| 毛利率 | 90.5% | 40.4% |
| 营业利润率 | 12.4% | 10.8% |
| 净利率 | 4.4% | 8.1% |
| 营收同比 | 32.8% | 12.9% |
| 净利润同比 | 143.8% | -4.7% |
| 每股收益（稀释后） | $0.05 | $5.14 |
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ONCULTA
| Q4 25 | $1.5B | $2.9B | ||
| Q3 25 | $1.4B | $2.8B | ||
| Q2 25 | $1.3B | $2.8B | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | $2.5B | ||
| Q3 24 | $1.0B | $2.6B | ||
| Q2 24 | $929.2M | $2.7B | ||
| Q1 24 | $751.7M | $3.6B |
净利润ONCULTA
| Q4 25 | $66.5M | $230.9M | ||
| Q3 25 | $124.8M | $260.9M | ||
| Q2 25 | $94.3M | $305.1M | ||
| Q1 25 | $1.3M | — | ||
| Q4 24 | $-151.9M | $242.2M | ||
| Q3 24 | $-121.3M | $252.6M | ||
| Q2 24 | $-120.4M | $313.1M | ||
| Q1 24 | $-251.2M | $394.4M |
毛利率ONCULTA
| Q4 25 | 90.5% | 40.4% | ||
| Q3 25 | 86.1% | 39.2% | ||
| Q2 25 | 87.5% | 39.1% | ||
| Q1 25 | 85.2% | — | ||
| Q4 24 | 85.8% | 39.7% | ||
| Q3 24 | 83.0% | 38.3% | ||
| Q2 24 | 85.1% | 39.2% | ||
| Q1 24 | 83.4% | 37.7% |
营业利润率ONCULTA
| Q4 25 | 12.4% | 10.8% | ||
| Q3 25 | 11.5% | 12.4% | ||
| Q2 25 | 6.7% | 14.1% | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | -7.0% | 12.6% | ||
| Q3 24 | -12.0% | 12.9% | ||
| Q2 24 | -11.5% | 14.7% | ||
| Q1 24 | -34.8% | 14.5% |
净利率ONCULTA
| Q4 25 | 4.4% | 8.1% | ||
| Q3 25 | 8.8% | 9.4% | ||
| Q2 25 | 7.2% | 10.7% | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | -13.5% | 9.6% | ||
| Q3 24 | -12.1% | 9.9% | ||
| Q2 24 | -13.0% | 11.5% | ||
| Q1 24 | -33.4% | 11.1% |
每股收益（稀释后）ONCULTA
| Q4 25 | $0.05 | $5.14 | ||
| Q3 25 | $0.08 | $5.78 | ||
| Q2 25 | $0.06 | $6.70 | ||
| Q1 25 | $0.00 | — | ||
| Q4 24 | $-0.10 | $5.14 | ||
| Q3 24 | $-0.09 | $5.30 | ||
| Q2 24 | $-0.09 | $6.47 | ||
| Q1 24 | $-0.19 | $8.06 |
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 | $4.5B | $204.9M |
| 总债务越低越好 | $836.4M | — |
| 股东权益账面价值 | $4.4B | $2.6B |
| 总资产 | $8.2B | $7.0B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资ONCULTA
| Q4 25 | $4.5B | $204.9M | ||
| Q3 25 | $4.0B | $242.7M | ||
| Q2 25 | $2.8B | $454.6M | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $2.6B | $177.8M | ||
| Q3 24 | $2.7B | $414.0M | ||
| Q2 24 | $2.6B | $524.6M | ||
| Q1 24 | $2.8B | $766.6M |
总债务ONCULTA
| Q4 25 | $836.4M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ONCULTA
| Q4 25 | $4.4B | $2.6B | ||
| Q3 25 | $4.1B | $2.6B | ||
| Q2 25 | $3.8B | $2.4B | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.3B | $2.3B | ||
| Q3 24 | $3.4B | $2.3B | ||
| Q2 24 | $3.4B | $2.3B | ||
| Q1 24 | $3.4B | $2.3B |
总资产ONCULTA
| Q4 25 | $8.2B | $7.0B | ||
| Q3 25 | $7.6B | $6.6B | ||
| Q2 25 | $6.3B | $6.0B | ||
| Q1 25 | $5.8B | — | ||
| Q4 24 | $5.9B | $6.0B | ||
| Q3 24 | $5.8B | $5.7B | ||
| Q2 24 | $5.7B | $5.6B | ||
| Q1 24 | $5.7B | $5.7B |
负债/权益比ONCULTA
| Q4 25 | 0.19× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $417.3M | $5.6M |
| 自由现金流经营现金流 - 资本支出 | $379.8M | $-81.6M |
| 自由现金流率自由现金流/营收 | 25.4% | -2.9% |
| 资本支出强度资本支出/营收 | 2.5% | 3.1% |
| 现金转化率经营现金流/净利润 | 6.28× | 0.02× |
| 过去12个月自由现金流最近4个季度 | $941.7M | $-92.2M |
8季度趋势，按日历期对齐
经营现金流ONCULTA
| Q4 25 | $417.3M | $5.6M | ||
| Q3 25 | $402.6M | $96.5M | ||
| Q2 25 | $263.6M | $220.0M | ||
| Q1 25 | $44.1M | — | ||
| Q4 24 | $75.2M | $-56.8M | ||
| Q3 24 | $188.4M | $199.5M | ||
| Q2 24 | $-95.6M | $159.3M | ||
| Q1 24 | $-308.6M | $1.1B |
自由现金流ONCULTA
| Q4 25 | $379.8M | $-81.6M | ||
| Q3 25 | $354.5M | $19.6M | ||
| Q2 25 | $219.8M | $141.0M | ||
| Q1 25 | $-12.3M | — | ||
| Q4 24 | $-17.3M | $-171.1M | ||
| Q3 24 | $54.7M | $104.3M | ||
| Q2 24 | $-205.5M | $68.3M | ||
| Q1 24 | $-465.1M | $994.0M |
自由现金流率ONCULTA
| Q4 25 | 25.4% | -2.9% | ||
| Q3 25 | 25.1% | 0.7% | ||
| Q2 25 | 16.7% | 4.9% | ||
| Q1 25 | -1.1% | — | ||
| Q4 24 | -1.5% | -6.8% | ||
| Q3 24 | 5.5% | 4.1% | ||
| Q2 24 | -22.1% | 2.5% | ||
| Q1 24 | -61.9% | 28.0% |
资本支出强度ONCULTA
| Q4 25 | 2.5% | 3.1% | ||
| Q3 25 | 3.4% | 2.8% | ||
| Q2 25 | 3.3% | 2.8% | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | 8.2% | 4.5% | ||
| Q3 24 | 13.3% | 3.7% | ||
| Q2 24 | 11.8% | 3.3% | ||
| Q1 24 | 20.8% | 3.5% |
现金转化率ONCULTA
| Q4 25 | 6.28× | 0.02× | ||
| Q3 25 | 3.22× | 0.37× | ||
| Q2 25 | 2.79× | 0.72× | ||
| Q1 25 | 34.71× | — | ||
| Q4 24 | — | -0.23× | ||
| Q3 24 | — | 0.79× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 2.84× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
