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Pagaya Technologies Ltd.（PGY）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
Pagaya Technologies Ltd.的季度营收约是Ultragenyx Pharmaceutical Inc.的1.5倍（$321.0M vs $207.3M），Pagaya Technologies Ltd.净利率更高（10.7% vs -62.0%，领先72.7%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 16.5%），Pagaya Technologies Ltd.自由现金流更多（$76.7M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 16.4%）
Pagaya Technologies是一家以纽约为总部的以美金融科技企业，专注于运用人工智能技术评估贷款申请，推动信贷审核流程现代化。该公司2022年于纽约证券交易所上市，截至2024年，已累计评估约2.6万亿美元规模的贷款申请，促成的贷款总额约达280亿美元，核心客户以银行等金融机构为主。
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。
PGY vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $321.0M | $207.3M |
| 净利润 | $34.3M | $-128.6M |
| 毛利率 | 40.8% | — |
| 营业利润率 | 24.8% | -54.7% |
| 净利率 | 10.7% | -62.0% |
| 营收同比 | 16.5% | 25.9% |
| 净利润同比 | 114.4% | 3.5% |
| 每股收益（稀释后） | $0.40 | $-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 | $321.0M | $207.3M | ||
| Q3 25 | $339.9M | $159.9M | ||
| Q2 25 | $317.7M | $166.5M | ||
| Q1 25 | $282.7M | $139.3M | ||
| Q4 24 | $275.7M | $164.6M | ||
| Q3 24 | $249.3M | $139.5M | ||
| Q2 24 | $242.6M | $147.0M | ||
| Q1 24 | $237.0M | $108.8M |
| Q4 25 | $34.3M | $-128.6M | ||
| Q3 25 | $22.5M | $-180.4M | ||
| Q2 25 | $16.7M | $-115.0M | ||
| Q1 25 | $7.9M | $-151.1M | ||
| Q4 24 | $-237.9M | $-133.2M | ||
| Q3 24 | $-67.5M | $-133.5M | ||
| Q2 24 | $-74.8M | $-131.6M | ||
| Q1 24 | $-21.2M | $-170.7M |
| Q4 25 | 40.8% | — | ||
| Q3 25 | 41.0% | — | ||
| Q2 25 | 39.7% | — | ||
| Q1 25 | 40.9% | — | ||
| Q4 24 | 42.6% | — | ||
| Q3 24 | 40.2% | — | ||
| Q2 24 | 40.0% | — | ||
| Q1 24 | 38.9% | — |
| Q4 25 | 24.8% | -54.7% | ||
| Q3 25 | 23.5% | -106.9% | ||
| Q2 25 | 17.8% | -64.8% | ||
| Q1 25 | 16.9% | -102.6% | ||
| Q4 24 | 11.5% | -74.3% | ||
| Q3 24 | 9.0% | -94.6% | ||
| Q2 24 | 2.1% | -79.1% | ||
| Q1 24 | 3.2% | -151.9% |
| Q4 25 | 10.7% | -62.0% | ||
| Q3 25 | 6.6% | -112.8% | ||
| Q2 25 | 5.2% | -69.0% | ||
| Q1 25 | 2.8% | -108.5% | ||
| Q4 24 | -86.3% | -80.9% | ||
| Q3 24 | -27.1% | -95.7% | ||
| Q2 24 | -30.8% | -89.5% | ||
| Q1 24 | -9.0% | -156.8% |
| Q4 25 | $0.40 | $-1.28 | ||
| Q3 25 | $0.23 | $-1.81 | ||
| Q2 25 | $0.20 | $-1.17 | ||
| Q1 25 | $0.10 | $-1.57 | ||
| Q4 24 | $-3.36 | $-1.34 | ||
| Q3 24 | $-0.93 | $-1.40 | ||
| Q2 24 | $-1.04 | $-1.52 | ||
| Q1 24 | $-0.33 | $-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 | $235.3M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $480.0M | $-80.0M |
| 总资产 | $1.5B | $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 | $235.3M | $421.0M | ||
| Q3 25 | $218.3M | $202.5M | ||
| Q2 25 | $183.0M | $176.3M | ||
| Q1 25 | $186.8M | $127.1M | ||
| Q4 24 | $187.9M | $174.0M | ||
| Q3 24 | $147.1M | $150.6M | ||
| Q2 24 | $233.6M | $480.7M | ||
| Q1 24 | $274.5M | $112.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $317.9M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $230.2M | — | ||
| Q2 24 | $232.6M | — | ||
| Q1 24 | $235.0M | — |
| Q4 25 | $480.0M | $-80.0M | ||
| Q3 25 | $438.3M | $9.2M | ||
| Q2 25 | $366.8M | $151.3M | ||
| Q1 25 | $335.5M | $144.2M | ||
| Q4 24 | $326.5M | $255.0M | ||
| Q3 24 | $462.3M | $346.8M | ||
| Q2 24 | $526.0M | $432.4M | ||
| Q1 24 | $626.8M | $140.3M |
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.3B | $1.5B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.5B | $1.6B | ||
| Q1 24 | $1.5B | $1.3B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.95× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.50× | — | ||
| Q2 24 | 0.44× | — | ||
| Q1 24 | 0.37× | — |
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 | $79.8M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $76.7M | $-100.8M |
| 自由现金流率自由现金流/营收 | 23.9% | -48.6% |
| 资本支出强度资本支出/营收 | 1.0% | 0.5% |
| 现金转化率经营现金流/净利润 | 2.33× | — |
| 过去12个月自由现金流最近4个季度 | $224.7M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $79.8M | $-99.8M | ||
| Q3 25 | $67.0M | $-91.4M | ||
| Q2 25 | $57.4M | $-108.3M | ||
| Q1 25 | $34.4M | $-166.5M | ||
| Q4 24 | $27.9M | $-79.3M | ||
| Q3 24 | $-7.1M | $-67.0M | ||
| Q2 24 | $9.3M | $-77.0M | ||
| Q1 24 | $17.7M | $-190.7M |
| Q4 25 | $76.7M | $-100.8M | ||
| Q3 25 | $63.8M | $-92.7M | ||
| Q2 25 | $53.5M | $-110.7M | ||
| Q1 25 | $30.7M | $-167.8M | ||
| Q4 24 | $23.9M | $-79.5M | ||
| Q3 24 | $-11.3M | $-68.6M | ||
| Q2 24 | $4.9M | $-79.0M | ||
| Q1 24 | $12.6M | $-193.9M |
| Q4 25 | 23.9% | -48.6% | ||
| Q3 25 | 18.8% | -58.0% | ||
| Q2 25 | 16.9% | -66.5% | ||
| Q1 25 | 10.8% | -120.5% | ||
| Q4 24 | 8.7% | -48.3% | ||
| Q3 24 | -4.6% | -49.2% | ||
| Q2 24 | 2.0% | -53.7% | ||
| Q1 24 | 5.3% | -178.2% |
| Q4 25 | 1.0% | 0.5% | ||
| Q3 25 | 1.0% | 0.8% | ||
| Q2 25 | 1.2% | 1.5% | ||
| Q1 25 | 1.3% | 1.0% | ||
| Q4 24 | 1.4% | 0.1% | ||
| Q3 24 | 1.7% | 1.2% | ||
| Q2 24 | 1.8% | 1.4% | ||
| Q1 24 | 2.2% | 3.0% |
| Q4 25 | 2.33× | — | ||
| Q3 25 | 2.97× | — | ||
| Q2 25 | 3.44× | — | ||
| Q1 25 | 4.36× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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
PGY
| Network AI Fees | $287.4M | 90% |
| Financial Service | $33.6M | 10% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
