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PIPER SANDLER COMPANIES（PIPR）与UNITED THERAPEUTICS Corp（UTHR）财务数据对比。点击上方公司名可切换其他公司
UNITED THERAPEUTICS Corp的季度营收约是PIPER SANDLER COMPANIES的1.2倍（$790.2M vs $667.0M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 17.1%，领先29.0%），PIPER SANDLER COMPANIES同比增速更快（37.4% vs 7.4%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% vs 8.0%）
Piper Sandler是一家美国跨国投资银行及金融服务提供商，核心业务覆盖并购重组、财务重整、公开募股、公共财政、机构经纪、投资管理、证券研究等领域，通过旗下核心子公司Piper Sandler & Co.为企业、机构投资者及公共组织提供专业金融服务。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
PIPR vs UTHR — 直观对比
营收规模更大
UTHR
是对方的1.2倍
$667.0M
营收增速更快
PIPR
高出30.0%
7.4%
净利率更高
UTHR
高出29.0%
17.1%
两年增速更快
PIPR
近两年复合增速
8.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $667.0M | $790.2M |
| 净利润 | $114.0M | $364.3M |
| 毛利率 | — | 86.9% |
| 营业利润率 | 28.3% | 45.1% |
| 净利率 | 17.1% | 46.1% |
| 营收同比 | 37.4% | 7.4% |
| 净利润同比 | 65.0% | 20.9% |
| 每股收益（稀释后） | $6.41 | $7.66 |
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PIPRUTHR
| Q4 25 | $667.0M | $790.2M | ||
| Q3 25 | $480.1M | $799.5M | ||
| Q2 25 | $398.6M | $798.6M | ||
| Q1 25 | $358.6M | $794.4M | ||
| Q4 24 | $485.4M | $735.9M | ||
| Q3 24 | $360.9M | $748.9M | ||
| Q2 24 | $340.8M | $714.9M | ||
| Q1 24 | $344.4M | $677.7M |
净利润PIPRUTHR
| Q4 25 | $114.0M | $364.3M | ||
| Q3 25 | $60.3M | $338.7M | ||
| Q2 25 | $42.2M | $309.5M | ||
| Q1 25 | $64.9M | $322.2M | ||
| Q4 24 | $69.1M | $301.3M | ||
| Q3 24 | $34.8M | $309.1M | ||
| Q2 24 | $34.8M | $278.1M | ||
| Q1 24 | $42.5M | $306.6M |
毛利率PIPRUTHR
| Q4 25 | — | 86.9% | ||
| Q3 25 | — | 87.4% | ||
| Q2 25 | — | 89.0% | ||
| Q1 25 | — | 88.4% | ||
| Q4 24 | — | 89.7% | ||
| Q3 24 | — | 88.9% | ||
| Q2 24 | — | 89.1% | ||
| Q1 24 | — | 89.2% |
营业利润率PIPRUTHR
| Q4 25 | 28.3% | 45.1% | ||
| Q3 25 | 22.4% | 48.6% | ||
| Q2 25 | 12.3% | 45.6% | ||
| Q1 25 | 8.2% | 48.2% | ||
| Q4 24 | 16.9% | 48.6% | ||
| Q3 24 | 15.4% | 45.8% | ||
| Q2 24 | 8.3% | 44.7% | ||
| Q1 24 | 15.2% | 52.6% |
净利率PIPRUTHR
| Q4 25 | 17.1% | 46.1% | ||
| Q3 25 | 12.6% | 42.4% | ||
| Q2 25 | 10.6% | 38.8% | ||
| Q1 25 | 18.1% | 40.6% | ||
| Q4 24 | 14.2% | 40.9% | ||
| Q3 24 | 9.6% | 41.3% | ||
| Q2 24 | 10.2% | 38.9% | ||
| Q1 24 | 12.3% | 45.2% |
每股收益（稀释后）PIPRUTHR
| Q4 25 | $6.41 | $7.66 | ||
| Q3 25 | $3.38 | $7.16 | ||
| Q2 25 | $2.38 | $6.41 | ||
| Q1 25 | $3.65 | $6.63 | ||
| Q4 24 | $3.88 | $6.23 | ||
| Q3 24 | $1.96 | $6.39 | ||
| Q2 24 | $1.97 | $5.85 | ||
| Q1 24 | $2.43 | $6.17 |
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 | — | $2.9B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $7.1B |
| 总资产 | $2.6B | $7.9B |
| 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PIPRUTHR
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.3B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.7B |
股东权益PIPRUTHR
| Q4 25 | $1.4B | $7.1B | ||
| Q3 25 | $1.3B | $6.6B | ||
| Q2 25 | $1.2B | $7.2B | ||
| Q1 25 | $1.2B | $6.8B | ||
| Q4 24 | $1.2B | $6.4B | ||
| Q3 24 | $1.2B | $6.1B | ||
| Q2 24 | $1.1B | $5.7B | ||
| Q1 24 | $1.1B | $5.3B |
总资产PIPRUTHR
| Q4 25 | $2.6B | $7.9B | ||
| Q3 25 | $2.2B | $7.4B | ||
| Q2 25 | $2.0B | $7.9B | ||
| Q1 25 | $1.8B | $7.7B | ||
| Q4 24 | $2.3B | $7.4B | ||
| Q3 24 | $2.0B | $7.1B | ||
| Q2 24 | $1.9B | $6.7B | ||
| Q1 24 | $1.8B | $6.5B |
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 | $729.8M | $346.2M |
| 自由现金流经营现金流 - 资本支出 | — | $173.3M |
| 自由现金流率自由现金流/营收 | — | 21.9% |
| 资本支出强度资本支出/营收 | — | 21.9% |
| 现金转化率经营现金流/净利润 | 6.40× | 0.95× |
| 过去12个月自由现金流最近4个季度 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流PIPRUTHR
| Q4 25 | $729.8M | $346.2M | ||
| Q3 25 | $31.9M | $562.1M | ||
| Q2 25 | $32.1M | $191.7M | ||
| Q1 25 | $-207.2M | $461.2M | ||
| Q4 24 | $163.8M | $341.2M | ||
| Q3 24 | $80.1M | $377.2M | ||
| Q2 24 | $266.5M | $232.2M | ||
| Q1 24 | $-197.2M | $376.5M |
自由现金流PIPRUTHR
| Q4 25 | — | $173.3M | ||
| Q3 25 | — | $351.6M | ||
| Q2 25 | — | $129.5M | ||
| Q1 25 | — | $386.3M | ||
| Q4 24 | — | $254.5M | ||
| Q3 24 | — | $300.7M | ||
| Q2 24 | — | $187.1M | ||
| Q1 24 | — | $338.3M |
自由现金流率PIPRUTHR
| Q4 25 | — | 21.9% | ||
| Q3 25 | — | 44.0% | ||
| Q2 25 | — | 16.2% | ||
| Q1 25 | — | 48.6% | ||
| Q4 24 | — | 34.6% | ||
| Q3 24 | — | 40.2% | ||
| Q2 24 | — | 26.2% | ||
| Q1 24 | — | 49.9% |
资本支出强度PIPRUTHR
| Q4 25 | — | 21.9% | ||
| Q3 25 | — | 26.3% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 9.4% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 10.2% | ||
| Q2 24 | — | 6.3% | ||
| Q1 24 | — | 5.6% |
现金转化率PIPRUTHR
| Q4 25 | 6.40× | 0.95× | ||
| Q3 25 | 0.53× | 1.66× | ||
| Q2 25 | 0.76× | 0.62× | ||
| Q1 25 | -3.19× | 1.43× | ||
| Q4 24 | 2.37× | 1.13× | ||
| Q3 24 | 2.30× | 1.22× | ||
| Q2 24 | 7.66× | 0.83× | ||
| Q1 24 | -4.64× | 1.23× |
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
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
