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PROASSURANCE CORP（PRA）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
PROASSURANCE CORP的季度营收约是Ultragenyx Pharmaceutical Inc.的1.3倍（$269.6M vs $207.3M），PROASSURANCE CORP净利率更高（12.4% vs -62.0%，领先74.4%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs -7.1%），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs -2.7%）
保信集团（ProAssurance）总部位于美国阿拉巴马州伯明翰，是一家财产意外保险公司，主打面向医生的职业责任保险业务。公司前身为1976年成立的Mutual Assurance，1997年更名为Medical Assurance，2001年与Professionals Group合并后改为现名，目前是全美第四大医疗职业责任险承保机构，总资产超60亿美元。
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。
PRA vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $269.6M | $207.3M |
| 净利润 | $33.4M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | 17.3% | -54.7% |
| 净利率 | 12.4% | -62.0% |
| 营收同比 | -7.1% | 25.9% |
| 净利润同比 | 106.4% | 3.5% |
| 每股收益（稀释后） | $0.65 | $-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 | $269.6M | $207.3M | ||
| Q3 25 | $279.6M | $159.9M | ||
| Q2 25 | $276.8M | $166.5M | ||
| Q1 25 | $272.1M | $139.3M | ||
| Q4 24 | $290.1M | $164.6M | ||
| Q3 24 | $285.3M | $139.5M | ||
| Q2 24 | $290.4M | $147.0M | ||
| Q1 24 | $284.7M | $108.8M |
| Q4 25 | $33.4M | $-128.6M | ||
| Q3 25 | $1.4M | $-180.4M | ||
| Q2 25 | $21.9M | $-115.0M | ||
| Q1 25 | $-5.8M | $-151.1M | ||
| Q4 24 | $16.2M | $-133.2M | ||
| Q3 24 | $16.4M | $-133.5M | ||
| Q2 24 | $15.5M | $-131.6M | ||
| Q1 24 | $4.6M | $-170.7M |
| Q4 25 | 17.3% | -54.7% | ||
| Q3 25 | 1.6% | -106.9% | ||
| Q2 25 | 9.9% | -64.8% | ||
| Q1 25 | -2.3% | -102.6% | ||
| Q4 24 | 6.5% | -74.3% | ||
| Q3 24 | 7.4% | -94.6% | ||
| Q2 24 | 6.2% | -79.1% | ||
| Q1 24 | 1.9% | -151.9% |
| Q4 25 | 12.4% | -62.0% | ||
| Q3 25 | 0.5% | -112.8% | ||
| Q2 25 | 7.9% | -69.0% | ||
| Q1 25 | -2.1% | -108.5% | ||
| Q4 24 | 5.6% | -80.9% | ||
| Q3 24 | 5.8% | -95.7% | ||
| Q2 24 | 5.3% | -89.5% | ||
| Q1 24 | 1.6% | -156.8% |
| Q4 25 | $0.65 | $-1.28 | ||
| Q3 25 | $0.03 | $-1.81 | ||
| Q2 25 | $0.42 | $-1.17 | ||
| Q1 25 | $-0.11 | $-1.57 | ||
| Q4 24 | $0.32 | $-1.34 | ||
| Q3 24 | $0.32 | $-1.40 | ||
| Q2 24 | $0.30 | $-1.52 | ||
| Q1 24 | $0.09 | $-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 | $36.5M | $421.0M |
| 总债务越低越好 | $420.4M | — |
| 股东权益账面价值 | $1.3B | $-80.0M |
| 总资产 | $5.4B | $1.5B |
| 负债/权益比越低杠杆越低 | 0.31× | — |
8季度趋势，按日历期对齐
| Q4 25 | $36.5M | $421.0M | ||
| Q3 25 | $54.5M | $202.5M | ||
| Q2 25 | $41.6M | $176.3M | ||
| Q1 25 | $43.5M | $127.1M | ||
| Q4 24 | $54.9M | $174.0M | ||
| Q3 24 | $45.3M | $150.6M | ||
| Q2 24 | $36.9M | $480.7M | ||
| Q1 24 | $65.4M | $112.3M |
| Q4 25 | $420.4M | — | ||
| Q3 25 | $421.5M | — | ||
| Q2 25 | $422.6M | — | ||
| Q1 25 | $423.7M | — | ||
| Q4 24 | $424.9M | — | ||
| Q3 24 | $425.9M | — | ||
| Q2 24 | $426.9M | — | ||
| Q1 24 | $427.8M | — |
| Q4 25 | $1.3B | $-80.0M | ||
| Q3 25 | $1.3B | $9.2M | ||
| Q2 25 | $1.3B | $151.3M | ||
| Q1 25 | $1.2B | $144.2M | ||
| Q4 24 | $1.2B | $255.0M | ||
| Q3 24 | $1.2B | $346.8M | ||
| Q2 24 | $1.1B | $432.4M | ||
| Q1 24 | $1.1B | $140.3M |
| Q4 25 | $5.4B | $1.5B | ||
| Q3 25 | $5.6B | $1.2B | ||
| Q2 25 | $5.5B | $1.3B | ||
| Q1 25 | $5.5B | $1.3B | ||
| Q4 24 | $5.6B | $1.5B | ||
| Q3 24 | $5.7B | $1.5B | ||
| Q2 24 | $5.6B | $1.6B | ||
| Q1 24 | $5.7B | $1.3B |
| Q4 25 | 0.31× | — | ||
| Q3 25 | 0.32× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 0.35× | — | ||
| Q3 24 | 0.35× | — | ||
| Q2 24 | 0.38× | — | ||
| Q1 24 | 0.38× | — |
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 | $-25.6M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-100.8M |
| 自由现金流率自由现金流/营收 | — | -48.6% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | -0.77× | — |
| 过去12个月自由现金流最近4个季度 | — | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-25.6M | $-99.8M | ||
| Q3 25 | $27.2M | $-91.4M | ||
| Q2 25 | $-28.1M | $-108.3M | ||
| Q1 25 | $-11.6M | $-166.5M | ||
| Q4 24 | $-10.7M | $-79.3M | ||
| Q3 24 | $14.0M | $-67.0M | ||
| Q2 24 | $-12.8M | $-77.0M | ||
| Q1 24 | $-11.6M | $-190.7M |
| Q4 25 | — | $-100.8M | ||
| Q3 25 | — | $-92.7M | ||
| Q2 25 | — | $-110.7M | ||
| Q1 25 | — | $-167.8M | ||
| Q4 24 | — | $-79.5M | ||
| Q3 24 | — | $-68.6M | ||
| Q2 24 | — | $-79.0M | ||
| Q1 24 | — | $-193.9M |
| Q4 25 | — | -48.6% | ||
| Q3 25 | — | -58.0% | ||
| Q2 25 | — | -66.5% | ||
| Q1 25 | — | -120.5% | ||
| Q4 24 | — | -48.3% | ||
| Q3 24 | — | -49.2% | ||
| Q2 24 | — | -53.7% | ||
| Q1 24 | — | -178.2% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 3.0% |
| Q4 25 | -0.77× | — | ||
| Q3 25 | 18.81× | — | ||
| Q2 25 | -1.28× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.66× | — | ||
| Q3 24 | 0.85× | — | ||
| Q2 24 | -0.83× | — | ||
| Q1 24 | -2.52× | — |
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
PRA
| Workers Compensation Insurance Segment | $164.4M | 61% |
| Other | $59.6M | 22% |
| Segregated Portfolio Cell Reinsurance | $45.7M | 17% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
