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Q2 Holdings, Inc.（QTWO）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
Q2 Holdings, Inc.的季度营收约是Ultragenyx Pharmaceutical Inc.的1.0倍（$216.5M vs $207.3M），Q2 Holdings, Inc.净利率更高（12.3% vs -62.0%，领先74.3%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 14.1%），Q2 Holdings, Inc.自由现金流更多（$44.2M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 11.9%）
Q2 Holdings是一家全球金融科技企业，主要开发云原生数字银行平台及解决方案，服务地区性银行、社区银行、信用合作社等金融机构，帮助其为个人及企业客户提供安全便捷的线上、移动端银行服务，核心市场覆盖北美。
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。
QTWO vs RARE — 直观对比
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $216.5M | $207.3M |
| 净利润 | $26.6M | $-128.6M |
| 毛利率 | 59.1% | — |
| 营业利润率 | 12.8% | -54.7% |
| 净利率 | 12.3% | -62.0% |
| 营收同比 | 14.1% | 25.9% |
| 净利润同比 | 460.5% | 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
| Q1 26 | $216.5M | — | ||
| Q4 25 | $208.2M | $207.3M | ||
| Q3 25 | $201.7M | $159.9M | ||
| Q2 25 | $195.1M | $166.5M | ||
| Q1 25 | $189.7M | $139.3M | ||
| Q4 24 | $183.0M | $164.6M | ||
| Q3 24 | $175.0M | $139.5M | ||
| Q2 24 | $172.9M | $147.0M |
| Q1 26 | $26.6M | — | ||
| Q4 25 | $20.4M | $-128.6M | ||
| Q3 25 | $15.0M | $-180.4M | ||
| Q2 25 | $11.8M | $-115.0M | ||
| Q1 25 | $4.8M | $-151.1M | ||
| Q4 24 | $164.0K | $-133.2M | ||
| Q3 24 | $-11.8M | $-133.5M | ||
| Q2 24 | $-13.1M | $-131.6M |
| Q1 26 | 59.1% | — | ||
| Q4 25 | 55.4% | — | ||
| Q3 25 | 54.0% | — | ||
| Q2 25 | 53.6% | — | ||
| Q1 25 | 53.2% | — | ||
| Q4 24 | 52.6% | — | ||
| Q3 24 | 50.9% | — | ||
| Q2 24 | 50.2% | — |
| Q1 26 | 12.8% | — | ||
| Q4 25 | 8.1% | -54.7% | ||
| Q3 25 | 5.5% | -106.9% | ||
| Q2 25 | 5.0% | -64.8% | ||
| Q1 25 | 1.2% | -102.6% | ||
| Q4 24 | -0.9% | -74.3% | ||
| Q3 24 | -7.3% | -94.6% | ||
| Q2 24 | -7.9% | -79.1% |
| Q1 26 | 12.3% | — | ||
| Q4 25 | 9.8% | -62.0% | ||
| Q3 25 | 7.5% | -112.8% | ||
| Q2 25 | 6.0% | -69.0% | ||
| Q1 25 | 2.5% | -108.5% | ||
| Q4 24 | 0.1% | -80.9% | ||
| Q3 24 | -6.7% | -95.7% | ||
| Q2 24 | -7.6% | -89.5% |
| Q1 26 | $0.40 | — | ||
| Q4 25 | $0.32 | $-1.28 | ||
| Q3 25 | $0.23 | $-1.81 | ||
| Q2 25 | $0.18 | $-1.17 | ||
| Q1 25 | $0.07 | $-1.57 | ||
| Q4 24 | $0.01 | $-1.34 | ||
| Q3 24 | $-0.20 | $-1.40 | ||
| Q2 24 | $-0.22 | $-1.52 |
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 | $342.3M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $611.7M | $-80.0M |
| 总资产 | $1.2B | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q1 26 | $342.3M | — | ||
| Q4 25 | $432.7M | $421.0M | ||
| Q3 25 | $568.7M | $202.5M | ||
| Q2 25 | $532.1M | $176.3M | ||
| Q1 25 | $486.0M | $127.1M | ||
| Q4 24 | $446.6M | $174.0M | ||
| Q3 24 | $407.9M | $150.6M | ||
| Q2 24 | $372.1M | $480.7M |
| Q1 26 | $611.7M | — | ||
| Q4 25 | $661.8M | $-80.0M | ||
| Q3 25 | $622.9M | $9.2M | ||
| Q2 25 | $584.3M | $151.3M | ||
| Q1 25 | $545.5M | $144.2M | ||
| Q4 24 | $517.8M | $255.0M | ||
| Q3 24 | $495.1M | $346.8M | ||
| Q2 24 | $480.7M | $432.4M |
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.3B | $1.5B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $1.2B | $1.6B |
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 | $56.3M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $44.2M | $-100.8M |
| 自由现金流率自由现金流/营收 | 20.4% | -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 | 2.11× | — |
| 过去12个月自由现金流最近4个季度 | $196.1M | $-472.0M |
8季度趋势，按日历期对齐
| Q1 26 | $56.3M | — | ||
| Q4 25 | $63.7M | $-99.8M | ||
| Q3 25 | $45.6M | $-91.4M | ||
| Q2 25 | $48.6M | $-108.3M | ||
| Q1 25 | $43.5M | $-166.5M | ||
| Q4 24 | $43.0M | $-79.3M | ||
| Q3 24 | $43.3M | $-67.0M | ||
| Q2 24 | $36.0M | $-77.0M |
| Q1 26 | $44.2M | — | ||
| Q4 25 | $61.7M | $-100.8M | ||
| Q3 25 | $42.9M | $-92.7M | ||
| Q2 25 | $47.3M | $-110.7M | ||
| Q1 25 | $42.7M | $-167.8M | ||
| Q4 24 | $41.6M | $-79.5M | ||
| Q3 24 | $40.9M | $-68.6M | ||
| Q2 24 | $34.6M | $-79.0M |
| Q1 26 | 20.4% | — | ||
| Q4 25 | 29.6% | -48.6% | ||
| Q3 25 | 21.3% | -58.0% | ||
| Q2 25 | 24.3% | -66.5% | ||
| Q1 25 | 22.5% | -120.5% | ||
| Q4 24 | 22.7% | -48.3% | ||
| Q3 24 | 23.3% | -49.2% | ||
| Q2 24 | 20.0% | -53.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.0% | 0.5% | ||
| Q3 25 | 1.3% | 0.8% | ||
| Q2 25 | 0.7% | 1.5% | ||
| Q1 25 | 0.4% | 1.0% | ||
| Q4 24 | 0.8% | 0.1% | ||
| Q3 24 | 1.4% | 1.2% | ||
| Q2 24 | 0.8% | 1.4% |
| Q1 26 | 2.11× | — | ||
| Q4 25 | 3.12× | — | ||
| Q3 25 | 3.03× | — | ||
| Q2 25 | 4.13× | — | ||
| Q1 25 | 9.16× | — | ||
| Q4 24 | 262.41× | — | ||
| Q3 24 | — | — | ||
| Q2 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
QTWO
| Subscription | $179.9M | 83% |
| Services and Other | $18.8M | 9% |
| Transactional | $17.8M | 8% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
