vs
Ultragenyx Pharmaceutical Inc.（RARE）与Rocket Lab Corp（RKLB）财务数据对比。点击上方公司名可切换其他公司
Ultragenyx Pharmaceutical Inc.的季度营收约是Rocket Lab Corp的1.2倍（$207.3M vs $179.7M），Rocket Lab Corp净利率更高（-29.5% vs -62.0%，领先32.6%），Rocket Lab Corp同比增速更快（35.7% vs 25.9%），Ultragenyx Pharmaceutical Inc.自由现金流更多（$-100.8M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 38.0%）
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。
Rocket Lab是公开上市的航空航天制造商及发射服务提供商，旗下Electron轨道火箭主打小型卫星发射，截至2026年1月已成功完成超75次任务，是全球现役发射次数最多的小型运载火箭。公司还开发了Electron的亚轨道改型HASTE用作高超音速技术测试平台，下一代可复用中型运载火箭Neutron目前也在研发中。
RARE vs RKLB — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $207.3M | $179.7M |
| 净利润 | $-128.6M | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | -54.7% | -28.4% |
| 净利率 | -62.0% | -29.5% |
| 营收同比 | 25.9% | 35.7% |
| 净利润同比 | 3.5% | -1.1% |
| 每股收益（稀释后） | $-1.28 | $-0.09 |
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 | $207.3M | $179.7M | ||
| Q3 25 | $159.9M | $155.1M | ||
| Q2 25 | $166.5M | $144.5M | ||
| Q1 25 | $139.3M | $122.6M | ||
| Q4 24 | $164.6M | $132.4M | ||
| Q3 24 | $139.5M | $104.8M | ||
| Q2 24 | $147.0M | $106.3M | ||
| Q1 24 | $108.8M | $92.8M |
| Q4 25 | $-128.6M | $-52.9M | ||
| Q3 25 | $-180.4M | $-18.3M | ||
| Q2 25 | $-115.0M | $-66.4M | ||
| Q1 25 | $-151.1M | $-60.6M | ||
| Q4 24 | $-133.2M | $-52.3M | ||
| Q3 24 | $-133.5M | $-51.9M | ||
| Q2 24 | $-131.6M | $-41.6M | ||
| Q1 24 | $-170.7M | $-44.3M |
| Q4 25 | — | 38.0% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 32.1% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | — | 27.8% | ||
| Q3 24 | — | 26.7% | ||
| Q2 24 | — | 25.6% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | -54.7% | -28.4% | ||
| Q3 25 | -106.9% | -38.0% | ||
| Q2 25 | -64.8% | -41.3% | ||
| Q1 25 | -102.6% | -48.3% | ||
| Q4 24 | -74.3% | -38.9% | ||
| Q3 24 | -94.6% | -49.5% | ||
| Q2 24 | -79.1% | -40.7% | ||
| Q1 24 | -151.9% | -46.4% |
| Q4 25 | -62.0% | -29.5% | ||
| Q3 25 | -112.8% | -11.8% | ||
| Q2 25 | -69.0% | -46.0% | ||
| Q1 25 | -108.5% | -49.5% | ||
| Q4 24 | -80.9% | -39.5% | ||
| Q3 24 | -95.7% | -49.6% | ||
| Q2 24 | -89.5% | -39.2% | ||
| Q1 24 | -156.8% | -47.7% |
| Q4 25 | $-1.28 | $-0.09 | ||
| Q3 25 | $-1.81 | $-0.03 | ||
| Q2 25 | $-1.17 | $-0.13 | ||
| Q1 25 | $-1.57 | $-0.12 | ||
| Q4 24 | $-1.34 | $-0.11 | ||
| Q3 24 | $-1.40 | $-0.10 | ||
| Q2 24 | $-1.52 | $-0.08 | ||
| Q1 24 | $-2.03 | $-0.09 |
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 | $421.0M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $-80.0M | $1.7B |
| 总资产 | $1.5B | $2.3B |
| 负债/权益比越低杠杆越低 | — | 0.09× |
8季度趋势，按日历期对齐
| Q4 25 | $421.0M | $1.0B | ||
| Q3 25 | $202.5M | $976.7M | ||
| Q2 25 | $176.3M | $688.1M | ||
| Q1 25 | $127.1M | $428.4M | ||
| Q4 24 | $174.0M | $419.0M | ||
| Q3 24 | $150.6M | $442.4M | ||
| Q2 24 | $480.7M | $496.8M | ||
| Q1 24 | $112.3M | $492.5M |
| Q4 25 | — | $152.4M | ||
| Q3 25 | — | $347.0M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $345.9M | ||
| Q4 24 | — | $345.4M | ||
| Q3 24 | — | $61.2M | ||
| Q2 24 | — | $64.2M | ||
| Q1 24 | — | $66.8M |
| Q4 25 | $-80.0M | $1.7B | ||
| Q3 25 | $9.2M | $1.3B | ||
| Q2 25 | $151.3M | $688.5M | ||
| Q1 25 | $144.2M | $431.3M | ||
| Q4 24 | $255.0M | $382.5M | ||
| Q3 24 | $346.8M | $419.8M | ||
| Q2 24 | $432.4M | $455.2M | ||
| Q1 24 | $140.3M | $478.9M |
| Q4 25 | $1.5B | $2.3B | ||
| Q3 25 | $1.2B | $2.2B | ||
| Q2 25 | $1.3B | $1.6B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.5B | $1.2B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $1.3B | $1.2B |
| Q4 25 | — | 0.09× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.80× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.14× |
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 | $-99.8M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $-100.8M | $-114.2M |
| 自由现金流率自由现金流/营收 | -48.6% | -63.6% |
| 资本支出强度资本支出/营收 | 0.5% | 27.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-472.0M | $-321.8M |
8季度趋势，按日历期对齐
| Q4 25 | $-99.8M | $-64.5M | ||
| Q3 25 | $-91.4M | $-23.5M | ||
| Q2 25 | $-108.3M | $-23.2M | ||
| Q1 25 | $-166.5M | $-54.2M | ||
| Q4 24 | $-79.3M | $-2.4M | ||
| Q3 24 | $-67.0M | $-30.9M | ||
| Q2 24 | $-77.0M | $-13.0M | ||
| Q1 24 | $-190.7M | $-2.6M |
| Q4 25 | $-100.8M | $-114.2M | ||
| Q3 25 | $-92.7M | $-69.4M | ||
| Q2 25 | $-110.7M | $-55.3M | ||
| Q1 25 | $-167.8M | $-82.9M | ||
| Q4 24 | $-79.5M | $-23.9M | ||
| Q3 24 | $-68.6M | $-41.9M | ||
| Q2 24 | $-79.0M | $-28.3M | ||
| Q1 24 | $-193.9M | $-21.8M |
| Q4 25 | -48.6% | -63.6% | ||
| Q3 25 | -58.0% | -44.8% | ||
| Q2 25 | -66.5% | -38.3% | ||
| Q1 25 | -120.5% | -67.6% | ||
| Q4 24 | -48.3% | -18.1% | ||
| Q3 24 | -49.2% | -40.0% | ||
| Q2 24 | -53.7% | -26.7% | ||
| Q1 24 | -178.2% | -23.5% |
| Q4 25 | 0.5% | 27.6% | ||
| Q3 25 | 0.8% | 29.6% | ||
| Q2 25 | 1.5% | 22.2% | ||
| Q1 25 | 1.0% | 23.4% | ||
| Q4 24 | 0.1% | 16.3% | ||
| Q3 24 | 1.2% | 10.5% | ||
| Q2 24 | 1.4% | 14.4% | ||
| Q1 24 | 3.0% | 20.7% |
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
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
