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利氏兄弟拍卖行（RBA）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
利氏兄弟拍卖行的季度营收约是UNITED THERAPEUTICS Corp的1.5倍（$1.2B vs $790.2M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 9.1%，领先37.0%），UNITED THERAPEUTICS Corp同比增速更快（7.4% vs 5.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $173.3M），过去两年UNITED THERAPEUTICS Corp的营收复合增速更高（8.0% vs 6.3%）
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
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。
RBA vs UTHR — 直观对比
营收规模更大
RBA
是对方的1.5倍
$790.2M
营收增速更快
UTHR
高出2.0%
5.4%
净利率更高
UTHR
高出37.0%
9.1%
自由现金流更多
RBA
多$13.2M
$173.3M
两年增速更快
UTHR
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $790.2M |
| 净利润 | $109.7M | $364.3M |
| 毛利率 | — | 86.9% |
| 营业利润率 | 14.7% | 45.1% |
| 净利率 | 9.1% | 46.1% |
| 营收同比 | 5.4% | 7.4% |
| 净利润同比 | -7.4% | 20.9% |
| 每股收益（稀释后） | $0.53 | $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RBAUTHR
| Q4 25 | $1.2B | $790.2M | ||
| Q3 25 | $1.1B | $799.5M | ||
| Q2 25 | $1.2B | $798.6M | ||
| Q1 25 | $1.1B | $794.4M | ||
| Q4 24 | $1.1B | $735.9M | ||
| Q3 24 | $981.8M | $748.9M | ||
| Q2 24 | $1.1B | $714.9M | ||
| Q1 24 | $1.1B | $677.7M |
净利润RBAUTHR
| Q4 25 | $109.7M | $364.3M | ||
| Q3 25 | $95.5M | $338.7M | ||
| Q2 25 | $109.8M | $309.5M | ||
| Q1 25 | $113.4M | $322.2M | ||
| Q4 24 | $118.5M | $301.3M | ||
| Q3 24 | $76.1M | $309.1M | ||
| Q2 24 | $111.1M | $278.1M | ||
| Q1 24 | $107.4M | $306.6M |
毛利率RBAUTHR
| 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RBAUTHR
| Q4 25 | 14.7% | 45.1% | ||
| Q3 25 | 14.5% | 48.6% | ||
| Q2 25 | 15.9% | 45.6% | ||
| Q1 25 | 17.1% | 48.2% | ||
| Q4 24 | 18.1% | 48.6% | ||
| Q3 24 | 15.6% | 45.8% | ||
| Q2 24 | 18.4% | 44.7% | ||
| Q1 24 | 18.7% | 52.6% |
净利率RBAUTHR
| Q4 25 | 9.1% | 46.1% | ||
| Q3 25 | 8.7% | 42.4% | ||
| Q2 25 | 9.3% | 38.8% | ||
| Q1 25 | 10.2% | 40.6% | ||
| Q4 24 | 10.4% | 40.9% | ||
| Q3 24 | 7.8% | 41.3% | ||
| Q2 24 | 10.1% | 38.9% | ||
| Q1 24 | 10.1% | 45.2% |
每股收益（稀释后）RBAUTHR
| Q4 25 | $0.53 | $7.66 | ||
| Q3 25 | $0.43 | $7.16 | ||
| Q2 25 | $0.53 | $6.41 | ||
| Q1 25 | $0.55 | $6.63 | ||
| Q4 24 | $0.58 | $6.23 | ||
| Q3 24 | $0.36 | $6.39 | ||
| Q2 24 | $0.54 | $5.85 | ||
| Q1 24 | $0.53 | $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 | $531.5M | $2.9B |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $5.6B | $7.1B |
| 总资产 | $12.1B | $7.9B |
| 负债/权益比越低杠杆越低 | 0.42× | — |
8季度趋势，按日历期对齐
现金及短期投资RBAUTHR
| Q4 25 | $531.5M | $2.9B | ||
| Q3 25 | $674.7M | $2.8B | ||
| Q2 25 | $710.2M | $3.0B | ||
| Q1 25 | $578.1M | $3.3B | ||
| Q4 24 | $533.9M | $3.3B | ||
| Q3 24 | $650.7M | $3.3B | ||
| Q2 24 | $599.5M | $3.0B | ||
| Q1 24 | $462.8M | $2.7B |
总债务RBAUTHR
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.8B | — | ||
| Q1 24 | $2.9B | — |
股东权益RBAUTHR
| Q4 25 | $5.6B | $7.1B | ||
| Q3 25 | $5.5B | $6.6B | ||
| Q2 25 | $5.5B | $7.2B | ||
| Q1 25 | $5.3B | $6.8B | ||
| Q4 24 | $5.2B | $6.4B | ||
| Q3 24 | $5.2B | $6.1B | ||
| Q2 24 | $5.2B | $5.7B | ||
| Q1 24 | $5.1B | $5.3B |
总资产RBAUTHR
| Q4 25 | $12.1B | $7.9B | ||
| Q3 25 | $12.2B | $7.4B | ||
| Q2 25 | $12.2B | $7.9B | ||
| Q1 25 | $11.9B | $7.7B | ||
| Q4 24 | $11.8B | $7.4B | ||
| Q3 24 | $11.9B | $7.1B | ||
| Q2 24 | $12.1B | $6.7B | ||
| Q1 24 | $12.0B | $6.5B |
负债/权益比RBAUTHR
| Q4 25 | 0.42× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.55× | — | ||
| Q1 24 | 0.58× | — |
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 | $255.2M | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $186.5M | $173.3M |
| 自由现金流率自由现金流/营收 | 15.5% | 21.9% |
| 资本支出强度资本支出/营收 | 5.7% | 21.9% |
| 现金转化率经营现金流/净利润 | 2.33× | 0.95× |
| 过去12个月自由现金流最近4个季度 | $719.2M | $1.0B |
8季度趋势，按日历期对齐
经营现金流RBAUTHR
| Q4 25 | $255.2M | $346.2M | ||
| Q3 25 | $239.7M | $562.1M | ||
| Q2 25 | $326.5M | $191.7M | ||
| Q1 25 | $156.8M | $461.2M | ||
| Q4 24 | $184.5M | $341.2M | ||
| Q3 24 | $285.4M | $377.2M | ||
| Q2 24 | $337.3M | $232.2M | ||
| Q1 24 | $124.8M | $376.5M |
自由现金流RBAUTHR
| Q4 25 | $186.5M | $173.3M | ||
| Q3 25 | $188.5M | $351.6M | ||
| Q2 25 | $241.7M | $129.5M | ||
| Q1 25 | $102.5M | $386.3M | ||
| Q4 24 | $127.9M | $254.5M | ||
| Q3 24 | $248.5M | $300.7M | ||
| Q2 24 | $308.6M | $187.1M | ||
| Q1 24 | $79.6M | $338.3M |
自由现金流率RBAUTHR
| Q4 25 | 15.5% | 21.9% | ||
| Q3 25 | 17.3% | 44.0% | ||
| Q2 25 | 20.4% | 16.2% | ||
| Q1 25 | 9.2% | 48.6% | ||
| Q4 24 | 11.2% | 34.6% | ||
| Q3 24 | 25.3% | 40.2% | ||
| Q2 24 | 28.2% | 26.2% | ||
| Q1 24 | 7.5% | 49.9% |
资本支出强度RBAUTHR
| Q4 25 | 5.7% | 21.9% | ||
| Q3 25 | 4.7% | 26.3% | ||
| Q2 25 | 7.2% | 7.8% | ||
| Q1 25 | 4.9% | 9.4% | ||
| Q4 24 | 5.0% | 11.8% | ||
| Q3 24 | 3.8% | 10.2% | ||
| Q2 24 | 2.6% | 6.3% | ||
| Q1 24 | 4.2% | 5.6% |
现金转化率RBAUTHR
| Q4 25 | 2.33× | 0.95× | ||
| Q3 25 | 2.51× | 1.66× | ||
| Q2 25 | 2.97× | 0.62× | ||
| Q1 25 | 1.38× | 1.43× | ||
| Q4 24 | 1.56× | 1.13× | ||
| Q3 24 | 3.75× | 1.22× | ||
| Q2 24 | 3.04× | 0.83× | ||
| Q1 24 | 1.16× | 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
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
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% |
