vs
RH（RH）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
RH的季度营收约是UNITED THERAPEUTICS Corp的1.1倍（$883.8M vs $790.2M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 4.1%，领先42.0%），RH同比增速更快（8.9% vs 7.4%），UNITED THERAPEUTICS Corp自由现金流更多（$173.3M vs $83.0M），过去两年RH的营收复合增速更高（9.4% vs 8.0%）
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
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。
RH vs UTHR — 直观对比
营收规模更大
RH
是对方的1.1倍
$790.2M
营收增速更快
RH
高出1.5%
7.4%
净利率更高
UTHR
高出42.0%
4.1%
自由现金流更多
UTHR
多$90.3M
$83.0M
两年增速更快
RH
近两年复合增速
8.0%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $883.8M | $790.2M |
| 净利润 | $36.3M | $364.3M |
| 毛利率 | 44.1% | 86.9% |
| 营业利润率 | 12.0% | 45.1% |
| 净利率 | 4.1% | 46.1% |
| 营收同比 | 8.9% | 7.4% |
| 净利润同比 | 9.3% | 20.9% |
| 每股收益（稀释后） | $1.83 | $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RHUTHR
| Q4 25 | $883.8M | $790.2M | ||
| Q3 25 | $899.2M | $799.5M | ||
| Q2 25 | $814.0M | $798.6M | ||
| Q1 25 | $812.4M | $794.4M | ||
| Q4 24 | $811.7M | $735.9M | ||
| Q3 24 | $829.7M | $748.9M | ||
| Q2 24 | $727.0M | $714.9M | ||
| Q1 24 | $738.3M | $677.7M |
净利润RHUTHR
| Q4 25 | $36.3M | $364.3M | ||
| Q3 25 | $51.7M | $338.7M | ||
| Q2 25 | $8.0M | $309.5M | ||
| Q1 25 | $13.9M | $322.2M | ||
| Q4 24 | $33.2M | $301.3M | ||
| Q3 24 | $29.0M | $309.1M | ||
| Q2 24 | $-3.6M | $278.1M | ||
| Q1 24 | $11.4M | $306.6M |
毛利率RHUTHR
| Q4 25 | 44.1% | 86.9% | ||
| Q3 25 | 45.5% | 87.4% | ||
| Q2 25 | 43.7% | 89.0% | ||
| Q1 25 | 44.7% | 88.4% | ||
| Q4 24 | 44.5% | 89.7% | ||
| Q3 24 | 45.2% | 88.9% | ||
| Q2 24 | 43.5% | 89.1% | ||
| Q1 24 | 43.5% | 89.2% |
营业利润率RHUTHR
| Q4 25 | 12.0% | 45.1% | ||
| Q3 25 | 14.3% | 48.6% | ||
| Q2 25 | 6.9% | 45.6% | ||
| Q1 25 | 8.7% | 48.2% | ||
| Q4 24 | 12.5% | 48.6% | ||
| Q3 24 | 11.6% | 45.8% | ||
| Q2 24 | 7.5% | 44.7% | ||
| Q1 24 | 8.7% | 52.6% |
净利率RHUTHR
| Q4 25 | 4.1% | 46.1% | ||
| Q3 25 | 5.8% | 42.4% | ||
| Q2 25 | 1.0% | 38.8% | ||
| Q1 25 | 1.7% | 40.6% | ||
| Q4 24 | 4.1% | 40.9% | ||
| Q3 24 | 3.5% | 41.3% | ||
| Q2 24 | -0.5% | 38.9% | ||
| Q1 24 | 1.5% | 45.2% |
每股收益（稀释后）RHUTHR
| Q4 25 | $1.83 | $7.66 | ||
| Q3 25 | $2.62 | $7.16 | ||
| Q2 25 | $0.40 | $6.41 | ||
| Q1 25 | $0.71 | $6.63 | ||
| Q4 24 | $1.66 | $6.23 | ||
| Q3 24 | $1.45 | $6.39 | ||
| Q2 24 | $-0.20 | $5.85 | ||
| Q1 24 | $0.91 | $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 | $43.1M | $2.9B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.3M | $7.1B |
| 总资产 | $4.8B | $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RHUTHR
| Q4 25 | $43.1M | $2.9B | ||
| Q3 25 | $34.6M | $2.8B | ||
| Q2 25 | $46.1M | $3.0B | ||
| Q1 25 | $30.4M | $3.3B | ||
| Q4 24 | $87.0M | $3.3B | ||
| Q3 24 | $78.3M | $3.3B | ||
| Q2 24 | $101.8M | $3.0B | ||
| Q1 24 | $123.7M | $2.7B |
股东权益RHUTHR
| Q4 25 | $3.3M | $7.1B | ||
| Q3 25 | $-40.9M | $6.6B | ||
| Q2 25 | $-110.8M | $7.2B | ||
| Q1 25 | $-163.6M | $6.8B | ||
| Q4 24 | $-183.0M | $6.4B | ||
| Q3 24 | $-234.7M | $6.1B | ||
| Q2 24 | $-289.9M | $5.7B | ||
| Q1 24 | $-297.4M | $5.3B |
总资产RHUTHR
| Q4 25 | $4.8B | $7.9B | ||
| Q3 25 | $4.7B | $7.4B | ||
| Q2 25 | $4.7B | $7.9B | ||
| Q1 25 | $4.6B | $7.7B | ||
| Q4 24 | $4.5B | $7.4B | ||
| Q3 24 | $4.4B | $7.1B | ||
| Q2 24 | $4.2B | $6.7B | ||
| Q1 24 | $4.1B | $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 | $131.9M | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | $173.3M |
| 自由现金流率自由现金流/营收 | 9.4% | 21.9% |
| 资本支出强度资本支出/营收 | 5.5% | 21.9% |
| 现金转化率经营现金流/净利润 | 3.64× | 0.95× |
| 过去12个月自由现金流最近4个季度 | $128.1M | $1.0B |
8季度趋势，按日历期对齐
经营现金流RHUTHR
| Q4 25 | $131.9M | $346.2M | ||
| Q3 25 | $137.7M | $562.1M | ||
| Q2 25 | $86.6M | $191.7M | ||
| Q1 25 | $-18.8M | $461.2M | ||
| Q4 24 | $-31.4M | $341.2M | ||
| Q3 24 | $11.2M | $377.2M | ||
| Q2 24 | $56.1M | $232.2M | ||
| Q1 24 | $-114.0M | $376.5M |
自由现金流RHUTHR
| Q4 25 | $83.0M | $173.3M | ||
| Q3 25 | $80.7M | $351.6M | ||
| Q2 25 | $34.1M | $129.5M | ||
| Q1 25 | $-69.7M | $386.3M | ||
| Q4 24 | $-96.0M | $254.5M | ||
| Q3 24 | $-37.9M | $300.7M | ||
| Q2 24 | $-10.1M | $187.1M | ||
| Q1 24 | $-251.5M | $338.3M |
自由现金流率RHUTHR
| Q4 25 | 9.4% | 21.9% | ||
| Q3 25 | 9.0% | 44.0% | ||
| Q2 25 | 4.2% | 16.2% | ||
| Q1 25 | -8.6% | 48.6% | ||
| Q4 24 | -11.8% | 34.6% | ||
| Q3 24 | -4.6% | 40.2% | ||
| Q2 24 | -1.4% | 26.2% | ||
| Q1 24 | -34.1% | 49.9% |
资本支出强度RHUTHR
| Q4 25 | 5.5% | 21.9% | ||
| Q3 25 | 6.3% | 26.3% | ||
| Q2 25 | 6.5% | 7.8% | ||
| Q1 25 | 6.3% | 9.4% | ||
| Q4 24 | 8.0% | 11.8% | ||
| Q3 24 | 5.9% | 10.2% | ||
| Q2 24 | 9.1% | 6.3% | ||
| Q1 24 | 18.6% | 5.6% |
现金转化率RHUTHR
| Q4 25 | 3.64× | 0.95× | ||
| Q3 25 | 2.66× | 1.66× | ||
| Q2 25 | 10.78× | 0.62× | ||
| Q1 25 | -1.35× | 1.43× | ||
| Q4 24 | -0.95× | 1.13× | ||
| Q3 24 | 0.39× | 1.22× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | -10.01× | 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
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
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% |
