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Side-by-side financial comparison of Apellis Pharmaceuticals, Inc. (APLS) and HEALTHEQUITY, INC. (HQY). Click either name above to swap in a different company.
HEALTHEQUITY, INC. is the larger business by last-quarter revenue ($322.2M vs $199.9M, roughly 1.6× Apellis Pharmaceuticals, Inc.). HEALTHEQUITY, INC. runs the higher net margin — 16.0% vs -29.5%, a 45.5% gap on every dollar of revenue. On growth, HEALTHEQUITY, INC. posted the faster year-over-year revenue change (7.2% vs -5.9%). HEALTHEQUITY, INC. produced more free cash flow last quarter ($137.8M vs $-14.3M). Over the past eight quarters, HEALTHEQUITY, INC.'s revenue compounded faster (10.8% CAGR vs 7.7%).
Apellis Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing targeted therapies that modulate the complement system to address serious unmet medical needs. Its core products target ophthalmic conditions like geographic atrophy secondary to age-related macular degeneration, as well as rare hematological and autoimmune disorders, with primary operations in the United States and European markets.
HealthEquity, Inc. is an American financial technology and business services company that is designated as a non-bank health savings trustee by the IRS. This designation allows HealthEquity to be the custodian of health savings accounts regardless of which financial institution the funds are deposited with.
APLS vs HQY — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $199.9M | $322.2M |
| Net Profit | $-59.0M | $51.7M |
| Gross Margin | — | 70.8% |
| Operating Margin | -25.6% | 24.4% |
| Net Margin | -29.5% | 16.0% |
| Revenue YoY | -5.9% | 7.2% |
| Net Profit YoY | -62.2% | 806.4% |
| EPS (diluted) | $-0.40 | $0.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $199.9M | $322.2M | ||
| Q3 25 | $458.6M | $325.8M | ||
| Q2 25 | $178.5M | $330.8M | ||
| Q1 25 | $166.8M | $311.8M | ||
| Q4 24 | $212.5M | $300.4M | ||
| Q3 24 | $196.8M | $299.9M | ||
| Q2 24 | $199.7M | $287.6M | ||
| Q1 24 | $172.3M | $262.4M |
| Q4 25 | $-59.0M | $51.7M | ||
| Q3 25 | $215.7M | $59.9M | ||
| Q2 25 | $-42.2M | $53.9M | ||
| Q1 25 | $-92.2M | $26.4M | ||
| Q4 24 | $-36.4M | $5.7M | ||
| Q3 24 | $-57.4M | $35.8M | ||
| Q2 24 | $-37.7M | $28.8M | ||
| Q1 24 | $-66.4M | $26.4M |
| Q4 25 | — | 70.8% | ||
| Q3 25 | — | 71.4% | ||
| Q2 25 | — | 67.8% | ||
| Q1 25 | — | 60.6% | ||
| Q4 24 | — | 65.6% | ||
| Q3 24 | — | 68.0% | ||
| Q2 24 | — | 65.1% | ||
| Q1 24 | — | 63.1% |
| Q4 25 | -25.6% | 24.4% | ||
| Q3 25 | 48.7% | 27.5% | ||
| Q2 25 | -18.6% | 25.1% | ||
| Q1 25 | -50.0% | 13.5% | ||
| Q4 24 | -12.3% | 6.5% | ||
| Q3 24 | -24.0% | 19.6% | ||
| Q2 24 | -14.7% | 14.5% | ||
| Q1 24 | -36.0% | 14.8% |
| Q4 25 | -29.5% | 16.0% | ||
| Q3 25 | 47.0% | 18.4% | ||
| Q2 25 | -23.6% | 16.3% | ||
| Q1 25 | -55.3% | 8.5% | ||
| Q4 24 | -17.1% | 1.9% | ||
| Q3 24 | -29.2% | 11.9% | ||
| Q2 24 | -18.9% | 10.0% | ||
| Q1 24 | -38.5% | 10.0% |
| Q4 25 | $-0.40 | $0.59 | ||
| Q3 25 | $1.67 | $0.68 | ||
| Q2 25 | $-0.33 | $0.61 | ||
| Q1 25 | $-0.74 | $0.30 | ||
| Q4 24 | $-0.30 | $0.06 | ||
| Q3 24 | $-0.46 | $0.40 | ||
| Q2 24 | $-0.30 | $0.33 | ||
| Q1 24 | $-0.54 | $0.30 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $466.2M | $309.3M |
| Total DebtLower is stronger | — | $982.1M |
| Stockholders' EquityBook value | $370.1M | $2.1B |
| Total Assets | $1.1B | $3.4B |
| Debt / EquityLower = less leverage | — | 0.46× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $466.2M | $309.3M | ||
| Q3 25 | $479.2M | $304.5M | ||
| Q2 25 | $370.0M | $287.9M | ||
| Q1 25 | $358.4M | $295.9M | ||
| Q4 24 | $411.3M | $322.2M | ||
| Q3 24 | $396.9M | $326.9M | ||
| Q2 24 | $360.1M | $251.2M | ||
| Q1 24 | $325.9M | $404.0M |
| Q4 25 | — | $982.1M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $925.7M | ||
| Q1 24 | $93.1M | $875.0M |
| Q4 25 | $370.1M | $2.1B | ||
| Q3 25 | $401.2M | $2.1B | ||
| Q2 25 | $156.3M | $2.1B | ||
| Q1 25 | $164.2M | $2.1B | ||
| Q4 24 | $228.5M | $2.1B | ||
| Q3 24 | $237.1M | $2.2B | ||
| Q2 24 | $264.3M | $2.1B | ||
| Q1 24 | $266.7M | $2.0B |
| Q4 25 | $1.1B | $3.4B | ||
| Q3 25 | $1.1B | $3.4B | ||
| Q2 25 | $821.4M | $3.4B | ||
| Q1 25 | $807.3M | $3.4B | ||
| Q4 24 | $885.1M | $3.5B | ||
| Q3 24 | $901.9M | $3.5B | ||
| Q2 24 | $904.5M | $3.2B | ||
| Q1 24 | $831.9M | $3.2B |
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.51× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.44× | ||
| Q1 24 | 0.35× | 0.43× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-14.2M | $138.6M |
| Free Cash FlowOCF − Capex | $-14.3M | $137.8M |
| FCF MarginFCF / Revenue | -7.1% | 42.8% |
| Capex IntensityCapex / Revenue | 0.1% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 2.68× |
| TTM Free Cash FlowTrailing 4 quarters | $45.0M | $413.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-14.2M | $138.6M | ||
| Q3 25 | $108.5M | $135.9M | ||
| Q2 25 | $4.4M | $64.7M | ||
| Q1 25 | $-53.4M | $75.7M | ||
| Q4 24 | $19.4M | $90.5M | ||
| Q3 24 | $34.1M | $108.1M | ||
| Q2 24 | $-8.3M | $65.4M | ||
| Q1 24 | $-133.0M | $77.1M |
| Q4 25 | $-14.3M | $137.8M | ||
| Q3 25 | $108.3M | $135.1M | ||
| Q2 25 | $4.4M | $64.7M | ||
| Q1 25 | $-53.4M | $75.4M | ||
| Q4 24 | $19.3M | $90.3M | ||
| Q3 24 | — | $107.4M | ||
| Q2 24 | $-8.4M | $64.7M | ||
| Q1 24 | $-133.3M | $76.5M |
| Q4 25 | -7.1% | 42.8% | ||
| Q3 25 | 23.6% | 41.5% | ||
| Q2 25 | 2.5% | 19.5% | ||
| Q1 25 | -32.0% | 24.2% | ||
| Q4 24 | 9.1% | 30.0% | ||
| Q3 24 | — | 35.8% | ||
| Q2 24 | -4.2% | 22.5% | ||
| Q1 24 | -77.3% | 29.2% |
| Q4 25 | 0.1% | 0.2% | ||
| Q3 25 | 0.0% | 0.2% | ||
| Q2 25 | 0.0% | 0.0% | ||
| Q1 25 | 0.0% | 0.1% | ||
| Q4 24 | 0.0% | 0.1% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 0.0% | 0.3% | ||
| Q1 24 | 0.2% | 0.2% |
| Q4 25 | — | 2.68× | ||
| Q3 25 | 0.50× | 2.27× | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | 2.87× | ||
| Q4 24 | — | 15.88× | ||
| Q3 24 | — | 3.02× | ||
| Q2 24 | — | 2.27× | ||
| Q1 24 | — | 2.92× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APLS
| Syfovre | $155.2M | 78% |
| Empaveli Pegcetacoplan | $35.1M | 18% |
| Licensing And Other Revenue | $9.6M | 5% |
HQY
| Financial Service Other | $159.1M | 49% |
| Services | $120.3M | 37% |
| Credit And Debit Card | $42.8M | 13% |
