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ADTRAN Holdings, Inc.（ADTN）与Apellis Pharmaceuticals, Inc.（APLS）财务数据对比。点击上方公司名可切换其他公司
ADTRAN Holdings, Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.5倍（$291.6M vs $199.9M），ADTRAN Holdings, Inc.净利率更高（-1.2% vs -29.5%，领先28.3%），ADTRAN Holdings, Inc.同比增速更快（20.1% vs -5.9%），ADTRAN Holdings, Inc.自由现金流更多（$30.6M vs $-14.3M），过去两年ADTRAN Holdings, Inc.的营收复合增速更高（13.5% vs 7.7%）
ADTRAN Holdings, Inc.是一家总部位于美国阿拉巴马州亨茨维尔的光纤网络与电信企业，主要面向通信服务商、政府机构、企业及公共事业单位，供应面向住宅用户与企业级的网络硬件设备，同时提供用于网络管理与部署的管理软件。
Apellis Pharmaceuticals是一家临床阶段生物制药企业，专注于开发调节补体系统的靶向疗法，适应症覆盖年龄相关性黄斑变性继发地图样萎缩等眼科疾病、罕见血液病及自身免疫性疾病，核心市场为美国及欧盟地区。
ADTN vs APLS — 直观对比
营收规模更大
ADTN
是对方的1.5倍
$199.9M
营收增速更快
ADTN
高出26.0%
-5.9%
净利率更高
ADTN
高出28.3%
-29.5%
自由现金流更多
ADTN
多$44.9M
$-14.3M
两年增速更快
ADTN
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $291.6M | $199.9M |
| 净利润 | $-3.6M | $-59.0M |
| 毛利率 | 39.0% | — |
| 营业利润率 | 1.5% | -25.6% |
| 净利率 | -1.2% | -29.5% |
| 营收同比 | 20.1% | -5.9% |
| 净利润同比 | 92.2% | -62.2% |
| 每股收益（稀释后） | $-0.02 | $-0.40 |
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ADTNAPLS
| Q4 25 | $291.6M | $199.9M | ||
| Q3 25 | $279.4M | $458.6M | ||
| Q2 25 | $265.1M | $178.5M | ||
| Q1 25 | $247.7M | $166.8M | ||
| Q4 24 | $242.9M | $212.5M | ||
| Q3 24 | $227.7M | $196.8M | ||
| Q2 24 | $226.0M | $199.7M | ||
| Q1 24 | $226.2M | $172.3M |
净利润ADTNAPLS
| Q4 25 | $-3.6M | $-59.0M | ||
| Q3 25 | $-10.3M | $215.7M | ||
| Q2 25 | $-20.5M | $-42.2M | ||
| Q1 25 | $-11.3M | $-92.2M | ||
| Q4 24 | $-46.1M | $-36.4M | ||
| Q3 24 | $-33.3M | $-57.4M | ||
| Q2 24 | $-49.7M | $-37.7M | ||
| Q1 24 | $-330.8M | $-66.4M |
毛利率ADTNAPLS
| Q4 25 | 39.0% | — | ||
| Q3 25 | 38.3% | — | ||
| Q2 25 | 37.3% | — | ||
| Q1 25 | 38.4% | — | ||
| Q4 24 | 36.9% | — | ||
| Q3 24 | 36.5% | — | ||
| Q2 24 | 36.0% | — | ||
| Q1 24 | 31.1% | — |
营业利润率ADTNAPLS
| Q4 25 | 1.5% | -25.6% | ||
| Q3 25 | -1.0% | 48.7% | ||
| Q2 25 | -5.0% | -18.6% | ||
| Q1 25 | -1.6% | -50.0% | ||
| Q4 24 | -6.9% | -12.3% | ||
| Q3 24 | -11.5% | -24.0% | ||
| Q2 24 | -17.0% | -14.7% | ||
| Q1 24 | -153.1% | -36.0% |
净利率ADTNAPLS
| Q4 25 | -1.2% | -29.5% | ||
| Q3 25 | -3.7% | 47.0% | ||
| Q2 25 | -7.7% | -23.6% | ||
| Q1 25 | -4.5% | -55.3% | ||
| Q4 24 | -19.0% | -17.1% | ||
| Q3 24 | -14.6% | -29.2% | ||
| Q2 24 | -22.0% | -18.9% | ||
| Q1 24 | -146.2% | -38.5% |
每股收益（稀释后）ADTNAPLS
| Q4 25 | $-0.02 | $-0.40 | ||
| Q3 25 | $-0.12 | $1.67 | ||
| Q2 25 | $-0.24 | $-0.33 | ||
| Q1 25 | $-0.14 | $-0.74 | ||
| Q4 24 | $-0.58 | $-0.30 | ||
| Q3 24 | $-0.38 | $-0.46 | ||
| Q2 24 | $-0.63 | $-0.30 | ||
| Q1 24 | $-4.20 | $-0.54 |
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 | $95.7M | $466.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $145.8M | $370.1M |
| 总资产 | $1.2B | $1.1B |
| 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ADTNAPLS
| Q4 25 | $95.7M | $466.2M | ||
| Q3 25 | $93.7M | $479.2M | ||
| Q2 25 | $106.3M | $370.0M | ||
| Q1 25 | $101.3M | $358.4M | ||
| Q4 24 | $76.0M | $411.3M | ||
| Q3 24 | $88.5M | $396.9M | ||
| Q2 24 | $111.2M | $360.1M | ||
| Q1 24 | $106.8M | $325.9M |
总债务ADTNAPLS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $93.1M |
股东权益ADTNAPLS
| Q4 25 | $145.8M | $370.1M | ||
| Q3 25 | $141.6M | $401.2M | ||
| Q2 25 | $169.6M | $156.3M | ||
| Q1 25 | $138.9M | $164.2M | ||
| Q4 24 | $127.0M | $228.5M | ||
| Q3 24 | $205.6M | $237.1M | ||
| Q2 24 | $213.6M | $264.3M | ||
| Q1 24 | $260.8M | $266.7M |
总资产ADTNAPLS
| Q4 25 | $1.2B | $1.1B | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.2B | $821.4M | ||
| Q1 25 | $1.2B | $807.3M | ||
| Q4 24 | $1.2B | $885.1M | ||
| Q3 24 | $1.3B | $901.9M | ||
| Q2 24 | $1.3B | $904.5M | ||
| Q1 24 | $1.3B | $831.9M |
负债/权益比ADTNAPLS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.35× |
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 | $42.2M | $-14.2M |
| 自由现金流经营现金流 - 资本支出 | $30.6M | $-14.3M |
| 自由现金流率自由现金流/营收 | 10.5% | -7.1% |
| 资本支出强度资本支出/营收 | 4.0% | 0.1% |
| 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 | $98.0M | $45.0M |
8季度趋势，按日历期对齐
经营现金流ADTNAPLS
| Q4 25 | $42.2M | $-14.2M | ||
| Q3 25 | $12.2M | $108.5M | ||
| Q2 25 | $32.2M | $4.4M | ||
| Q1 25 | $43.2M | $-53.4M | ||
| Q4 24 | $2.4M | $19.4M | ||
| Q3 24 | $43.3M | $34.1M | ||
| Q2 24 | $19.9M | $-8.3M | ||
| Q1 24 | $37.9M | $-133.0M |
自由现金流ADTNAPLS
| Q4 25 | $30.6M | $-14.3M | ||
| Q3 25 | $4.2M | $108.3M | ||
| Q2 25 | $27.5M | $4.4M | ||
| Q1 25 | $35.8M | $-53.4M | ||
| Q4 24 | $-895.0K | $19.3M | ||
| Q3 24 | $37.1M | — | ||
| Q2 24 | $8.4M | $-8.4M | ||
| Q1 24 | $24.4M | $-133.3M |
自由现金流率ADTNAPLS
| Q4 25 | 10.5% | -7.1% | ||
| Q3 25 | 1.5% | 23.6% | ||
| Q2 25 | 10.4% | 2.5% | ||
| Q1 25 | 14.4% | -32.0% | ||
| Q4 24 | -0.4% | 9.1% | ||
| Q3 24 | 16.3% | — | ||
| Q2 24 | 3.7% | -4.2% | ||
| Q1 24 | 10.8% | -77.3% |
资本支出强度ADTNAPLS
| Q4 25 | 4.0% | 0.1% | ||
| Q3 25 | 2.9% | 0.0% | ||
| Q2 25 | 1.8% | 0.0% | ||
| Q1 25 | 3.0% | 0.0% | ||
| Q4 24 | 1.4% | 0.0% | ||
| Q3 24 | 2.7% | 0.0% | ||
| Q2 24 | 5.1% | 0.0% | ||
| Q1 24 | 6.0% | 0.2% |
现金转化率ADTNAPLS
| Q4 25 | — | — | ||
| Q3 25 | — | 0.50× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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
ADTN
| Subscriber Solutions | $96.2M | 33% |
| Optical Networking Solutions | $81.8M | 28% |
| Access Aggregation Solutions | $64.6M | 22% |
| Services And Support | $48.9M | 17% |
APLS
| Syfovre | $155.2M | 78% |
| Empaveli Pegcetacoplan | $35.1M | 18% |
| Licensing And Other Revenue | $9.6M | 5% |
