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Alector, Inc.（ALEC）与Velo3D, Inc.（VELO）财务数据对比。点击上方公司名可切换其他公司
Velo3D, Inc.的季度营收约是Alector, Inc.的1.5倍（$9.4M vs $6.2M），Velo3D, Inc.同比增速更快（-25.2% vs -88.5%），Velo3D, Inc.自由现金流更多（$-8.3M vs $-184.1M），过去两年Velo3D, Inc.的营收复合增速更高（-1.8% vs -37.4%）
Alector是一家临床阶段生物制药企业，专注于神经退行性疾病的免疫疗法研发，管线覆盖阿尔茨海默病、额颞叶痴呆、帕金森病等未被满足的医疗需求，主要在美国运营，与全球药企合作推进候选药物的临床试验。
Velo3D是全球领先的金属3D打印解决方案提供商，主营工业级金属3D打印机、配套专用加工软件及高性能金属材料，主要服务航空航天、国防、能源、半导体等高端制造领域，可生产传统工艺难以实现的复杂高精度金属零部件。
ALEC vs VELO — 直观对比
营收规模更大
VELO
是对方的1.5倍
$6.2M
营收增速更快
VELO
高出63.3%
-88.5%
自由现金流更多
VELO
多$175.7M
$-184.1M
两年增速更快
VELO
近两年复合增速
-37.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.2M | $9.4M |
| 净利润 | — | $-21.9M |
| 毛利率 | — | -73.6% |
| 营业利润率 | — | -231.0% |
| 净利率 | — | -231.9% |
| 营收同比 | -88.5% | -25.2% |
| 净利润同比 | -1696.9% | -2.9% |
| 每股收益（稀释后） | — | $-0.87 |
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ALECVELO
| Q4 25 | $6.2M | $9.4M | ||
| Q3 25 | $3.3M | $13.6M | ||
| Q2 25 | $7.9M | $13.6M | ||
| Q1 25 | $3.7M | $9.3M | ||
| Q4 24 | $54.2M | $12.6M | ||
| Q3 24 | $15.3M | $8.2M | ||
| Q2 24 | $15.1M | $10.3M | ||
| Q1 24 | $15.9M | $9.8M |
净利润ALECVELO
| Q4 25 | — | $-21.9M | ||
| Q3 25 | $-34.7M | $-11.2M | ||
| Q2 25 | $-30.5M | $-13.3M | ||
| Q1 25 | $-40.5M | $-25.0M | ||
| Q4 24 | $-2.1M | $-21.3M | ||
| Q3 24 | $-42.2M | $-21.9M | ||
| Q2 24 | $-38.7M | $935.0K | ||
| Q1 24 | $-36.1M | $-27.5M |
毛利率ALECVELO
| Q4 25 | — | -73.6% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | -11.7% | ||
| Q1 25 | — | 7.5% | ||
| Q4 24 | — | -3.5% | ||
| Q3 24 | — | 49.4% | ||
| Q2 24 | — | -28.0% | ||
| Q1 24 | — | -28.8% |
营业利润率ALECVELO
| Q4 25 | — | -231.0% | ||
| Q3 25 | -1153.6% | -73.3% | ||
| Q2 25 | -433.6% | -85.4% | ||
| Q1 25 | -1216.5% | -123.6% | ||
| Q4 24 | -13.4% | -167.0% | ||
| Q3 24 | -315.7% | -213.8% | ||
| Q2 24 | -302.4% | -187.7% | ||
| Q1 24 | -275.0% | -211.1% |
净利率ALECVELO
| Q4 25 | — | -231.9% | ||
| Q3 25 | -1063.4% | -82.0% | ||
| Q2 25 | -387.7% | -97.7% | ||
| Q1 25 | -1101.6% | -268.4% | ||
| Q4 24 | -3.8% | -168.5% | ||
| Q3 24 | -275.2% | -265.3% | ||
| Q2 24 | -256.4% | 9.0% | ||
| Q1 24 | -227.0% | -281.2% |
每股收益（稀释后）ALECVELO
| Q4 25 | — | $-0.87 | ||
| Q3 25 | $-0.34 | $-0.65 | ||
| Q2 25 | $-0.30 | $-0.94 | ||
| Q1 25 | $-0.41 | $-1.87 | ||
| Q4 24 | $-0.02 | $7.06 | ||
| Q3 24 | $-0.43 | $-35.52 | ||
| Q2 24 | $-0.40 | $1.65 | ||
| Q1 24 | $-0.38 | $-55.51 |
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 | $256.0M | $39.0M |
| 总债务越低越好 | $10.0M | $31.0M |
| 股东权益账面价值 | $30.6M | $38.2M |
| 总资产 | $293.2M | $105.3M |
| 负债/权益比越低杠杆越低 | 0.33× | 0.81× |
8季度趋势，按日历期对齐
现金及短期投资ALECVELO
| Q4 25 | $256.0M | $39.0M | ||
| Q3 25 | $291.1M | $11.8M | ||
| Q2 25 | $307.3M | $854.0K | ||
| Q1 25 | $354.6M | $3.9M | ||
| Q4 24 | $413.4M | $1.2M | ||
| Q3 24 | $457.2M | $1.6M | ||
| Q2 24 | $503.3M | $3.2M | ||
| Q1 24 | $562.1M | $10.9M |
总债务ALECVELO
| Q4 25 | $10.0M | $31.0M | ||
| Q3 25 | — | $23.0M | ||
| Q2 25 | — | $22.5M | ||
| Q1 25 | — | $21.7M | ||
| Q4 24 | $10.0M | $5.7M | ||
| Q3 24 | — | $32.3M | ||
| Q2 24 | — | $33.5M | ||
| Q1 24 | — | $44.0M |
股东权益ALECVELO
| Q4 25 | $30.6M | $38.2M | ||
| Q3 25 | $57.7M | $29.9M | ||
| Q2 25 | $71.2M | $21.4M | ||
| Q1 25 | $94.6M | $32.8M | ||
| Q4 24 | $126.8M | $39.7M | ||
| Q3 24 | $118.9M | $34.4M | ||
| Q2 24 | $150.6M | $52.1M | ||
| Q1 24 | $178.9M | $45.5M |
总资产ALECVELO
| Q4 25 | $293.2M | $105.3M | ||
| Q3 25 | $335.3M | $93.7M | ||
| Q2 25 | $356.4M | $78.4M | ||
| Q1 25 | $408.3M | $91.3M | ||
| Q4 24 | $468.3M | $89.2M | ||
| Q3 24 | $516.0M | $110.8M | ||
| Q2 24 | $570.7M | $116.7M | ||
| Q1 24 | $635.5M | $136.1M |
负债/权益比ALECVELO
| Q4 25 | 0.33× | 0.81× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | 0.08× | 0.14× | ||
| Q3 24 | — | 0.94× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.97× |
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 | $-184.0M | $-7.7M |
| 自由现金流经营现金流 - 资本支出 | $-184.1M | $-8.3M |
| 自由现金流率自由现金流/营收 | -2951.3% | -88.3% |
| 资本支出强度资本支出/营收 | 0.7% | 6.4% |
| 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 | $-326.5M | — |
8季度趋势，按日历期对齐
经营现金流ALECVELO
| Q4 25 | $-184.0M | $-7.7M | ||
| Q3 25 | $-32.5M | $-6.0M | ||
| Q2 25 | $-49.0M | $-1.2M | ||
| Q1 25 | $-60.8M | $-12.3M | ||
| Q4 24 | $-55.0M | $-2.2M | ||
| Q3 24 | $-50.7M | $-2.0M | ||
| Q2 24 | $-62.8M | $-8.0M | ||
| Q1 24 | $-61.3M | $-20.5M |
自由现金流ALECVELO
| Q4 25 | $-184.1M | $-8.3M | ||
| Q3 25 | $-32.5M | $-6.3M | ||
| Q2 25 | $-49.1M | $-3.0M | ||
| Q1 25 | $-60.8M | — | ||
| Q4 24 | $-55.2M | $-2.2M | ||
| Q3 24 | $-50.9M | $-2.0M | ||
| Q2 24 | $-63.1M | $-8.0M | ||
| Q1 24 | $-61.9M | $-20.5M |
自由现金流率ALECVELO
| Q4 25 | -2951.3% | -88.3% | ||
| Q3 25 | -997.6% | -46.5% | ||
| Q2 25 | -623.0% | -22.2% | ||
| Q1 25 | -1655.0% | — | ||
| Q4 24 | -101.8% | -17.7% | ||
| Q3 24 | -332.1% | -24.2% | ||
| Q2 24 | -418.6% | -77.1% | ||
| Q1 24 | -389.3% | -209.8% |
资本支出强度ALECVELO
| Q4 25 | 0.7% | 6.4% | ||
| Q3 25 | 0.3% | 2.3% | ||
| Q2 25 | 0.1% | 13.3% | ||
| Q1 25 | 0.5% | 0.0% | ||
| Q4 24 | 0.3% | 0.2% | ||
| Q3 24 | 1.4% | 0.2% | ||
| Q2 24 | 2.2% | 0.0% | ||
| Q1 24 | 3.4% | 0.1% |
现金转化率ALECVELO
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -8.52× | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
