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Antero Midstream Corp（AM）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
Antero Midstream Corp的季度营收约是Apellis Pharmaceuticals, Inc.的1.5倍（$291.1M vs $199.9M），Antero Midstream Corp净利率更高（41.5% vs -29.5%，领先71.0%），Apellis Pharmaceuticals, Inc.同比增速更快（-5.9% vs -7.3%），Antero Midstream Corp自由现金流更多（$186.9M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 3.9%）
Antero Midstream Corp是美国能源企业，注册地为特拉华州，总部设于科罗拉多州丹佛市。公司全部油气储量均位于阿巴拉契亚盆地，采用水力压裂技术开采，核心业务涵盖油气勘探开发相关领域。
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。
AM vs APLS — 直观对比
营收规模更大
AM
是对方的1.5倍
$199.9M
营收增速更快
APLS
高出1.4%
-7.3%
净利率更高
AM
高出71.0%
-29.5%
自由现金流更多
AM
多$201.2M
$-14.3M
两年增速更快
APLS
近两年复合增速
3.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $291.1M | $199.9M |
| 净利润 | $120.7M | $-59.0M |
| 毛利率 | — | — |
| 营业利润率 | 60.9% | -25.6% |
| 净利率 | 41.5% | -29.5% |
| 营收同比 | -7.3% | -5.9% |
| 净利润同比 | 2.1% | -62.2% |
| 每股收益（稀释后） | $0.25 | $-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AMAPLS
| Q1 26 | $291.1M | — | ||
| Q4 25 | $297.0M | $199.9M | ||
| Q3 25 | $294.8M | $458.6M | ||
| Q2 25 | $305.5M | $178.5M | ||
| Q1 25 | $291.1M | $166.8M | ||
| Q4 24 | $287.5M | $212.5M | ||
| Q3 24 | $269.9M | $196.8M | ||
| Q2 24 | $269.8M | $199.7M |
净利润AMAPLS
| Q1 26 | $120.7M | — | ||
| Q4 25 | $51.9M | $-59.0M | ||
| Q3 25 | $116.0M | $215.7M | ||
| Q2 25 | $124.5M | $-42.2M | ||
| Q1 25 | $120.7M | $-92.2M | ||
| Q4 24 | $111.2M | $-36.4M | ||
| Q3 24 | $99.7M | $-57.4M | ||
| Q2 24 | $86.0M | $-37.7M |
营业利润率AMAPLS
| Q1 26 | 60.9% | — | ||
| Q4 25 | 33.8% | -25.6% | ||
| Q3 25 | 61.2% | 48.7% | ||
| Q2 25 | 61.0% | -18.6% | ||
| Q1 25 | 60.9% | -50.0% | ||
| Q4 24 | 61.8% | -12.3% | ||
| Q3 24 | 60.2% | -24.0% | ||
| Q2 24 | 56.6% | -14.7% |
净利率AMAPLS
| Q1 26 | 41.5% | — | ||
| Q4 25 | 17.5% | -29.5% | ||
| Q3 25 | 39.3% | 47.0% | ||
| Q2 25 | 40.8% | -23.6% | ||
| Q1 25 | 41.5% | -55.3% | ||
| Q4 24 | 38.7% | -17.1% | ||
| Q3 24 | 37.0% | -29.2% | ||
| Q2 24 | 31.9% | -18.9% |
每股收益（稀释后）AMAPLS
| Q1 26 | $0.25 | — | ||
| Q4 25 | $0.11 | $-0.40 | ||
| Q3 25 | $0.24 | $1.67 | ||
| Q2 25 | $0.26 | $-0.33 | ||
| Q1 25 | $0.25 | $-0.74 | ||
| Q4 24 | $0.23 | $-0.30 | ||
| Q3 24 | $0.21 | $-0.46 | ||
| Q2 24 | $0.18 | $-0.30 |
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 | $180.4M | $466.2M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $2.0B | $370.1M |
| 总资产 | $5.9B | $1.1B |
| 负债/权益比越低杠杆越低 | 1.63× | — |
8季度趋势，按日历期对齐
现金及短期投资AMAPLS
| Q1 26 | $180.4M | — | ||
| Q4 25 | $180.4M | $466.2M | ||
| Q3 25 | — | $479.2M | ||
| Q2 25 | — | $370.0M | ||
| Q1 25 | — | $358.4M | ||
| Q4 24 | — | $411.3M | ||
| Q3 24 | — | $396.9M | ||
| Q2 24 | — | $360.1M |
总债务AMAPLS
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.1B | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $3.2B | — |
股东权益AMAPLS
| Q1 26 | $2.0B | — | ||
| Q4 25 | $2.0B | $370.1M | ||
| Q3 25 | $2.1B | $401.2M | ||
| Q2 25 | $2.1B | $156.3M | ||
| Q1 25 | $2.1B | $164.2M | ||
| Q4 24 | $2.1B | $228.5M | ||
| Q3 24 | $2.1B | $237.1M | ||
| Q2 24 | $2.1B | $264.3M |
总资产AMAPLS
| Q1 26 | $5.9B | — | ||
| Q4 25 | $5.9B | $1.1B | ||
| Q3 25 | $5.7B | $1.1B | ||
| Q2 25 | $5.7B | $821.4M | ||
| Q1 25 | $5.8B | $807.3M | ||
| Q4 24 | $5.8B | $885.1M | ||
| Q3 24 | $5.8B | $901.9M | ||
| Q2 24 | $5.8B | $904.5M |
负债/权益比AMAPLS
| Q1 26 | 1.63× | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.45× | — | ||
| Q1 25 | 1.49× | — | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 1.50× | — |
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 | $198.9M | $-14.2M |
| 自由现金流经营现金流 - 资本支出 | $186.9M | $-14.3M |
| 自由现金流率自由现金流/营收 | 64.2% | -7.1% |
| 资本支出强度资本支出/营收 | 11.1% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.65× | — |
| 过去12个月自由现金流最近4个季度 | — | $45.0M |
8季度趋势，按日历期对齐
经营现金流AMAPLS
| Q1 26 | $198.9M | — | ||
| Q4 25 | $255.5M | $-14.2M | ||
| Q3 25 | $212.8M | $108.5M | ||
| Q2 25 | $265.2M | $4.4M | ||
| Q1 25 | $198.9M | $-53.4M | ||
| Q4 24 | $232.7M | $19.4M | ||
| Q3 24 | $184.9M | $34.1M | ||
| Q2 24 | $215.8M | $-8.3M |
自由现金流AMAPLS
| Q1 26 | $186.9M | — | ||
| Q4 25 | — | $-14.3M | ||
| Q3 25 | — | $108.3M | ||
| Q2 25 | — | $4.4M | ||
| Q1 25 | — | $-53.4M | ||
| Q4 24 | — | $19.3M | ||
| Q3 24 | $184.3M | — | ||
| Q2 24 | $147.2M | $-8.4M |
自由现金流率AMAPLS
| Q1 26 | 64.2% | — | ||
| Q4 25 | — | -7.1% | ||
| Q3 25 | — | 23.6% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | -32.0% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | 68.3% | — | ||
| Q2 24 | 54.6% | -4.2% |
资本支出强度AMAPLS
| Q1 26 | 11.1% | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | 0.0% | 0.0% | ||
| Q3 24 | 0.2% | 0.0% | ||
| Q2 24 | 25.4% | 0.0% |
现金转化率AMAPLS
| Q1 26 | 1.65× | — | ||
| Q4 25 | 4.92× | — | ||
| Q3 25 | 1.84× | 0.50× | ||
| Q2 25 | 2.13× | — | ||
| Q1 25 | 1.65× | — | ||
| Q4 24 | 2.09× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 2.51× | — |
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
AM
| Gathering and compression–Antero Resources | $238.0M | 82% |
| Other | $52.3M | 18% |
| Water handling–third party | $505.0K | 0% |
| Gathering and compression–third party | $295.0K | 0% |
APLS
| Syfovre | $155.2M | 78% |
| Empaveli Pegcetacoplan | $35.1M | 18% |
| Licensing And Other Revenue | $9.6M | 5% |
