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Applied Digital Corp.（APLD）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
Apellis Pharmaceuticals, Inc.的季度营收约是Applied Digital Corp.的1.6倍（$199.9M vs $126.6M），Applied Digital Corp.净利率更高（-11.4% vs -29.5%，领先18.1%），Applied Digital Corp.同比增速更快（98.2% vs -5.9%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-567.9M），过去两年Applied Digital Corp.的营收复合增速更高（70.9% vs 7.7%）
BAE系统旗下的国际防务与安全技术企业，专注于提供数字化解决方案，支持客户快速开展数据驱动决策，服务覆盖执法机构、国家安全部门、政府单位、关键基础设施运营商、电信企业、军方及航天领域。
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。
APLD vs APLS — 直观对比
营收规模更大
APLS
是对方的1.6倍
$126.6M
营收增速更快
APLD
高出104.1%
-5.9%
净利率更高
APLD
高出18.1%
-29.5%
自由现金流更多
APLS
多$553.6M
$-567.9M
两年增速更快
APLD
近两年复合增速
7.7%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $126.6M | $199.9M |
| 净利润 | $-14.4M | $-59.0M |
| 毛利率 | 20.6% | — |
| 营业利润率 | -24.5% | -25.6% |
| 净利率 | -11.4% | -29.5% |
| 营收同比 | 98.2% | -5.9% |
| 净利润同比 | 89.6% | -62.2% |
| 每股收益（稀释后） | $-0.07 | $-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APLDAPLS
| Q4 25 | $126.6M | $199.9M | ||
| Q3 25 | $64.2M | $458.6M | ||
| Q2 25 | $-33.3M | $178.5M | ||
| Q1 25 | $52.9M | $166.8M | ||
| Q4 24 | $63.9M | $212.5M | ||
| Q3 24 | $60.7M | $196.8M | ||
| Q2 24 | $43.7M | $199.7M | ||
| Q1 24 | $43.3M | $172.3M |
净利润APLDAPLS
| Q4 25 | $-14.4M | $-59.0M | ||
| Q3 25 | $-16.9M | $215.7M | ||
| Q2 25 | $-52.5M | $-42.2M | ||
| Q1 25 | $-35.6M | $-92.2M | ||
| Q4 24 | $-138.7M | $-36.4M | ||
| Q3 24 | $-4.2M | $-57.4M | ||
| Q2 24 | $-64.5M | $-37.7M | ||
| Q1 24 | $-62.8M | $-66.4M |
毛利率APLDAPLS
| Q4 25 | 20.6% | — | ||
| Q3 25 | 13.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.1% | — | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | -0.6% | — | ||
| Q2 24 | -9.1% | — | ||
| Q1 24 | -8.6% | — |
营业利润率APLDAPLS
| Q4 25 | -24.5% | -25.6% | ||
| Q3 25 | -34.7% | 48.7% | ||
| Q2 25 | — | -18.6% | ||
| Q1 25 | -35.8% | -50.0% | ||
| Q4 24 | -29.1% | -12.3% | ||
| Q3 24 | 15.6% | -24.0% | ||
| Q2 24 | -68.4% | -14.7% | ||
| Q1 24 | -128.8% | -36.0% |
净利率APLDAPLS
| Q4 25 | -11.4% | -29.5% | ||
| Q3 25 | -26.4% | 47.0% | ||
| Q2 25 | 157.8% | -23.6% | ||
| Q1 25 | -67.2% | -55.3% | ||
| Q4 24 | -217.2% | -17.1% | ||
| Q3 24 | -7.0% | -29.2% | ||
| Q2 24 | -147.5% | -18.9% | ||
| Q1 24 | -145.0% | -38.5% |
每股收益（稀释后）APLDAPLS
| Q4 25 | $-0.07 | $-0.40 | ||
| Q3 25 | $-0.07 | $1.67 | ||
| Q2 25 | $-0.31 | $-0.33 | ||
| Q1 25 | $-0.16 | $-0.74 | ||
| Q4 24 | $-0.66 | $-0.30 | ||
| Q3 24 | $-0.03 | $-0.46 | ||
| Q2 24 | $-0.57 | $-0.30 | ||
| Q1 24 | $-0.52 | $-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 | $1.9B | $466.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $370.1M |
| 总资产 | $5.2B | $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APLDAPLS
| Q4 25 | $1.9B | $466.2M | ||
| Q3 25 | $73.9M | $479.2M | ||
| Q2 25 | $41.6M | $370.0M | ||
| Q1 25 | $68.7M | $358.4M | ||
| Q4 24 | $286.2M | $411.3M | ||
| Q3 24 | $58.2M | $396.9M | ||
| Q2 24 | $3.3M | $360.1M | ||
| Q1 24 | $4.4M | $325.9M |
总债务APLDAPLS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $93.1M |
股东权益APLDAPLS
| Q4 25 | $1.4B | $370.1M | ||
| Q3 25 | $1.0B | $401.2M | ||
| Q2 25 | $497.7M | $156.3M | ||
| Q1 25 | $454.6M | $164.2M | ||
| Q4 24 | $434.6M | $228.5M | ||
| Q3 24 | $241.8M | $237.1M | ||
| Q2 24 | $124.8M | $264.3M | ||
| Q1 24 | $118.5M | $266.7M |
总资产APLDAPLS
| Q4 25 | $5.2B | $1.1B | ||
| Q3 25 | $2.4B | $1.1B | ||
| Q2 25 | $1.9B | $821.4M | ||
| Q1 25 | $1.7B | $807.3M | ||
| Q4 24 | $1.5B | $885.1M | ||
| Q3 24 | $937.7M | $901.9M | ||
| Q2 24 | $762.9M | $904.5M | ||
| Q1 24 | $643.2M | $831.9M |
负债/权益比APLDAPLS
| 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 | $-15.8M | $-14.2M |
| 自由现金流经营现金流 - 资本支出 | $-567.9M | $-14.3M |
| 自由现金流率自由现金流/营收 | -448.6% | -7.1% |
| 资本支出强度资本支出/营收 | 436.1% | 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 | $-1.3B | $45.0M |
8季度趋势，按日历期对齐
经营现金流APLDAPLS
| Q4 25 | $-15.8M | $-14.2M | ||
| Q3 25 | $-82.0M | $108.5M | ||
| Q2 25 | $6.9M | $4.4M | ||
| Q1 25 | $5.9M | $-53.4M | ||
| Q4 24 | $-52.3M | $19.4M | ||
| Q3 24 | $-75.9M | $34.1M | ||
| Q2 24 | $-34.1M | $-8.3M | ||
| Q1 24 | $38.8M | $-133.0M |
自由现金流APLDAPLS
| Q4 25 | $-567.9M | $-14.3M | ||
| Q3 25 | $-331.4M | $108.3M | ||
| Q2 25 | $-191.4M | $4.4M | ||
| Q1 25 | $-251.6M | $-53.4M | ||
| Q4 24 | $-223.3M | $19.3M | ||
| Q3 24 | $-130.7M | — | ||
| Q2 24 | $-88.9M | $-8.4M | ||
| Q1 24 | $-2.3M | $-133.3M |
自由现金流率APLDAPLS
| Q4 25 | -448.6% | -7.1% | ||
| Q3 25 | -516.1% | 23.6% | ||
| Q2 25 | 574.8% | 2.5% | ||
| Q1 25 | -475.4% | -32.0% | ||
| Q4 24 | -349.6% | 9.1% | ||
| Q3 24 | -215.3% | — | ||
| Q2 24 | -203.5% | -4.2% | ||
| Q1 24 | -5.4% | -77.3% |
资本支出强度APLDAPLS
| Q4 25 | 436.1% | 0.1% | ||
| Q3 25 | 388.4% | 0.0% | ||
| Q2 25 | -595.4% | 0.0% | ||
| Q1 25 | 486.6% | 0.0% | ||
| Q4 24 | 267.8% | 0.0% | ||
| Q3 24 | 90.3% | 0.0% | ||
| Q2 24 | 125.4% | 0.0% | ||
| Q1 24 | 95.0% | 0.2% |
现金转化率APLDAPLS
| 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
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
APLS
| Syfovre | $155.2M | 78% |
| Empaveli Pegcetacoplan | $35.1M | 18% |
| Licensing And Other Revenue | $9.6M | 5% |
