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Apellis Pharmaceuticals, Inc.（APLS）与Arhaus, Inc.（ARHS）财务数据对比。点击上方公司名可切换其他公司
Arhaus, Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.8倍（$364.8M vs $199.9M），Arhaus, Inc.净利率更高（4.1% vs -29.5%，领先33.6%），Arhaus, Inc.同比增速更快（5.1% vs -5.9%），Arhaus, Inc.自由现金流更多（$-8.8M vs $-14.3M），过去两年Arhaus, Inc.的营收复合增速更高（11.2% vs 7.7%）
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。
Arhaus, Inc.是源自美国的高端家居零售企业，总部位于俄亥俄州波士顿高地，1986年正式创立。品牌主打可持续理念与工匠级品质，产品品类丰富，采用全渠道模式面向个人消费者及企业客户，覆盖民用与商用家居场景，提供相关产品与配套服务。
APLS vs ARHS — 直观对比
营收规模更大
ARHS
是对方的1.8倍
$199.9M
营收增速更快
ARHS
高出11.1%
-5.9%
净利率更高
ARHS
高出33.6%
-29.5%
自由现金流更多
ARHS
多$5.5M
$-14.3M
两年增速更快
ARHS
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $364.8M |
| 净利润 | $-59.0M | $15.1M |
| 毛利率 | — | 38.1% |
| 营业利润率 | -25.6% | 5.6% |
| 净利率 | -29.5% | 4.1% |
| 营收同比 | -5.9% | 5.1% |
| 净利润同比 | -62.2% | -29.1% |
| 每股收益（稀释后） | $-0.40 | $0.11 |
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APLSARHS
| Q4 25 | $199.9M | $364.8M | ||
| Q3 25 | $458.6M | $344.6M | ||
| Q2 25 | $178.5M | $358.4M | ||
| Q1 25 | $166.8M | $311.4M | ||
| Q4 24 | $212.5M | $347.0M | ||
| Q3 24 | $196.8M | $319.1M | ||
| Q2 24 | $199.7M | $309.8M | ||
| Q1 24 | $172.3M | $295.2M |
净利润APLSARHS
| Q4 25 | $-59.0M | $15.1M | ||
| Q3 25 | $215.7M | $12.2M | ||
| Q2 25 | $-42.2M | $35.1M | ||
| Q1 25 | $-92.2M | $4.9M | ||
| Q4 24 | $-36.4M | $21.3M | ||
| Q3 24 | $-57.4M | $9.9M | ||
| Q2 24 | $-37.7M | $22.2M | ||
| Q1 24 | $-66.4M | $15.1M |
毛利率APLSARHS
| Q4 25 | — | 38.1% | ||
| Q3 25 | — | 38.7% | ||
| Q2 25 | — | 41.4% | ||
| Q1 25 | — | 37.1% | ||
| Q4 24 | — | 40.0% | ||
| Q3 24 | — | 38.6% | ||
| Q2 24 | — | 40.1% | ||
| Q1 24 | — | 39.0% |
营业利润率APLSARHS
| Q4 25 | -25.6% | 5.6% | ||
| Q3 25 | 48.7% | 4.8% | ||
| Q2 25 | -18.6% | 13.0% | ||
| Q1 25 | -50.0% | 1.7% | ||
| Q4 24 | -12.3% | 8.2% | ||
| Q3 24 | -24.0% | 3.3% | ||
| Q2 24 | -14.7% | 9.5% | ||
| Q1 24 | -36.0% | 6.2% |
净利率APLSARHS
| Q4 25 | -29.5% | 4.1% | ||
| Q3 25 | 47.0% | 3.5% | ||
| Q2 25 | -23.6% | 9.8% | ||
| Q1 25 | -55.3% | 1.6% | ||
| Q4 24 | -17.1% | 6.1% | ||
| Q3 24 | -29.2% | 3.1% | ||
| Q2 24 | -18.9% | 7.2% | ||
| Q1 24 | -38.5% | 5.1% |
每股收益（稀释后）APLSARHS
| Q4 25 | $-0.40 | $0.11 | ||
| Q3 25 | $1.67 | $0.09 | ||
| Q2 25 | $-0.33 | $0.25 | ||
| Q1 25 | $-0.74 | $0.03 | ||
| Q4 24 | $-0.30 | $0.15 | ||
| Q3 24 | $-0.46 | $0.07 | ||
| Q2 24 | $-0.30 | $0.16 | ||
| Q1 24 | $-0.54 | $0.11 |
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 | $466.2M | $253.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $418.2M |
| 总资产 | $1.1B | $1.4B |
| 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APLSARHS
| Q4 25 | $466.2M | $253.4M | ||
| Q3 25 | $479.2M | $262.2M | ||
| Q2 25 | $370.0M | $234.8M | ||
| Q1 25 | $358.4M | $214.4M | ||
| Q4 24 | $411.3M | $197.5M | ||
| Q3 24 | $396.9M | $177.7M | ||
| Q2 24 | $360.1M | $174.2M | ||
| Q1 24 | $325.9M | $233.2M |
总债务APLSARHS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSARHS
| Q4 25 | $370.1M | $418.2M | ||
| Q3 25 | $401.2M | $400.4M | ||
| Q2 25 | $156.3M | $385.6M | ||
| Q1 25 | $164.2M | $348.8M | ||
| Q4 24 | $228.5M | $343.7M | ||
| Q3 24 | $237.1M | $320.6M | ||
| Q2 24 | $264.3M | $309.3M | ||
| Q1 24 | $266.7M | $285.6M |
总资产APLSARHS
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $821.4M | $1.3B | ||
| Q1 25 | $807.3M | $1.3B | ||
| Q4 24 | $885.1M | $1.2B | ||
| Q3 24 | $901.9M | $1.2B | ||
| Q2 24 | $904.5M | $1.2B | ||
| Q1 24 | $831.9M | $1.2B |
负债/权益比APLSARHS
| 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 | $-14.2M | $9.3M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-8.8M |
| 自由现金流率自由现金流/营收 | -7.1% | -2.4% |
| 资本支出强度资本支出/营收 | 0.1% | 5.0% |
| 现金转化率经营现金流/净利润 | — | 0.62× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $59.0M |
8季度趋势，按日历期对齐
经营现金流APLSARHS
| Q4 25 | $-14.2M | $9.3M | ||
| Q3 25 | $108.5M | $46.1M | ||
| Q2 25 | $4.4M | $34.9M | ||
| Q1 25 | $-53.4M | $46.5M | ||
| Q4 24 | $19.4M | $31.7M | ||
| Q3 24 | $34.1M | $31.1M | ||
| Q2 24 | $-8.3M | $47.5M | ||
| Q1 24 | $-133.0M | $36.8M |
自由现金流APLSARHS
| Q4 25 | $-14.3M | $-8.8M | ||
| Q3 25 | $108.3M | $28.0M | ||
| Q2 25 | $4.4M | $20.9M | ||
| Q1 25 | $-53.4M | $18.9M | ||
| Q4 24 | $19.3M | $13.0M | ||
| Q3 24 | — | $4.6M | ||
| Q2 24 | $-8.4M | $11.3M | ||
| Q1 24 | $-133.3M | $10.9M |
自由现金流率APLSARHS
| Q4 25 | -7.1% | -2.4% | ||
| Q3 25 | 23.6% | 8.1% | ||
| Q2 25 | 2.5% | 5.8% | ||
| Q1 25 | -32.0% | 6.1% | ||
| Q4 24 | 9.1% | 3.7% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | -4.2% | 3.6% | ||
| Q1 24 | -77.3% | 3.7% |
资本支出强度APLSARHS
| Q4 25 | 0.1% | 5.0% | ||
| Q3 25 | 0.0% | 5.3% | ||
| Q2 25 | 0.0% | 3.9% | ||
| Q1 25 | 0.0% | 8.9% | ||
| Q4 24 | 0.0% | 5.4% | ||
| Q3 24 | 0.0% | 8.3% | ||
| Q2 24 | 0.0% | 11.7% | ||
| Q1 24 | 0.2% | 8.8% |
现金转化率APLSARHS
| Q4 25 | — | 0.62× | ||
| Q3 25 | 0.50× | 3.77× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 9.53× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | 3.14× | ||
| Q2 24 | — | 2.14× | ||
| Q1 24 | — | 2.44× |
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
APLS
| Syfovre | $155.2M | 78% |
| Empaveli Pegcetacoplan | $35.1M | 18% |
| Licensing And Other Revenue | $9.6M | 5% |
ARHS
| Sales Channel Retail | $305.7M | 84% |
| Sales Channel E Commerce | $59.2M | 16% |
