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Apellis Pharmaceuticals, Inc.（APLS）与ASSOCIATED BANC-CORP（ASB）财务数据对比。点击上方公司名可切换其他公司
ASSOCIATED BANC-CORP的季度营收约是Apellis Pharmaceuticals, Inc.的1.9倍（$383.0M vs $199.9M），ASSOCIATED BANC-CORP净利率更高（31.2% vs -29.5%，领先60.7%），过去两年ASSOCIATED BANC-CORP的营收复合增速更高（9.1% 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。
联合银行集团（Associated Banc-Corp）是美国区域性银行控股公司，总部位于威斯康星州格林贝，深耕美国中西部地区，主营零售银行、商业银行、商业地产贷款、私人银行及特色金融服务，在威斯康星州、伊利诺伊州、明尼苏达州设有220多个营业网点，覆盖100多个社区，还在印第安纳、密歇根等多州设有贷款办事处。
APLS vs ASB — 直观对比
营收规模更大
ASB
是对方的1.9倍
$199.9M
净利率更高
ASB
高出60.7%
-29.5%
两年增速更快
ASB
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $383.0M |
| 净利润 | $-59.0M | $119.6M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | — |
| 净利率 | -29.5% | 31.2% |
| 营收同比 | -5.9% | — |
| 净利润同比 | -62.2% | 566.6% |
| 每股收益（稀释后） | $-0.40 | $0.70 |
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APLSASB
| Q1 26 | — | $383.0M | ||
| Q4 25 | $199.9M | $310.0M | ||
| Q3 25 | $458.6M | $305.2M | ||
| Q2 25 | $178.5M | $300.0M | ||
| Q1 25 | $166.8M | $285.9M | ||
| Q4 24 | $212.5M | $270.3M | ||
| Q3 24 | $196.8M | $329.7M | ||
| Q2 24 | $199.7M | $321.8M |
净利润APLSASB
| Q1 26 | — | $119.6M | ||
| Q4 25 | $-59.0M | $137.1M | ||
| Q3 25 | $215.7M | $124.7M | ||
| Q2 25 | $-42.2M | $111.2M | ||
| Q1 25 | $-92.2M | $101.7M | ||
| Q4 24 | $-36.4M | $-161.6M | ||
| Q3 24 | $-57.4M | $88.0M | ||
| Q2 24 | $-37.7M | $115.6M |
营业利润率APLSASB
| Q1 26 | — | — | ||
| Q4 25 | -25.6% | 52.6% | ||
| Q3 25 | 48.7% | 50.5% | ||
| Q2 25 | -18.6% | 46.5% | ||
| Q1 25 | -50.0% | 42.3% | ||
| Q4 24 | -12.3% | -65.8% | ||
| Q3 24 | -24.0% | 32.8% | ||
| Q2 24 | -14.7% | 32.0% |
净利率APLSASB
| Q1 26 | — | 31.2% | ||
| Q4 25 | -29.5% | 44.2% | ||
| Q3 25 | 47.0% | 40.9% | ||
| Q2 25 | -23.6% | 37.1% | ||
| Q1 25 | -55.3% | 35.6% | ||
| Q4 24 | -17.1% | -59.8% | ||
| Q3 24 | -29.2% | 26.7% | ||
| Q2 24 | -18.9% | 35.9% |
每股收益（稀释后）APLSASB
| Q1 26 | — | $0.70 | ||
| Q4 25 | $-0.40 | $0.80 | ||
| Q3 25 | $1.67 | $0.73 | ||
| Q2 25 | $-0.33 | $0.65 | ||
| Q1 25 | $-0.74 | $0.59 | ||
| Q4 24 | $-0.30 | $-1.10 | ||
| Q3 24 | $-0.46 | $0.56 | ||
| Q2 24 | $-0.30 | $0.74 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $5.0B |
| 总资产 | $1.1B | $45.6B |
| 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APLSASB
| Q1 26 | — | — | ||
| Q4 25 | $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APLSASB
| Q1 26 | — | — | ||
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $594.1M | ||
| Q2 25 | — | $593.5M | ||
| Q1 25 | — | $591.4M | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $844.3M | ||
| Q2 24 | — | $536.1M |
股东权益APLSASB
| Q1 26 | — | $5.0B | ||
| Q4 25 | $370.1M | $5.0B | ||
| Q3 25 | $401.2M | $4.9B | ||
| Q2 25 | $156.3M | $4.8B | ||
| Q1 25 | $164.2M | $4.7B | ||
| Q4 24 | $228.5M | $4.6B | ||
| Q3 24 | $237.1M | $4.4B | ||
| Q2 24 | $264.3M | $4.2B |
总资产APLSASB
| Q1 26 | — | $45.6B | ||
| Q4 25 | $1.1B | $45.2B | ||
| Q3 25 | $1.1B | $44.5B | ||
| Q2 25 | $821.4M | $44.0B | ||
| Q1 25 | $807.3M | $43.3B | ||
| Q4 24 | $885.1M | $43.0B | ||
| Q3 24 | $901.9M | $42.2B | ||
| Q2 24 | $904.5M | $41.6B |
负债/权益比APLSASB
| Q1 26 | — | — | ||
| Q4 25 | — | 0.20× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.31× | ||
| Q3 24 | — | 0.19× | ||
| Q2 24 | — | 0.13× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | — |
| 自由现金流率自由现金流/营收 | -7.1% | — |
| 资本支出强度资本支出/营收 | 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 | $45.0M | — |
8季度趋势，按日历期对齐
经营现金流APLSASB
| Q1 26 | — | — | ||
| Q4 25 | $-14.2M | $218.1M | ||
| Q3 25 | $108.5M | $158.0M | ||
| Q2 25 | $4.4M | $141.5M | ||
| Q1 25 | $-53.4M | $98.2M | ||
| Q4 24 | $19.4M | $207.1M | ||
| Q3 24 | $34.1M | $105.1M | ||
| Q2 24 | $-8.3M | $113.5M |
自由现金流APLSASB
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | — | ||
| Q3 25 | $108.3M | — | ||
| Q2 25 | $4.4M | — | ||
| Q1 25 | $-53.4M | — | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-8.4M | — |
自由现金流率APLSASB
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | — | ||
| Q3 25 | 23.6% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | -32.0% | — | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.2% | — |
资本支出强度APLSASB
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — |
现金转化率APLSASB
| Q1 26 | — | — | ||
| Q4 25 | — | 1.59× | ||
| Q3 25 | 0.50× | 1.27× | ||
| Q2 25 | — | 1.27× | ||
| Q1 25 | — | 0.97× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.19× | ||
| Q2 24 | — | 0.98× |
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% |
ASB
| Net Interest Income | $307.2M | 80% |
| Noninterest Income | $75.9M | 20% |
