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Apellis Pharmaceuticals, Inc.（APLS）与亚什兰（ASH）财务数据对比。点击上方公司名可切换其他公司
亚什兰的季度营收约是Apellis Pharmaceuticals, Inc.的1.9倍（$386.0M vs $199.9M），亚什兰净利率更高（-3.1% vs -29.5%，领先26.4%），亚什兰同比增速更快（-4.7% vs -5.9%），亚什兰自由现金流更多（$111.0M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -18.1%）
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。
亚什兰是一家总部位于美国特拉华州威尔明顿的化工企业，1924年始创于肯塔基州亚什兰市，最初以炼油业务起家，1994年迁至现总部。公司拥有多个业务板块，覆盖化工中间体与溶剂、复合材料、工业特种化学品、个人及家居护理、制药、食品饮料以及农业相关领域，2017年之前曾是胜牌润滑油的主要生产商。
APLS vs ASH — 直观对比
营收规模更大
ASH
是对方的1.9倍
$199.9M
营收增速更快
ASH
高出1.2%
-5.9%
净利率更高
ASH
高出26.4%
-29.5%
自由现金流更多
ASH
多$125.3M
$-14.3M
两年增速更快
APLS
近两年复合增速
-18.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $386.0M |
| 净利润 | $-59.0M | $-12.0M |
| 毛利率 | — | 27.2% |
| 营业利润率 | -25.6% | -1.6% |
| 净利率 | -29.5% | -3.1% |
| 营收同比 | -5.9% | -4.7% |
| 净利润同比 | -62.2% | 92.7% |
| 每股收益（稀释后） | $-0.40 | $-0.26 |
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APLSASH
| Q4 25 | $199.9M | $386.0M | ||
| Q3 25 | $458.6M | $477.0M | ||
| Q2 25 | $178.5M | $463.0M | ||
| Q1 25 | $166.8M | $479.0M | ||
| Q4 24 | $212.5M | $405.0M | ||
| Q3 24 | $196.8M | $521.0M | ||
| Q2 24 | $199.7M | $544.0M | ||
| Q1 24 | $172.3M | $575.0M |
净利润APLSASH
| Q4 25 | $-59.0M | $-12.0M | ||
| Q3 25 | $215.7M | $31.0M | ||
| Q2 25 | $-42.2M | $-742.0M | ||
| Q1 25 | $-92.2M | $31.0M | ||
| Q4 24 | $-36.4M | $-165.0M | ||
| Q3 24 | $-57.4M | $17.0M | ||
| Q2 24 | $-37.7M | $6.0M | ||
| Q1 24 | $-66.4M | $120.0M |
毛利率APLSASH
| Q4 25 | — | 27.2% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 28.5% | ||
| Q1 25 | — | 30.7% | ||
| Q4 24 | — | 27.4% | ||
| Q3 24 | — | 33.2% | ||
| Q2 24 | — | 34.2% | ||
| Q1 24 | — | 28.0% |
营业利润率APLSASH
| Q4 25 | -25.6% | -1.6% | ||
| Q3 25 | 48.7% | 12.8% | ||
| Q2 25 | -18.6% | -152.9% | ||
| Q1 25 | -50.0% | 10.6% | ||
| Q4 24 | -12.3% | -44.2% | ||
| Q3 24 | -24.0% | 6.1% | ||
| Q2 24 | -14.7% | -11.2% | ||
| Q1 24 | -36.0% | 3.7% |
净利率APLSASH
| Q4 25 | -29.5% | -3.1% | ||
| Q3 25 | 47.0% | 6.5% | ||
| Q2 25 | -23.6% | -160.3% | ||
| Q1 25 | -55.3% | 6.5% | ||
| Q4 24 | -17.1% | -40.7% | ||
| Q3 24 | -29.2% | 3.3% | ||
| Q2 24 | -18.9% | 1.1% | ||
| Q1 24 | -38.5% | 20.9% |
每股收益（稀释后）APLSASH
| Q4 25 | $-0.40 | $-0.26 | ||
| Q3 25 | $1.67 | $0.83 | ||
| Q2 25 | $-0.33 | $-16.21 | ||
| Q1 25 | $-0.74 | $0.65 | ||
| Q4 24 | $-0.30 | $-3.50 | ||
| Q3 24 | $-0.46 | $0.34 | ||
| Q2 24 | $-0.30 | $0.12 | ||
| Q1 24 | $-0.54 | $2.39 |
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 | $304.0M |
| 总债务越低越好 | — | $1.4B |
| 股东权益账面价值 | $370.1M | $1.9B |
| 总资产 | $1.1B | $4.5B |
| 负债/权益比越低杠杆越低 | — | 0.74× |
8季度趋势，按日历期对齐
现金及短期投资APLSASH
| Q4 25 | $466.2M | $304.0M | ||
| Q3 25 | $479.2M | $215.0M | ||
| Q2 25 | $370.0M | $207.0M | ||
| Q1 25 | $358.4M | $168.0M | ||
| Q4 24 | $411.3M | $219.0M | ||
| Q3 24 | $396.9M | $300.0M | ||
| Q2 24 | $360.1M | $399.0M | ||
| Q1 24 | $325.9M | $439.0M |
总债务APLSASH
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | $93.1M | $1.3B |
股东权益APLSASH
| Q4 25 | $370.1M | $1.9B | ||
| Q3 25 | $401.2M | $1.9B | ||
| Q2 25 | $156.3M | $1.9B | ||
| Q1 25 | $164.2M | $2.6B | ||
| Q4 24 | $228.5M | $2.6B | ||
| Q3 24 | $237.1M | $2.9B | ||
| Q2 24 | $264.3M | $3.0B | ||
| Q1 24 | $266.7M | $3.1B |
总资产APLSASH
| Q4 25 | $1.1B | $4.5B | ||
| Q3 25 | $1.1B | $4.6B | ||
| Q2 25 | $821.4M | $4.6B | ||
| Q1 25 | $807.3M | $5.2B | ||
| Q4 24 | $885.1M | $5.2B | ||
| Q3 24 | $901.9M | $5.6B | ||
| Q2 24 | $904.5M | $5.7B | ||
| Q1 24 | $831.9M | $5.9B |
负债/权益比APLSASH
| Q4 25 | — | 0.74× | ||
| Q3 25 | — | 0.73× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.52× | ||
| Q4 24 | — | 0.51× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.45× | ||
| Q1 24 | 0.35× | 0.42× |
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 | $125.0M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $111.0M |
| 自由现金流率自由现金流/营收 | -7.1% | 28.8% |
| 资本支出强度资本支出/营收 | 0.1% | 3.6% |
| 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 | $200.0M |
8季度趋势，按日历期对齐
经营现金流APLSASH
| Q4 25 | $-14.2M | $125.0M | ||
| Q3 25 | $108.5M | $40.0M | ||
| Q2 25 | $4.4M | $115.0M | ||
| Q1 25 | $-53.4M | $9.0M | ||
| Q4 24 | $19.4M | $-30.0M | ||
| Q3 24 | $34.1M | $80.0M | ||
| Q2 24 | $-8.3M | $127.0M | ||
| Q1 24 | $-133.0M | $54.0M |
自由现金流APLSASH
| Q4 25 | $-14.3M | $111.0M | ||
| Q3 25 | $108.3M | $6.0M | ||
| Q2 25 | $4.4M | $95.0M | ||
| Q1 25 | $-53.4M | $-12.0M | ||
| Q4 24 | $19.3M | $-53.0M | ||
| Q3 24 | — | $42.0M | ||
| Q2 24 | $-8.4M | $98.0M | ||
| Q1 24 | $-133.3M | $20.0M |
自由现金流率APLSASH
| Q4 25 | -7.1% | 28.8% | ||
| Q3 25 | 23.6% | 1.3% | ||
| Q2 25 | 2.5% | 20.5% | ||
| Q1 25 | -32.0% | -2.5% | ||
| Q4 24 | 9.1% | -13.1% | ||
| Q3 24 | — | 8.1% | ||
| Q2 24 | -4.2% | 18.0% | ||
| Q1 24 | -77.3% | 3.5% |
资本支出强度APLSASH
| Q4 25 | 0.1% | 3.6% | ||
| Q3 25 | 0.0% | 7.1% | ||
| Q2 25 | 0.0% | 4.3% | ||
| Q1 25 | 0.0% | 4.4% | ||
| Q4 24 | 0.0% | 5.7% | ||
| Q3 24 | 0.0% | 7.3% | ||
| Q2 24 | 0.0% | 5.3% | ||
| Q1 24 | 0.2% | 5.9% |
现金转化率APLSASH
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | 1.29× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 4.71× | ||
| Q2 24 | — | 21.17× | ||
| Q1 24 | — | 0.45× |
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% |
ASH
| Personal Care And Household | $123.0M | 32% |
| Other | $120.0M | 31% |
| Specialty Additives | $36.0M | 9% |
| Intermediates And Solvents | $31.0M | 8% |
| Personal Care | $30.0M | 8% |
| Life Sciences | $27.0M | 7% |
| Intermediates | $19.0M | 5% |
