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Apellis Pharmaceuticals, Inc.（APLS）与AVIAT NETWORKS, INC.（AVNW）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AVIAT NETWORKS, INC.的1.8倍（$199.9M vs $111.5M），AVIAT NETWORKS, INC.净利率更高（5.1% vs -29.5%，领先34.6%），AVIAT NETWORKS, INC.同比增速更快（-5.7% vs -5.9%），AVIAT NETWORKS, INC.自由现金流更多（$22.5M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 0.3%）
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。
Aviat Networks是全球领先的微波传输与回传解决方案供应商，为公共及私营通信运营商提供通信基础设施支撑，同时也面向企业客户提供相关产品与服务，助力客户构建稳定高效的通信网络。
APLS vs AVNW — 直观对比
营收规模更大
APLS
是对方的1.8倍
$111.5M
营收增速更快
AVNW
高出0.2%
-5.9%
净利率更高
AVNW
高出34.6%
-29.5%
自由现金流更多
AVNW
多$36.8M
$-14.3M
两年增速更快
APLS
近两年复合增速
0.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $111.5M |
| 净利润 | $-59.0M | $5.7M |
| 毛利率 | — | 32.4% |
| 营业利润率 | -25.6% | 6.5% |
| 净利率 | -29.5% | 5.1% |
| 营收同比 | -5.9% | -5.7% |
| 净利润同比 | -62.2% | 27.2% |
| 每股收益（稀释后） | $-0.40 | $0.44 |
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APLSAVNW
| Q4 25 | $199.9M | $111.5M | ||
| Q3 25 | $458.6M | $107.3M | ||
| Q2 25 | $178.5M | $115.3M | ||
| Q1 25 | $166.8M | $112.6M | ||
| Q4 24 | $212.5M | $118.2M | ||
| Q3 24 | $196.8M | $88.4M | ||
| Q2 24 | $199.7M | $116.7M | ||
| Q1 24 | $172.3M | $110.8M |
净利润APLSAVNW
| Q4 25 | $-59.0M | $5.7M | ||
| Q3 25 | $215.7M | $162.0K | ||
| Q2 25 | $-42.2M | $5.2M | ||
| Q1 25 | $-92.2M | $3.5M | ||
| Q4 24 | $-36.4M | $4.5M | ||
| Q3 24 | $-57.4M | $-11.9M | ||
| Q2 24 | $-37.7M | $1.5M | ||
| Q1 24 | $-66.4M | $3.9M |
毛利率APLSAVNW
| Q4 25 | — | 32.4% | ||
| Q3 25 | — | 33.2% | ||
| Q2 25 | — | 34.2% | ||
| Q1 25 | — | 34.9% | ||
| Q4 24 | — | 34.6% | ||
| Q3 24 | — | 22.4% | ||
| Q2 24 | — | 35.3% | ||
| Q1 24 | — | 32.5% |
营业利润率APLSAVNW
| Q4 25 | -25.6% | 6.5% | ||
| Q3 25 | 48.7% | 4.8% | ||
| Q2 25 | -18.6% | 7.7% | ||
| Q1 25 | -50.0% | 8.3% | ||
| Q4 24 | -12.3% | 6.7% | ||
| Q3 24 | -24.0% | -17.6% | ||
| Q2 24 | -14.7% | 4.7% | ||
| Q1 24 | -36.0% | 5.1% |
净利率APLSAVNW
| Q4 25 | -29.5% | 5.1% | ||
| Q3 25 | 47.0% | 0.2% | ||
| Q2 25 | -23.6% | 4.5% | ||
| Q1 25 | -55.3% | 3.1% | ||
| Q4 24 | -17.1% | 3.8% | ||
| Q3 24 | -29.2% | -13.4% | ||
| Q2 24 | -18.9% | 1.3% | ||
| Q1 24 | -38.5% | 3.5% |
每股收益（稀释后）APLSAVNW
| Q4 25 | $-0.40 | $0.44 | ||
| Q3 25 | $1.67 | $0.01 | ||
| Q2 25 | $-0.33 | $0.42 | ||
| Q1 25 | $-0.74 | $0.27 | ||
| Q4 24 | $-0.30 | $0.35 | ||
| Q3 24 | $-0.46 | $-0.94 | ||
| Q2 24 | $-0.30 | $0.11 | ||
| Q1 24 | $-0.54 | $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 | $466.2M | $86.5M |
| 总债务越低越好 | — | $105.4M |
| 股东权益账面价值 | $370.1M | $271.6M |
| 总资产 | $1.1B | $659.4M |
| 负债/权益比越低杠杆越低 | — | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资APLSAVNW
| Q4 25 | $466.2M | $86.5M | ||
| Q3 25 | $479.2M | $64.8M | ||
| Q2 25 | $370.0M | $59.7M | ||
| Q1 25 | $358.4M | $49.4M | ||
| Q4 24 | $411.3M | $52.6M | ||
| Q3 24 | $396.9M | $51.0M | ||
| Q2 24 | $360.1M | $64.6M | ||
| Q1 24 | $325.9M | $59.2M |
总债务APLSAVNW
| Q4 25 | — | $105.4M | ||
| Q3 25 | — | $106.5M | ||
| Q2 25 | — | $87.6M | ||
| Q1 25 | — | $73.9M | ||
| Q4 24 | — | $74.9M | ||
| Q3 24 | — | $83.4M | ||
| Q2 24 | — | $48.4M | ||
| Q1 24 | $93.1M | $48.9M |
股东权益APLSAVNW
| Q4 25 | $370.1M | $271.6M | ||
| Q3 25 | $401.2M | $263.6M | ||
| Q2 25 | $156.3M | $263.2M | ||
| Q1 25 | $164.2M | $256.1M | ||
| Q4 24 | $228.5M | $249.6M | ||
| Q3 24 | $237.1M | $247.1M | ||
| Q2 24 | $264.3M | $255.9M | ||
| Q1 24 | $266.7M | $256.0M |
总资产APLSAVNW
| Q4 25 | $1.1B | $659.4M | ||
| Q3 25 | $1.1B | $643.3M | ||
| Q2 25 | $821.4M | $633.3M | ||
| Q1 25 | $807.3M | $628.3M | ||
| Q4 24 | $885.1M | $594.1M | ||
| Q3 24 | $901.9M | $590.9M | ||
| Q2 24 | $904.5M | $535.2M | ||
| Q1 24 | $831.9M | $490.3M |
负债/权益比APLSAVNW
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.40× | ||
| Q2 25 | — | 0.33× | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | — | 0.30× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.19× | ||
| Q1 24 | 0.35× | 0.19× |
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 | $23.9M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $22.5M |
| 自由现金流率自由现金流/营收 | -7.1% | 20.2% |
| 资本支出强度资本支出/营收 | 0.1% | 1.3% |
| 现金转化率经营现金流/净利润 | — | 4.18× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $16.1M |
8季度趋势，按日历期对齐
经营现金流APLSAVNW
| Q4 25 | $-14.2M | $23.9M | ||
| Q3 25 | $108.5M | $-11.7M | ||
| Q2 25 | $4.4M | $10.5M | ||
| Q1 25 | $-53.4M | $1.6M | ||
| Q4 24 | $19.4M | $20.8M | ||
| Q3 24 | $34.1M | $-27.2M | ||
| Q2 24 | $-8.3M | $8.3M | ||
| Q1 24 | $-133.0M | $15.3M |
自由现金流APLSAVNW
| Q4 25 | $-14.3M | $22.5M | ||
| Q3 25 | $108.3M | $-13.5M | ||
| Q2 25 | $4.4M | $8.2M | ||
| Q1 25 | $-53.4M | $-1.2M | ||
| Q4 24 | $19.3M | $18.3M | ||
| Q3 24 | — | $-32.6M | ||
| Q2 24 | $-8.4M | $7.5M | ||
| Q1 24 | $-133.3M | $14.8M |
自由现金流率APLSAVNW
| Q4 25 | -7.1% | 20.2% | ||
| Q3 25 | 23.6% | -12.6% | ||
| Q2 25 | 2.5% | 7.1% | ||
| Q1 25 | -32.0% | -1.0% | ||
| Q4 24 | 9.1% | 15.5% | ||
| Q3 24 | — | -36.8% | ||
| Q2 24 | -4.2% | 6.4% | ||
| Q1 24 | -77.3% | 13.4% |
资本支出强度APLSAVNW
| Q4 25 | 0.1% | 1.3% | ||
| Q3 25 | 0.0% | 1.6% | ||
| Q2 25 | 0.0% | 2.0% | ||
| Q1 25 | 0.0% | 2.5% | ||
| Q4 24 | 0.0% | 2.1% | ||
| Q3 24 | 0.0% | 6.1% | ||
| Q2 24 | 0.0% | 0.7% | ||
| Q1 24 | 0.2% | 0.4% |
现金转化率APLSAVNW
| Q4 25 | — | 4.18× | ||
| Q3 25 | 0.50× | -72.48× | ||
| Q2 25 | — | 2.02× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 4.62× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.37× | ||
| Q1 24 | — | 3.96× |
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% |
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
