vs
Apellis Pharmaceuticals, Inc.（APLS）与AMERICAN STATES WATER CO（AWR）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AMERICAN STATES WATER CO的1.2倍（$199.9M vs $164.3M），AMERICAN STATES WATER CO净利率更高（17.5% vs -29.5%，领先47.0%），AMERICAN STATES WATER CO同比增速更快（14.8% vs -5.9%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-36.0M），过去两年AMERICAN STATES WATER CO的营收复合增速更高（10.2% 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。
美国州水公司是美国的上市公用事业企业，通过旗下子公司在全美范围内提供自来水供应及污水处理相关服务，服务覆盖居民、商业及公共机构等多元客户群体，是当地水务服务领域的重要参与企业。
APLS vs AWR — 直观对比
营收规模更大
APLS
是对方的1.2倍
$164.3M
营收增速更快
AWR
高出20.7%
-5.9%
净利率更高
AWR
高出47.0%
-29.5%
自由现金流更多
APLS
多$21.7M
$-36.0M
两年增速更快
AWR
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $164.3M |
| 净利润 | $-59.0M | $28.7M |
| 毛利率 | — | 88.9% |
| 营业利润率 | -25.6% | 27.4% |
| 净利率 | -29.5% | 17.5% |
| 营收同比 | -5.9% | 14.8% |
| 净利润同比 | -62.2% | 1.1% |
| 每股收益（稀释后） | $-0.40 | $0.74 |
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APLSAWR
| Q4 25 | $199.9M | $164.3M | ||
| Q3 25 | $458.6M | $182.7M | ||
| Q2 25 | $178.5M | $163.1M | ||
| Q1 25 | $166.8M | $148.0M | ||
| Q4 24 | $212.5M | $143.1M | ||
| Q3 24 | $196.8M | $161.8M | ||
| Q2 24 | $199.7M | $155.3M | ||
| Q1 24 | $172.3M | $135.3M |
净利润APLSAWR
| Q4 25 | $-59.0M | $28.7M | ||
| Q3 25 | $215.7M | $41.2M | ||
| Q2 25 | $-42.2M | $33.7M | ||
| Q1 25 | $-92.2M | $26.8M | ||
| Q4 24 | $-36.4M | $28.4M | ||
| Q3 24 | $-57.4M | $35.8M | ||
| Q2 24 | $-37.7M | $31.9M | ||
| Q1 24 | $-66.4M | $23.1M |
毛利率APLSAWR
| Q4 25 | — | 88.9% | ||
| Q3 25 | — | 91.0% | ||
| Q2 25 | — | 92.1% | ||
| Q1 25 | — | 91.3% | ||
| Q4 24 | — | 92.4% | ||
| Q3 24 | — | 92.7% | ||
| Q2 24 | — | 89.6% | ||
| Q1 24 | — | 88.4% |
营业利润率APLSAWR
| Q4 25 | -25.6% | 27.4% | ||
| Q3 25 | 48.7% | 33.8% | ||
| Q2 25 | -18.6% | 31.3% | ||
| Q1 25 | -50.0% | 30.8% | ||
| Q4 24 | -12.3% | 27.0% | ||
| Q3 24 | -24.0% | 34.0% | ||
| Q2 24 | -14.7% | 33.3% | ||
| Q1 24 | -36.0% | 28.8% |
净利率APLSAWR
| Q4 25 | -29.5% | 17.5% | ||
| Q3 25 | 47.0% | 22.5% | ||
| Q2 25 | -23.6% | 20.7% | ||
| Q1 25 | -55.3% | 18.1% | ||
| Q4 24 | -17.1% | 19.9% | ||
| Q3 24 | -29.2% | 22.1% | ||
| Q2 24 | -18.9% | 20.5% | ||
| Q1 24 | -38.5% | 17.1% |
每股收益（稀释后）APLSAWR
| Q4 25 | $-0.40 | $0.74 | ||
| Q3 25 | $1.67 | $1.06 | ||
| Q2 25 | $-0.33 | $0.87 | ||
| Q1 25 | $-0.74 | $0.70 | ||
| Q4 24 | $-0.30 | $0.75 | ||
| Q3 24 | $-0.46 | $0.95 | ||
| Q2 24 | $-0.30 | $0.85 | ||
| Q1 24 | $-0.54 | $0.62 |
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 | $18.8M |
| 总债务越低越好 | — | $782.7M |
| 股东权益账面价值 | $370.1M | $1.0B |
| 总资产 | $1.1B | $2.7B |
| 负债/权益比越低杠杆越低 | — | 0.75× |
8季度趋势，按日历期对齐
现金及短期投资APLSAWR
| Q4 25 | $466.2M | $18.8M | ||
| Q3 25 | $479.2M | $26.1M | ||
| Q2 25 | $370.0M | $20.2M | ||
| Q1 25 | $358.4M | $21.2M | ||
| Q4 24 | $411.3M | $26.7M | ||
| Q3 24 | $396.9M | $16.5M | ||
| Q2 24 | $360.1M | $3.6M | ||
| Q1 24 | $325.9M | $17.0M |
总债务APLSAWR
| Q4 25 | — | $782.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $640.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSAWR
| Q4 25 | $370.1M | $1.0B | ||
| Q3 25 | $401.2M | $1.0B | ||
| Q2 25 | $156.3M | $972.5M | ||
| Q1 25 | $164.2M | $956.4M | ||
| Q4 24 | $228.5M | $920.1M | ||
| Q3 24 | $237.1M | $879.5M | ||
| Q2 24 | $264.3M | $833.5M | ||
| Q1 24 | $266.7M | $800.5M |
总资产APLSAWR
| Q4 25 | $1.1B | $2.7B | ||
| Q3 25 | $1.1B | $2.7B | ||
| Q2 25 | $821.4M | $2.6B | ||
| Q1 25 | $807.3M | $2.5B | ||
| Q4 24 | $885.1M | $2.5B | ||
| Q3 24 | $901.9M | $2.4B | ||
| Q2 24 | $904.5M | $2.3B | ||
| Q1 24 | $831.9M | $2.3B |
负债/权益比APLSAWR
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.70× | ||
| 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 | $27.7M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-36.0M |
| 自由现金流率自由现金流/营收 | -7.1% | -21.9% |
| 资本支出强度资本支出/营收 | 0.1% | 38.8% |
| 现金转化率经营现金流/净利润 | — | 0.96× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $-7.1M |
8季度趋势，按日历期对齐
经营现金流APLSAWR
| Q4 25 | $-14.2M | $27.7M | ||
| Q3 25 | $108.5M | $92.4M | ||
| Q2 25 | $4.4M | $64.6M | ||
| Q1 25 | $-53.4M | $45.1M | ||
| Q4 24 | $19.4M | $64.5M | ||
| Q3 24 | $34.1M | $63.7M | ||
| Q2 24 | $-8.3M | $24.7M | ||
| Q1 24 | $-133.0M | $45.8M |
自由现金流APLSAWR
| Q4 25 | $-14.3M | $-36.0M | ||
| Q3 25 | $108.3M | $37.7M | ||
| Q2 25 | $4.4M | $13.7M | ||
| Q1 25 | $-53.4M | $-22.5M | ||
| Q4 24 | $19.3M | $6.0M | ||
| Q3 24 | — | $-478.0K | ||
| Q2 24 | $-8.4M | $-37.0M | ||
| Q1 24 | $-133.3M | $-1.7M |
自由现金流率APLSAWR
| Q4 25 | -7.1% | -21.9% | ||
| Q3 25 | 23.6% | 20.7% | ||
| Q2 25 | 2.5% | 8.4% | ||
| Q1 25 | -32.0% | -15.2% | ||
| Q4 24 | 9.1% | 4.2% | ||
| Q3 24 | — | -0.3% | ||
| Q2 24 | -4.2% | -23.8% | ||
| Q1 24 | -77.3% | -1.3% |
资本支出强度APLSAWR
| Q4 25 | 0.1% | 38.8% | ||
| Q3 25 | 0.0% | 29.9% | ||
| Q2 25 | 0.0% | 31.2% | ||
| Q1 25 | 0.0% | 45.6% | ||
| Q4 24 | 0.0% | 40.9% | ||
| Q3 24 | 0.0% | 39.7% | ||
| Q2 24 | 0.0% | 39.8% | ||
| Q1 24 | 0.2% | 35.2% |
现金转化率APLSAWR
| Q4 25 | — | 0.96× | ||
| Q3 25 | 0.50× | 2.24× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 1.68× | ||
| Q4 24 | — | 2.27× | ||
| Q3 24 | — | 1.78× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 1.98× |
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% |
AWR
| Water Service Utility Operations | $110.0M | 67% |
| Public Utilities Inventory Water | $22.3M | 14% |
| Wastewater | $15.9M | 10% |
| Electric Service Utility Operations | $15.2M | 9% |
