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Apellis Pharmaceuticals, Inc.（APLS）与Braemar Hotels & Resorts Inc.（BHR）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Braemar Hotels & Resorts Inc.的1.2倍（$199.9M vs $165.6M），Braemar Hotels & Resorts Inc.净利率更高（-20.3% vs -29.5%，领先9.2%），Braemar Hotels & Resorts Inc.同比增速更快（-4.5% vs -5.9%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-37.1M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -13.1%）
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。
Braemar Hotels & Resorts Inc.是一家主打高端奢华酒店及度假村持有运营的房地产投资信托，主要布局美国市场，服务高端休闲旅客、企业活动主办方及商务差旅群体，通过住宿预订、配套消费及活动承办获得收益。
APLS vs BHR — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $165.6M |
| 净利润 | $-59.0M | $-33.6M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | -7.3% |
| 净利率 | -29.5% | -20.3% |
| 营收同比 | -5.9% | -4.5% |
| 净利润同比 | -62.2% | -80.1% |
| 每股收益（稀释后） | $-0.40 | $-0.67 |
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
| Q4 25 | $199.9M | $165.6M | ||
| Q3 25 | $458.6M | $143.6M | ||
| Q2 25 | $178.5M | $179.1M | ||
| Q1 25 | $166.8M | $215.8M | ||
| Q4 24 | $212.5M | $173.3M | ||
| Q3 24 | $196.8M | $148.4M | ||
| Q2 24 | $199.7M | $187.6M | ||
| Q1 24 | $172.3M | $219.1M |
| Q4 25 | $-59.0M | $-33.6M | ||
| Q3 25 | $215.7M | $5.7M | ||
| Q2 25 | $-42.2M | $-5.5M | ||
| Q1 25 | $-92.2M | $11.0M | ||
| Q4 24 | $-36.4M | $-18.7M | ||
| Q3 24 | $-57.4M | $12.6M | ||
| Q2 24 | $-37.7M | $-11.6M | ||
| Q1 24 | $-66.4M | $15.9M |
| Q4 25 | -25.6% | -7.3% | ||
| Q3 25 | 48.7% | 20.8% | ||
| Q2 25 | -18.6% | 10.0% | ||
| Q1 25 | -50.0% | 17.0% | ||
| Q4 24 | -12.3% | 2.2% | ||
| Q3 24 | -24.0% | 47.4% | ||
| Q2 24 | -14.7% | 6.5% | ||
| Q1 24 | -36.0% | 19.4% |
| Q4 25 | -29.5% | -20.3% | ||
| Q3 25 | 47.0% | 4.0% | ||
| Q2 25 | -23.6% | -3.1% | ||
| Q1 25 | -55.3% | 5.1% | ||
| Q4 24 | -17.1% | -10.8% | ||
| Q3 24 | -29.2% | 8.5% | ||
| Q2 24 | -18.9% | -6.2% | ||
| Q1 24 | -38.5% | 7.3% |
| Q4 25 | $-0.40 | $-0.67 | ||
| Q3 25 | $1.67 | $-0.12 | ||
| Q2 25 | $-0.33 | $-0.24 | ||
| Q1 25 | $-0.74 | $-0.04 | ||
| Q4 24 | $-0.30 | $-0.47 | ||
| Q3 24 | $-0.46 | $-0.02 | ||
| Q2 24 | $-0.30 | $-0.33 | ||
| Q1 24 | $-0.54 | $0.05 |
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 | $124.4M |
| 总债务越低越好 | — | $1.1B |
| 股东权益账面价值 | $370.1M | $138.7M |
| 总资产 | $1.1B | $1.9B |
| 负债/权益比越低杠杆越低 | — | 7.96× |
8季度趋势，按日历期对齐
| Q4 25 | $466.2M | $124.4M | ||
| Q3 25 | $479.2M | $116.3M | ||
| Q2 25 | $370.0M | $80.2M | ||
| Q1 25 | $358.4M | $81.7M | ||
| Q4 24 | $411.3M | $135.5M | ||
| Q3 24 | $396.9M | $168.7M | ||
| Q2 24 | $360.1M | $114.6M | ||
| Q1 24 | $325.9M | $137.1M |
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $93.1M | $1.2B |
| Q4 25 | $370.1M | $138.7M | ||
| Q3 25 | $401.2M | $211.9M | ||
| Q2 25 | $156.3M | $225.1M | ||
| Q1 25 | $164.2M | $238.9M | ||
| Q4 24 | $228.5M | $240.7M | ||
| Q3 24 | $237.1M | $276.9M | ||
| Q2 24 | $264.3M | $282.3M | ||
| Q1 24 | $266.7M | $307.3M |
| Q4 25 | $1.1B | $1.9B | ||
| Q3 25 | $1.1B | $2.0B | ||
| Q2 25 | $821.4M | $2.1B | ||
| Q1 25 | $807.3M | $2.1B | ||
| Q4 24 | $885.1M | $2.1B | ||
| Q3 24 | $901.9M | $2.2B | ||
| Q2 24 | $904.5M | $2.2B | ||
| Q1 24 | $831.9M | $2.3B |
| Q4 25 | — | 7.96× | ||
| Q3 25 | — | 5.50× | ||
| Q2 25 | — | 5.38× | ||
| Q1 25 | — | 5.03× | ||
| Q4 24 | — | 5.03× | ||
| Q3 24 | — | 4.36× | ||
| Q2 24 | — | 4.00× | ||
| Q1 24 | 0.35× | 3.98× |
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 | $40.8M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-37.1M |
| 自由现金流率自由现金流/营收 | -7.1% | -22.4% |
| 资本支出强度资本支出/营收 | 0.1% | 47.1% |
| 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 | $-59.2M |
8季度趋势，按日历期对齐
| Q4 25 | $-14.2M | $40.8M | ||
| Q3 25 | $108.5M | $-5.8M | ||
| Q2 25 | $4.4M | $23.0M | ||
| Q1 25 | $-53.4M | $15.1M | ||
| Q4 24 | $19.4M | $66.8M | ||
| Q3 24 | $34.1M | $9.0K | ||
| Q2 24 | $-8.3M | $24.1M | ||
| Q1 24 | $-133.0M | $36.0M |
| Q4 25 | $-14.3M | $-37.1M | ||
| Q3 25 | $108.3M | $-27.3M | ||
| Q2 25 | $4.4M | $5.3M | ||
| Q1 25 | $-53.4M | $-159.0K | ||
| Q4 24 | $19.3M | $-3.8M | ||
| Q3 24 | — | $-15.6M | ||
| Q2 24 | $-8.4M | $8.2M | ||
| Q1 24 | $-133.3M | $12.7M |
| Q4 25 | -7.1% | -22.4% | ||
| Q3 25 | 23.6% | -19.0% | ||
| Q2 25 | 2.5% | 3.0% | ||
| Q1 25 | -32.0% | -0.1% | ||
| Q4 24 | 9.1% | -2.2% | ||
| Q3 24 | — | -10.5% | ||
| Q2 24 | -4.2% | 4.4% | ||
| Q1 24 | -77.3% | 5.8% |
| Q4 25 | 0.1% | 47.1% | ||
| Q3 25 | 0.0% | 15.0% | ||
| Q2 25 | 0.0% | 9.9% | ||
| Q1 25 | 0.0% | 7.1% | ||
| Q4 24 | 0.0% | 40.7% | ||
| Q3 24 | 0.0% | 10.5% | ||
| Q2 24 | 0.0% | 8.5% | ||
| Q1 24 | 0.2% | 10.7% |
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | -1.00× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 2.26× |
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% |
BHR
| Occupancy | $97.4M | 59% |
| Food And Beverage | $45.5M | 28% |
| Hotel Other | $22.6M | 14% |
