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Apellis Pharmaceuticals, Inc.（APLS）与Blue Bird Corp（BLBD）财务数据对比。点击上方公司名可切换其他公司
Blue Bird Corp的季度营收约是Apellis Pharmaceuticals, Inc.的1.7倍（$333.1M vs $199.9M），Blue Bird Corp净利率更高（9.2% vs -29.5%，领先38.7%），Blue Bird Corp同比增速更快（6.1% vs -5.9%），Blue Bird Corp自由现金流更多（$31.1M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -1.9%）
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。
蓝鸟公司是美国知名客车制造企业，总部位于佐治亚州福特瓦利，主打产品为校车，同时业务覆盖多种客车类型的生产，包括城市公交、旅居房车，以及移动图书馆、流动警务指挥中心等特种车辆。
APLS vs BLBD — 直观对比
营收规模更大
BLBD
是对方的1.7倍
$199.9M
营收增速更快
BLBD
高出12.1%
-5.9%
净利率更高
BLBD
高出38.7%
-29.5%
自由现金流更多
BLBD
多$45.4M
$-14.3M
两年增速更快
APLS
近两年复合增速
-1.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $333.1M |
| 净利润 | $-59.0M | $30.8M |
| 毛利率 | — | 21.4% |
| 营业利润率 | -25.6% | 11.3% |
| 净利率 | -29.5% | 9.2% |
| 营收同比 | -5.9% | 6.1% |
| 净利润同比 | -62.2% | 7.1% |
| 每股收益（稀释后） | $-0.40 | $0.94 |
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APLSBLBD
| Q4 25 | $199.9M | $333.1M | ||
| Q3 25 | $458.6M | $409.4M | ||
| Q2 25 | $178.5M | $398.0M | ||
| Q1 25 | $166.8M | $358.9M | ||
| Q4 24 | $212.5M | $313.9M | ||
| Q3 24 | $196.8M | $350.2M | ||
| Q2 24 | $199.7M | $333.4M | ||
| Q1 24 | $172.3M | $345.9M |
净利润APLSBLBD
| Q4 25 | $-59.0M | $30.8M | ||
| Q3 25 | $215.7M | $36.5M | ||
| Q2 25 | $-42.2M | $36.5M | ||
| Q1 25 | $-92.2M | $26.0M | ||
| Q4 24 | $-36.4M | $28.7M | ||
| Q3 24 | $-57.4M | $24.7M | ||
| Q2 24 | $-37.7M | $28.7M | ||
| Q1 24 | $-66.4M | $26.0M |
毛利率APLSBLBD
| Q4 25 | — | 21.4% | ||
| Q3 25 | — | 21.1% | ||
| Q2 25 | — | 21.6% | ||
| Q1 25 | — | 19.7% | ||
| Q4 24 | — | 19.2% | ||
| Q3 24 | — | 17.0% | ||
| Q2 24 | — | 20.8% | ||
| Q1 24 | — | 18.4% |
营业利润率APLSBLBD
| Q4 25 | -25.6% | 11.3% | ||
| Q3 25 | 48.7% | 12.3% | ||
| Q2 25 | -18.6% | 12.6% | ||
| Q1 25 | -50.0% | 9.4% | ||
| Q4 24 | -12.3% | 10.5% | ||
| Q3 24 | -24.0% | 7.3% | ||
| Q2 24 | -14.7% | 11.9% | ||
| Q1 24 | -36.0% | 10.4% |
净利率APLSBLBD
| Q4 25 | -29.5% | 9.2% | ||
| Q3 25 | 47.0% | 8.9% | ||
| Q2 25 | -23.6% | 9.2% | ||
| Q1 25 | -55.3% | 7.3% | ||
| Q4 24 | -17.1% | 9.2% | ||
| Q3 24 | -29.2% | 7.0% | ||
| Q2 24 | -18.9% | 8.6% | ||
| Q1 24 | -38.5% | 7.5% |
每股收益（稀释后）APLSBLBD
| Q4 25 | $-0.40 | $0.94 | ||
| Q3 25 | $1.67 | $1.11 | ||
| Q2 25 | $-0.33 | $1.12 | ||
| Q1 25 | $-0.74 | $0.79 | ||
| Q4 24 | $-0.30 | $0.86 | ||
| Q3 24 | $-0.46 | $0.71 | ||
| Q2 24 | $-0.30 | $0.85 | ||
| Q1 24 | $-0.54 | $0.79 |
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 | $241.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $271.4M |
| 总资产 | $1.1B | $642.3M |
| 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APLSBLBD
| Q4 25 | $466.2M | $241.7M | ||
| Q3 25 | $479.2M | $229.3M | ||
| Q2 25 | $370.0M | $173.1M | ||
| Q1 25 | $358.4M | $130.7M | ||
| Q4 24 | $411.3M | $136.1M | ||
| Q3 24 | $396.9M | $127.7M | ||
| Q2 24 | $360.1M | $88.4M | ||
| Q1 24 | $325.9M | $93.1M |
总债务APLSBLBD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSBLBD
| Q4 25 | $370.1M | $271.4M | ||
| Q3 25 | $401.2M | $255.4M | ||
| Q2 25 | $156.3M | $221.8M | ||
| Q1 25 | $164.2M | $190.4M | ||
| Q4 24 | $228.5M | $179.7M | ||
| Q3 24 | $237.1M | $159.6M | ||
| Q2 24 | $264.3M | $137.3M | ||
| Q1 24 | $266.7M | $105.8M |
总资产APLSBLBD
| Q4 25 | $1.1B | $642.3M | ||
| Q3 25 | $1.1B | $625.3M | ||
| Q2 25 | $821.4M | $575.5M | ||
| Q1 25 | $807.3M | $543.7M | ||
| Q4 24 | $885.1M | $535.2M | ||
| Q3 24 | $901.9M | $524.9M | ||
| Q2 24 | $904.5M | $468.1M | ||
| Q1 24 | $831.9M | $456.5M |
负债/权益比APLSBLBD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $36.6M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $31.1M |
| 自由现金流率自由现金流/营收 | -7.1% | 9.3% |
| 资本支出强度资本支出/营收 | 0.1% | 1.6% |
| 现金转化率经营现金流/净利润 | — | 1.19× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $162.6M |
8季度趋势，按日历期对齐
经营现金流APLSBLBD
| Q4 25 | $-14.2M | $36.6M | ||
| Q3 25 | $108.5M | $65.1M | ||
| Q2 25 | $4.4M | $56.9M | ||
| Q1 25 | $-53.4M | $27.8M | ||
| Q4 24 | $19.4M | $26.4M | ||
| Q3 24 | $34.1M | $55.4M | ||
| Q2 24 | $-8.3M | $989.0K | ||
| Q1 24 | $-133.0M | $54.6M |
自由现金流APLSBLBD
| Q4 25 | $-14.3M | $31.1M | ||
| Q3 25 | $108.3M | $60.5M | ||
| Q2 25 | $4.4M | $52.3M | ||
| Q1 25 | $-53.4M | $18.7M | ||
| Q4 24 | $19.3M | $21.8M | ||
| Q3 24 | — | $50.2M | ||
| Q2 24 | $-8.4M | $-3.5M | ||
| Q1 24 | $-133.3M | $51.8M |
自由现金流率APLSBLBD
| Q4 25 | -7.1% | 9.3% | ||
| Q3 25 | 23.6% | 14.8% | ||
| Q2 25 | 2.5% | 13.1% | ||
| Q1 25 | -32.0% | 5.2% | ||
| Q4 24 | 9.1% | 7.0% | ||
| Q3 24 | — | 14.3% | ||
| Q2 24 | -4.2% | -1.1% | ||
| Q1 24 | -77.3% | 15.0% |
资本支出强度APLSBLBD
| Q4 25 | 0.1% | 1.6% | ||
| Q3 25 | 0.0% | 1.1% | ||
| Q2 25 | 0.0% | 1.2% | ||
| Q1 25 | 0.0% | 2.5% | ||
| Q4 24 | 0.0% | 1.5% | ||
| Q3 24 | 0.0% | 1.5% | ||
| Q2 24 | 0.0% | 1.3% | ||
| Q1 24 | 0.2% | 0.8% |
现金转化率APLSBLBD
| Q4 25 | — | 1.19× | ||
| Q3 25 | 0.50× | 1.78× | ||
| Q2 25 | — | 1.56× | ||
| Q1 25 | — | 1.07× | ||
| Q4 24 | — | 0.92× | ||
| Q3 24 | — | 2.24× | ||
| Q2 24 | — | 0.03× | ||
| Q1 24 | — | 2.10× |
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% |
BLBD
| Alternative Fuel Buses | $151.4M | 45% |
| Diesel Buses | $144.9M | 43% |
| Parts | $24.8M | 7% |
| Other | $12.1M | 4% |
