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Apellis Pharmaceuticals, Inc.（APLS）与BADGER METER INC（BMI）财务数据对比。点击上方公司名可切换其他公司
BADGER METER INC的季度营收约是Apellis Pharmaceuticals, Inc.的1.2倍（$234.1M vs $199.9M），BADGER METER INC净利率更高（14.3% vs -29.5%，领先43.8%），BADGER METER INC同比增速更快（14.1% vs -5.9%），BADGER METER INC自由现金流更多（$50.8M vs $-14.3M），过去两年BADGER METER INC的营收复合增速更高（9.2% 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。
Badger Meter Inc是全球领先的流量测量与控制解决方案供应商，主要服务水务企业、工业、商业及住宅客户群体，核心产品包括智能水表、物联网使用监测系统及配套软件，可帮助客户追踪资源消耗、减少浪费、提升运营效率，核心市场覆盖北美、欧洲及亚太地区。
APLS vs BMI — 直观对比
营收规模更大
BMI
是对方的1.2倍
$199.9M
营收增速更快
BMI
高出20.1%
-5.9%
净利率更高
BMI
高出43.8%
-29.5%
自由现金流更多
BMI
多$65.1M
$-14.3M
两年增速更快
BMI
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $234.1M |
| 净利润 | $-59.0M | $33.6M |
| 毛利率 | — | 39.7% |
| 营业利润率 | -25.6% | 18.4% |
| 净利率 | -29.5% | 14.3% |
| 营收同比 | -5.9% | 14.1% |
| 净利润同比 | -62.2% | 9.3% |
| 每股收益（稀释后） | $-0.40 | $1.13 |
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APLSBMI
| Q4 25 | $199.9M | $234.1M | ||
| Q3 25 | $458.6M | $222.2M | ||
| Q2 25 | $178.5M | $238.1M | ||
| Q1 25 | $166.8M | $222.2M | ||
| Q4 24 | $212.5M | $205.2M | ||
| Q3 24 | $196.8M | $208.4M | ||
| Q2 24 | $199.7M | $216.7M | ||
| Q1 24 | $172.3M | $196.3M |
净利润APLSBMI
| Q4 25 | $-59.0M | $33.6M | ||
| Q3 25 | $215.7M | $35.1M | ||
| Q2 25 | $-42.2M | $34.6M | ||
| Q1 25 | $-92.2M | $38.4M | ||
| Q4 24 | $-36.4M | $30.7M | ||
| Q3 24 | $-57.4M | $32.0M | ||
| Q2 24 | $-37.7M | $33.1M | ||
| Q1 24 | $-66.4M | $29.1M |
毛利率APLSBMI
| Q4 25 | — | 39.7% | ||
| Q3 25 | — | 43.1% | ||
| Q2 25 | — | 41.1% | ||
| Q1 25 | — | 42.9% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 40.2% | ||
| Q2 24 | — | 39.4% | ||
| Q1 24 | — | 39.3% |
营业利润率APLSBMI
| Q4 25 | -25.6% | 18.4% | ||
| Q3 25 | 48.7% | 20.7% | ||
| Q2 25 | -18.6% | 18.8% | ||
| Q1 25 | -50.0% | 22.2% | ||
| Q4 24 | -12.3% | 19.1% | ||
| Q3 24 | -24.0% | 19.5% | ||
| Q2 24 | -14.7% | 19.2% | ||
| Q1 24 | -36.0% | 18.6% |
净利率APLSBMI
| Q4 25 | -29.5% | 14.3% | ||
| Q3 25 | 47.0% | 15.8% | ||
| Q2 25 | -23.6% | 14.5% | ||
| Q1 25 | -55.3% | 17.3% | ||
| Q4 24 | -17.1% | 15.0% | ||
| Q3 24 | -29.2% | 15.4% | ||
| Q2 24 | -18.9% | 15.3% | ||
| Q1 24 | -38.5% | 14.8% |
每股收益（稀释后）APLSBMI
| Q4 25 | $-0.40 | $1.13 | ||
| Q3 25 | $1.67 | $1.19 | ||
| Q2 25 | $-0.33 | $1.17 | ||
| Q1 25 | $-0.74 | $1.30 | ||
| Q4 24 | $-0.30 | $1.04 | ||
| Q3 24 | $-0.46 | $1.08 | ||
| Q2 24 | $-0.30 | $1.12 | ||
| Q1 24 | $-0.54 | $0.99 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $713.3M |
| 总资产 | $1.1B | $973.6M |
| 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APLSBMI
| Q4 25 | $466.2M | — | ||
| Q3 25 | $479.2M | — | ||
| Q2 25 | $370.0M | — | ||
| Q1 25 | $358.4M | — | ||
| Q4 24 | $411.3M | — | ||
| Q3 24 | $396.9M | — | ||
| Q2 24 | $360.1M | — | ||
| Q1 24 | $325.9M | — |
总债务APLSBMI
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSBMI
| Q4 25 | $370.1M | $713.3M | ||
| Q3 25 | $401.2M | $702.5M | ||
| Q2 25 | $156.3M | $677.6M | ||
| Q1 25 | $164.2M | $641.7M | ||
| Q4 24 | $228.5M | $606.2M | ||
| Q3 24 | $237.1M | $591.2M | ||
| Q2 24 | $264.3M | $563.1M | ||
| Q1 24 | $266.7M | $535.6M |
总资产APLSBMI
| Q4 25 | $1.1B | $973.6M | ||
| Q3 25 | $1.1B | $978.3M | ||
| Q2 25 | $821.4M | $936.4M | ||
| Q1 25 | $807.3M | $899.6M | ||
| Q4 24 | $885.1M | $816.4M | ||
| Q3 24 | $901.9M | $802.9M | ||
| Q2 24 | $904.5M | $781.3M | ||
| Q1 24 | $831.9M | $743.5M |
负债/权益比APLSBMI
| 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 | $54.8M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $50.8M |
| 自由现金流率自由现金流/营收 | -7.1% | 21.7% |
| 资本支出强度资本支出/营收 | 0.1% | 1.7% |
| 现金转化率经营现金流/净利润 | — | 1.63× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $169.7M |
8季度趋势，按日历期对齐
经营现金流APLSBMI
| Q4 25 | $-14.2M | $54.8M | ||
| Q3 25 | $108.5M | $51.3M | ||
| Q2 25 | $4.4M | $44.6M | ||
| Q1 25 | $-53.4M | $33.0M | ||
| Q4 24 | $19.4M | $52.1M | ||
| Q3 24 | $34.1M | $45.1M | ||
| Q2 24 | $-8.3M | $36.4M | ||
| Q1 24 | $-133.0M | $21.5M |
自由现金流APLSBMI
| Q4 25 | $-14.3M | $50.8M | ||
| Q3 25 | $108.3M | $48.2M | ||
| Q2 25 | $4.4M | $40.6M | ||
| Q1 25 | $-53.4M | $30.1M | ||
| Q4 24 | $19.3M | $47.4M | ||
| Q3 24 | — | $42.0M | ||
| Q2 24 | $-8.4M | $34.1M | ||
| Q1 24 | $-133.3M | $18.8M |
自由现金流率APLSBMI
| Q4 25 | -7.1% | 21.7% | ||
| Q3 25 | 23.6% | 21.7% | ||
| Q2 25 | 2.5% | 17.1% | ||
| Q1 25 | -32.0% | 13.5% | ||
| Q4 24 | 9.1% | 23.1% | ||
| Q3 24 | — | 20.1% | ||
| Q2 24 | -4.2% | 15.7% | ||
| Q1 24 | -77.3% | 9.6% |
资本支出强度APLSBMI
| Q4 25 | 0.1% | 1.7% | ||
| Q3 25 | 0.0% | 1.4% | ||
| Q2 25 | 0.0% | 1.7% | ||
| Q1 25 | 0.0% | 1.3% | ||
| Q4 24 | 0.0% | 2.3% | ||
| Q3 24 | 0.0% | 1.5% | ||
| Q2 24 | 0.0% | 1.1% | ||
| Q1 24 | 0.2% | 1.4% |
现金转化率APLSBMI
| Q4 25 | — | 1.63× | ||
| Q3 25 | 0.50× | 1.46× | ||
| Q2 25 | — | 1.29× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 1.70× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 1.10× | ||
| Q1 24 | — | 0.74× |
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% |
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
