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Apellis Pharmaceuticals, Inc.（APLS）与Broadstone Net Lease, Inc.（BNL）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Broadstone Net Lease, Inc.的1.7倍（$199.9M vs $118.3M），Broadstone Net Lease, Inc.净利率更高（28.0% vs -29.5%，领先57.5%），Broadstone Net Lease, Inc.同比增速更快（5.5% vs -5.9%），Broadstone Net Lease, Inc.自由现金流更多（$269.8M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 6.0%）
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。
Broadstone Net Lease, Inc.是一家房地产投资信托公司，主要在美国市场收购、持有并管理单一租户商业地产资产组合，覆盖工业设施、医疗物业、零售门店、办公空间等核心板块，所有物业均与租户签订长期净租赁协议。
APLS vs BNL — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $118.3M |
| 净利润 | $-59.0M | $33.1M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | — |
| 净利率 | -29.5% | 28.0% |
| 营收同比 | -5.9% | 5.5% |
| 净利润同比 | -62.2% | 25.5% |
| 每股收益（稀释后） | $-0.40 | $0.17 |
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 | $118.3M | ||
| Q3 25 | $458.6M | $114.2M | ||
| Q2 25 | $178.5M | $113.0M | ||
| Q1 25 | $166.8M | $108.7M | ||
| Q4 24 | $212.5M | $112.1M | ||
| Q3 24 | $196.8M | $108.4M | ||
| Q2 24 | $199.7M | $105.9M | ||
| Q1 24 | $172.3M | $105.4M |
| Q4 25 | $-59.0M | $33.1M | ||
| Q3 25 | $215.7M | $26.5M | ||
| Q2 25 | $-42.2M | $20.2M | ||
| Q1 25 | $-92.2M | $16.7M | ||
| Q4 24 | $-36.4M | $26.4M | ||
| Q3 24 | $-57.4M | $35.6M | ||
| Q2 24 | $-37.7M | $35.3M | ||
| Q1 24 | $-66.4M | $65.1M |
| Q4 25 | -25.6% | — | ||
| Q3 25 | 48.7% | — | ||
| Q2 25 | -18.6% | — | ||
| Q1 25 | -50.0% | — | ||
| Q4 24 | -12.3% | — | ||
| Q3 24 | -24.0% | — | ||
| Q2 24 | -14.7% | — | ||
| Q1 24 | -36.0% | — |
| Q4 25 | -29.5% | 28.0% | ||
| Q3 25 | 47.0% | 23.2% | ||
| Q2 25 | -23.6% | 17.8% | ||
| Q1 25 | -55.3% | 15.4% | ||
| Q4 24 | -17.1% | 23.5% | ||
| Q3 24 | -29.2% | 32.8% | ||
| Q2 24 | -18.9% | 33.4% | ||
| Q1 24 | -38.5% | 61.8% |
| Q4 25 | $-0.40 | $0.17 | ||
| Q3 25 | $1.67 | $0.14 | ||
| Q2 25 | $-0.33 | $0.10 | ||
| Q1 25 | $-0.74 | $0.09 | ||
| Q4 24 | $-0.30 | $0.13 | ||
| Q3 24 | $-0.46 | $0.19 | ||
| Q2 24 | $-0.30 | $0.19 | ||
| Q1 24 | $-0.54 | $0.35 |
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 | $30.5M |
| 总债务越低越好 | — | $2.5B |
| 股东权益账面价值 | $370.1M | $2.9B |
| 总资产 | $1.1B | $5.7B |
| 负债/权益比越低杠杆越低 | — | 0.87× |
8季度趋势，按日历期对齐
| Q4 25 | $466.2M | $30.5M | ||
| Q3 25 | $479.2M | $82.0M | ||
| Q2 25 | $370.0M | $20.8M | ||
| Q1 25 | $358.4M | $9.6M | ||
| Q4 24 | $411.3M | $14.8M | ||
| Q3 24 | $396.9M | $9.0M | ||
| Q2 24 | $360.1M | $18.3M | ||
| Q1 24 | $325.9M | $221.7M |
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $1.9B | ||
| Q1 24 | $93.1M | $1.9B |
| Q4 25 | $370.1M | $2.9B | ||
| Q3 25 | $401.2M | $2.9B | ||
| Q2 25 | $156.3M | $2.9B | ||
| Q1 25 | $164.2M | $2.9B | ||
| Q4 24 | $228.5M | $3.0B | ||
| Q3 24 | $237.1M | $3.0B | ||
| Q2 24 | $264.3M | $3.1B | ||
| Q1 24 | $266.7M | $3.1B |
| Q4 25 | $1.1B | $5.7B | ||
| Q3 25 | $1.1B | $5.5B | ||
| Q2 25 | $821.4M | $5.3B | ||
| Q1 25 | $807.3M | $5.2B | ||
| Q4 24 | $885.1M | $5.2B | ||
| Q3 24 | $901.9M | $5.3B | ||
| Q2 24 | $904.5M | $5.3B | ||
| Q1 24 | $831.9M | $5.3B |
| Q4 25 | — | 0.87× | ||
| Q3 25 | — | 0.82× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.68× | ||
| Q4 24 | — | 0.64× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 0.62× | ||
| Q1 24 | 0.35× | 0.62× |
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 | $299.5M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $269.8M |
| 自由现金流率自由现金流/营收 | -7.1% | 228.1% |
| 资本支出强度资本支出/营收 | 0.1% | 25.1% |
| 现金转化率经营现金流/净利润 | — | 9.04× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $461.6M |
8季度趋势，按日历期对齐
| Q4 25 | $-14.2M | $299.5M | ||
| Q3 25 | $108.5M | $64.2M | ||
| Q2 25 | $4.4M | $79.3M | ||
| Q1 25 | $-53.4M | $71.5M | ||
| Q4 24 | $19.4M | $276.3M | ||
| Q3 24 | $34.1M | $67.3M | ||
| Q2 24 | $-8.3M | $74.2M | ||
| Q1 24 | $-133.0M | $70.9M |
| Q4 25 | $-14.3M | $269.8M | ||
| Q3 25 | $108.3M | $58.0M | ||
| Q2 25 | $4.4M | $76.7M | ||
| Q1 25 | $-53.4M | $57.1M | ||
| Q4 24 | $19.3M | $259.5M | ||
| Q3 24 | — | $60.3M | ||
| Q2 24 | $-8.4M | $74.0M | ||
| Q1 24 | $-133.3M | $67.7M |
| Q4 25 | -7.1% | 228.1% | ||
| Q3 25 | 23.6% | 50.8% | ||
| Q2 25 | 2.5% | 67.9% | ||
| Q1 25 | -32.0% | 52.5% | ||
| Q4 24 | 9.1% | 231.4% | ||
| Q3 24 | — | 55.6% | ||
| Q2 24 | -4.2% | 69.9% | ||
| Q1 24 | -77.3% | 64.3% |
| Q4 25 | 0.1% | 25.1% | ||
| Q3 25 | 0.0% | 5.4% | ||
| Q2 25 | 0.0% | 2.3% | ||
| Q1 25 | 0.0% | 13.2% | ||
| Q4 24 | 0.0% | 15.0% | ||
| Q3 24 | 0.0% | 6.5% | ||
| Q2 24 | 0.0% | 0.2% | ||
| Q1 24 | 0.2% | 3.0% |
| Q4 25 | — | 9.04× | ||
| Q3 25 | 0.50× | 2.43× | ||
| Q2 25 | — | 3.93× | ||
| Q1 25 | — | 4.27× | ||
| Q4 24 | — | 10.47× | ||
| Q3 24 | — | 1.89× | ||
| Q2 24 | — | 2.10× | ||
| Q1 24 | — | 1.09× |
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% |
BNL
| Other | $66.9M | 57% |
| Two Thousand Twenty Four Atm Program | $51.4M | 43% |
