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Apellis Pharmaceuticals, Inc.（APLS）与BRC Inc.（BRCC）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BRC Inc.的1.8倍（$199.9M vs $112.7M），BRC Inc.净利率更高（-2.8% vs -29.5%，领先26.6%），BRC Inc.同比增速更快（6.5% vs -5.9%），BRC Inc.自由现金流更多（$-9.4M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 7.0%）
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。
BRC Inc.是一家美国高端咖啡与生活方式品牌，主营烘焙咖啡豆、即饮咖啡饮品、品牌服饰及户外装备，核心客群包含退伍军人、急救人员与户外爱好者，在北美地区通过电商及线下实体门店渠道销售产品。
APLS vs BRCC — 直观对比
营收规模更大
APLS
是对方的1.8倍
$112.7M
营收增速更快
BRCC
高出12.4%
-5.9%
净利率更高
BRCC
高出26.6%
-29.5%
自由现金流更多
BRCC
多$4.9M
$-14.3M
两年增速更快
APLS
近两年复合增速
7.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $112.7M |
| 净利润 | $-59.0M | $-3.2M |
| 毛利率 | — | 32.1% |
| 营业利润率 | -25.6% | -6.3% |
| 净利率 | -29.5% | -2.8% |
| 营收同比 | -5.9% | 6.5% |
| 净利润同比 | -62.2% | -29.3% |
| 每股收益（稀释后） | $-0.40 | $-0.02 |
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APLSBRCC
| Q4 25 | $199.9M | $112.7M | ||
| Q3 25 | $458.6M | $100.7M | ||
| Q2 25 | $178.5M | $94.8M | ||
| Q1 25 | $166.8M | $90.0M | ||
| Q4 24 | $212.5M | $105.9M | ||
| Q3 24 | $196.8M | $98.2M | ||
| Q2 24 | $199.7M | $89.0M | ||
| Q1 24 | $172.3M | $98.4M |
净利润APLSBRCC
| Q4 25 | $-59.0M | $-3.2M | ||
| Q3 25 | $215.7M | $-486.0K | ||
| Q2 25 | $-42.2M | $-5.3M | ||
| Q1 25 | $-92.2M | $-2.9M | ||
| Q4 24 | $-36.4M | $-2.5M | ||
| Q3 24 | $-57.4M | $-535.0K | ||
| Q2 24 | $-37.7M | $-482.0K | ||
| Q1 24 | $-66.4M | $548.0K |
毛利率APLSBRCC
| Q4 25 | — | 32.1% | ||
| Q3 25 | — | 36.9% | ||
| Q2 25 | — | 33.9% | ||
| Q1 25 | — | 36.1% | ||
| Q4 24 | — | 38.1% | ||
| Q3 24 | — | 42.1% | ||
| Q2 24 | — | 41.9% | ||
| Q1 24 | — | 42.9% |
营业利润率APLSBRCC
| Q4 25 | -25.6% | -6.3% | ||
| Q3 25 | 48.7% | 0.5% | ||
| Q2 25 | -18.6% | -13.3% | ||
| Q1 25 | -50.0% | -6.0% | ||
| Q4 24 | -12.3% | -2.1% | ||
| Q3 24 | -24.0% | 1.1% | ||
| Q2 24 | -14.7% | 1.1% | ||
| Q1 24 | -36.0% | 4.0% |
净利率APLSBRCC
| Q4 25 | -29.5% | -2.8% | ||
| Q3 25 | 47.0% | -0.5% | ||
| Q2 25 | -23.6% | -5.6% | ||
| Q1 25 | -55.3% | -3.2% | ||
| Q4 24 | -17.1% | -2.3% | ||
| Q3 24 | -29.2% | -0.5% | ||
| Q2 24 | -18.9% | -0.5% | ||
| Q1 24 | -38.5% | 0.6% |
每股收益（稀释后）APLSBRCC
| Q4 25 | $-0.40 | $-0.02 | ||
| Q3 25 | $1.67 | $0.00 | ||
| Q2 25 | $-0.33 | $-0.07 | ||
| Q1 25 | $-0.74 | $-0.04 | ||
| Q4 24 | $-0.30 | $-0.03 | ||
| Q3 24 | $-0.46 | $-0.01 | ||
| Q2 24 | $-0.30 | $-0.01 | ||
| Q1 24 | $-0.54 | $0.01 |
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 | $4.3M |
| 总债务越低越好 | — | $34.7M |
| 股东权益账面价值 | $370.1M | $45.7M |
| 总资产 | $1.1B | $209.2M |
| 负债/权益比越低杠杆越低 | — | 0.76× |
8季度趋势，按日历期对齐
现金及短期投资APLSBRCC
| Q4 25 | $466.2M | $4.3M | ||
| Q3 25 | $479.2M | $9.5M | ||
| Q2 25 | $370.0M | $4.3M | ||
| Q1 25 | $358.4M | $3.9M | ||
| Q4 24 | $411.3M | $6.8M | ||
| Q3 24 | $396.9M | $7.3M | ||
| Q2 24 | $360.1M | $9.6M | ||
| Q1 24 | $325.9M | $4.0M |
总债务APLSBRCC
| Q4 25 | — | $34.7M | ||
| Q3 25 | — | $35.0M | ||
| Q2 25 | — | $72.7M | ||
| Q1 25 | — | $68.8M | ||
| Q4 24 | — | $65.1M | ||
| Q3 24 | — | $64.9M | ||
| Q2 24 | — | $66.5M | ||
| Q1 24 | $93.1M | $61.5M |
股东权益APLSBRCC
| Q4 25 | $370.1M | $45.7M | ||
| Q3 25 | $401.2M | $48.0M | ||
| Q2 25 | $156.3M | $10.1M | ||
| Q1 25 | $164.2M | $11.2M | ||
| Q4 24 | $228.5M | $13.2M | ||
| Q3 24 | $237.1M | $14.5M | ||
| Q2 24 | $264.3M | $14.9M | ||
| Q1 24 | $266.7M | $14.6M |
总资产APLSBRCC
| Q4 25 | $1.1B | $209.2M | ||
| Q3 25 | $1.1B | $222.4M | ||
| Q2 25 | $821.4M | $225.3M | ||
| Q1 25 | $807.3M | $222.9M | ||
| Q4 24 | $885.1M | $227.4M | ||
| Q3 24 | $901.9M | $233.7M | ||
| Q2 24 | $904.5M | $229.9M | ||
| Q1 24 | $831.9M | $227.2M |
负债/权益比APLSBRCC
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.73× | ||
| Q2 25 | — | 7.19× | ||
| Q1 25 | — | 6.15× | ||
| Q4 24 | — | 4.94× | ||
| Q3 24 | — | 4.47× | ||
| Q2 24 | — | 4.46× | ||
| Q1 24 | 0.35× | 4.21× |
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 | $-8.7M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-9.4M |
| 自由现金流率自由现金流/营收 | -7.1% | -8.3% |
| 资本支出强度资本支出/营收 | 0.1% | 0.6% |
| 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 | $-13.5M |
8季度趋势，按日历期对齐
经营现金流APLSBRCC
| Q4 25 | $-14.2M | $-8.7M | ||
| Q3 25 | $108.5M | $6.4M | ||
| Q2 25 | $4.4M | $-3.3M | ||
| Q1 25 | $-53.4M | $-4.1M | ||
| Q4 24 | $19.4M | $2.2M | ||
| Q3 24 | $34.1M | $1.9M | ||
| Q2 24 | $-8.3M | $2.3M | ||
| Q1 24 | $-133.0M | $4.9M |
自由现金流APLSBRCC
| Q4 25 | $-14.3M | $-9.4M | ||
| Q3 25 | $108.3M | $5.6M | ||
| Q2 25 | $4.4M | $-4.3M | ||
| Q1 25 | $-53.4M | $-5.3M | ||
| Q4 24 | $19.3M | $504.0K | ||
| Q3 24 | — | $-205.0K | ||
| Q2 24 | $-8.4M | $147.0K | ||
| Q1 24 | $-133.3M | $2.2M |
自由现金流率APLSBRCC
| Q4 25 | -7.1% | -8.3% | ||
| Q3 25 | 23.6% | 5.5% | ||
| Q2 25 | 2.5% | -4.5% | ||
| Q1 25 | -32.0% | -5.9% | ||
| Q4 24 | 9.1% | 0.5% | ||
| Q3 24 | — | -0.2% | ||
| Q2 24 | -4.2% | 0.2% | ||
| Q1 24 | -77.3% | 2.2% |
资本支出强度APLSBRCC
| Q4 25 | 0.1% | 0.6% | ||
| Q3 25 | 0.0% | 0.8% | ||
| Q2 25 | 0.0% | 1.0% | ||
| Q1 25 | 0.0% | 1.3% | ||
| Q4 24 | 0.0% | 1.6% | ||
| Q3 24 | 0.0% | 2.2% | ||
| Q2 24 | 0.0% | 2.4% | ||
| Q1 24 | 0.2% | 2.8% |
现金转化率APLSBRCC
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 8.97× |
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% |
BRCC
| Sales Channel Through Intermediary | $72.9M | 65% |
| Sales Channel Directly To Consumer | $34.4M | 31% |
| Outpost | $5.4M | 5% |
