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Apellis Pharmaceuticals, Inc.（APLS）与CALIX, INC（CALX）财务数据对比。点击上方公司名可切换其他公司
CALIX, INC的季度营收约是Apellis Pharmaceuticals, Inc.的1.4倍（$280.0M vs $199.9M），CALIX, INC净利率更高（4.0% vs -29.5%，领先33.5%），CALIX, INC同比增速更快（27.1% vs -5.9%），CALIX, INC自由现金流更多（$6.5M vs $-14.3M），过去两年CALIX, INC的营收复合增速更高（18.9% 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。
Calix是1999年成立、总部位于美国加利福尼亚州圣何塞的电信企业，专注于提供软件平台、系统及相关服务，为宽带业务的部署落地提供技术支撑，助力运营商为用户提供稳定高效的网络接入服务。
APLS vs CALX — 直观对比
营收规模更大
CALX
是对方的1.4倍
$199.9M
营收增速更快
CALX
高出33.1%
-5.9%
净利率更高
CALX
高出33.5%
-29.5%
自由现金流更多
CALX
多$20.8M
$-14.3M
两年增速更快
CALX
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $280.0M |
| 净利润 | $-59.0M | $11.2M |
| 毛利率 | — | 56.9% |
| 营业利润率 | -25.6% | — |
| 净利率 | -29.5% | 4.0% |
| 营收同比 | -5.9% | 27.1% |
| 净利润同比 | -62.2% | 334.2% |
| 每股收益（稀释后） | $-0.40 | $0.16 |
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APLSCALX
| Q1 26 | — | $280.0M | ||
| Q4 25 | $199.9M | $272.4M | ||
| Q3 25 | $458.6M | $265.4M | ||
| Q2 25 | $178.5M | $241.9M | ||
| Q1 25 | $166.8M | $220.2M | ||
| Q4 24 | $212.5M | $206.1M | ||
| Q3 24 | $196.8M | $200.9M | ||
| Q2 24 | $199.7M | $198.1M |
净利润APLSCALX
| Q1 26 | — | $11.2M | ||
| Q4 25 | $-59.0M | $7.2M | ||
| Q3 25 | $215.7M | $15.7M | ||
| Q2 25 | $-42.2M | $-199.0K | ||
| Q1 25 | $-92.2M | $-4.8M | ||
| Q4 24 | $-36.4M | $-17.9M | ||
| Q3 24 | $-57.4M | $-4.0M | ||
| Q2 24 | $-37.7M | $-8.0M |
毛利率APLSCALX
| Q1 26 | — | 56.9% | ||
| Q4 25 | — | 57.7% | ||
| Q3 25 | — | 57.3% | ||
| Q2 25 | — | 56.3% | ||
| Q1 25 | — | 55.7% | ||
| Q4 24 | — | 55.0% | ||
| Q3 24 | — | 54.8% | ||
| Q2 24 | — | 54.3% |
营业利润率APLSCALX
| Q1 26 | — | — | ||
| Q4 25 | -25.6% | 3.4% | ||
| Q3 25 | 48.7% | 6.6% | ||
| Q2 25 | -18.6% | 0.2% | ||
| Q1 25 | -50.0% | -2.8% | ||
| Q4 24 | -12.3% | -9.1% | ||
| Q3 24 | -24.0% | -5.4% | ||
| Q2 24 | -14.7% | -5.7% |
净利率APLSCALX
| Q1 26 | — | 4.0% | ||
| Q4 25 | -29.5% | 2.6% | ||
| Q3 25 | 47.0% | 5.9% | ||
| Q2 25 | -23.6% | -0.1% | ||
| Q1 25 | -55.3% | -2.2% | ||
| Q4 24 | -17.1% | -8.7% | ||
| Q3 24 | -29.2% | -2.0% | ||
| Q2 24 | -18.9% | -4.0% |
每股收益（稀释后）APLSCALX
| Q1 26 | — | $0.16 | ||
| Q4 25 | $-0.40 | $0.11 | ||
| Q3 25 | $1.67 | $0.22 | ||
| Q2 25 | $-0.33 | $0.00 | ||
| Q1 25 | $-0.74 | $-0.07 | ||
| Q4 24 | $-0.30 | $-0.27 | ||
| Q3 24 | $-0.46 | $-0.06 | ||
| Q2 24 | $-0.30 | $-0.12 |
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 | $54.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $738.0M |
| 总资产 | $1.1B | — |
| 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APLSCALX
| Q1 26 | — | $54.6M | ||
| Q4 25 | $466.2M | $143.1M | ||
| Q3 25 | $479.2M | $95.0M | ||
| Q2 25 | $370.0M | $76.5M | ||
| Q1 25 | $358.4M | $42.3M | ||
| Q4 24 | $411.3M | $43.2M | ||
| Q3 24 | $396.9M | $62.4M | ||
| Q2 24 | $360.1M | $84.5M |
股东权益APLSCALX
| Q1 26 | — | $738.0M | ||
| Q4 25 | $370.1M | $859.2M | ||
| Q3 25 | $401.2M | $822.5M | ||
| Q2 25 | $156.3M | $772.7M | ||
| Q1 25 | $164.2M | $767.2M | ||
| Q4 24 | $228.5M | $780.9M | ||
| Q3 24 | $237.1M | $778.7M | ||
| Q2 24 | $264.3M | $754.2M |
总资产APLSCALX
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $1.1B | $976.4M | ||
| Q2 25 | $821.4M | $921.4M | ||
| Q1 25 | $807.3M | $917.1M | ||
| Q4 24 | $885.1M | $939.3M | ||
| Q3 24 | $901.9M | $937.5M | ||
| Q2 24 | $904.5M | $917.9M |
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 | $14.6M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $6.5M |
| 自由现金流率自由现金流/营收 | -7.1% | 2.3% |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 现金转化率经营现金流/净利润 | — | 1.31× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $109.1M |
8季度趋势，按日历期对齐
经营现金流APLSCALX
| Q1 26 | — | $14.6M | ||
| Q4 25 | $-14.2M | $46.0M | ||
| Q3 25 | $108.5M | $32.3M | ||
| Q2 25 | $4.4M | $39.4M | ||
| Q1 25 | $-53.4M | $17.2M | ||
| Q4 24 | $19.4M | $15.4M | ||
| Q3 24 | $34.1M | $16.0M | ||
| Q2 24 | $-8.3M | $22.3M |
自由现金流APLSCALX
| Q1 26 | — | $6.5M | ||
| Q4 25 | $-14.3M | $40.3M | ||
| Q3 25 | $108.3M | $26.7M | ||
| Q2 25 | $4.4M | $35.6M | ||
| Q1 25 | $-53.4M | $12.9M | ||
| Q4 24 | $19.3M | $10.2M | ||
| Q3 24 | — | $12.8M | ||
| Q2 24 | $-8.4M | $16.4M |
自由现金流率APLSCALX
| Q1 26 | — | 2.3% | ||
| Q4 25 | -7.1% | 14.8% | ||
| Q3 25 | 23.6% | 10.1% | ||
| Q2 25 | 2.5% | 14.7% | ||
| Q1 25 | -32.0% | 5.9% | ||
| Q4 24 | 9.1% | 5.0% | ||
| Q3 24 | — | 6.3% | ||
| Q2 24 | -4.2% | 8.3% |
资本支出强度APLSCALX
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 2.1% | ||
| Q3 25 | 0.0% | 2.1% | ||
| Q2 25 | 0.0% | 1.5% | ||
| Q1 25 | 0.0% | 2.0% | ||
| Q4 24 | 0.0% | 2.5% | ||
| Q3 24 | 0.0% | 1.6% | ||
| Q2 24 | 0.0% | 3.0% |
现金转化率APLSCALX
| Q1 26 | — | 1.31× | ||
| Q4 25 | — | 6.38× | ||
| Q3 25 | 0.50× | 2.06× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
CALX
| Appliance | $232.8M | 83% |
| Software and service | $47.1M | 17% |
