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Apellis Pharmaceuticals, Inc.（APLS）与PATHWARD FINANCIAL, INC.（CASH）财务数据对比。点击上方公司名可切换其他公司
PATHWARD FINANCIAL, INC.的季度营收约是Apellis Pharmaceuticals, Inc.的1.4倍（$276.3M vs $199.9M），PATHWARD FINANCIAL, INC.净利率更高（26.4% vs -29.5%，领先55.9%），过去两年PATHWARD FINANCIAL, INC.的营收复合增速更高（21.0% 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。
Pathward Financial, Inc.是一家总部位于美国的银行及金融服务企业，其前身为Meta金融集团旗下相关业务主体，2022年母公司将“Meta”商标出售给Meta Platforms后，正式启用现有名称。
APLS vs CASH — 直观对比
营收规模更大
CASH
是对方的1.4倍
$199.9M
净利率更高
CASH
高出55.9%
-29.5%
两年增速更快
CASH
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $276.3M |
| 净利润 | $-59.0M | $72.9M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | — |
| 净利率 | -29.5% | 26.4% |
| 营收同比 | -5.9% | — |
| 净利润同比 | -62.2% | — |
| 每股收益（稀释后） | $-0.40 | $3.35 |
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APLSCASH
| Q1 26 | — | $276.3M | ||
| Q4 25 | $199.9M | $173.1M | ||
| Q3 25 | $458.6M | $186.7M | ||
| Q2 25 | $178.5M | $195.8M | ||
| Q1 25 | $166.8M | $274.8M | ||
| Q4 24 | $212.5M | $182.6M | ||
| Q3 24 | $196.8M | $179.5M | ||
| Q2 24 | $199.7M | $188.6M |
净利润APLSCASH
| Q1 26 | — | $72.9M | ||
| Q4 25 | $-59.0M | $35.2M | ||
| Q3 25 | $215.7M | $38.8M | ||
| Q2 25 | $-42.2M | $42.1M | ||
| Q1 25 | $-92.2M | $75.0M | ||
| Q4 24 | $-36.4M | $30.0M | ||
| Q3 24 | $-57.4M | $33.5M | ||
| Q2 24 | $-37.7M | $44.9M |
营业利润率APLSCASH
| Q1 26 | — | — | ||
| Q4 25 | -25.6% | 24.6% | ||
| Q3 25 | 48.7% | 25.9% | ||
| Q2 25 | -18.6% | 24.1% | ||
| Q1 25 | -50.0% | 33.2% | ||
| Q4 24 | -12.3% | 19.8% | ||
| Q3 24 | -24.0% | 20.9% | ||
| Q2 24 | -14.7% | 27.1% |
净利率APLSCASH
| Q1 26 | — | 26.4% | ||
| Q4 25 | -29.5% | 20.3% | ||
| Q3 25 | 47.0% | 20.8% | ||
| Q2 25 | -23.6% | 21.5% | ||
| Q1 25 | -55.3% | 27.3% | ||
| Q4 24 | -17.1% | 16.4% | ||
| Q3 24 | -29.2% | 18.7% | ||
| Q2 24 | -18.9% | 23.8% |
每股收益（稀释后）APLSCASH
| Q1 26 | — | $3.35 | ||
| Q4 25 | $-0.40 | $1.57 | ||
| Q3 25 | $1.67 | $1.69 | ||
| Q2 25 | $-0.33 | $1.81 | ||
| Q1 25 | $-0.74 | $3.14 | ||
| Q4 24 | $-0.30 | $1.23 | ||
| Q3 24 | $-0.46 | $1.34 | ||
| Q2 24 | $-0.30 | $1.78 |
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 | $157.6M |
| 总债务越低越好 | — | $59.5M |
| 股东权益账面价值 | $370.1M | $850.7M |
| 总资产 | $1.1B | $7.1B |
| 负债/权益比越低杠杆越低 | — | 0.07× |
8季度趋势，按日历期对齐
现金及短期投资APLSCASH
| Q1 26 | — | $157.6M | ||
| Q4 25 | $466.2M | $331.2M | ||
| Q3 25 | $479.2M | $120.6M | ||
| Q2 25 | $370.0M | $258.3M | ||
| Q1 25 | $358.4M | $254.2M | ||
| Q4 24 | $411.3M | $597.4M | ||
| Q3 24 | $396.9M | $158.3M | ||
| Q2 24 | $360.1M | $298.9M |
总债务APLSCASH
| Q1 26 | — | $59.5M | ||
| Q4 25 | — | $33.5M | ||
| Q3 25 | — | $33.5M | ||
| Q2 25 | — | $33.4M | ||
| Q1 25 | — | $33.4M | ||
| Q4 24 | — | $33.4M | ||
| Q3 24 | — | $33.4M | ||
| Q2 24 | — | $33.3M |
股东权益APLSCASH
| Q1 26 | — | $850.7M | ||
| Q4 25 | $370.1M | $854.5M | ||
| Q3 25 | $401.2M | $858.0M | ||
| Q2 25 | $156.3M | $819.0M | ||
| Q1 25 | $164.2M | $814.7M | ||
| Q4 24 | $228.5M | $758.3M | ||
| Q3 24 | $237.1M | $822.5M | ||
| Q2 24 | $264.3M | $748.4M |
总资产APLSCASH
| Q1 26 | — | $7.1B | ||
| Q4 25 | $1.1B | $7.6B | ||
| Q3 25 | $1.1B | $7.2B | ||
| Q2 25 | $821.4M | $7.2B | ||
| Q1 25 | $807.3M | $7.0B | ||
| Q4 24 | $885.1M | $7.6B | ||
| Q3 24 | $901.9M | $7.5B | ||
| Q2 24 | $904.5M | $7.5B |
负债/权益比APLSCASH
| Q1 26 | — | 0.07× | ||
| Q4 25 | — | 0.04× | ||
| Q3 25 | — | 0.04× | ||
| Q2 25 | — | 0.04× | ||
| Q1 25 | — | 0.04× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 0.04× | ||
| Q2 24 | — | 0.04× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | — |
| 自由现金流率自由现金流/营收 | -7.1% | — |
| 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 | — | — |
| 过去12个月自由现金流最近4个季度 | $45.0M | — |
8季度趋势，按日历期对齐
经营现金流APLSCASH
| Q1 26 | — | — | ||
| Q4 25 | $-14.2M | $108.3M | ||
| Q3 25 | $108.5M | $303.7M | ||
| Q2 25 | $4.4M | $30.4M | ||
| Q1 25 | $-53.4M | $188.3M | ||
| Q4 24 | $19.4M | $-71.7M | ||
| Q3 24 | $34.1M | $143.1M | ||
| Q2 24 | $-8.3M | $113.2M |
自由现金流APLSCASH
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | $104.1M | ||
| Q3 25 | $108.3M | $300.3M | ||
| Q2 25 | $4.4M | $27.7M | ||
| Q1 25 | $-53.4M | $184.7M | ||
| Q4 24 | $19.3M | $-73.8M | ||
| Q3 24 | — | $138.8M | ||
| Q2 24 | $-8.4M | $111.0M |
自由现金流率APLSCASH
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 60.1% | ||
| Q3 25 | 23.6% | 160.9% | ||
| Q2 25 | 2.5% | 14.1% | ||
| Q1 25 | -32.0% | 67.2% | ||
| Q4 24 | 9.1% | -40.4% | ||
| Q3 24 | — | 77.3% | ||
| Q2 24 | -4.2% | 58.8% |
资本支出强度APLSCASH
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 2.4% | ||
| Q3 25 | 0.0% | 1.8% | ||
| Q2 25 | 0.0% | 1.4% | ||
| Q1 25 | 0.0% | 1.3% | ||
| Q4 24 | 0.0% | 1.1% | ||
| Q3 24 | 0.0% | 2.4% | ||
| Q2 24 | 0.0% | 1.2% |
现金转化率APLSCASH
| Q1 26 | — | — | ||
| Q4 25 | — | 3.08× | ||
| Q3 25 | 0.50× | 7.83× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 2.51× | ||
| Q4 24 | — | -2.39× | ||
| Q3 24 | — | 4.27× | ||
| Q2 24 | — | 2.52× |
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% |
CASH
| Noninterest Income | $151.2M | 55% |
| Net Interest Income | $125.1M | 45% |
