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Apellis Pharmaceuticals, Inc.（APLS）与COMTECH TELECOMMUNICATIONS CORP（CMTL）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COMTECH TELECOMMUNICATIONS CORP的1.8倍（$199.9M vs $111.0M），COMTECH TELECOMMUNICATIONS CORP净利率更高（-14.3% vs -29.5%，领先15.2%），COMTECH TELECOMMUNICATIONS CORP同比增速更快（-4.1% vs -5.9%），COMTECH TELECOMMUNICATIONS CORP自由现金流更多（$4.8M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -9.0%）
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。
Comtech Telecommunications是一家总部位于美国的全球通信技术提供商，主营卫星通信系统、地面网络基础设施及定位服务，客户覆盖政府、国防、移动运营商和企业领域，为各类关键应用场景提供安全可靠的连接解决方案。
APLS vs CMTL — 直观对比
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $111.0M |
| 净利润 | $-59.0M | $-15.9M |
| 毛利率 | — | 33.1% |
| 营业利润率 | -25.6% | -2.5% |
| 净利率 | -29.5% | -14.3% |
| 营收同比 | -5.9% | -4.1% |
| 净利润同比 | -62.2% | 89.3% |
| 每股收益（稀释后） | $-0.40 | $-0.67 |
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 | $111.0M | ||
| Q3 25 | $458.6M | $130.4M | ||
| Q2 25 | $178.5M | $126.8M | ||
| Q1 25 | $166.8M | $126.6M | ||
| Q4 24 | $212.5M | $115.8M | ||
| Q3 24 | $196.8M | $126.2M | ||
| Q2 24 | $199.7M | $128.1M | ||
| Q1 24 | $172.3M | $134.2M |
| Q4 25 | $-59.0M | $-15.9M | ||
| Q3 25 | $215.7M | $7.9M | ||
| Q2 25 | $-42.2M | $33.9M | ||
| Q1 25 | $-92.2M | $-48.7M | ||
| Q4 24 | $-36.4M | $-148.4M | ||
| Q3 24 | $-57.4M | $-90.8M | ||
| Q2 24 | $-37.7M | $2.8M | ||
| Q1 24 | $-66.4M | $-10.6M |
| Q4 25 | — | 33.1% | ||
| Q3 25 | — | 31.2% | ||
| Q2 25 | — | 30.7% | ||
| Q1 25 | — | 26.7% | ||
| Q4 24 | — | 12.5% | ||
| Q3 24 | — | 21.5% | ||
| Q2 24 | — | 30.4% | ||
| Q1 24 | — | 32.2% |
| Q4 25 | -25.6% | -2.5% | ||
| Q3 25 | 48.7% | 1.4% | ||
| Q2 25 | -18.6% | -1.2% | ||
| Q1 25 | -50.0% | -8.1% | ||
| Q4 24 | -12.3% | -111.5% | ||
| Q3 24 | -24.0% | -64.6% | ||
| Q2 24 | -14.7% | -2.7% | ||
| Q1 24 | -36.0% | 2.2% |
| Q4 25 | -29.5% | -14.3% | ||
| Q3 25 | 47.0% | 6.1% | ||
| Q2 25 | -23.6% | 26.8% | ||
| Q1 25 | -55.3% | -38.5% | ||
| Q4 24 | -17.1% | -128.2% | ||
| Q3 24 | -29.2% | -71.9% | ||
| Q2 24 | -18.9% | 2.2% | ||
| Q1 24 | -38.5% | -7.9% |
| Q4 25 | $-0.40 | $-0.67 | ||
| Q3 25 | $1.67 | $-0.41 | ||
| Q2 25 | $-0.33 | $-0.49 | ||
| Q1 25 | $-0.74 | $-0.76 | ||
| Q4 24 | $-0.30 | $-5.29 | ||
| Q3 24 | $-0.46 | $-3.48 | ||
| Q2 24 | $-0.30 | $-0.04 | ||
| Q1 24 | $-0.54 | $-1.07 |
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 | $43.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $85.6M |
| 总资产 | $1.1B | $734.1M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $466.2M | $43.6M | ||
| Q3 25 | $479.2M | $40.0M | ||
| Q2 25 | $370.0M | $28.4M | ||
| Q1 25 | $358.4M | $26.7M | ||
| Q4 24 | $411.3M | $29.6M | ||
| Q3 24 | $396.9M | $32.4M | ||
| Q2 24 | $360.1M | $27.2M | ||
| Q1 24 | $325.9M | $40.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
| Q4 25 | $370.1M | $85.6M | ||
| Q3 25 | $401.2M | $104.4M | ||
| Q2 25 | $156.3M | $115.4M | ||
| Q1 25 | $164.2M | $128.7M | ||
| Q4 24 | $228.5M | $150.4M | ||
| Q3 24 | $237.1M | $306.3M | ||
| Q2 24 | $264.3M | $406.4M | ||
| Q1 24 | $266.7M | $407.0M |
| Q4 25 | $1.1B | $734.1M | ||
| Q3 25 | $1.1B | $740.8M | ||
| Q2 25 | $821.4M | $751.1M | ||
| Q1 25 | $807.3M | $770.6M | ||
| Q4 24 | $885.1M | $793.2M | ||
| Q3 24 | $901.9M | $793.2M | ||
| Q2 24 | $904.5M | $991.0M | ||
| Q1 24 | $831.9M | $996.8M |
| 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 | $8.1M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $4.8M |
| 自由现金流率自由现金流/营收 | -7.1% | 4.3% |
| 资本支出强度资本支出/营收 | 0.1% | 2.9% |
| 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 | $12.2M |
8季度趋势，按日历期对齐
| Q4 25 | $-14.2M | $8.1M | ||
| Q3 25 | $108.5M | $11.4M | ||
| Q2 25 | $4.4M | $2.3M | ||
| Q1 25 | $-53.4M | $-234.0K | ||
| Q4 24 | $19.4M | $-21.8M | ||
| Q3 24 | $34.1M | $-9.5M | ||
| Q2 24 | $-8.3M | $-3.8M | ||
| Q1 24 | $-133.0M | $-26.7M |
| Q4 25 | $-14.3M | $4.8M | ||
| Q3 25 | $108.3M | $9.4M | ||
| Q2 25 | $4.4M | $-160.0K | ||
| Q1 25 | $-53.4M | $-1.9M | ||
| Q4 24 | $19.3M | $-24.2M | ||
| Q3 24 | — | $-12.4M | ||
| Q2 24 | $-8.4M | $-6.5M | ||
| Q1 24 | $-133.3M | $-30.9M |
| Q4 25 | -7.1% | 4.3% | ||
| Q3 25 | 23.6% | 7.2% | ||
| Q2 25 | 2.5% | -0.1% | ||
| Q1 25 | -32.0% | -1.5% | ||
| Q4 24 | 9.1% | -20.9% | ||
| Q3 24 | — | -9.8% | ||
| Q2 24 | -4.2% | -5.0% | ||
| Q1 24 | -77.3% | -23.0% |
| Q4 25 | 0.1% | 2.9% | ||
| Q3 25 | 0.0% | 1.6% | ||
| Q2 25 | 0.0% | 1.9% | ||
| Q1 25 | 0.0% | 1.3% | ||
| Q4 24 | 0.0% | 2.1% | ||
| Q3 24 | 0.0% | 2.3% | ||
| Q2 24 | 0.0% | 2.1% | ||
| Q1 24 | 0.2% | 3.2% |
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | 1.45× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.36× | ||
| Q1 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% |
CMTL
| Satellite And Space Communications Segment | $55.1M | 50% |
| Transferred At Point In Time | $39.4M | 36% |
| Satellite And Space Communications | $16.3M | 15% |
| Terrestrial And Wireless Networks | $1.1M | 1% |
