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Apellis Pharmaceuticals, Inc.（APLS）与Coursera, Inc.（COUR）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Coursera, Inc.的1.0倍（$199.9M vs $196.9M），Coursera, Inc.净利率更高（-13.6% vs -29.5%，领先15.9%），Coursera, Inc.同比增速更快（9.9% vs -5.9%），Coursera, Inc.自由现金流更多（$5.4M vs $-14.3M），过去两年Coursera, Inc.的营收复合增速更高（7.9% 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。
Coursera Inc.是美国营利性在线教育平台，由斯坦福大学计算机科学教授吴恩达与达芙妮·科勒于2012年创立。创立初期它作为全球大型开放式网络课程平台运营，目前和全球多所大学及各类机构合作，提供涵盖多个学科领域的在线课程、证书与学位项目。
APLS vs COUR — 直观对比
营收规模更大
APLS
是对方的1.0倍
$196.9M
营收增速更快
COUR
高出15.8%
-5.9%
净利率更高
COUR
高出15.9%
-29.5%
自由现金流更多
COUR
多$19.7M
$-14.3M
两年增速更快
COUR
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $196.9M |
| 净利润 | $-59.0M | $-26.8M |
| 毛利率 | — | 54.2% |
| 营业利润率 | -25.6% | -16.4% |
| 净利率 | -29.5% | -13.6% |
| 营收同比 | -5.9% | 9.9% |
| 净利润同比 | -62.2% | -24.1% |
| 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APLSCOUR
| Q4 25 | $199.9M | $196.9M | ||
| Q3 25 | $458.6M | $194.2M | ||
| Q2 25 | $178.5M | $187.1M | ||
| Q1 25 | $166.8M | $179.3M | ||
| Q4 24 | $212.5M | $179.2M | ||
| Q3 24 | $196.8M | $176.1M | ||
| Q2 24 | $199.7M | $170.3M | ||
| Q1 24 | $172.3M | $169.1M |
净利润APLSCOUR
| Q4 25 | $-59.0M | $-26.8M | ||
| Q3 25 | $215.7M | $-8.6M | ||
| Q2 25 | $-42.2M | $-7.8M | ||
| Q1 25 | $-92.2M | $-7.8M | ||
| Q4 24 | $-36.4M | $-21.6M | ||
| Q3 24 | $-57.4M | $-13.7M | ||
| Q2 24 | $-37.7M | $-22.9M | ||
| Q1 24 | $-66.4M | $-21.3M |
毛利率APLSCOUR
| Q4 25 | — | 54.2% | ||
| Q3 25 | — | 54.6% | ||
| Q2 25 | — | 54.9% | ||
| Q1 25 | — | 54.6% | ||
| Q4 24 | — | 53.3% | ||
| Q3 24 | — | 54.6% | ||
| Q2 24 | — | 53.0% | ||
| Q1 24 | — | 52.9% |
营业利润率APLSCOUR
| Q4 25 | -25.6% | -16.4% | ||
| Q3 25 | 48.7% | -8.0% | ||
| Q2 25 | -18.6% | -8.1% | ||
| Q1 25 | -50.0% | -8.0% | ||
| Q4 24 | -12.3% | -17.0% | ||
| Q3 24 | -24.0% | -12.3% | ||
| Q2 24 | -14.7% | -18.3% | ||
| Q1 24 | -36.0% | -17.6% |
净利率APLSCOUR
| Q4 25 | -29.5% | -13.6% | ||
| Q3 25 | 47.0% | -4.4% | ||
| Q2 25 | -23.6% | -4.2% | ||
| Q1 25 | -55.3% | -4.4% | ||
| Q4 24 | -17.1% | -12.1% | ||
| Q3 24 | -29.2% | -7.8% | ||
| Q2 24 | -18.9% | -13.4% | ||
| Q1 24 | -38.5% | -12.6% |
每股收益（稀释后）APLSCOUR
| Q4 25 | $-0.40 | $-0.16 | ||
| Q3 25 | $1.67 | $-0.05 | ||
| Q2 25 | $-0.33 | $-0.05 | ||
| Q1 25 | $-0.74 | $-0.05 | ||
| Q4 24 | $-0.30 | $-0.13 | ||
| Q3 24 | $-0.46 | $-0.09 | ||
| Q2 24 | $-0.30 | $-0.15 | ||
| Q1 24 | $-0.54 | $-0.14 |
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 | $792.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $635.7M |
| 总资产 | $1.1B | $1.0B |
| 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APLSCOUR
| Q4 25 | $466.2M | $792.6M | ||
| Q3 25 | $479.2M | $797.7M | ||
| Q2 25 | $370.0M | $775.1M | ||
| Q1 25 | $358.4M | $748.0M | ||
| Q4 24 | $411.3M | $726.1M | ||
| Q3 24 | $396.9M | $719.4M | ||
| Q2 24 | $360.1M | $708.8M | ||
| Q1 24 | $325.9M | $725.4M |
总债务APLSCOUR
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSCOUR
| Q4 25 | $370.1M | $635.7M | ||
| Q3 25 | $401.2M | $639.5M | ||
| Q2 25 | $156.3M | $627.0M | ||
| Q1 25 | $164.2M | $610.5M | ||
| Q4 24 | $228.5M | $597.4M | ||
| Q3 24 | $237.1M | $593.3M | ||
| Q2 24 | $264.3M | $585.2M | ||
| Q1 24 | $266.7M | $609.1M |
总资产APLSCOUR
| Q4 25 | $1.1B | $1.0B | ||
| Q3 25 | $1.1B | $995.3M | ||
| Q2 25 | $821.4M | $979.9M | ||
| Q1 25 | $807.3M | $951.2M | ||
| Q4 24 | $885.1M | $930.3M | ||
| Q3 24 | $901.9M | $914.1M | ||
| Q2 24 | $904.5M | $904.4M | ||
| Q1 24 | $831.9M | $916.3M |
负债/权益比APLSCOUR
| 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 | $5.8M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $5.4M |
| 自由现金流率自由现金流/营收 | -7.1% | 2.7% |
| 资本支出强度资本支出/营收 | 0.1% | 0.2% |
| 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 | $107.2M |
8季度趋势，按日历期对齐
经营现金流APLSCOUR
| Q4 25 | $-14.2M | $5.8M | ||
| Q3 25 | $108.5M | $33.9M | ||
| Q2 25 | $4.4M | $35.5M | ||
| Q1 25 | $-53.4M | $33.5M | ||
| Q4 24 | $19.4M | $19.2M | ||
| Q3 24 | $34.1M | $27.9M | ||
| Q2 24 | $-8.3M | $23.8M | ||
| Q1 24 | $-133.0M | $24.5M |
自由现金流APLSCOUR
| Q4 25 | $-14.3M | $5.4M | ||
| Q3 25 | $108.3M | $33.7M | ||
| Q2 25 | $4.4M | $35.1M | ||
| Q1 25 | $-53.4M | $33.0M | ||
| Q4 24 | $19.3M | $18.1M | ||
| Q3 24 | — | $27.7M | ||
| Q2 24 | $-8.4M | $23.6M | ||
| Q1 24 | $-133.3M | $24.4M |
自由现金流率APLSCOUR
| Q4 25 | -7.1% | 2.7% | ||
| Q3 25 | 23.6% | 17.4% | ||
| Q2 25 | 2.5% | 18.8% | ||
| Q1 25 | -32.0% | 18.4% | ||
| Q4 24 | 9.1% | 10.1% | ||
| Q3 24 | — | 15.7% | ||
| Q2 24 | -4.2% | 13.9% | ||
| Q1 24 | -77.3% | 14.4% |
资本支出强度APLSCOUR
| Q4 25 | 0.1% | 0.2% | ||
| Q3 25 | 0.0% | 0.1% | ||
| Q2 25 | 0.0% | 0.2% | ||
| Q1 25 | 0.0% | 0.3% | ||
| Q4 24 | 0.0% | 0.6% | ||
| Q3 24 | 0.0% | 0.1% | ||
| Q2 24 | 0.0% | 0.1% | ||
| Q1 24 | 0.2% | 0.1% |
现金转化率APLSCOUR
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
COUR
| Consumer Segment | $131.5M | 67% |
| Enterprise Segment | $65.4M | 33% |
