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Apellis Pharmaceuticals, Inc.（APLS）与CORVEL CORP（CRVL）财务数据对比。点击上方公司名可切换其他公司
CORVEL CORP的季度营收约是Apellis Pharmaceuticals, Inc.的1.2倍（$235.6M vs $199.9M），CORVEL CORP净利率更高（10.3% vs -29.5%，领先39.7%），CORVEL CORP同比增速更快（3.4% vs -5.9%），CORVEL CORP自由现金流更多（$35.2M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 6.6%）
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。
Corvel Corp是一家总部位于美国的综合解决方案供应商，核心业务涵盖工伤赔偿、医疗管理与风险缓释，服务客户包括保险公司、自保雇主及公共部门机构，可帮助客户控制医疗成本、提升护理效果、优化行政运营流程。
APLS vs CRVL — 直观对比
营收规模更大
CRVL
是对方的1.2倍
$199.9M
营收增速更快
CRVL
高出9.3%
-5.9%
净利率更高
CRVL
高出39.7%
-29.5%
自由现金流更多
CRVL
多$49.5M
$-14.3M
两年增速更快
APLS
近两年复合增速
6.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $235.6M |
| 净利润 | $-59.0M | $24.2M |
| 毛利率 | — | 23.3% |
| 营业利润率 | -25.6% | 13.7% |
| 净利率 | -29.5% | 10.3% |
| 营收同比 | -5.9% | 3.4% |
| 净利润同比 | -62.2% | 1.7% |
| 每股收益（稀释后） | $-0.40 | $0.47 |
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APLSCRVL
| Q4 25 | $199.9M | $235.6M | ||
| Q3 25 | $458.6M | $239.6M | ||
| Q2 25 | $178.5M | $234.7M | ||
| Q1 25 | $166.8M | $231.5M | ||
| Q4 24 | $212.5M | $228.0M | ||
| Q3 24 | $196.8M | $224.4M | ||
| Q2 24 | $199.7M | $211.7M | ||
| Q1 24 | $172.3M | $207.2M |
净利润APLSCRVL
| Q4 25 | $-59.0M | $24.2M | ||
| Q3 25 | $215.7M | $27.9M | ||
| Q2 25 | $-42.2M | $27.2M | ||
| Q1 25 | $-92.2M | $26.4M | ||
| Q4 24 | $-36.4M | $23.8M | ||
| Q3 24 | $-57.4M | $23.4M | ||
| Q2 24 | $-37.7M | $21.6M | ||
| Q1 24 | $-66.4M | $19.5M |
毛利率APLSCRVL
| Q4 25 | — | 23.3% | ||
| Q3 25 | — | 24.3% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 25.0% | ||
| Q4 24 | — | 23.2% | ||
| Q3 24 | — | 22.6% | ||
| Q2 24 | — | 22.7% | ||
| Q1 24 | — | 20.9% |
营业利润率APLSCRVL
| Q4 25 | -25.6% | 13.7% | ||
| Q3 25 | 48.7% | 15.0% | ||
| Q2 25 | -18.6% | 15.0% | ||
| Q1 25 | -50.0% | 14.4% | ||
| Q4 24 | -12.3% | 13.5% | ||
| Q3 24 | -24.0% | 12.8% | ||
| Q2 24 | -14.7% | 13.2% | ||
| Q1 24 | -36.0% | 10.9% |
净利率APLSCRVL
| Q4 25 | -29.5% | 10.3% | ||
| Q3 25 | 47.0% | 11.6% | ||
| Q2 25 | -23.6% | 11.6% | ||
| Q1 25 | -55.3% | 11.4% | ||
| Q4 24 | -17.1% | 10.4% | ||
| Q3 24 | -29.2% | 10.4% | ||
| Q2 24 | -18.9% | 10.2% | ||
| Q1 24 | -38.5% | 9.4% |
每股收益（稀释后）APLSCRVL
| Q4 25 | $-0.40 | $0.47 | ||
| Q3 25 | $1.67 | $0.54 | ||
| Q2 25 | $-0.33 | $0.52 | ||
| Q1 25 | $-0.74 | $-1.23 | ||
| Q4 24 | $-0.30 | $0.46 | ||
| Q3 24 | $-0.46 | $1.35 | ||
| Q2 24 | $-0.30 | $1.25 | ||
| Q1 24 | $-0.54 | $1.12 |
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 | $230.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $375.7M |
| 总资产 | $1.1B | $644.8M |
| 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APLSCRVL
| Q4 25 | $466.2M | $230.0M | ||
| Q3 25 | $479.2M | $207.5M | ||
| Q2 25 | $370.0M | $202.0M | ||
| Q1 25 | $358.4M | $170.6M | ||
| Q4 24 | $411.3M | $162.9M | ||
| Q3 24 | $396.9M | $138.3M | ||
| Q2 24 | $360.1M | $131.9M | ||
| Q1 24 | $325.9M | $105.6M |
总债务APLSCRVL
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSCRVL
| Q4 25 | $370.1M | $375.7M | ||
| Q3 25 | $401.2M | $362.8M | ||
| Q2 25 | $156.3M | $342.5M | ||
| Q1 25 | $164.2M | $322.0M | ||
| Q4 24 | $228.5M | $300.9M | ||
| Q3 24 | $237.1M | $282.8M | ||
| Q2 24 | $264.3M | $263.9M | ||
| Q1 24 | $266.7M | $247.6M |
总资产APLSCRVL
| Q4 25 | $1.1B | $644.8M | ||
| Q3 25 | $1.1B | $611.7M | ||
| Q2 25 | $821.4M | $597.4M | ||
| Q1 25 | $807.3M | $546.0M | ||
| Q4 24 | $885.1M | $538.8M | ||
| Q3 24 | $901.9M | $518.6M | ||
| Q2 24 | $904.5M | $486.2M | ||
| Q1 24 | $831.9M | $454.7M |
负债/权益比APLSCRVL
| 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 | $46.1M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $35.2M |
| 自由现金流率自由现金流/营收 | -7.1% | 14.9% |
| 资本支出强度资本支出/营收 | 0.1% | 4.7% |
| 现金转化率经营现金流/净利润 | — | 1.91× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $104.3M |
8季度趋势，按日历期对齐
经营现金流APLSCRVL
| Q4 25 | $-14.2M | $46.1M | ||
| Q3 25 | $108.5M | $25.0M | ||
| Q2 25 | $4.4M | $55.0M | ||
| Q1 25 | $-53.4M | $22.9M | ||
| Q4 24 | $19.4M | $41.6M | ||
| Q3 24 | $34.1M | $22.3M | ||
| Q2 24 | $-8.3M | $40.4M | ||
| Q1 24 | $-133.0M | $15.2M |
自由现金流APLSCRVL
| Q4 25 | $-14.3M | $35.2M | ||
| Q3 25 | $108.3M | $15.3M | ||
| Q2 25 | $4.4M | $39.5M | ||
| Q1 25 | $-53.4M | $14.3M | ||
| Q4 24 | $19.3M | $32.1M | ||
| Q3 24 | — | $12.4M | ||
| Q2 24 | $-8.4M | $32.8M | ||
| Q1 24 | $-133.3M | $5.2M |
自由现金流率APLSCRVL
| Q4 25 | -7.1% | 14.9% | ||
| Q3 25 | 23.6% | 6.4% | ||
| Q2 25 | 2.5% | 16.8% | ||
| Q1 25 | -32.0% | 6.2% | ||
| Q4 24 | 9.1% | 14.1% | ||
| Q3 24 | — | 5.5% | ||
| Q2 24 | -4.2% | 15.5% | ||
| Q1 24 | -77.3% | 2.5% |
资本支出强度APLSCRVL
| Q4 25 | 0.1% | 4.7% | ||
| Q3 25 | 0.0% | 4.1% | ||
| Q2 25 | 0.0% | 6.6% | ||
| Q1 25 | 0.0% | 3.7% | ||
| Q4 24 | 0.0% | 4.2% | ||
| Q3 24 | 0.0% | 4.4% | ||
| Q2 24 | 0.0% | 3.6% | ||
| Q1 24 | 0.2% | 4.8% |
现金转化率APLSCRVL
| Q4 25 | — | 1.91× | ||
| Q3 25 | 0.50× | 0.90× | ||
| Q2 25 | — | 2.02× | ||
| Q1 25 | — | 0.87× | ||
| Q4 24 | — | 1.75× | ||
| Q3 24 | — | 0.95× | ||
| Q2 24 | — | 1.87× | ||
| Q1 24 | — | 0.78× |
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% |
CRVL
| Patient Management Services | $146.1M | 62% |
| Network Solutions Services | $89.6M | 38% |
