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Apellis Pharmaceuticals, Inc.（APLS）与Douglas Emmett Inc（DEI）财务数据对比。点击上方公司名可切换其他公司
Douglas Emmett Inc的季度营收约是Apellis Pharmaceuticals, Inc.的1.2倍（$249.4M vs $199.9M），Douglas Emmett Inc净利率更高（-2.7% vs -29.5%，领先26.7%），Douglas Emmett Inc同比增速更快（1.8% vs -5.9%），Douglas Emmett Inc自由现金流更多（$194.5M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 0.9%）
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。
道格拉斯·艾米特公司是一家领先的房地产投资信托企业，主要持有、运营及收购优质写字楼与多户住宅物业，核心市场覆盖加州洛杉矶、夏威夷州檀香山等准入门槛较高的区域，服务高端商业及住宅租户群体。
APLS vs DEI — 直观对比
营收规模更大
DEI
是对方的1.2倍
$199.9M
营收增速更快
DEI
高出7.8%
-5.9%
净利率更高
DEI
高出26.7%
-29.5%
自由现金流更多
DEI
多$208.7M
$-14.3M
两年增速更快
APLS
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $249.4M |
| 净利润 | $-59.0M | $-6.8M |
| 毛利率 | — | 62.2% |
| 营业利润率 | -25.6% | — |
| 净利率 | -29.5% | -2.7% |
| 营收同比 | -5.9% | 1.8% |
| 净利润同比 | -62.2% | -670.7% |
| 每股收益（稀释后） | $-0.40 | $-0.04 |
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APLSDEI
| Q4 25 | $199.9M | $249.4M | ||
| Q3 25 | $458.6M | $250.6M | ||
| Q2 25 | $178.5M | $252.4M | ||
| Q1 25 | $166.8M | $251.5M | ||
| Q4 24 | $212.5M | $245.0M | ||
| Q3 24 | $196.8M | $250.8M | ||
| Q2 24 | $199.7M | $245.8M | ||
| Q1 24 | $172.3M | $245.0M |
净利润APLSDEI
| Q4 25 | $-59.0M | $-6.8M | ||
| Q3 25 | $215.7M | $-10.9M | ||
| Q2 25 | $-42.2M | $-5.8M | ||
| Q1 25 | $-92.2M | $39.8M | ||
| Q4 24 | $-36.4M | $-888.0K | ||
| Q3 24 | $-57.4M | $4.6M | ||
| Q2 24 | $-37.7M | $10.9M | ||
| Q1 24 | $-66.4M | $8.9M |
毛利率APLSDEI
| Q4 25 | — | 62.2% | ||
| Q3 25 | — | 63.6% | ||
| Q2 25 | — | 63.2% | ||
| Q1 25 | — | 64.4% | ||
| Q4 24 | — | 63.5% | ||
| Q3 24 | — | 62.2% | ||
| Q2 24 | — | 66.2% | ||
| Q1 24 | — | 66.1% |
营业利润率APLSDEI
| Q4 25 | -25.6% | — | ||
| Q3 25 | 48.7% | — | ||
| Q2 25 | -18.6% | — | ||
| Q1 25 | -50.0% | — | ||
| Q4 24 | -12.3% | — | ||
| Q3 24 | -24.0% | — | ||
| Q2 24 | -14.7% | — | ||
| Q1 24 | -36.0% | — |
净利率APLSDEI
| Q4 25 | -29.5% | -2.7% | ||
| Q3 25 | 47.0% | -4.3% | ||
| Q2 25 | -23.6% | -2.3% | ||
| Q1 25 | -55.3% | 15.8% | ||
| Q4 24 | -17.1% | -0.4% | ||
| Q3 24 | -29.2% | 1.8% | ||
| Q2 24 | -18.9% | 4.4% | ||
| Q1 24 | -38.5% | 3.6% |
每股收益（稀释后）APLSDEI
| Q4 25 | $-0.40 | $-0.04 | ||
| Q3 25 | $1.67 | $-0.07 | ||
| Q2 25 | $-0.33 | $-0.04 | ||
| Q1 25 | $-0.74 | $0.24 | ||
| Q4 24 | $-0.30 | $-0.01 | ||
| Q3 24 | $-0.46 | $0.03 | ||
| Q2 24 | $-0.30 | $0.06 | ||
| Q1 24 | $-0.54 | $0.05 |
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 | $340.8M |
| 总债务越低越好 | — | $5.5B |
| 股东权益账面价值 | $370.1M | $1.9B |
| 总资产 | $1.1B | $9.3B |
| 负债/权益比越低杠杆越低 | — | 2.91× |
8季度趋势，按日历期对齐
现金及短期投资APLSDEI
| Q4 25 | $466.2M | $340.8M | ||
| Q3 25 | $479.2M | $408.5M | ||
| Q2 25 | $370.0M | $426.9M | ||
| Q1 25 | $358.4M | $525.7M | ||
| Q4 24 | $411.3M | $444.6M | ||
| Q3 24 | $396.9M | $544.2M | ||
| Q2 24 | $360.1M | $561.1M | ||
| Q1 24 | $325.9M | $556.7M |
总债务APLSDEI
| Q4 25 | — | $5.5B | ||
| Q3 25 | — | $5.6B | ||
| Q2 25 | — | $5.6B | ||
| Q1 25 | — | $5.6B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | $5.5B | ||
| Q2 24 | — | $5.5B | ||
| Q1 24 | $93.1M | $5.5B |
股东权益APLSDEI
| Q4 25 | $370.1M | $1.9B | ||
| Q3 25 | $401.2M | $1.9B | ||
| Q2 25 | $156.3M | $2.0B | ||
| Q1 25 | $164.2M | $2.0B | ||
| Q4 24 | $228.5M | $2.1B | ||
| Q3 24 | $237.1M | $2.1B | ||
| Q2 24 | $264.3M | $2.2B | ||
| Q1 24 | $266.7M | $2.2B |
总资产APLSDEI
| Q4 25 | $1.1B | $9.3B | ||
| Q3 25 | $1.1B | $9.4B | ||
| Q2 25 | $821.4M | $9.4B | ||
| Q1 25 | $807.3M | $9.6B | ||
| Q4 24 | $885.1M | $9.4B | ||
| Q3 24 | $901.9M | $9.5B | ||
| Q2 24 | $904.5M | $9.6B | ||
| Q1 24 | $831.9M | $9.6B |
负债/权益比APLSDEI
| Q4 25 | — | 2.91× | ||
| Q3 25 | — | 2.85× | ||
| Q2 25 | — | 2.78× | ||
| Q1 25 | — | 2.75× | ||
| Q4 24 | — | 2.67× | ||
| Q3 24 | — | 2.64× | ||
| Q2 24 | — | 2.56× | ||
| Q1 24 | 0.35× | 2.52× |
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 | $386.9M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $194.5M |
| 自由现金流率自由现金流/营收 | -7.1% | 78.0% |
| 资本支出强度资本支出/营收 | 0.1% | 77.1% |
| 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 | $376.9M |
8季度趋势，按日历期对齐
经营现金流APLSDEI
| Q4 25 | $-14.2M | $386.9M | ||
| Q3 25 | $108.5M | $109.8M | ||
| Q2 25 | $4.4M | $81.3M | ||
| Q1 25 | $-53.4M | $132.6M | ||
| Q4 24 | $19.4M | $408.7M | ||
| Q3 24 | $34.1M | $103.7M | ||
| Q2 24 | $-8.3M | $91.9M | ||
| Q1 24 | $-133.0M | $139.0M |
自由现金流APLSDEI
| Q4 25 | $-14.3M | $194.5M | ||
| Q3 25 | $108.3M | $61.9M | ||
| Q2 25 | $4.4M | $30.2M | ||
| Q1 25 | $-53.4M | $90.3M | ||
| Q4 24 | $19.3M | $241.4M | ||
| Q3 24 | — | $63.2M | ||
| Q2 24 | $-8.4M | $52.2M | ||
| Q1 24 | $-133.3M | $90.9M |
自由现金流率APLSDEI
| Q4 25 | -7.1% | 78.0% | ||
| Q3 25 | 23.6% | 24.7% | ||
| Q2 25 | 2.5% | 11.9% | ||
| Q1 25 | -32.0% | 35.9% | ||
| Q4 24 | 9.1% | 98.5% | ||
| Q3 24 | — | 25.2% | ||
| Q2 24 | -4.2% | 21.2% | ||
| Q1 24 | -77.3% | 37.1% |
资本支出强度APLSDEI
| Q4 25 | 0.1% | 77.1% | ||
| Q3 25 | 0.0% | 19.1% | ||
| Q2 25 | 0.0% | 20.3% | ||
| Q1 25 | 0.0% | 16.8% | ||
| Q4 24 | 0.0% | 68.3% | ||
| Q3 24 | 0.0% | 16.1% | ||
| Q2 24 | 0.0% | 16.1% | ||
| Q1 24 | 0.2% | 19.6% |
现金转化率APLSDEI
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.33× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 22.46× | ||
| Q2 24 | — | 8.44× | ||
| Q1 24 | — | 15.60× |
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% |
DEI
| Rental Revenue And Tenant Recovery Revenue | $169.4M | 68% |
| Multifamily Segment | $49.9M | 20% |
| Parking Revenue And Other Income | $30.2M | 12% |
