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Apellis Pharmaceuticals, Inc.（APLS）与Delek Logistics Partners, LP（DKL）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Delek Logistics Partners, LP的1.3倍（$199.9M vs $154.7M），Delek Logistics Partners, LP净利率更高（20.9% vs -29.5%，领先50.4%），Delek Logistics Partners, LP同比增速更快（518.9% vs -5.9%），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -23.5%）
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。
Delek Logistics Partners, LP是一家总部位于美国的中游能源物流企业，主要提供原油、成品油及可再生燃料的存储、运输与配送服务，客户覆盖美国墨西哥湾沿岸及东南部地区的下游能源运营商、零售燃油网络和工业客户。
APLS vs DKL — 直观对比
营收规模更大
APLS
是对方的1.3倍
$154.7M
营收增速更快
DKL
高出524.8%
-5.9%
净利率更高
DKL
高出50.4%
-29.5%
两年增速更快
APLS
近两年复合增速
-23.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $154.7M |
| 净利润 | $-59.0M | $32.4M |
| 毛利率 | — | -62.0% |
| 营业利润率 | -25.6% | 25.9% |
| 净利率 | -29.5% | 20.9% |
| 营收同比 | -5.9% | 518.9% |
| 净利润同比 | -62.2% | — |
| 每股收益（稀释后） | $-0.40 | $0.60 |
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APLSDKL
| Q1 26 | — | $154.7M | ||
| Q4 25 | $199.9M | $255.8M | ||
| Q3 25 | $458.6M | $261.3M | ||
| Q2 25 | $178.5M | $246.3M | ||
| Q1 25 | $166.8M | $249.9M | ||
| Q4 24 | $212.5M | $209.9M | ||
| Q3 24 | $196.8M | $214.1M | ||
| Q2 24 | $199.7M | $264.6M |
净利润APLSDKL
| Q1 26 | — | $32.4M | ||
| Q4 25 | $-59.0M | $47.3M | ||
| Q3 25 | $215.7M | $45.6M | ||
| Q2 25 | $-42.2M | $44.6M | ||
| Q1 25 | $-92.2M | $39.0M | ||
| Q4 24 | $-36.4M | $35.3M | ||
| Q3 24 | $-57.4M | $33.7M | ||
| Q2 24 | $-37.7M | $41.1M |
毛利率APLSDKL
| Q1 26 | — | -62.0% | ||
| Q4 25 | — | 17.2% | ||
| Q3 25 | — | 20.6% | ||
| Q2 25 | — | 25.8% | ||
| Q1 25 | — | 21.5% | ||
| Q4 24 | — | 23.4% | ||
| Q3 24 | — | 22.8% | ||
| Q2 24 | — | 28.1% |
营业利润率APLSDKL
| Q1 26 | — | 25.9% | ||
| Q4 25 | -25.6% | 14.2% | ||
| Q3 25 | 48.7% | 17.4% | ||
| Q2 25 | -18.6% | 21.3% | ||
| Q1 25 | -50.0% | 19.0% | ||
| Q4 24 | -12.3% | 18.1% | ||
| Q3 24 | -24.0% | 14.9% | ||
| Q2 24 | -14.7% | 25.9% |
净利率APLSDKL
| Q1 26 | — | 20.9% | ||
| Q4 25 | -29.5% | 18.5% | ||
| Q3 25 | 47.0% | 17.4% | ||
| Q2 25 | -23.6% | 18.1% | ||
| Q1 25 | -55.3% | 15.6% | ||
| Q4 24 | -17.1% | 16.8% | ||
| Q3 24 | -29.2% | 15.7% | ||
| Q2 24 | -18.9% | 15.5% |
每股收益（稀释后）APLSDKL
| Q1 26 | — | $0.60 | ||
| Q4 25 | $-0.40 | — | ||
| Q3 25 | $1.67 | — | ||
| Q2 25 | $-0.33 | — | ||
| Q1 25 | $-0.74 | — | ||
| Q4 24 | $-0.30 | — | ||
| Q3 24 | $-0.46 | — | ||
| Q2 24 | $-0.30 | — |
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 | $9.9M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $370.1M | — |
| 总资产 | $1.1B | $2.9B |
| 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APLSDKL
| Q1 26 | — | $9.9M | ||
| Q4 25 | $466.2M | $10.9M | ||
| Q3 25 | $479.2M | $6.9M | ||
| Q2 25 | $370.0M | $1.4M | ||
| Q1 25 | $358.4M | $2.1M | ||
| Q4 24 | $411.3M | $5.4M | ||
| Q3 24 | $396.9M | $7.3M | ||
| Q2 24 | $360.1M | $5.1M |
总债务APLSDKL
| Q1 26 | — | $2.3B | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.6B |
股东权益APLSDKL
| Q1 26 | — | — | ||
| Q4 25 | $370.1M | — | ||
| Q3 25 | $401.2M | — | ||
| Q2 25 | $156.3M | — | ||
| Q1 25 | $164.2M | — | ||
| Q4 24 | $228.5M | — | ||
| Q3 24 | $237.1M | — | ||
| Q2 24 | $264.3M | — |
总资产APLSDKL
| Q1 26 | — | $2.9B | ||
| Q4 25 | $1.1B | $2.8B | ||
| Q3 25 | $1.1B | $2.7B | ||
| Q2 25 | $821.4M | $2.8B | ||
| Q1 25 | $807.3M | $2.4B | ||
| Q4 24 | $885.1M | $2.0B | ||
| Q3 24 | $901.9M | $2.0B | ||
| Q2 24 | $904.5M | $1.6B |
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 | $170.4M |
| 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% | 5.4% |
| 现金转化率经营现金流/净利润 | — | 5.27× |
| 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APLSDKL
| Q1 26 | — | $170.4M | ||
| Q4 25 | $-14.2M | $43.2M | ||
| Q3 25 | $108.5M | $54.9M | ||
| Q2 25 | $4.4M | $107.4M | ||
| Q1 25 | $-53.4M | $31.6M | ||
| Q4 24 | $19.4M | $49.9M | ||
| Q3 24 | $34.1M | $24.9M | ||
| Q2 24 | $-8.3M | $87.6M |
自由现金流APLSDKL
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | $12.6M | ||
| Q3 25 | $108.3M | $-12.3M | ||
| Q2 25 | $4.4M | $-7.1M | ||
| Q1 25 | $-53.4M | $-23.9M | ||
| Q4 24 | $19.3M | $3.9M | ||
| Q3 24 | — | $-31.7M | ||
| Q2 24 | $-8.4M | $72.5M |
自由现金流率APLSDKL
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 4.9% | ||
| Q3 25 | 23.6% | -4.7% | ||
| Q2 25 | 2.5% | -2.9% | ||
| Q1 25 | -32.0% | -9.6% | ||
| Q4 24 | 9.1% | 1.8% | ||
| Q3 24 | — | -14.8% | ||
| Q2 24 | -4.2% | 27.4% |
资本支出强度APLSDKL
| Q1 26 | — | 5.4% | ||
| Q4 25 | 0.1% | 12.0% | ||
| Q3 25 | 0.0% | 25.7% | ||
| Q2 25 | 0.0% | 46.5% | ||
| Q1 25 | 0.0% | 22.2% | ||
| Q4 24 | 0.0% | 21.9% | ||
| Q3 24 | 0.0% | 26.4% | ||
| Q2 24 | 0.0% | 5.7% |
现金转化率APLSDKL
| Q1 26 | — | 5.27× | ||
| Q4 25 | — | 0.91× | ||
| Q3 25 | 0.50× | 1.21× | ||
| Q2 25 | — | 2.41× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | — | 0.74× | ||
| Q2 24 | — | 2.13× |
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% |
DKL
| Third party | $105.4M | 68% |
| Affiliate | $49.2M | 32% |
