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Apellis Pharmaceuticals, Inc.（APLS）与杜比实验室（DLB）财务数据对比。点击上方公司名可切换其他公司
杜比实验室的季度营收约是Apellis Pharmaceuticals, Inc.的1.7倍（$346.7M vs $199.9M），杜比实验室净利率更高（15.4% vs -29.5%，领先44.9%），杜比实验室同比增速更快（-2.9% vs -5.9%），过去两年杜比实验室的营收复合增速更高（9.6% 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。
杜比实验室是一家美国科技企业，专注于音频降噪、音频编码压缩、空间音频及高动态范围（HDR）影像等技术的研发，旗下技术广泛授权给全球各地的消费电子制造商使用，助力终端产品为用户带来更出色的视听体验。
APLS vs DLB — 直观对比
营收规模更大
DLB
是对方的1.7倍
$199.9M
营收增速更快
DLB
高出3.1%
-5.9%
净利率更高
DLB
高出44.9%
-29.5%
两年增速更快
DLB
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $346.7M |
| 净利润 | $-59.0M | $53.3M |
| 毛利率 | — | 87.5% |
| 营业利润率 | -25.6% | 17.9% |
| 净利率 | -29.5% | 15.4% |
| 营收同比 | -5.9% | -2.9% |
| 净利润同比 | -62.2% | -21.4% |
| 每股收益（稀释后） | $-0.40 | $0.55 |
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APLSDLB
| Q1 26 | — | $346.7M | ||
| Q4 25 | $199.9M | $346.7M | ||
| Q3 25 | $458.6M | $307.0M | ||
| Q2 25 | $178.5M | $315.5M | ||
| Q1 25 | $166.8M | $369.6M | ||
| Q4 24 | $212.5M | $357.0M | ||
| Q3 24 | $196.8M | $304.8M | ||
| Q2 24 | $199.7M | $288.8M |
净利润APLSDLB
| Q1 26 | — | $53.3M | ||
| Q4 25 | $-59.0M | $53.3M | ||
| Q3 25 | $215.7M | $49.3M | ||
| Q2 25 | $-42.2M | $46.1M | ||
| Q1 25 | $-92.2M | $91.8M | ||
| Q4 24 | $-36.4M | $67.8M | ||
| Q3 24 | $-57.4M | $58.6M | ||
| Q2 24 | $-37.7M | $38.4M |
毛利率APLSDLB
| Q1 26 | — | 87.5% | ||
| Q4 25 | — | 87.5% | ||
| Q3 25 | — | 87.1% | ||
| Q2 25 | — | 86.1% | ||
| Q1 25 | — | 90.3% | ||
| Q4 24 | — | 88.6% | ||
| Q3 24 | — | 88.8% | ||
| Q2 24 | — | 87.7% |
营业利润率APLSDLB
| Q1 26 | — | 17.9% | ||
| Q4 25 | -25.6% | 17.9% | ||
| Q3 25 | 48.7% | 9.7% | ||
| Q2 25 | -18.6% | 15.1% | ||
| Q1 25 | -50.0% | 29.2% | ||
| Q4 24 | -12.3% | 22.4% | ||
| Q3 24 | -24.0% | 15.2% | ||
| Q2 24 | -14.7% | 12.7% |
净利率APLSDLB
| Q1 26 | — | 15.4% | ||
| Q4 25 | -29.5% | 15.4% | ||
| Q3 25 | 47.0% | 16.1% | ||
| Q2 25 | -23.6% | 14.6% | ||
| Q1 25 | -55.3% | 24.8% | ||
| Q4 24 | -17.1% | 19.0% | ||
| Q3 24 | -29.2% | 19.2% | ||
| Q2 24 | -18.9% | 13.3% |
每股收益（稀释后）APLSDLB
| Q1 26 | — | $0.55 | ||
| Q4 25 | $-0.40 | $0.55 | ||
| Q3 25 | $1.67 | $0.50 | ||
| Q2 25 | $-0.33 | $0.48 | ||
| Q1 25 | $-0.74 | $0.94 | ||
| Q4 24 | $-0.30 | $0.70 | ||
| Q3 24 | $-0.46 | $0.59 | ||
| Q2 24 | $-0.30 | $0.40 |
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 | $644.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $2.6B |
| 总资产 | $1.1B | $3.2B |
| 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APLSDLB
| Q1 26 | — | $644.6M | ||
| Q4 25 | $466.2M | $644.6M | ||
| Q3 25 | $479.2M | $702.6M | ||
| Q2 25 | $370.0M | $699.3M | ||
| Q1 25 | $358.4M | $626.6M | ||
| Q4 24 | $411.3M | $520.8M | ||
| Q3 24 | $396.9M | $482.0M | ||
| Q2 24 | $360.1M | $869.0M |
股东权益APLSDLB
| Q1 26 | — | $2.6B | ||
| Q4 25 | $370.1M | $2.6B | ||
| Q3 25 | $401.2M | $2.6B | ||
| Q2 25 | $156.3M | $2.6B | ||
| Q1 25 | $164.2M | $2.6B | ||
| Q4 24 | $228.5M | $2.5B | ||
| Q3 24 | $237.1M | $2.5B | ||
| Q2 24 | $264.3M | $2.4B |
总资产APLSDLB
| Q1 26 | — | $3.2B | ||
| Q4 25 | $1.1B | $3.2B | ||
| Q3 25 | $1.1B | $3.2B | ||
| Q2 25 | $821.4M | $3.2B | ||
| Q1 25 | $807.3M | $3.2B | ||
| Q4 24 | $885.1M | $3.2B | ||
| Q3 24 | $901.9M | $3.1B | ||
| Q2 24 | $904.5M | $3.0B |
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 | $54.8M |
| 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% | — |
| 现金转化率经营现金流/净利润 | — | 1.03× |
| 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APLSDLB
| Q1 26 | — | $54.8M | ||
| Q4 25 | $-14.2M | $54.8M | ||
| Q3 25 | $108.5M | $472.2M | ||
| Q2 25 | $4.4M | $67.7M | ||
| Q1 25 | $-53.4M | $174.9M | ||
| Q4 24 | $19.4M | $106.8M | ||
| Q3 24 | $34.1M | $327.3M | ||
| Q2 24 | $-8.3M | $21.3M |
自由现金流APLSDLB
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | $50.2M | ||
| Q3 25 | $108.3M | $435.9M | ||
| Q2 25 | $4.4M | $61.3M | ||
| Q1 25 | $-53.4M | $168.0M | ||
| Q4 24 | $19.3M | $100.0M | ||
| Q3 24 | — | $297.2M | ||
| Q2 24 | $-8.4M | $13.7M |
自由现金流率APLSDLB
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 14.5% | ||
| Q3 25 | 23.6% | 142.0% | ||
| Q2 25 | 2.5% | 19.4% | ||
| Q1 25 | -32.0% | 45.5% | ||
| Q4 24 | 9.1% | 28.0% | ||
| Q3 24 | — | 97.5% | ||
| Q2 24 | -4.2% | 4.7% |
资本支出强度APLSDLB
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 1.3% | ||
| Q3 25 | 0.0% | 11.8% | ||
| Q2 25 | 0.0% | 2.0% | ||
| Q1 25 | 0.0% | 1.9% | ||
| Q4 24 | 0.0% | 1.9% | ||
| Q3 24 | 0.0% | 9.8% | ||
| Q2 24 | 0.0% | 2.6% |
现金转化率APLSDLB
| Q1 26 | — | 1.03× | ||
| Q4 25 | — | 1.03× | ||
| Q3 25 | 0.50× | 9.57× | ||
| Q2 25 | — | 1.47× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | — | 5.59× | ||
| Q2 24 | — | 0.55× |
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% |
DLB
| Licensing | $319.8M | 92% |
| Products and services | $26.9M | 8% |
