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Apellis Pharmaceuticals, Inc.（APLS）与DULUTH HOLDINGS INC.（DLTH）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DULUTH HOLDINGS INC.的1.7倍（$199.9M vs $114.9M），DULUTH HOLDINGS INC.净利率更高（-8.8% vs -29.5%，领先20.7%），Apellis Pharmaceuticals, Inc.同比增速更快（-5.9% vs -9.6%），DULUTH HOLDINGS INC.自由现金流更多（$-8.9M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -31.6%）
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。
德卢思控股是一家美国工装及配饰企业，主打通过旗下德卢思贸易品牌开展产品销售业务，面向市场推出各类实用工装及相关配饰产品，是美国本土颇具特色的服饰零售企业。
APLS vs DLTH — 直观对比
营收规模更大
APLS
是对方的1.7倍
$114.9M
营收增速更快
APLS
高出3.7%
-9.6%
净利率更高
DLTH
高出20.7%
-29.5%
自由现金流更多
DLTH
多$5.3M
$-14.3M
两年增速更快
APLS
近两年复合增速
-31.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $114.9M |
| 净利润 | $-59.0M | $-10.1M |
| 毛利率 | — | 53.8% |
| 营业利润率 | -25.6% | -7.7% |
| 净利率 | -29.5% | -8.8% |
| 营收同比 | -5.9% | -9.6% |
| 净利润同比 | -62.2% | 64.6% |
| 每股收益（稀释后） | $-0.40 | $-0.29 |
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APLSDLTH
| Q4 25 | $199.9M | $114.9M | ||
| Q3 25 | $458.6M | $131.7M | ||
| Q2 25 | $178.5M | $102.7M | ||
| Q1 25 | $166.8M | $241.3M | ||
| Q4 24 | $212.5M | $127.1M | ||
| Q3 24 | $196.8M | $141.6M | ||
| Q2 24 | $199.7M | $116.7M | ||
| Q1 24 | $172.3M | $245.6M |
净利润APLSDLTH
| Q4 25 | $-59.0M | $-10.1M | ||
| Q3 25 | $215.7M | $1.3M | ||
| Q2 25 | $-42.2M | $-15.3M | ||
| Q1 25 | $-92.2M | $-5.6M | ||
| Q4 24 | $-36.4M | $-28.2M | ||
| Q3 24 | $-57.4M | $-2.0M | ||
| Q2 24 | $-37.7M | $-7.9M | ||
| Q1 24 | $-66.4M | $6.4M |
毛利率APLSDLTH
| Q4 25 | — | 53.8% | ||
| Q3 25 | — | 54.7% | ||
| Q2 25 | — | 52.0% | ||
| Q1 25 | — | 44.1% | ||
| Q4 24 | — | 52.3% | ||
| Q3 24 | — | 52.3% | ||
| Q2 24 | — | 52.8% | ||
| Q1 24 | — | 48.2% |
营业利润率APLSDLTH
| Q4 25 | -25.6% | -7.7% | ||
| Q3 25 | 48.7% | 1.8% | ||
| Q2 25 | -18.6% | -12.0% | ||
| Q1 25 | -50.0% | -1.8% | ||
| Q4 24 | -12.3% | -17.4% | ||
| Q3 24 | -24.0% | -1.1% | ||
| Q2 24 | -14.7% | -7.7% | ||
| Q1 24 | -36.0% | 3.6% |
净利率APLSDLTH
| Q4 25 | -29.5% | -8.8% | ||
| Q3 25 | 47.0% | 1.0% | ||
| Q2 25 | -23.6% | -14.9% | ||
| Q1 25 | -55.3% | -2.3% | ||
| Q4 24 | -17.1% | -22.2% | ||
| Q3 24 | -29.2% | -1.4% | ||
| Q2 24 | -18.9% | -6.7% | ||
| Q1 24 | -38.5% | 2.6% |
每股收益（稀释后）APLSDLTH
| Q4 25 | $-0.40 | $-0.29 | ||
| Q3 25 | $1.67 | $0.04 | ||
| Q2 25 | $-0.33 | $-0.45 | ||
| Q1 25 | $-0.74 | $-0.17 | ||
| Q4 24 | $-0.30 | $-0.84 | ||
| Q3 24 | $-0.46 | $-0.06 | ||
| Q2 24 | $-0.30 | $-0.24 | ||
| Q1 24 | $-0.54 | $0.20 |
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 | $8.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $160.6M |
| 总资产 | $1.1B | $468.0M |
| 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APLSDLTH
| Q4 25 | $466.2M | $8.2M | ||
| Q3 25 | $479.2M | $5.7M | ||
| Q2 25 | $370.0M | $8.6M | ||
| Q1 25 | $358.4M | $3.3M | ||
| Q4 24 | $411.3M | $9.3M | ||
| Q3 24 | $396.9M | $9.8M | ||
| Q2 24 | $360.1M | $6.8M | ||
| Q1 24 | $325.9M | $32.2M |
总债务APLSDLTH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSDLTH
| Q4 25 | $370.1M | $160.6M | ||
| Q3 25 | $401.2M | $170.0M | ||
| Q2 25 | $156.3M | $167.9M | ||
| Q1 25 | $164.2M | $182.7M | ||
| Q4 24 | $228.5M | $188.1M | ||
| Q3 24 | $237.1M | $215.7M | ||
| Q2 24 | $264.3M | $218.4M | ||
| Q1 24 | $266.7M | $222.8M |
总资产APLSDLTH
| Q4 25 | $1.1B | $468.0M | ||
| Q3 25 | $1.1B | $433.8M | ||
| Q2 25 | $821.4M | $463.7M | ||
| Q1 25 | $807.3M | $452.4M | ||
| Q4 24 | $885.1M | $533.1M | ||
| Q3 24 | $901.9M | $488.6M | ||
| Q2 24 | $904.5M | $471.4M | ||
| Q1 24 | $831.9M | $491.2M |
负债/权益比APLSDLTH
| 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 | $-6.7M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-8.9M |
| 自由现金流率自由现金流/营收 | -7.1% | -7.8% |
| 资本支出强度资本支出/营收 | 0.1% | 2.0% |
| 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 | $1.7M |
8季度趋势，按日历期对齐
经营现金流APLSDLTH
| Q4 25 | $-14.2M | $-6.7M | ||
| Q3 25 | $108.5M | $32.0M | ||
| Q2 25 | $4.4M | $-56.5M | ||
| Q1 25 | $-53.4M | $41.2M | ||
| Q4 24 | $19.4M | $-41.1M | ||
| Q3 24 | $34.1M | $16.6M | ||
| Q2 24 | $-8.3M | $-33.7M | ||
| Q1 24 | $-133.0M | $69.7M |
自由现金流APLSDLTH
| Q4 25 | $-14.3M | $-8.9M | ||
| Q3 25 | $108.3M | $29.8M | ||
| Q2 25 | $4.4M | $-57.8M | ||
| Q1 25 | $-53.4M | $38.7M | ||
| Q4 24 | $19.3M | $-43.7M | ||
| Q3 24 | — | $15.0M | ||
| Q2 24 | $-8.4M | $-35.2M | ||
| Q1 24 | $-133.3M | $60.6M |
自由现金流率APLSDLTH
| Q4 25 | -7.1% | -7.8% | ||
| Q3 25 | 23.6% | 22.6% | ||
| Q2 25 | 2.5% | -56.3% | ||
| Q1 25 | -32.0% | 16.0% | ||
| Q4 24 | 9.1% | -34.4% | ||
| Q3 24 | — | 10.6% | ||
| Q2 24 | -4.2% | -30.2% | ||
| Q1 24 | -77.3% | 24.7% |
资本支出强度APLSDLTH
| Q4 25 | 0.1% | 2.0% | ||
| Q3 25 | 0.0% | 1.7% | ||
| Q2 25 | 0.0% | 1.3% | ||
| Q1 25 | 0.0% | 1.0% | ||
| Q4 24 | 0.0% | 2.1% | ||
| Q3 24 | 0.0% | 1.2% | ||
| Q2 24 | 0.0% | 1.3% | ||
| Q1 24 | 0.2% | 3.7% |
现金转化率APLSDLTH
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | 25.40× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 10.86× |
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% |
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
