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Apellis Pharmaceuticals, Inc.（APLS）与Emerald Holding, Inc.（EEX）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Emerald Holding, Inc.的1.5倍（$199.9M vs $132.7M），Emerald Holding, Inc.净利率更高（-22.8% vs -29.5%，领先6.7%），Emerald Holding, Inc.同比增速更快（24.3% vs -5.9%），Emerald Holding, Inc.自由现金流更多（$11.7M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -0.3%）
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。
TVS Emerald Haven地产有限公司是一家印度房地产开发企业，总部位于泰米尔纳德邦金奈，为TVS控股旗下子公司，专注于打造可持续居住社区以及各类城市开发项目，在印度本土房地产业务领域拥有清晰的业务定位。
APLS vs EEX — 直观对比
营收规模更大
APLS
是对方的1.5倍
$132.7M
营收增速更快
EEX
高出30.2%
-5.9%
净利率更高
EEX
高出6.7%
-29.5%
自由现金流更多
EEX
多$26.0M
$-14.3M
两年增速更快
APLS
近两年复合增速
-0.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $132.7M |
| 净利润 | $-59.0M | $-30.2M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | -11.8% |
| 净利率 | -29.5% | -22.8% |
| 营收同比 | -5.9% | 24.3% |
| 净利润同比 | -62.2% | -692.2% |
| 每股收益（稀释后） | $-0.40 | $-0.15 |
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APLSEEX
| Q4 25 | $199.9M | $132.7M | ||
| Q3 25 | $458.6M | $77.5M | ||
| Q2 25 | $178.5M | $105.5M | ||
| Q1 25 | $166.8M | $147.7M | ||
| Q4 24 | $212.5M | $106.8M | ||
| Q3 24 | $196.8M | $72.6M | ||
| Q2 24 | $199.7M | $86.0M | ||
| Q1 24 | $172.3M | $133.4M |
净利润APLSEEX
| Q4 25 | $-59.0M | $-30.2M | ||
| Q3 25 | $215.7M | $-14.4M | ||
| Q2 25 | $-42.2M | $-1.4M | ||
| Q1 25 | $-92.2M | $15.3M | ||
| Q4 24 | $-36.4M | $5.1M | ||
| Q3 24 | $-57.4M | $-11.1M | ||
| Q2 24 | $-37.7M | $-2.8M | ||
| Q1 24 | $-66.4M | $11.0M |
营业利润率APLSEEX
| Q4 25 | -25.6% | -11.8% | ||
| Q3 25 | 48.7% | -10.1% | ||
| Q2 25 | -18.6% | 9.7% | ||
| Q1 25 | -50.0% | 24.2% | ||
| Q4 24 | -12.3% | 19.5% | ||
| Q3 24 | -24.0% | -6.5% | ||
| Q2 24 | -14.7% | 7.4% | ||
| Q1 24 | -36.0% | 18.2% |
净利率APLSEEX
| Q4 25 | -29.5% | -22.8% | ||
| Q3 25 | 47.0% | -18.6% | ||
| Q2 25 | -23.6% | -1.3% | ||
| Q1 25 | -55.3% | 10.4% | ||
| Q4 24 | -17.1% | 4.8% | ||
| Q3 24 | -29.2% | -15.3% | ||
| Q2 24 | -18.9% | -3.3% | ||
| Q1 24 | -38.5% | 8.2% |
每股收益（稀释后）APLSEEX
| Q4 25 | $-0.40 | $-0.15 | ||
| Q3 25 | $1.67 | $-0.07 | ||
| Q2 25 | $-0.33 | $-0.01 | ||
| Q1 25 | $-0.74 | $0.08 | ||
| Q4 24 | $-0.30 | $0.01 | ||
| Q3 24 | $-0.46 | $-0.05 | ||
| Q2 24 | $-0.30 | $-0.03 | ||
| Q1 24 | $-0.54 | $0.00 |
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 | $100.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $338.8M |
| 总资产 | $1.1B | $1.2B |
| 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APLSEEX
| Q4 25 | $466.2M | $100.9M | ||
| Q3 25 | $479.2M | $95.4M | ||
| Q2 25 | $370.0M | $156.4M | ||
| Q1 25 | $358.4M | $276.8M | ||
| Q4 24 | $411.3M | $194.8M | ||
| Q3 24 | $396.9M | $188.9M | ||
| Q2 24 | $360.1M | $193.2M | ||
| Q1 24 | $325.9M | $186.8M |
总债务APLSEEX
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSEEX
| Q4 25 | $370.1M | $338.8M | ||
| Q3 25 | $401.2M | $369.5M | ||
| Q2 25 | $156.3M | $389.4M | ||
| Q1 25 | $164.2M | $392.1M | ||
| Q4 24 | $228.5M | $385.9M | ||
| Q3 24 | $237.1M | $391.1M | ||
| Q2 24 | $264.3M | $407.6M | ||
| Q1 24 | $266.7M | $-90.7M |
总资产APLSEEX
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $821.4M | $1.2B | ||
| Q1 25 | $807.3M | $1.2B | ||
| Q4 24 | $885.1M | $1.0B | ||
| Q3 24 | $901.9M | $1.1B | ||
| Q2 24 | $904.5M | $1.1B | ||
| Q1 24 | $831.9M | $1.1B |
负债/权益比APLSEEX
| 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 | $12.3M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $11.7M |
| 自由现金流率自由现金流/营收 | -7.1% | 8.8% |
| 资本支出强度资本支出/营收 | 0.1% | 0.5% |
| 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 | $41.4M |
8季度趋势，按日历期对齐
经营现金流APLSEEX
| Q4 25 | $-14.2M | $12.3M | ||
| Q3 25 | $108.5M | $1.8M | ||
| Q2 25 | $4.4M | $15.9M | ||
| Q1 25 | $-53.4M | $12.6M | ||
| Q4 24 | $19.4M | $20.6M | ||
| Q3 24 | $34.1M | $9.1M | ||
| Q2 24 | $-8.3M | $9.8M | ||
| Q1 24 | $-133.0M | $7.3M |
自由现金流APLSEEX
| Q4 25 | $-14.3M | $11.7M | ||
| Q3 25 | $108.3M | $1.5M | ||
| Q2 25 | $4.4M | $15.8M | ||
| Q1 25 | $-53.4M | $12.4M | ||
| Q4 24 | $19.3M | $19.9M | ||
| Q3 24 | — | $9.0M | ||
| Q2 24 | $-8.4M | $9.6M | ||
| Q1 24 | $-133.3M | $7.0M |
自由现金流率APLSEEX
| Q4 25 | -7.1% | 8.8% | ||
| Q3 25 | 23.6% | 1.9% | ||
| Q2 25 | 2.5% | 15.0% | ||
| Q1 25 | -32.0% | 8.4% | ||
| Q4 24 | 9.1% | 18.6% | ||
| Q3 24 | — | 12.4% | ||
| Q2 24 | -4.2% | 11.2% | ||
| Q1 24 | -77.3% | 5.2% |
资本支出强度APLSEEX
| Q4 25 | 0.1% | 0.5% | ||
| Q3 25 | 0.0% | 0.4% | ||
| Q2 25 | 0.0% | 0.1% | ||
| Q1 25 | 0.0% | 0.1% | ||
| Q4 24 | 0.0% | 0.7% | ||
| Q3 24 | 0.0% | 0.1% | ||
| Q2 24 | 0.0% | 0.2% | ||
| Q1 24 | 0.2% | 0.2% |
现金转化率APLSEEX
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.82× | ||
| Q4 24 | — | 4.04× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.66× |
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% |
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
