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Apellis Pharmaceuticals, Inc.（APLS）与eHealth, Inc.（EHTH）财务数据对比。点击上方公司名可切换其他公司
eHealth, Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.6倍（$326.2M vs $199.9M），eHealth, Inc.净利率更高（26.7% vs -29.5%，领先56.2%），eHealth, Inc.同比增速更快（3.5% vs -5.9%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-36.1M），过去两年eHealth, Inc.的营收复合增速更高（87.3% 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。
eHealth, Inc.以eHealthInsurance品牌开展业务，是一家公开上市的健康保险在线交易平台，公司注册于特拉华州，总部位于加利福尼亚州圣克拉拉。该平台主要提供医疗保险相关计划，涵盖联邦医疗保险处方药计划、联邦医疗保险补充计划、优势计划等产品，同时也售卖个人健康保险产品，业务覆盖美国全部50个州及华盛顿特区。
APLS vs EHTH — 直观对比
营收规模更大
EHTH
是对方的1.6倍
$199.9M
营收增速更快
EHTH
高出9.4%
-5.9%
净利率更高
EHTH
高出56.2%
-29.5%
自由现金流更多
APLS
多$21.8M
$-36.1M
两年增速更快
EHTH
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $326.2M |
| 净利润 | $-59.0M | $87.2M |
| 毛利率 | — | 55.3% |
| 营业利润率 | -25.6% | 38.7% |
| 净利率 | -29.5% | 26.7% |
| 营收同比 | -5.9% | 3.5% |
| 净利润同比 | -62.2% | -10.6% |
| 每股收益（稀释后） | $-0.40 | $2.43 |
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APLSEHTH
| Q4 25 | $199.9M | $326.2M | ||
| Q3 25 | $458.6M | $53.9M | ||
| Q2 25 | $178.5M | $60.8M | ||
| Q1 25 | $166.8M | $113.1M | ||
| Q4 24 | $212.5M | $315.2M | ||
| Q3 24 | $196.8M | $58.4M | ||
| Q2 24 | $199.7M | $65.9M | ||
| Q1 24 | $172.3M | $93.0M |
净利润APLSEHTH
| Q4 25 | $-59.0M | $87.2M | ||
| Q3 25 | $215.7M | $-31.7M | ||
| Q2 25 | $-42.2M | $-17.4M | ||
| Q1 25 | $-92.2M | $1.9M | ||
| Q4 24 | $-36.4M | $97.5M | ||
| Q3 24 | $-57.4M | $-42.5M | ||
| Q2 24 | $-37.7M | $-28.0M | ||
| Q1 24 | $-66.4M | $-17.0M |
毛利率APLSEHTH
| Q4 25 | — | 55.3% | ||
| Q3 25 | — | -0.3% | ||
| Q2 25 | — | 31.1% | ||
| Q1 25 | — | 36.9% | ||
| Q4 24 | — | 52.0% | ||
| Q3 24 | — | -6.5% | ||
| Q2 24 | — | 28.7% | ||
| Q1 24 | — | 31.7% |
营业利润率APLSEHTH
| Q4 25 | -25.6% | 38.7% | ||
| Q3 25 | 48.7% | -77.1% | ||
| Q2 25 | -18.6% | -37.9% | ||
| Q1 25 | -50.0% | 4.2% | ||
| Q4 24 | -12.3% | 35.7% | ||
| Q3 24 | -24.0% | -74.0% | ||
| Q2 24 | -14.7% | -42.5% | ||
| Q1 24 | -36.0% | -19.3% |
净利率APLSEHTH
| Q4 25 | -29.5% | 26.7% | ||
| Q3 25 | 47.0% | -58.8% | ||
| Q2 25 | -23.6% | -28.6% | ||
| Q1 25 | -55.3% | 1.7% | ||
| Q4 24 | -17.1% | 30.9% | ||
| Q3 24 | -29.2% | -72.7% | ||
| Q2 24 | -18.9% | -42.5% | ||
| Q1 24 | -38.5% | -18.3% |
每股收益（稀释后）APLSEHTH
| Q4 25 | $-0.40 | $2.43 | ||
| Q3 25 | $1.67 | $-1.46 | ||
| Q2 25 | $-0.33 | $-0.98 | ||
| Q1 25 | $-0.74 | $-0.33 | ||
| Q4 24 | $-0.30 | $2.93 | ||
| Q3 24 | $-0.46 | $-1.83 | ||
| Q2 24 | $-0.30 | $-1.33 | ||
| Q1 24 | $-0.54 | $-0.96 |
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 | $73.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $591.6M |
| 总资产 | $1.1B | $1.3B |
| 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APLSEHTH
| Q4 25 | $466.2M | $73.7M | ||
| Q3 25 | $479.2M | $63.1M | ||
| Q2 25 | $370.0M | $65.9M | ||
| Q1 25 | $358.4M | $121.1M | ||
| Q4 24 | $411.3M | $39.2M | ||
| Q3 24 | $396.9M | $64.0M | ||
| Q2 24 | $360.1M | $126.3M | ||
| Q1 24 | $325.9M | $175.0M |
总债务APLSEHTH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSEHTH
| Q4 25 | $370.1M | $591.6M | ||
| Q3 25 | $401.2M | $514.2M | ||
| Q2 25 | $156.3M | $554.9M | ||
| Q1 25 | $164.2M | $581.6M | ||
| Q4 24 | $228.5M | $588.4M | ||
| Q3 24 | $237.1M | $499.3M | ||
| Q2 24 | $264.3M | $548.9M | ||
| Q1 24 | $266.7M | $582.8M |
总资产APLSEHTH
| Q4 25 | $1.1B | $1.3B | ||
| Q3 25 | $1.1B | $1.0B | ||
| Q2 25 | $821.4M | $1.1B | ||
| Q1 25 | $807.3M | $1.1B | ||
| Q4 24 | $885.1M | $1.2B | ||
| Q3 24 | $901.9M | $1.0B | ||
| Q2 24 | $904.5M | $1.0B | ||
| Q1 24 | $831.9M | $1.1B |
负债/权益比APLSEHTH
| 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 | $-35.9M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-36.1M |
| 自由现金流率自由现金流/营收 | -7.1% | -11.1% |
| 资本支出强度资本支出/营收 | 0.1% | 0.0% |
| 现金转化率经营现金流/净利润 | — | -0.41× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $-27.6M |
8季度趋势，按日历期对齐
经营现金流APLSEHTH
| Q4 25 | $-14.2M | $-35.9M | ||
| Q3 25 | $108.5M | $-25.3M | ||
| Q2 25 | $4.4M | $-41.2M | ||
| Q1 25 | $-53.4M | $77.1M | ||
| Q4 24 | $19.4M | $-27.7M | ||
| Q3 24 | $34.1M | $-29.3M | ||
| Q2 24 | $-8.3M | $-32.2M | ||
| Q1 24 | $-133.0M | $70.8M |
自由现金流APLSEHTH
| Q4 25 | $-14.3M | $-36.1M | ||
| Q3 25 | $108.3M | $-25.5M | ||
| Q2 25 | $4.4M | $-42.8M | ||
| Q1 25 | $-53.4M | $76.8M | ||
| Q4 24 | $19.3M | $-28.3M | ||
| Q3 24 | — | $-30.3M | ||
| Q2 24 | $-8.4M | $-32.4M | ||
| Q1 24 | $-133.3M | $70.6M |
自由现金流率APLSEHTH
| Q4 25 | -7.1% | -11.1% | ||
| Q3 25 | 23.6% | -47.4% | ||
| Q2 25 | 2.5% | -70.4% | ||
| Q1 25 | -32.0% | 67.9% | ||
| Q4 24 | 9.1% | -9.0% | ||
| Q3 24 | — | -51.8% | ||
| Q2 24 | -4.2% | -49.3% | ||
| Q1 24 | -77.3% | 75.9% |
资本支出强度APLSEHTH
| Q4 25 | 0.1% | 0.0% | ||
| Q3 25 | 0.0% | 0.4% | ||
| Q2 25 | 0.0% | 2.6% | ||
| Q1 25 | 0.0% | 0.3% | ||
| Q4 24 | 0.0% | 0.2% | ||
| Q3 24 | 0.0% | 1.7% | ||
| Q2 24 | 0.0% | 0.4% | ||
| Q1 24 | 0.2% | 0.2% |
现金转化率APLSEHTH
| Q4 25 | — | -0.41× | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 39.55× | ||
| Q4 24 | — | -0.28× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
EHTH
| Medicare | $282.7M | 87% |
| Other | $29.2M | 9% |
| Ancillaries | $7.9M | 2% |
| Commission Members Approved In Prior Periods | $3.8M | 1% |
| Small Business | $3.1M | 1% |
| Commission Revenue From Renewals | $2.4M | 1% |
