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Apellis Pharmaceuticals, Inc.（APLS）与Enphase Energy（ENPH）财务数据对比。点击上方公司名可切换其他公司
Enphase Energy的季度营收约是Apellis Pharmaceuticals, Inc.的1.4倍（$282.9M vs $199.9M），Enphase Energy净利率更高（-2.6% vs -29.5%，领先26.9%），Apellis Pharmaceuticals, Inc.同比增速更快（-5.9% vs -20.6%），Enphase Energy自由现金流更多（$83.0M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -3.4%）
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。
Enphase Energy是总部位于美国加利福尼亚州弗里蒙特的能源科技企业，成立于2006年，是全球首家成功实现光伏微型逆变器商业化的企业，主要面向住宅用户研发生产光伏微型逆变器、储能电池及电动汽车充电桩。
APLS vs ENPH — 直观对比
营收规模更大
ENPH
是对方的1.4倍
$199.9M
营收增速更快
APLS
高出14.6%
-20.6%
净利率更高
ENPH
高出26.9%
-29.5%
自由现金流更多
ENPH
多$97.3M
$-14.3M
两年增速更快
APLS
近两年复合增速
-3.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $282.9M |
| 净利润 | $-59.0M | $-7.4M |
| 毛利率 | — | 35.5% |
| 营业利润率 | -25.6% | 54.0% |
| 净利率 | -29.5% | -2.6% |
| 营收同比 | -5.9% | -20.6% |
| 净利润同比 | -62.2% | -124.9% |
| 每股收益（稀释后） | $-0.40 | $-0.06 |
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APLSENPH
| Q1 26 | — | $282.9M | ||
| Q4 25 | $199.9M | $343.3M | ||
| Q3 25 | $458.6M | $410.4M | ||
| Q2 25 | $178.5M | $363.2M | ||
| Q1 25 | $166.8M | $356.1M | ||
| Q4 24 | $212.5M | $382.7M | ||
| Q3 24 | $196.8M | $380.9M | ||
| Q2 24 | $199.7M | $303.5M |
净利润APLSENPH
| Q1 26 | — | $-7.4M | ||
| Q4 25 | $-59.0M | $38.7M | ||
| Q3 25 | $215.7M | $66.6M | ||
| Q2 25 | $-42.2M | $37.1M | ||
| Q1 25 | $-92.2M | $29.7M | ||
| Q4 24 | $-36.4M | $62.2M | ||
| Q3 24 | $-57.4M | $45.8M | ||
| Q2 24 | $-37.7M | $10.8M |
毛利率APLSENPH
| Q1 26 | — | 35.5% | ||
| Q4 25 | — | 44.3% | ||
| Q3 25 | — | 47.8% | ||
| Q2 25 | — | 46.9% | ||
| Q1 25 | — | 47.2% | ||
| Q4 24 | — | 51.8% | ||
| Q3 24 | — | 46.8% | ||
| Q2 24 | — | 45.2% |
营业利润率APLSENPH
| Q1 26 | — | 54.0% | ||
| Q4 25 | -25.6% | 6.5% | ||
| Q3 25 | 48.7% | 16.1% | ||
| Q2 25 | -18.6% | 10.2% | ||
| Q1 25 | -50.0% | 9.0% | ||
| Q4 24 | -12.3% | 14.3% | ||
| Q3 24 | -24.0% | 13.1% | ||
| Q2 24 | -14.7% | 0.6% |
净利率APLSENPH
| Q1 26 | — | -2.6% | ||
| Q4 25 | -29.5% | 11.3% | ||
| Q3 25 | 47.0% | 16.2% | ||
| Q2 25 | -23.6% | 10.2% | ||
| Q1 25 | -55.3% | 8.3% | ||
| Q4 24 | -17.1% | 16.2% | ||
| Q3 24 | -29.2% | 12.0% | ||
| Q2 24 | -18.9% | 3.6% |
每股收益（稀释后）APLSENPH
| Q1 26 | — | $-0.06 | ||
| Q4 25 | $-0.40 | $0.29 | ||
| Q3 25 | $1.67 | $0.50 | ||
| Q2 25 | $-0.33 | $0.28 | ||
| Q1 25 | $-0.74 | $0.22 | ||
| Q4 24 | $-0.30 | $0.46 | ||
| Q3 24 | $-0.46 | $0.33 | ||
| Q2 24 | $-0.30 | $0.08 |
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 | $497.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $1.1B |
| 总资产 | $1.1B | $2.7B |
| 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APLSENPH
| Q1 26 | — | $497.5M | ||
| Q4 25 | $466.2M | $1.5B | ||
| Q3 25 | $479.2M | $1.5B | ||
| Q2 25 | $370.0M | $1.5B | ||
| Q1 25 | $358.4M | $1.5B | ||
| Q4 24 | $411.3M | $1.6B | ||
| Q3 24 | $396.9M | $1.8B | ||
| Q2 24 | $360.1M | $1.6B |
总债务APLSENPH
| Q1 26 | — | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B |
股东权益APLSENPH
| Q1 26 | — | $1.1B | ||
| Q4 25 | $370.1M | $1.1B | ||
| Q3 25 | $401.2M | $995.0M | ||
| Q2 25 | $156.3M | $880.6M | ||
| Q1 25 | $164.2M | $810.7M | ||
| Q4 24 | $228.5M | $833.0M | ||
| Q3 24 | $237.1M | $931.4M | ||
| Q2 24 | $264.3M | $884.5M |
总资产APLSENPH
| Q1 26 | — | $2.7B | ||
| Q4 25 | $1.1B | $3.5B | ||
| Q3 25 | $1.1B | $3.3B | ||
| Q2 25 | $821.4M | $3.2B | ||
| Q1 25 | $807.3M | $3.1B | ||
| Q4 24 | $885.1M | $3.2B | ||
| Q3 24 | $901.9M | $3.3B | ||
| Q2 24 | $904.5M | $3.2B |
负债/权益比APLSENPH
| Q1 26 | — | — | ||
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.21× | ||
| Q2 25 | — | 1.37× | ||
| Q1 25 | — | 1.48× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | — | 1.47× |
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 | $102.9M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $83.0M |
| 自由现金流率自由现金流/营收 | -7.1% | 29.3% |
| 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 | — | — |
| 过去12个月自由现金流最近4个季度 | $45.0M | $145.1M |
8季度趋势，按日历期对齐
经营现金流APLSENPH
| Q1 26 | — | $102.9M | ||
| Q4 25 | $-14.2M | $47.6M | ||
| Q3 25 | $108.5M | $13.9M | ||
| Q2 25 | $4.4M | $26.6M | ||
| Q1 25 | $-53.4M | $48.4M | ||
| Q4 24 | $19.4M | $167.3M | ||
| Q3 24 | $34.1M | $170.1M | ||
| Q2 24 | $-8.3M | $127.1M |
自由现金流APLSENPH
| Q1 26 | — | $83.0M | ||
| Q4 25 | $-14.3M | $37.8M | ||
| Q3 25 | $108.3M | $5.9M | ||
| Q2 25 | $4.4M | $18.4M | ||
| Q1 25 | $-53.4M | $33.8M | ||
| Q4 24 | $19.3M | $159.2M | ||
| Q3 24 | — | $161.6M | ||
| Q2 24 | $-8.4M | $117.4M |
自由现金流率APLSENPH
| Q1 26 | — | 29.3% | ||
| Q4 25 | -7.1% | 11.0% | ||
| Q3 25 | 23.6% | 1.4% | ||
| Q2 25 | 2.5% | 5.1% | ||
| Q1 25 | -32.0% | 9.5% | ||
| Q4 24 | 9.1% | 41.6% | ||
| Q3 24 | — | 42.4% | ||
| Q2 24 | -4.2% | 38.7% |
资本支出强度APLSENPH
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 2.8% | ||
| Q3 25 | 0.0% | 2.0% | ||
| Q2 25 | 0.0% | 2.3% | ||
| Q1 25 | 0.0% | 4.1% | ||
| Q4 24 | 0.0% | 2.1% | ||
| Q3 24 | 0.0% | 2.2% | ||
| Q2 24 | 0.0% | 3.2% |
现金转化率APLSENPH
| Q1 26 | — | — | ||
| Q4 25 | — | 1.23× | ||
| Q3 25 | 0.50× | 0.21× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | — | 2.69× | ||
| Q3 24 | — | 3.72× | ||
| Q2 24 | — | 11.73× |
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% |
ENPH
暂无分部数据
