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Apellis Pharmaceuticals, Inc.（APLS）与Fat Brands, Inc（FAT）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Fat Brands, Inc的1.4倍（$199.9M vs $140.0M），Apellis Pharmaceuticals, Inc.净利率更高（-29.5% vs -41.6%，领先12.1%），Fat Brands, Inc同比增速更快（-2.3% vs -5.9%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-16.9M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -6.1%）
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。
FAT Brands是来自美国的多品牌餐饮与体育酒吧连锁运营商，总部位于加利福尼亚州比弗利山庄，主要开展餐饮品牌的连锁加盟运营业务，旗下涵盖多个餐饮及休闲体育酒吧品牌。
APLS vs FAT — 直观对比
营收规模更大
APLS
是对方的1.4倍
$140.0M
营收增速更快
FAT
高出3.6%
-5.9%
净利率更高
APLS
高出12.1%
-41.6%
自由现金流更多
APLS
多$2.6M
$-16.9M
两年增速更快
APLS
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $140.0M |
| 净利润 | $-59.0M | $-58.2M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | -12.4% |
| 净利率 | -29.5% | -41.6% |
| 营收同比 | -5.9% | -2.3% |
| 净利润同比 | -62.2% | -30.1% |
| 每股收益（稀释后） | $-0.40 | $-3.39 |
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APLSFAT
| Q4 25 | $199.9M | — | ||
| Q3 25 | $458.6M | $140.0M | ||
| Q2 25 | $178.5M | $146.8M | ||
| Q1 25 | $166.8M | $142.0M | ||
| Q4 24 | $212.5M | $145.3M | ||
| Q3 24 | $196.8M | $143.4M | ||
| Q2 24 | $199.7M | $152.0M | ||
| Q1 24 | $172.3M | $152.0M |
净利润APLSFAT
| Q4 25 | $-59.0M | — | ||
| Q3 25 | $215.7M | $-58.2M | ||
| Q2 25 | $-42.2M | $-54.2M | ||
| Q1 25 | $-92.2M | $-46.0M | ||
| Q4 24 | $-36.4M | $-67.4M | ||
| Q3 24 | $-57.4M | $-44.8M | ||
| Q2 24 | $-37.7M | $-39.4M | ||
| Q1 24 | $-66.4M | $-38.3M |
营业利润率APLSFAT
| Q4 25 | -25.6% | — | ||
| Q3 25 | 48.7% | -12.4% | ||
| Q2 25 | -18.6% | -10.6% | ||
| Q1 25 | -50.0% | -6.0% | ||
| Q4 24 | -12.3% | -27.1% | ||
| Q3 24 | -24.0% | -6.2% | ||
| Q2 24 | -14.7% | -1.8% | ||
| Q1 24 | -36.0% | -0.9% |
净利率APLSFAT
| Q4 25 | -29.5% | — | ||
| Q3 25 | 47.0% | -41.6% | ||
| Q2 25 | -23.6% | -36.9% | ||
| Q1 25 | -55.3% | -32.4% | ||
| Q4 24 | -17.1% | -46.4% | ||
| Q3 24 | -29.2% | -31.2% | ||
| Q2 24 | -18.9% | -25.9% | ||
| Q1 24 | -38.5% | -25.2% |
每股收益（稀释后）APLSFAT
| Q4 25 | $-0.40 | — | ||
| Q3 25 | $1.67 | $-3.39 | ||
| Q2 25 | $-0.33 | $-3.17 | ||
| Q1 25 | $-0.74 | $-2.73 | ||
| Q4 24 | $-0.30 | $-4.06 | ||
| Q3 24 | $-0.46 | $-2.74 | ||
| Q2 24 | $-0.30 | $-2.43 | ||
| Q1 24 | $-0.54 | $-2.37 |
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 | — |
| 总债务越低越好 | — | $1.3B |
| 股东权益账面价值 | $370.1M | $-585.8M |
| 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APLSFAT
| Q4 25 | $466.2M | — | ||
| Q3 25 | $479.2M | — | ||
| Q2 25 | $370.0M | — | ||
| Q1 25 | $358.4M | — | ||
| Q4 24 | $411.3M | — | ||
| Q3 24 | $396.9M | — | ||
| Q2 24 | $360.1M | — | ||
| Q1 24 | $325.9M | — |
总债务APLSFAT
| Q4 25 | — | — | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | $93.1M | $1.2B |
股东权益APLSFAT
| Q4 25 | $370.1M | — | ||
| Q3 25 | $401.2M | $-585.8M | ||
| Q2 25 | $156.3M | $-536.5M | ||
| Q1 25 | $164.2M | $-493.9M | ||
| Q4 24 | $228.5M | $-455.7M | ||
| Q3 24 | $237.1M | $-386.1M | ||
| Q2 24 | $264.3M | $-338.6M | ||
| Q1 24 | $266.7M | $-296.8M |
总资产APLSFAT
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $821.4M | $1.2B | ||
| Q1 25 | $807.3M | $1.3B | ||
| Q4 24 | $885.1M | $1.3B | ||
| Q3 24 | $901.9M | $1.3B | ||
| Q2 24 | $904.5M | $1.4B | ||
| Q1 24 | $831.9M | $1.4B |
负债/权益比APLSFAT
| 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 | $-14.5M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-16.9M |
| 自由现金流率自由现金流/营收 | -7.1% | -12.1% |
| 资本支出强度资本支出/营收 | 0.1% | 1.7% |
| 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 | $-75.0M |
8季度趋势，按日历期对齐
经营现金流APLSFAT
| Q4 25 | $-14.2M | — | ||
| Q3 25 | $108.5M | $-14.5M | ||
| Q2 25 | $4.4M | $-26.9M | ||
| Q1 25 | $-53.4M | $-13.2M | ||
| Q4 24 | $19.4M | $-10.4M | ||
| Q3 24 | $34.1M | $-3.2M | ||
| Q2 24 | $-8.3M | $-14.2M | ||
| Q1 24 | $-133.0M | $-28.4M |
自由现金流APLSFAT
| Q4 25 | $-14.3M | — | ||
| Q3 25 | $108.3M | $-16.9M | ||
| Q2 25 | $4.4M | $-29.3M | ||
| Q1 25 | $-53.4M | $-17.8M | ||
| Q4 24 | $19.3M | $-11.0M | ||
| Q3 24 | — | $-11.1M | ||
| Q2 24 | $-8.4M | $-24.4M | ||
| Q1 24 | $-133.3M | $-32.5M |
自由现金流率APLSFAT
| Q4 25 | -7.1% | — | ||
| Q3 25 | 23.6% | -12.1% | ||
| Q2 25 | 2.5% | -20.0% | ||
| Q1 25 | -32.0% | -12.5% | ||
| Q4 24 | 9.1% | -7.6% | ||
| Q3 24 | — | -7.7% | ||
| Q2 24 | -4.2% | -16.1% | ||
| Q1 24 | -77.3% | -21.4% |
资本支出强度APLSFAT
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | 1.7% | ||
| Q2 25 | 0.0% | 1.6% | ||
| Q1 25 | 0.0% | 3.2% | ||
| Q4 24 | 0.0% | 0.4% | ||
| Q3 24 | 0.0% | 5.5% | ||
| Q2 24 | 0.0% | 6.7% | ||
| Q1 24 | 0.2% | 2.7% |
现金转化率APLSFAT
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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% |
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 1% |
