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Apellis Pharmaceuticals, Inc.（APLS）与FTAI Infrastructure Inc.（FIP）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FTAI Infrastructure Inc.的1.4倍（$199.9M vs $143.5M），Apellis Pharmaceuticals, Inc.净利率更高（-29.5% vs -68.1%，领先38.6%），FTAI Infrastructure Inc.同比增速更快（77.7% vs -5.9%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-68.6M），过去两年FTAI Infrastructure Inc.的营收复合增速更高（31.9% 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。
FTAI基础设施有限公司持有、运营并投资交通物流、中游能源、发电等核心领域的优质关键基础设施资产，主要面向北美市场，聚焦拥有稳定长期现金流、合同约定收入流的项目，为利益相关方创造可持续回报。
APLS vs FIP — 直观对比
营收规模更大
APLS
是对方的1.4倍
$143.5M
营收增速更快
FIP
高出83.6%
-5.9%
净利率更高
APLS
高出38.6%
-68.1%
自由现金流更多
APLS
多$54.4M
$-68.6M
两年增速更快
FIP
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $143.5M |
| 净利润 | $-59.0M | $-97.7M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | -45.7% |
| 净利率 | -29.5% | -68.1% |
| 营收同比 | -5.9% | 77.7% |
| 净利润同比 | -62.2% | 21.6% |
| 每股收益（稀释后） | $-0.40 | $-1.04 |
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APLSFIP
| Q4 25 | $199.9M | $143.5M | ||
| Q3 25 | $458.6M | $140.6M | ||
| Q2 25 | $178.5M | $122.3M | ||
| Q1 25 | $166.8M | $96.2M | ||
| Q4 24 | $212.5M | $80.8M | ||
| Q3 24 | $196.8M | $83.3M | ||
| Q2 24 | $199.7M | $84.9M | ||
| Q1 24 | $172.3M | $82.5M |
净利润APLSFIP
| Q4 25 | $-59.0M | $-97.7M | ||
| Q3 25 | $215.7M | $-104.5M | ||
| Q2 25 | $-42.2M | $-70.0M | ||
| Q1 25 | $-92.2M | $120.2M | ||
| Q4 24 | $-36.4M | $-124.7M | ||
| Q3 24 | $-57.4M | $-43.0M | ||
| Q2 24 | $-37.7M | $-48.1M | ||
| Q1 24 | $-66.4M | $-50.3M |
营业利润率APLSFIP
| Q4 25 | -25.6% | -45.7% | ||
| Q3 25 | 48.7% | -70.8% | ||
| Q2 25 | -18.6% | -56.4% | ||
| Q1 25 | -50.0% | 81.8% | ||
| Q4 24 | -12.3% | -152.7% | ||
| Q3 24 | -24.0% | -51.7% | ||
| Q2 24 | -14.7% | -56.4% | ||
| Q1 24 | -36.0% | -58.8% |
净利率APLSFIP
| Q4 25 | -29.5% | -68.1% | ||
| Q3 25 | 47.0% | -74.4% | ||
| Q2 25 | -23.6% | -57.2% | ||
| Q1 25 | -55.3% | 125.0% | ||
| Q4 24 | -17.1% | -154.4% | ||
| Q3 24 | -29.2% | -51.6% | ||
| Q2 24 | -18.9% | -56.7% | ||
| Q1 24 | -38.5% | -60.9% |
每股收益（稀释后）APLSFIP
| Q4 25 | $-0.40 | $-1.04 | ||
| Q3 25 | $1.67 | $-1.38 | ||
| Q2 25 | $-0.33 | $-0.73 | ||
| Q1 25 | $-0.74 | $0.89 | ||
| Q4 24 | $-0.30 | $-1.21 | ||
| Q3 24 | $-0.46 | $-0.45 | ||
| Q2 24 | $-0.30 | $-0.52 | ||
| Q1 24 | $-0.54 | $-0.54 |
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 | $57.4M |
| 总债务越低越好 | — | $3.8B |
| 股东权益账面价值 | $370.1M | $21.3M |
| 总资产 | $1.1B | $5.7B |
| 负债/权益比越低杠杆越低 | — | 176.99× |
8季度趋势，按日历期对齐
现金及短期投资APLSFIP
| Q4 25 | $466.2M | $57.4M | ||
| Q3 25 | $479.2M | $34.7M | ||
| Q2 25 | $370.0M | $33.6M | ||
| Q1 25 | $358.4M | $26.3M | ||
| Q4 24 | $411.3M | $27.8M | ||
| Q3 24 | $396.9M | $20.3M | ||
| Q2 24 | $360.1M | $33.1M | ||
| Q1 24 | $325.9M | $23.0M |
总债务APLSFIP
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | $93.1M | $1.3B |
股东权益APLSFIP
| Q4 25 | $370.1M | $21.3M | ||
| Q3 25 | $401.2M | $181.1M | ||
| Q2 25 | $156.3M | $375.5M | ||
| Q1 25 | $164.2M | $476.2M | ||
| Q4 24 | $228.5M | $202.7M | ||
| Q3 24 | $237.1M | $370.8M | ||
| Q2 24 | $264.3M | $394.8M | ||
| Q1 24 | $266.7M | $402.5M |
总资产APLSFIP
| Q4 25 | $1.1B | $5.7B | ||
| Q3 25 | $1.1B | $5.5B | ||
| Q2 25 | $821.4M | $4.4B | ||
| Q1 25 | $807.3M | $4.1B | ||
| Q4 24 | $885.1M | $2.4B | ||
| Q3 24 | $901.9M | $2.4B | ||
| Q2 24 | $904.5M | $2.5B | ||
| Q1 24 | $831.9M | $2.3B |
负债/权益比APLSFIP
| Q4 25 | — | 176.99× | ||
| Q3 25 | — | 20.59× | ||
| Q2 25 | — | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | — | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | — | 3.94× | ||
| Q1 24 | 0.35× | 3.34× |
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 | $-2.8M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-68.6M |
| 自由现金流率自由现金流/营收 | -7.1% | -47.8% |
| 资本支出强度资本支出/营收 | 0.1% | 45.9% |
| 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 | $-398.5M |
8季度趋势，按日历期对齐
经营现金流APLSFIP
| Q4 25 | $-14.2M | $-2.8M | ||
| Q3 25 | $108.5M | $-24.4M | ||
| Q2 25 | $4.4M | $-5.2M | ||
| Q1 25 | $-53.4M | $-85.7M | ||
| Q4 24 | $19.4M | $-8.1M | ||
| Q3 24 | $34.1M | $14.2M | ||
| Q2 24 | $-8.3M | $-17.6M | ||
| Q1 24 | $-133.0M | $-3.9M |
自由现金流APLSFIP
| Q4 25 | $-14.3M | $-68.6M | ||
| Q3 25 | $108.3M | $-90.7M | ||
| Q2 25 | $4.4M | $-87.5M | ||
| Q1 25 | $-53.4M | $-151.7M | ||
| Q4 24 | $19.3M | $-34.3M | ||
| Q3 24 | — | $-11.7M | ||
| Q2 24 | $-8.4M | $-32.1M | ||
| Q1 24 | $-133.3M | $-16.7M |
自由现金流率APLSFIP
| Q4 25 | -7.1% | -47.8% | ||
| Q3 25 | 23.6% | -64.5% | ||
| Q2 25 | 2.5% | -71.6% | ||
| Q1 25 | -32.0% | -157.7% | ||
| Q4 24 | 9.1% | -42.4% | ||
| Q3 24 | — | -14.0% | ||
| Q2 24 | -4.2% | -37.9% | ||
| Q1 24 | -77.3% | -20.3% |
资本支出强度APLSFIP
| Q4 25 | 0.1% | 45.9% | ||
| Q3 25 | 0.0% | 47.2% | ||
| Q2 25 | 0.0% | 67.3% | ||
| Q1 25 | 0.0% | 68.6% | ||
| Q4 24 | 0.0% | 32.5% | ||
| Q3 24 | 0.0% | 31.1% | ||
| Q2 24 | 0.0% | 17.2% | ||
| Q1 24 | 0.2% | 15.6% |
现金转化率APLSFIP
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.71× | ||
| 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% |
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
