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Apellis Pharmaceuticals, Inc.（APLS）与Forestar Group Inc.（FOR）财务数据对比。点击上方公司名可切换其他公司
Forestar Group Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.4倍（$273.0M vs $199.9M），Forestar Group Inc.净利率更高（5.6% vs -29.5%，领先35.1%），Forestar Group Inc.同比增速更快（9.0% vs -5.9%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-157.1M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -9.6%）
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。
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
APLS vs FOR — 直观对比
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $273.0M |
| 净利润 | $-59.0M | $15.4M |
| 毛利率 | — | 20.1% |
| 营业利润率 | -25.6% | 7.6% |
| 净利率 | -29.5% | 5.6% |
| 营收同比 | -5.9% | 9.0% |
| 净利润同比 | -62.2% | -6.7% |
| 每股收益（稀释后） | $-0.40 | $0.30 |
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
| Q4 25 | $199.9M | $273.0M | ||
| Q3 25 | $458.6M | $670.5M | ||
| Q2 25 | $178.5M | $390.5M | ||
| Q1 25 | $166.8M | $351.0M | ||
| Q4 24 | $212.5M | $250.4M | ||
| Q3 24 | $196.8M | $551.3M | ||
| Q2 24 | $199.7M | $318.4M | ||
| Q1 24 | $172.3M | $333.8M |
| Q4 25 | $-59.0M | $15.4M | ||
| Q3 25 | $215.7M | $86.9M | ||
| Q2 25 | $-42.2M | $32.9M | ||
| Q1 25 | $-92.2M | $31.6M | ||
| Q4 24 | $-36.4M | $16.5M | ||
| Q3 24 | $-57.4M | $81.5M | ||
| Q2 24 | $-37.7M | $38.7M | ||
| Q1 24 | $-66.4M | $45.0M |
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 22.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 22.6% | ||
| Q4 24 | — | 22.0% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 22.5% | ||
| Q1 24 | — | 24.9% |
| Q4 25 | -25.6% | 7.6% | ||
| Q3 25 | 48.7% | 16.9% | ||
| Q2 25 | -18.6% | 11.2% | ||
| Q1 25 | -50.0% | 11.6% | ||
| Q4 24 | -12.3% | 8.7% | ||
| Q3 24 | -24.0% | 19.7% | ||
| Q2 24 | -14.7% | 16.2% | ||
| Q1 24 | -36.0% | 17.6% |
| Q4 25 | -29.5% | 5.6% | ||
| Q3 25 | 47.0% | 13.0% | ||
| Q2 25 | -23.6% | 8.4% | ||
| Q1 25 | -55.3% | 9.0% | ||
| Q4 24 | -17.1% | 6.6% | ||
| Q3 24 | -29.2% | 14.8% | ||
| Q2 24 | -18.9% | 12.2% | ||
| Q1 24 | -38.5% | 13.5% |
| Q4 25 | $-0.40 | $0.30 | ||
| Q3 25 | $1.67 | $1.70 | ||
| Q2 25 | $-0.33 | $0.65 | ||
| Q1 25 | $-0.74 | $0.62 | ||
| Q4 24 | $-0.30 | $0.32 | ||
| Q3 24 | $-0.46 | $1.59 | ||
| Q2 24 | $-0.30 | $0.76 | ||
| Q1 24 | $-0.54 | $0.89 |
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 | $211.7M |
| 总债务越低越好 | — | $793.2M |
| 股东权益账面价值 | $370.1M | $1.8B |
| 总资产 | $1.1B | $3.2B |
| 负债/权益比越低杠杆越低 | — | 0.44× |
8季度趋势，按日历期对齐
| Q4 25 | $466.2M | $211.7M | ||
| Q3 25 | $479.2M | $379.2M | ||
| Q2 25 | $370.0M | $189.2M | ||
| Q1 25 | $358.4M | $174.3M | ||
| Q4 24 | $411.3M | $132.0M | ||
| Q3 24 | $396.9M | $481.2M | ||
| Q2 24 | $360.1M | $359.2M | ||
| Q1 24 | $325.9M | $416.2M |
| Q4 25 | — | $793.2M | ||
| Q3 25 | — | $802.7M | ||
| Q2 25 | — | $872.8M | ||
| Q1 25 | — | $872.5M | ||
| Q4 24 | — | $806.8M | ||
| Q3 24 | — | $706.4M | ||
| Q2 24 | — | $706.1M | ||
| Q1 24 | $93.1M | $705.7M |
| Q4 25 | $370.1M | $1.8B | ||
| Q3 25 | $401.2M | $1.8B | ||
| Q2 25 | $156.3M | $1.7B | ||
| Q1 25 | $164.2M | $1.6B | ||
| Q4 24 | $228.5M | $1.6B | ||
| Q3 24 | $237.1M | $1.6B | ||
| Q2 24 | $264.3M | $1.5B | ||
| Q1 24 | $266.7M | $1.5B |
| Q4 25 | $1.1B | $3.2B | ||
| Q3 25 | $1.1B | $3.1B | ||
| Q2 25 | $821.4M | $3.1B | ||
| Q1 25 | $807.3M | $3.0B | ||
| Q4 24 | $885.1M | $3.0B | ||
| Q3 24 | $901.9M | $2.8B | ||
| Q2 24 | $904.5M | $2.7B | ||
| Q1 24 | $831.9M | $2.6B |
| Q4 25 | — | 0.44× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | 0.35× | 0.48× |
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 | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-157.1M |
| 自由现金流率自由现金流/营收 | -7.1% | -57.5% |
| 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 | — | -10.19× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $93.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-14.2M | $-157.0M | ||
| Q3 25 | $108.5M | $256.3M | ||
| Q2 25 | $4.4M | $15.8M | ||
| Q1 25 | $-53.4M | $-19.8M | ||
| Q4 24 | $19.4M | $-450.0M | ||
| Q3 24 | $34.1M | $119.2M | ||
| Q2 24 | $-8.3M | $-61.7M | ||
| Q1 24 | $-133.0M | $-59.2M |
| Q4 25 | $-14.3M | $-157.1M | ||
| Q3 25 | $108.3M | $255.6M | ||
| Q2 25 | $4.4M | $15.0M | ||
| Q1 25 | $-53.4M | $-20.5M | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | — | $118.4M | ||
| Q2 24 | $-8.4M | $-62.3M | ||
| Q1 24 | $-133.3M | $-59.8M |
| Q4 25 | -7.1% | -57.5% | ||
| Q3 25 | 23.6% | 38.1% | ||
| Q2 25 | 2.5% | 3.8% | ||
| Q1 25 | -32.0% | -5.8% | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | — | 21.5% | ||
| Q2 24 | -4.2% | -19.6% | ||
| Q1 24 | -77.3% | -17.9% |
| Q4 25 | 0.1% | 0.0% | ||
| Q3 25 | 0.0% | 0.1% | ||
| Q2 25 | 0.0% | 0.2% | ||
| Q1 25 | 0.0% | 0.2% | ||
| Q4 24 | 0.0% | 0.0% | ||
| Q3 24 | 0.0% | 0.1% | ||
| Q2 24 | 0.0% | 0.2% | ||
| Q1 24 | 0.2% | 0.2% |
| Q4 25 | — | -10.19× | ||
| Q3 25 | 0.50× | 2.95× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | -0.63× | ||
| Q4 24 | — | -27.27× | ||
| Q3 24 | — | 1.46× | ||
| Q2 24 | — | -1.59× | ||
| Q1 24 | — | -1.32× |
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% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
