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Apellis Pharmaceuticals, Inc.（APLS）与弗雷斯特研究公司（FORR）财务数据对比。点击上方公司名可切换其他公司
Apellis Pharmaceuticals, Inc.的季度营收约是弗雷斯特研究公司的2.0倍（$199.9M vs $101.1M），Apellis Pharmaceuticals, Inc.净利率更高（-29.5% vs -33.5%，领先4.0%），Apellis Pharmaceuticals, Inc.同比增速更快（-5.9% vs -6.5%），弗雷斯特研究公司自由现金流更多（$-4.3M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 0.5%）
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。
福雷斯特研究公司是一家全球领先的研究咨询机构，主营业务涵盖行业研究、管理咨询与行业峰会举办，客户群体包括全球大型企业、科技公司与消费领域领军企业，公司总部位于美国马萨诸塞州剑桥市。
APLS vs FORR — 直观对比
营收规模更大
APLS
是对方的2.0倍
$101.1M
营收增速更快
APLS
高出0.5%
-6.5%
净利率更高
APLS
高出4.0%
-33.5%
自由现金流更多
FORR
多$10.0M
$-14.3M
两年增速更快
APLS
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $101.1M |
| 净利润 | $-59.0M | $-33.9M |
| 毛利率 | — | 56.7% |
| 营业利润率 | -25.6% | -36.6% |
| 净利率 | -29.5% | -33.5% |
| 营收同比 | -5.9% | -6.5% |
| 净利润同比 | -62.2% | -7941.4% |
| 每股收益（稀释后） | $-0.40 | $-1.75 |
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APLSFORR
| Q4 25 | $199.9M | $101.1M | ||
| Q3 25 | $458.6M | $94.3M | ||
| Q2 25 | $178.5M | $111.7M | ||
| Q1 25 | $166.8M | $89.9M | ||
| Q4 24 | $212.5M | $108.0M | ||
| Q3 24 | $196.8M | $102.5M | ||
| Q2 24 | $199.7M | $121.8M | ||
| Q1 24 | $172.3M | $100.1M |
净利润APLSFORR
| Q4 25 | $-59.0M | $-33.9M | ||
| Q3 25 | $215.7M | $-2.1M | ||
| Q2 25 | $-42.2M | $3.9M | ||
| Q1 25 | $-92.2M | $-87.3M | ||
| Q4 24 | $-36.4M | $432.0K | ||
| Q3 24 | $-57.4M | $-5.8M | ||
| Q2 24 | $-37.7M | $6.3M | ||
| Q1 24 | $-66.4M | $-6.7M |
毛利率APLSFORR
| Q4 25 | — | 56.7% | ||
| Q3 25 | — | 60.0% | ||
| Q2 25 | — | 55.5% | ||
| Q1 25 | — | 55.9% | ||
| Q4 24 | — | 58.8% | ||
| Q3 24 | — | 60.5% | ||
| Q2 24 | — | 57.3% | ||
| Q1 24 | — | 54.9% |
营业利润率APLSFORR
| Q4 25 | -25.6% | -36.6% | ||
| Q3 25 | 48.7% | 4.7% | ||
| Q2 25 | -18.6% | 6.2% | ||
| Q1 25 | -50.0% | -97.5% | ||
| Q4 24 | -12.3% | -0.5% | ||
| Q3 24 | -24.0% | -0.7% | ||
| Q2 24 | -14.7% | 9.3% | ||
| Q1 24 | -36.0% | -9.3% |
净利率APLSFORR
| Q4 25 | -29.5% | -33.5% | ||
| Q3 25 | 47.0% | -2.3% | ||
| Q2 25 | -23.6% | 3.5% | ||
| Q1 25 | -55.3% | -97.1% | ||
| Q4 24 | -17.1% | 0.4% | ||
| Q3 24 | -29.2% | -5.7% | ||
| Q2 24 | -18.9% | 5.2% | ||
| Q1 24 | -38.5% | -6.7% |
每股收益（稀释后）APLSFORR
| Q4 25 | $-0.40 | $-1.75 | ||
| Q3 25 | $1.67 | $-0.11 | ||
| Q2 25 | $-0.33 | $0.20 | ||
| Q1 25 | $-0.74 | $-4.62 | ||
| Q4 24 | $-0.30 | $0.02 | ||
| Q3 24 | $-0.46 | $-0.30 | ||
| Q2 24 | $-0.30 | $0.33 | ||
| Q1 24 | $-0.54 | $-0.35 |
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 | $63.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $126.5M |
| 总资产 | $1.1B | $404.0M |
| 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APLSFORR
| Q4 25 | $466.2M | $63.3M | ||
| Q3 25 | $479.2M | $65.1M | ||
| Q2 25 | $370.0M | $67.8M | ||
| Q1 25 | $358.4M | $75.6M | ||
| Q4 24 | $411.3M | $56.1M | ||
| Q3 24 | $396.9M | $62.8M | ||
| Q2 24 | $360.1M | $58.9M | ||
| Q1 24 | $325.9M | $61.4M |
总债务APLSFORR
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSFORR
| Q4 25 | $370.1M | $126.5M | ||
| Q3 25 | $401.2M | $157.7M | ||
| Q2 25 | $156.3M | $159.5M | ||
| Q1 25 | $164.2M | $147.4M | ||
| Q4 24 | $228.5M | $229.5M | ||
| Q3 24 | $237.1M | $234.3M | ||
| Q2 24 | $264.3M | $237.1M | ||
| Q1 24 | $266.7M | $230.9M |
总资产APLSFORR
| Q4 25 | $1.1B | $404.0M | ||
| Q3 25 | $1.1B | $414.2M | ||
| Q2 25 | $821.4M | $436.0M | ||
| Q1 25 | $807.3M | $439.8M | ||
| Q4 24 | $885.1M | $503.9M | ||
| Q3 24 | $901.9M | $505.3M | ||
| Q2 24 | $904.5M | $524.2M | ||
| Q1 24 | $831.9M | $555.7M |
负债/权益比APLSFORR
| 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 | $-3.2M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-4.3M |
| 自由现金流率自由现金流/营收 | -7.1% | -4.2% |
| 资本支出强度资本支出/营收 | 0.1% | 1.1% |
| 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 | $18.1M |
8季度趋势，按日历期对齐
经营现金流APLSFORR
| Q4 25 | $-14.2M | $-3.2M | ||
| Q3 25 | $108.5M | $1.2M | ||
| Q2 25 | $4.4M | $-3.6M | ||
| Q1 25 | $-53.4M | $26.7M | ||
| Q4 24 | $19.4M | $-1.8M | ||
| Q3 24 | $34.1M | $264.0K | ||
| Q2 24 | $-8.3M | $-2.9M | ||
| Q1 24 | $-133.0M | $611.0K |
自由现金流APLSFORR
| Q4 25 | $-14.3M | $-4.3M | ||
| Q3 25 | $108.3M | $524.0K | ||
| Q2 25 | $4.4M | $-4.2M | ||
| Q1 25 | $-53.4M | $26.1M | ||
| Q4 24 | $19.3M | $-2.5M | ||
| Q3 24 | — | $-223.0K | ||
| Q2 24 | $-8.4M | $-3.7M | ||
| Q1 24 | $-133.3M | $-815.0K |
自由现金流率APLSFORR
| Q4 25 | -7.1% | -4.2% | ||
| Q3 25 | 23.6% | 0.6% | ||
| Q2 25 | 2.5% | -3.8% | ||
| Q1 25 | -32.0% | 29.0% | ||
| Q4 24 | 9.1% | -2.3% | ||
| Q3 24 | — | -0.2% | ||
| Q2 24 | -4.2% | -3.1% | ||
| Q1 24 | -77.3% | -0.8% |
资本支出强度APLSFORR
| Q4 25 | 0.1% | 1.1% | ||
| Q3 25 | 0.0% | 0.7% | ||
| Q2 25 | 0.0% | 0.5% | ||
| Q1 25 | 0.0% | 0.7% | ||
| Q4 24 | 0.0% | 0.6% | ||
| Q3 24 | 0.0% | 0.5% | ||
| Q2 24 | 0.0% | 0.7% | ||
| Q1 24 | 0.2% | 1.4% |
现金转化率APLSFORR
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| 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% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
