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Apellis Pharmaceuticals, Inc.（APLS）与FRIEDMAN INDUSTRIES INC（FRD）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FRIEDMAN INDUSTRIES INC的1.2倍（$199.9M vs $168.0M），FRIEDMAN INDUSTRIES INC净利率更高（1.8% vs -29.5%，领先31.3%），FRIEDMAN INDUSTRIES INC同比增速更快（78.6% vs -5.9%），FRIEDMAN INDUSTRIES INC自由现金流更多（$-6.3M vs $-14.3M），过去两年FRIEDMAN INDUSTRIES INC的营收复合增速更高（13.3% 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。
赫尔曼与弗里德曼（H&F）是一家美国私募股权公司，由沃伦·赫尔曼与塔利·弗里德曼于1984年创立，主要通过杠杆收购及成长资本开展投资业务，核心投资方向覆盖传媒、金融服务、专业服务与信息服务等多个领域。
APLS vs FRD — 直观对比
营收规模更大
APLS
是对方的1.2倍
$168.0M
营收增速更快
FRD
高出84.5%
-5.9%
净利率更高
FRD
高出31.3%
-29.5%
自由现金流更多
FRD
多$7.9M
$-14.3M
两年增速更快
FRD
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $168.0M |
| 净利润 | $-59.0M | $3.0M |
| 毛利率 | — | 2.3% |
| 营业利润率 | -25.6% | 2.3% |
| 净利率 | -29.5% | 1.8% |
| 营收同比 | -5.9% | 78.6% |
| 净利润同比 | -62.2% | 364.1% |
| 每股收益（稀释后） | $-0.40 | $0.43 |
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APLSFRD
| Q4 25 | $199.9M | $168.0M | ||
| Q3 25 | $458.6M | $152.4M | ||
| Q2 25 | $178.5M | $134.8M | ||
| Q1 25 | $166.8M | — | ||
| Q4 24 | $212.5M | $94.1M | ||
| Q3 24 | $196.8M | $106.8M | ||
| Q2 24 | $199.7M | $114.6M | ||
| Q1 24 | $172.3M | — |
净利润APLSFRD
| Q4 25 | $-59.0M | $3.0M | ||
| Q3 25 | $215.7M | $2.2M | ||
| Q2 25 | $-42.2M | $5.0M | ||
| Q1 25 | $-92.2M | — | ||
| Q4 24 | $-36.4M | $-1.2M | ||
| Q3 24 | $-57.4M | $-675.0K | ||
| Q2 24 | $-37.7M | $2.6M | ||
| Q1 24 | $-66.4M | — |
毛利率APLSFRD
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 5.2% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.2% | ||
| Q2 24 | — | -1.2% | ||
| Q1 24 | — | — |
营业利润率APLSFRD
| Q4 25 | -25.6% | 2.3% | ||
| Q3 25 | 48.7% | 1.9% | ||
| Q2 25 | -18.6% | 5.2% | ||
| Q1 25 | -50.0% | — | ||
| Q4 24 | -12.3% | -1.3% | ||
| Q3 24 | -24.0% | -0.2% | ||
| Q2 24 | -14.7% | -1.2% | ||
| Q1 24 | -36.0% | — |
净利率APLSFRD
| Q4 25 | -29.5% | 1.8% | ||
| Q3 25 | 47.0% | 1.5% | ||
| Q2 25 | -23.6% | 3.7% | ||
| Q1 25 | -55.3% | — | ||
| Q4 24 | -17.1% | -1.2% | ||
| Q3 24 | -29.2% | -0.6% | ||
| Q2 24 | -18.9% | 2.2% | ||
| Q1 24 | -38.5% | — |
每股收益（稀释后）APLSFRD
| Q4 25 | $-0.40 | $0.43 | ||
| Q3 25 | $1.67 | $0.32 | ||
| Q2 25 | $-0.33 | $0.71 | ||
| Q1 25 | $-0.74 | — | ||
| Q4 24 | $-0.30 | $-0.17 | ||
| Q3 24 | $-0.46 | $-0.10 | ||
| Q2 24 | $-0.30 | $0.37 | ||
| Q1 24 | $-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 | $3.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $142.2M |
| 总资产 | $1.1B | $311.9M |
| 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APLSFRD
| Q4 25 | $466.2M | $3.0M | ||
| Q3 25 | $479.2M | $4.6M | ||
| Q2 25 | $370.0M | $2.1M | ||
| Q1 25 | $358.4M | — | ||
| Q4 24 | $411.3M | $1.1M | ||
| Q3 24 | $396.9M | $2.5M | ||
| Q2 24 | $360.1M | $4.1M | ||
| Q1 24 | $325.9M | — |
总债务APLSFRD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSFRD
| Q4 25 | $370.1M | $142.2M | ||
| Q3 25 | $401.2M | $139.3M | ||
| Q2 25 | $156.3M | $137.3M | ||
| Q1 25 | $164.2M | — | ||
| Q4 24 | $228.5M | $127.3M | ||
| Q3 24 | $237.1M | $128.8M | ||
| Q2 24 | $264.3M | $129.7M | ||
| Q1 24 | $266.7M | — |
总资产APLSFRD
| Q4 25 | $1.1B | $311.9M | ||
| Q3 25 | $1.1B | $311.3M | ||
| Q2 25 | $821.4M | $219.1M | ||
| Q1 25 | $807.3M | — | ||
| Q4 24 | $885.1M | $210.3M | ||
| Q3 24 | $901.9M | $209.2M | ||
| Q2 24 | $904.5M | $222.8M | ||
| Q1 24 | $831.9M | — |
负债/权益比APLSFRD
| 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 | $-4.7M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-6.3M |
| 自由现金流率自由现金流/营收 | -7.1% | -3.8% |
| 资本支出强度资本支出/营收 | 0.1% | 1.0% |
| 现金转化率经营现金流/净利润 | — | -1.56× |
| 过去12个月自由现金流最近4个季度 | $45.0M | — |
8季度趋势，按日历期对齐
经营现金流APLSFRD
| Q4 25 | $-14.2M | $-4.7M | ||
| Q3 25 | $108.5M | $434.0K | ||
| Q2 25 | $4.4M | $15.5M | ||
| Q1 25 | $-53.4M | — | ||
| Q4 24 | $19.4M | — | ||
| Q3 24 | $34.1M | — | ||
| Q2 24 | $-8.3M | $-6.1M | ||
| Q1 24 | $-133.0M | — |
自由现金流APLSFRD
| Q4 25 | $-14.3M | $-6.3M | ||
| Q3 25 | $108.3M | $-2.0M | ||
| Q2 25 | $4.4M | $13.7M | ||
| Q1 25 | $-53.4M | — | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-8.4M | $-7.1M | ||
| Q1 24 | $-133.3M | — |
自由现金流率APLSFRD
| Q4 25 | -7.1% | -3.8% | ||
| Q3 25 | 23.6% | -1.3% | ||
| Q2 25 | 2.5% | 10.2% | ||
| Q1 25 | -32.0% | — | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.2% | -6.2% | ||
| Q1 24 | -77.3% | — |
资本支出强度APLSFRD
| Q4 25 | 0.1% | 1.0% | ||
| Q3 25 | 0.0% | 1.6% | ||
| Q2 25 | 0.0% | 1.3% | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | 0.9% | ||
| Q1 24 | 0.2% | — |
现金转化率APLSFRD
| Q4 25 | — | -1.56× | ||
| Q3 25 | 0.50× | 0.19× | ||
| Q2 25 | — | 3.08× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -2.36× | ||
| 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% |
FRD
| Prime Coil | $152.0M | 90% |
| Manufactured Pipe | $14.9M | 9% |
| Customer Owned | $1.1M | 1% |
