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Apellis Pharmaceuticals, Inc.（APLS）与FIRST MERCHANTS CORP（FRME）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FIRST MERCHANTS CORP的1.3倍（$199.9M vs $157.1M），FIRST MERCHANTS CORP净利率更高（17.9% vs -29.5%，领先47.4%），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -0.9%）
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。
第一商人集团是总部位于美国印第安纳州曼西的金融控股公司，业务覆盖印第安纳州中部地区，旗下拥有第一商人银行、第一商人私人财富顾问两大板块，在纳斯达克上市，股票代码为FRME。截至2023年3月，集团总资产达182亿美元，为客户提供商业银行、个人银行及投资顾问服务。
APLS vs FRME — 直观对比
营收规模更大
APLS
是对方的1.3倍
$157.1M
净利率更高
FRME
高出47.4%
-29.5%
两年增速更快
APLS
近两年复合增速
-0.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $157.1M |
| 净利润 | $-59.0M | $28.2M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | — |
| 净利率 | -29.5% | 17.9% |
| 营收同比 | -5.9% | — |
| 净利润同比 | -62.2% | -49.1% |
| 每股收益（稀释后） | $-0.40 | $0.45 |
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APLSFRME
| Q1 26 | — | $157.1M | ||
| Q4 25 | $199.9M | $172.2M | ||
| Q3 25 | $458.6M | $166.1M | ||
| Q2 25 | $178.5M | $164.3M | ||
| Q1 25 | $166.8M | $160.3M | ||
| Q4 24 | $212.5M | $177.1M | ||
| Q3 24 | $196.8M | $156.0M | ||
| Q2 24 | $199.7M | $159.9M |
净利润APLSFRME
| Q1 26 | — | $28.2M | ||
| Q4 25 | $-59.0M | $57.1M | ||
| Q3 25 | $215.7M | $56.8M | ||
| Q2 25 | $-42.2M | $56.8M | ||
| Q1 25 | $-92.2M | $55.3M | ||
| Q4 24 | $-36.4M | $64.3M | ||
| Q3 24 | $-57.4M | $49.2M | ||
| Q2 24 | $-37.7M | $39.9M |
营业利润率APLSFRME
| Q1 26 | — | — | ||
| Q4 25 | -25.6% | 38.0% | ||
| Q3 25 | 48.7% | 39.3% | ||
| Q2 25 | -18.6% | 39.6% | ||
| Q1 25 | -50.0% | 39.4% | ||
| Q4 24 | -12.3% | 43.3% | ||
| Q3 24 | -24.0% | 36.1% | ||
| Q2 24 | -14.7% | 27.5% |
净利率APLSFRME
| Q1 26 | — | 17.9% | ||
| Q4 25 | -29.5% | 33.1% | ||
| Q3 25 | 47.0% | 34.2% | ||
| Q2 25 | -23.6% | 34.6% | ||
| Q1 25 | -55.3% | 34.5% | ||
| Q4 24 | -17.1% | 36.3% | ||
| Q3 24 | -29.2% | 31.5% | ||
| Q2 24 | -18.9% | 25.0% |
每股收益（稀释后）APLSFRME
| Q1 26 | — | $0.45 | ||
| Q4 25 | $-0.40 | $0.98 | ||
| Q3 25 | $1.67 | $0.98 | ||
| Q2 25 | $-0.33 | $0.98 | ||
| Q1 25 | $-0.74 | $0.94 | ||
| Q4 24 | $-0.30 | $1.09 | ||
| Q3 24 | $-0.46 | $0.84 | ||
| Q2 24 | $-0.30 | $0.68 |
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 | — | — |
| 股东权益账面价值 | $370.1M | $2.7B |
| 总资产 | $1.1B | $21.1B |
| 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APLSFRME
| Q1 26 | — | — | ||
| 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 | — |
股东权益APLSFRME
| Q1 26 | — | $2.7B | ||
| Q4 25 | $370.1M | $2.5B | ||
| Q3 25 | $401.2M | $2.4B | ||
| Q2 25 | $156.3M | $2.3B | ||
| Q1 25 | $164.2M | $2.3B | ||
| Q4 24 | $228.5M | $2.3B | ||
| Q3 24 | $237.1M | $2.3B | ||
| Q2 24 | $264.3M | $2.2B |
总资产APLSFRME
| Q1 26 | — | $21.1B | ||
| Q4 25 | $1.1B | $19.0B | ||
| Q3 25 | $1.1B | $18.8B | ||
| Q2 25 | $821.4M | $18.6B | ||
| Q1 25 | $807.3M | $18.4B | ||
| Q4 24 | $885.1M | $18.3B | ||
| Q3 24 | $901.9M | $18.3B | ||
| Q2 24 | $904.5M | $18.3B |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | — |
| 自由现金流率自由现金流/营收 | -7.1% | — |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流APLSFRME
| Q1 26 | — | — | ||
| Q4 25 | $-14.2M | $283.6M | ||
| Q3 25 | $108.5M | $87.6M | ||
| Q2 25 | $4.4M | $53.7M | ||
| Q1 25 | $-53.4M | $61.7M | ||
| Q4 24 | $19.4M | $266.2M | ||
| Q3 24 | $34.1M | $76.8M | ||
| Q2 24 | $-8.3M | $63.0M |
自由现金流APLSFRME
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | — | ||
| Q3 25 | $108.3M | — | ||
| Q2 25 | $4.4M | — | ||
| Q1 25 | $-53.4M | — | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-8.4M | — |
自由现金流率APLSFRME
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | — | ||
| Q3 25 | 23.6% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | -32.0% | — | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.2% | — |
资本支出强度APLSFRME
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — |
现金转化率APLSFRME
| Q1 26 | — | — | ||
| Q4 25 | — | 4.97× | ||
| Q3 25 | 0.50× | 1.54× | ||
| Q2 25 | — | 0.94× | ||
| Q1 25 | — | 1.11× | ||
| Q4 24 | — | 4.14× | ||
| Q3 24 | — | 1.56× | ||
| Q2 24 | — | 1.58× |
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% |
FRME
| Net Interest Income | $151.3M | 96% |
| Noninterest Income | $5.8M | 4% |
