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Apellis Pharmaceuticals, Inc.（APLS）与First Watch Restaurant Group, Inc.（FWRG）财务数据对比。点击上方公司名可切换其他公司
First Watch Restaurant Group, Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.6倍（$316.4M vs $199.9M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs -5.9%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-18.3M），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% 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。
该企业原信息存在公司混淆错误，实际First Watch Restaurant Group是美国餐饮集团，主打鲜制早餐、早午餐与午餐，在美国多个州运营自营与特许加盟餐厅，聚焦日间休闲餐饮市场，为消费者提供新鲜健康的美式餐食选择。
APLS vs FWRG — 直观对比
营收规模更大
FWRG
是对方的1.6倍
$199.9M
营收增速更快
FWRG
高出26.1%
-5.9%
自由现金流更多
APLS
多$4.1M
$-18.3M
两年增速更快
FWRG
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $316.4M |
| 净利润 | $-59.0M | — |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 2.9% |
| 净利率 | -29.5% | — |
| 营收同比 | -5.9% | 20.2% |
| 净利润同比 | -62.2% | — |
| 每股收益（稀释后） | $-0.40 | $0.24 |
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APLSFWRG
| Q4 25 | $199.9M | $316.4M | ||
| Q3 25 | $458.6M | $316.0M | ||
| Q2 25 | $178.5M | $307.9M | ||
| Q1 25 | $166.8M | $282.2M | ||
| Q4 24 | $212.5M | $263.3M | ||
| Q3 24 | $196.8M | $251.6M | ||
| Q2 24 | $199.7M | $258.6M | ||
| Q1 24 | $172.3M | $242.4M |
净利润APLSFWRG
| Q4 25 | $-59.0M | — | ||
| Q3 25 | $215.7M | $3.0M | ||
| Q2 25 | $-42.2M | $2.1M | ||
| Q1 25 | $-92.2M | $-829.0K | ||
| Q4 24 | $-36.4M | — | ||
| Q3 24 | $-57.4M | $2.1M | ||
| Q2 24 | $-37.7M | $8.9M | ||
| Q1 24 | $-66.4M | $7.2M |
营业利润率APLSFWRG
| Q4 25 | -25.6% | 2.9% | ||
| Q3 25 | 48.7% | 3.2% | ||
| Q2 25 | -18.6% | 2.4% | ||
| Q1 25 | -50.0% | 0.4% | ||
| Q4 24 | -12.3% | 1.5% | ||
| Q3 24 | -24.0% | 2.5% | ||
| Q2 24 | -14.7% | 6.4% | ||
| Q1 24 | -36.0% | 5.1% |
净利率APLSFWRG
| Q4 25 | -29.5% | — | ||
| Q3 25 | 47.0% | 0.9% | ||
| Q2 25 | -23.6% | 0.7% | ||
| Q1 25 | -55.3% | -0.3% | ||
| Q4 24 | -17.1% | — | ||
| Q3 24 | -29.2% | 0.8% | ||
| Q2 24 | -18.9% | 3.4% | ||
| Q1 24 | -38.5% | 3.0% |
每股收益（稀释后）APLSFWRG
| Q4 25 | $-0.40 | $0.24 | ||
| Q3 25 | $1.67 | $0.05 | ||
| Q2 25 | $-0.33 | $0.03 | ||
| Q1 25 | $-0.74 | $-0.01 | ||
| Q4 24 | $-0.30 | $0.01 | ||
| Q3 24 | $-0.46 | $0.03 | ||
| Q2 24 | $-0.30 | $0.14 | ||
| Q1 24 | $-0.54 | $0.12 |
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 | $21.2M |
| 总债务越低越好 | — | $269.1M |
| 股东权益账面价值 | $370.1M | $626.3M |
| 总资产 | $1.1B | $1.7B |
| 负债/权益比越低杠杆越低 | — | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资APLSFWRG
| Q4 25 | $466.2M | $21.2M | ||
| Q3 25 | $479.2M | $20.7M | ||
| Q2 25 | $370.0M | $19.2M | ||
| Q1 25 | $358.4M | $18.6M | ||
| Q4 24 | $411.3M | $33.3M | ||
| Q3 24 | $396.9M | $51.1M | ||
| Q2 24 | $360.1M | $45.1M | ||
| Q1 24 | $325.9M | $43.2M |
总债务APLSFWRG
| Q4 25 | — | $269.1M | ||
| Q3 25 | — | $251.0M | ||
| Q2 25 | — | $250.0M | ||
| Q1 25 | — | $191.5M | ||
| Q4 24 | — | $189.0M | ||
| Q3 24 | — | $189.7M | ||
| Q2 24 | — | $192.1M | ||
| Q1 24 | $93.1M | $122.7M |
股东权益APLSFWRG
| Q4 25 | $370.1M | $626.3M | ||
| Q3 25 | $401.2M | $607.3M | ||
| Q2 25 | $156.3M | $601.3M | ||
| Q1 25 | $164.2M | $596.3M | ||
| Q4 24 | $228.5M | $595.4M | ||
| Q3 24 | $237.1M | $589.1M | ||
| Q2 24 | $264.3M | $585.8M | ||
| Q1 24 | $266.7M | $574.4M |
总资产APLSFWRG
| Q4 25 | $1.1B | $1.7B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $821.4M | $1.7B | ||
| Q1 25 | $807.3M | $1.5B | ||
| Q4 24 | $885.1M | $1.5B | ||
| Q3 24 | $901.9M | $1.5B | ||
| Q2 24 | $904.5M | $1.4B | ||
| Q1 24 | $831.9M | $1.3B |
负债/权益比APLSFWRG
| Q4 25 | — | 0.43× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | 0.32× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.32× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | 0.35× | 0.21× |
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 | $18.5M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-18.3M |
| 自由现金流率自由现金流/营收 | -7.1% | -5.8% |
| 资本支出强度资本支出/营收 | 0.1% | 11.6% |
| 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 | $-31.0M |
8季度趋势，按日历期对齐
经营现金流APLSFWRG
| Q4 25 | $-14.2M | $18.5M | ||
| Q3 25 | $108.5M | $47.9M | ||
| Q2 25 | $4.4M | $39.4M | ||
| Q1 25 | $-53.4M | $20.1M | ||
| Q4 24 | $19.4M | $22.9M | ||
| Q3 24 | $34.1M | $35.9M | ||
| Q2 24 | $-8.3M | $31.9M | ||
| Q1 24 | $-133.0M | $25.0M |
自由现金流APLSFWRG
| Q4 25 | $-14.3M | $-18.3M | ||
| Q3 25 | $108.3M | $5.5M | ||
| Q2 25 | $4.4M | $-1.7M | ||
| Q1 25 | $-53.4M | $-16.4M | ||
| Q4 24 | $19.3M | $-17.7M | ||
| Q3 24 | — | $6.8M | ||
| Q2 24 | $-8.4M | $2.3M | ||
| Q1 24 | $-133.3M | $-3.6M |
自由现金流率APLSFWRG
| Q4 25 | -7.1% | -5.8% | ||
| Q3 25 | 23.6% | 1.7% | ||
| Q2 25 | 2.5% | -0.5% | ||
| Q1 25 | -32.0% | -5.8% | ||
| Q4 24 | 9.1% | -6.7% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | -4.2% | 0.9% | ||
| Q1 24 | -77.3% | -1.5% |
资本支出强度APLSFWRG
| Q4 25 | 0.1% | 11.6% | ||
| Q3 25 | 0.0% | 13.4% | ||
| Q2 25 | 0.0% | 13.4% | ||
| Q1 25 | 0.0% | 13.0% | ||
| Q4 24 | 0.0% | 15.4% | ||
| Q3 24 | 0.0% | 11.6% | ||
| Q2 24 | 0.0% | 11.5% | ||
| Q1 24 | 0.2% | 11.8% |
现金转化率APLSFWRG
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | 16.01× | ||
| Q2 25 | — | 18.72× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 16.98× | ||
| Q2 24 | — | 3.59× | ||
| Q1 24 | — | 3.46× |
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% |
FWRG
| In Restaurant Dining Sales | $254.1M | 80% |
| Third Party Delivery Sales | $38.6M | 12% |
| Take Out Sales | $21.3M | 7% |
| Royalty And System Fund Contributions | $2.3M | 1% |
