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Apellis Pharmaceuticals, Inc.（APLS）与GCM Grosvenor Inc.（GCMG）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GCM Grosvenor Inc.的1.1倍（$199.9M vs $177.1M），GCM Grosvenor Inc.净利率更高（32.8% vs -29.5%，领先62.3%），GCM Grosvenor Inc.同比增速更快（7.2% vs -5.9%），GCM Grosvenor Inc.自由现金流更多（$175.0M vs $-14.3M），过去两年GCM Grosvenor Inc.的营收复合增速更高（27.5% 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。
GCM Grosvenor是美国头部另类资产管理机构，截至2023年资产管理规模约760亿美元，拥有约530名专业人士，为全球机构及个人投资者提供定制化另类投资解决方案，覆盖私募股权、对冲基金、房地产、基础设施等多元资产类别。
APLS vs GCMG — 直观对比
营收规模更大
APLS
是对方的1.1倍
$177.1M
营收增速更快
GCMG
高出13.1%
-5.9%
净利率更高
GCMG
高出62.3%
-29.5%
自由现金流更多
GCMG
多$189.3M
$-14.3M
两年增速更快
GCMG
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $177.1M |
| 净利润 | $-59.0M | $58.2M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 30.9% |
| 净利率 | -29.5% | 32.8% |
| 营收同比 | -5.9% | 7.2% |
| 净利润同比 | -62.2% | 149.2% |
| 每股收益（稀释后） | $-0.40 | $0.23 |
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APLSGCMG
| Q4 25 | $199.9M | $177.1M | ||
| Q3 25 | $458.6M | $135.0M | ||
| Q2 25 | $178.5M | $119.7M | ||
| Q1 25 | $166.8M | $125.8M | ||
| Q4 24 | $212.5M | $165.3M | ||
| Q3 24 | $196.8M | $122.9M | ||
| Q2 24 | $199.7M | $117.0M | ||
| Q1 24 | $172.3M | $108.9M |
净利润APLSGCMG
| Q4 25 | $-59.0M | $58.2M | ||
| Q3 25 | $215.7M | $10.5M | ||
| Q2 25 | $-42.2M | $15.4M | ||
| Q1 25 | $-92.2M | $463.0K | ||
| Q4 24 | $-36.4M | $7.6M | ||
| Q3 24 | $-57.4M | $4.2M | ||
| Q2 24 | $-37.7M | $4.8M | ||
| Q1 24 | $-66.4M | $2.1M |
营业利润率APLSGCMG
| Q4 25 | -25.6% | 30.9% | ||
| Q3 25 | 48.7% | 32.7% | ||
| Q2 25 | -18.6% | 16.1% | ||
| Q1 25 | -50.0% | 12.2% | ||
| Q4 24 | -12.3% | 26.4% | ||
| Q3 24 | -24.0% | 20.3% | ||
| Q2 24 | -14.7% | 17.8% | ||
| Q1 24 | -36.0% | -14.7% |
净利率APLSGCMG
| Q4 25 | -29.5% | 32.8% | ||
| Q3 25 | 47.0% | 7.8% | ||
| Q2 25 | -23.6% | 12.9% | ||
| Q1 25 | -55.3% | 0.4% | ||
| Q4 24 | -17.1% | 4.6% | ||
| Q3 24 | -29.2% | 3.4% | ||
| Q2 24 | -18.9% | 4.1% | ||
| Q1 24 | -38.5% | 2.0% |
每股收益（稀释后）APLSGCMG
| Q4 25 | $-0.40 | $0.23 | ||
| Q3 25 | $1.67 | $0.16 | ||
| Q2 25 | $-0.33 | $0.05 | ||
| Q1 25 | $-0.74 | $-0.02 | ||
| Q4 24 | $-0.30 | $0.09 | ||
| Q3 24 | $-0.46 | $0.03 | ||
| Q2 24 | $-0.30 | $0.04 | ||
| Q1 24 | $-0.54 | $-0.13 |
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 | $242.1M |
| 总债务越低越好 | — | $428.4M |
| 股东权益账面价值 | $370.1M | $27.0M |
| 总资产 | $1.1B | $813.8M |
| 负债/权益比越低杠杆越低 | — | 15.87× |
8季度趋势，按日历期对齐
现金及短期投资APLSGCMG
| Q4 25 | $466.2M | $242.1M | ||
| Q3 25 | $479.2M | $182.7M | ||
| Q2 25 | $370.0M | $136.3M | ||
| Q1 25 | $358.4M | $94.5M | ||
| Q4 24 | $411.3M | $89.5M | ||
| Q3 24 | $396.9M | $98.4M | ||
| Q2 24 | $360.1M | $73.9M | ||
| Q1 24 | $325.9M | $41.9M |
总债务APLSGCMG
| Q4 25 | — | $428.4M | ||
| Q3 25 | — | $429.3M | ||
| Q2 25 | — | $430.2M | ||
| Q1 25 | — | $431.1M | ||
| Q4 24 | — | $432.0M | ||
| Q3 24 | — | $432.9M | ||
| Q2 24 | — | $433.8M | ||
| Q1 24 | $93.1M | $384.0M |
股东权益APLSGCMG
| Q4 25 | $370.1M | $27.0M | ||
| Q3 25 | $401.2M | $-7.4M | ||
| Q2 25 | $156.3M | $-12.3M | ||
| Q1 25 | $164.2M | $-28.3M | ||
| Q4 24 | $228.5M | $-27.6M | ||
| Q3 24 | $237.1M | $-31.9M | ||
| Q2 24 | $264.3M | $-28.5M | ||
| Q1 24 | $266.7M | $-26.4M |
总资产APLSGCMG
| Q4 25 | $1.1B | $813.8M | ||
| Q3 25 | $1.1B | $685.9M | ||
| Q2 25 | $821.4M | $636.9M | ||
| Q1 25 | $807.3M | $579.8M | ||
| Q4 24 | $885.1M | $612.7M | ||
| Q3 24 | $901.9M | $575.0M | ||
| Q2 24 | $904.5M | $543.9M | ||
| Q1 24 | $831.9M | $497.3M |
负债/权益比APLSGCMG
| Q4 25 | — | 15.87× | ||
| 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 | $183.5M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $175.0M |
| 自由现金流率自由现金流/营收 | -7.1% | 98.8% |
| 资本支出强度资本支出/营收 | 0.1% | 4.8% |
| 现金转化率经营现金流/净利润 | — | 3.16× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $326.2M |
8季度趋势，按日历期对齐
经营现金流APLSGCMG
| Q4 25 | $-14.2M | $183.5M | ||
| Q3 25 | $108.5M | $79.8M | ||
| Q2 25 | $4.4M | $42.0M | ||
| Q1 25 | $-53.4M | $33.3M | ||
| Q4 24 | $19.4M | $148.8M | ||
| Q3 24 | $34.1M | $69.0M | ||
| Q2 24 | $-8.3M | $17.5M | ||
| Q1 24 | $-133.0M | $24.2M |
自由现金流APLSGCMG
| Q4 25 | $-14.3M | $175.0M | ||
| Q3 25 | $108.3M | $78.3M | ||
| Q2 25 | $4.4M | $40.8M | ||
| Q1 25 | $-53.4M | $32.1M | ||
| Q4 24 | $19.3M | $132.0M | ||
| Q3 24 | — | $62.2M | ||
| Q2 24 | $-8.4M | $12.8M | ||
| Q1 24 | $-133.3M | $20.0M |
自由现金流率APLSGCMG
| Q4 25 | -7.1% | 98.8% | ||
| Q3 25 | 23.6% | 58.0% | ||
| Q2 25 | 2.5% | 34.1% | ||
| Q1 25 | -32.0% | 25.5% | ||
| Q4 24 | 9.1% | 79.9% | ||
| Q3 24 | — | 50.6% | ||
| Q2 24 | -4.2% | 10.9% | ||
| Q1 24 | -77.3% | 18.4% |
资本支出强度APLSGCMG
| Q4 25 | 0.1% | 4.8% | ||
| Q3 25 | 0.0% | 1.1% | ||
| Q2 25 | 0.0% | 1.0% | ||
| Q1 25 | 0.0% | 0.9% | ||
| Q4 24 | 0.0% | 10.1% | ||
| Q3 24 | 0.0% | 5.5% | ||
| Q2 24 | 0.0% | 4.0% | ||
| Q1 24 | 0.2% | 3.9% |
现金转化率APLSGCMG
| Q4 25 | — | 3.16× | ||
| Q3 25 | 0.50× | 7.61× | ||
| Q2 25 | — | 2.72× | ||
| Q1 25 | — | 71.84× | ||
| Q4 24 | — | 19.54× | ||
| Q3 24 | — | 16.60× | ||
| Q2 24 | — | 3.64× | ||
| Q1 24 | — | 11.40× |
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% |
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
