vs
Apellis Pharmaceuticals, Inc.（APLS）与GOLDEN ENTERTAINMENT, INC.（GDEN）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GOLDEN ENTERTAINMENT, INC.的1.3倍（$199.9M vs $155.6M），GOLDEN ENTERTAINMENT, INC.净利率更高（-5.5% vs -29.5%，领先24.0%），GOLDEN ENTERTAINMENT, INC.同比增速更快（-5.2% vs -5.9%），GOLDEN ENTERTAINMENT, INC.自由现金流更多（$-4.4M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -5.4%）
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。
黄金娱乐公司是一家总部位于内华达州恩特普赖斯的美国博彩企业，成立于2015年，由黄金博彩与莱克斯娱乐合并而来。该公司目前在内华达南部运营8家度假赌场，同时也是内华达州规模最大的酒馆运营商，2017年10月曾以8.5亿美元完成对美国赌场娱乐地产公司的收购。
APLS vs GDEN — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $155.6M |
| 净利润 | $-59.0M | $-8.5M |
| 毛利率 | — | 92.5% |
| 营业利润率 | -25.6% | -1.5% |
| 净利率 | -29.5% | -5.5% |
| 营收同比 | -5.9% | -5.2% |
| 净利润同比 | -62.2% | -386.0% |
| 每股收益（稀释后） | $-0.40 | $-0.31 |
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
| Q4 25 | $199.9M | $155.6M | ||
| Q3 25 | $458.6M | $154.8M | ||
| Q2 25 | $178.5M | $163.6M | ||
| Q1 25 | $166.8M | $160.8M | ||
| Q4 24 | $212.5M | $164.2M | ||
| Q3 24 | $196.8M | $161.2M | ||
| Q2 24 | $199.7M | $167.3M | ||
| Q1 24 | $172.3M | $174.0M |
| Q4 25 | $-59.0M | $-8.5M | ||
| Q3 25 | $215.7M | $-4.7M | ||
| Q2 25 | $-42.2M | $4.6M | ||
| Q1 25 | $-92.2M | $2.5M | ||
| Q4 24 | $-36.4M | $3.0M | ||
| Q3 24 | $-57.4M | $5.2M | ||
| Q2 24 | $-37.7M | $623.0K | ||
| Q1 24 | $-66.4M | $42.0M |
| Q4 25 | — | 92.5% | ||
| Q3 25 | — | 92.8% | ||
| Q2 25 | — | 93.1% | ||
| Q1 25 | — | 92.7% | ||
| Q4 24 | — | 96.3% | ||
| Q3 24 | — | 93.0% | ||
| Q2 24 | — | 93.2% | ||
| Q1 24 | — | 89.9% |
| Q4 25 | -25.6% | -1.5% | ||
| Q3 25 | 48.7% | 0.6% | ||
| Q2 25 | -18.6% | 7.3% | ||
| Q1 25 | -50.0% | 6.9% | ||
| Q4 24 | -12.3% | 7.1% | ||
| Q3 24 | -24.0% | 4.2% | ||
| Q2 24 | -14.7% | 8.1% | ||
| Q1 24 | -36.0% | 46.0% |
| Q4 25 | -29.5% | -5.5% | ||
| Q3 25 | 47.0% | -3.0% | ||
| Q2 25 | -23.6% | 2.8% | ||
| Q1 25 | -55.3% | 1.6% | ||
| Q4 24 | -17.1% | 1.8% | ||
| Q3 24 | -29.2% | 3.2% | ||
| Q2 24 | -18.9% | 0.4% | ||
| Q1 24 | -38.5% | 24.1% |
| Q4 25 | $-0.40 | $-0.31 | ||
| Q3 25 | $1.67 | $-0.18 | ||
| Q2 25 | $-0.33 | $0.17 | ||
| Q1 25 | $-0.74 | $0.09 | ||
| Q4 24 | $-0.30 | $0.14 | ||
| Q3 24 | $-0.46 | $0.18 | ||
| Q2 24 | $-0.30 | $0.02 | ||
| Q1 24 | $-0.54 | $1.37 |
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 | $55.3M |
| 总债务越低越好 | — | $426.6M |
| 股东权益账面价值 | $370.1M | $420.9M |
| 总资产 | $1.1B | $1.0B |
| 负债/权益比越低杠杆越低 | — | 1.01× |
8季度趋势，按日历期对齐
| Q4 25 | $466.2M | $55.3M | ||
| Q3 25 | $479.2M | $58.3M | ||
| Q2 25 | $370.0M | $52.3M | ||
| Q1 25 | $358.4M | $50.5M | ||
| Q4 24 | $411.3M | $57.7M | ||
| Q3 24 | $396.9M | $68.6M | ||
| Q2 24 | $360.1M | $88.6M | ||
| Q1 24 | $325.9M | $404.3M |
| Q4 25 | — | $426.6M | ||
| Q3 25 | — | $417.3M | ||
| Q2 25 | — | $423.3M | ||
| Q1 25 | — | $399.3M | ||
| Q4 24 | — | $405.3M | ||
| Q3 24 | — | $386.3M | ||
| Q2 24 | — | $388.2M | ||
| Q1 24 | $93.1M | $660.9M |
| Q4 25 | $370.1M | $420.9M | ||
| Q3 25 | $401.2M | $434.2M | ||
| Q2 25 | $156.3M | $443.3M | ||
| Q1 25 | $164.2M | $462.0M | ||
| Q4 24 | $228.5M | $474.2M | ||
| Q3 24 | $237.1M | $513.1M | ||
| Q2 24 | $264.3M | $539.0M | ||
| Q1 24 | $266.7M | $569.6M |
| Q4 25 | $1.1B | $1.0B | ||
| Q3 25 | $1.1B | $1.0B | ||
| Q2 25 | $821.4M | $1.0B | ||
| Q1 25 | $807.3M | $1.1B | ||
| Q4 24 | $885.1M | $1.1B | ||
| Q3 24 | $901.9M | $1.1B | ||
| Q2 24 | $904.5M | $1.2B | ||
| Q1 24 | $831.9M | $1.5B |
| Q4 25 | — | 1.01× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.95× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 0.85× | ||
| Q3 24 | — | 0.75× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | 0.35× | 1.16× |
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 | $10.2M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-4.4M |
| 自由现金流率自由现金流/营收 | -7.1% | -2.8% |
| 资本支出强度资本支出/营收 | 0.1% | 9.4% |
| 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 | $35.6M |
8季度趋势，按日历期对齐
| Q4 25 | $-14.2M | $10.2M | ||
| Q3 25 | $108.5M | $26.9M | ||
| Q2 25 | $4.4M | $17.4M | ||
| Q1 25 | $-53.4M | $28.6M | ||
| Q4 24 | $19.4M | $22.5M | ||
| Q3 24 | $34.1M | $22.5M | ||
| Q2 24 | $-8.3M | $21.5M | ||
| Q1 24 | $-133.0M | $25.8M |
| Q4 25 | $-14.3M | $-4.4M | ||
| Q3 25 | $108.3M | $19.3M | ||
| Q2 25 | $4.4M | $4.0M | ||
| Q1 25 | $-53.4M | $16.6M | ||
| Q4 24 | $19.3M | $14.3M | ||
| Q3 24 | — | $14.7M | ||
| Q2 24 | $-8.4M | $3.9M | ||
| Q1 24 | $-133.3M | $9.5M |
| Q4 25 | -7.1% | -2.8% | ||
| Q3 25 | 23.6% | 12.5% | ||
| Q2 25 | 2.5% | 2.4% | ||
| Q1 25 | -32.0% | 10.4% | ||
| Q4 24 | 9.1% | 8.7% | ||
| Q3 24 | — | 9.1% | ||
| Q2 24 | -4.2% | 2.3% | ||
| Q1 24 | -77.3% | 5.5% |
| Q4 25 | 0.1% | 9.4% | ||
| Q3 25 | 0.0% | 4.9% | ||
| Q2 25 | 0.0% | 8.2% | ||
| Q1 25 | 0.0% | 7.4% | ||
| Q4 24 | 0.0% | 5.0% | ||
| Q3 24 | 0.0% | 4.9% | ||
| Q2 24 | 0.0% | 10.5% | ||
| Q1 24 | 0.2% | 9.3% |
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | 3.76× | ||
| Q1 25 | — | 11.43× | ||
| Q4 24 | — | 7.57× | ||
| Q3 24 | — | 4.36× | ||
| Q2 24 | — | 34.51× | ||
| Q1 24 | — | 0.61× |
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% |
GDEN
| Nevada Casino Resorts | $90.2M | 58% |
| Nevada Locals Casinos | $37.4M | 24% |
| Nevada Taverns | $27.7M | 18% |
