vs
Apellis Pharmaceuticals, Inc.（APLS）与Guidewire Software, Inc.（GWRE）财务数据对比。点击上方公司名可切换其他公司
Guidewire Software, Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.7倍（$332.6M vs $199.9M），Guidewire Software, Inc.净利率更高（9.4% vs -29.5%，领先38.9%），Guidewire Software, Inc.同比增速更快（26.5% vs -5.9%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-72.3M），过去两年Guidewire Software, Inc.的营收复合增速更高（17.5% 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。
Guidewire Software是总部位于美国加利福尼亚州圣马特奥的软件企业，面向美国及全球的财产与意外伤害保险经营机构提供专业行业平台，支持险企优化业务流程、推进数字化升级，满足保险行业的各类专业化运营需求。
APLS vs GWRE — 直观对比
营收规模更大
GWRE
是对方的1.7倍
$199.9M
营收增速更快
GWRE
高出32.5%
-5.9%
净利率更高
GWRE
高出38.9%
-29.5%
自由现金流更多
APLS
多$58.0M
$-72.3M
两年增速更快
GWRE
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $332.6M |
| 净利润 | $-59.0M | $31.3M |
| 毛利率 | — | 63.0% |
| 营业利润率 | -25.6% | 5.6% |
| 净利率 | -29.5% | 9.4% |
| 营收同比 | -5.9% | 26.5% |
| 净利润同比 | -62.2% | 242.6% |
| 每股收益（稀释后） | $-0.40 | $0.36 |
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APLSGWRE
| Q4 25 | $199.9M | $332.6M | ||
| Q3 25 | $458.6M | $356.6M | ||
| Q2 25 | $178.5M | $293.5M | ||
| Q1 25 | $166.8M | $289.5M | ||
| Q4 24 | $212.5M | $262.9M | ||
| Q3 24 | $196.8M | $291.5M | ||
| Q2 24 | $199.7M | $240.7M | ||
| Q1 24 | $172.3M | $240.9M |
净利润APLSGWRE
| Q4 25 | $-59.0M | $31.3M | ||
| Q3 25 | $215.7M | $52.0M | ||
| Q2 25 | $-42.2M | $46.0M | ||
| Q1 25 | $-92.2M | $-37.3M | ||
| Q4 24 | $-36.4M | $9.1M | ||
| Q3 24 | $-57.4M | $16.8M | ||
| Q2 24 | $-37.7M | $-5.5M | ||
| Q1 24 | $-66.4M | $9.7M |
毛利率APLSGWRE
| Q4 25 | — | 63.0% | ||
| Q3 25 | — | 65.0% | ||
| Q2 25 | — | 62.2% | ||
| Q1 25 | — | 61.9% | ||
| Q4 24 | — | 60.2% | ||
| Q3 24 | — | 64.0% | ||
| Q2 24 | — | 59.1% | ||
| Q1 24 | — | 59.1% |
营业利润率APLSGWRE
| Q4 25 | -25.6% | 5.6% | ||
| Q3 25 | 48.7% | 8.3% | ||
| Q2 25 | -18.6% | 1.5% | ||
| Q1 25 | -50.0% | 4.0% | ||
| Q4 24 | -12.3% | -1.8% | ||
| Q3 24 | -24.0% | 3.5% | ||
| Q2 24 | -14.7% | -6.9% | ||
| Q1 24 | -36.0% | -5.2% |
净利率APLSGWRE
| Q4 25 | -29.5% | 9.4% | ||
| Q3 25 | 47.0% | 14.6% | ||
| Q2 25 | -23.6% | 15.7% | ||
| Q1 25 | -55.3% | -12.9% | ||
| Q4 24 | -17.1% | 3.5% | ||
| Q3 24 | -29.2% | 5.7% | ||
| Q2 24 | -18.9% | -2.3% | ||
| Q1 24 | -38.5% | 4.0% |
每股收益（稀释后）APLSGWRE
| Q4 25 | $-0.40 | $0.36 | ||
| Q3 25 | $1.67 | $0.61 | ||
| Q2 25 | $-0.33 | $0.54 | ||
| Q1 25 | $-0.74 | $-0.45 | ||
| Q4 24 | $-0.30 | $0.11 | ||
| Q3 24 | $-0.46 | $0.21 | ||
| Q2 24 | $-0.30 | $-0.07 | ||
| 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 | $1.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $1.5B |
| 总资产 | $1.1B | $2.6B |
| 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APLSGWRE
| Q4 25 | $466.2M | $1.0B | ||
| Q3 25 | $479.2M | $1.1B | ||
| Q2 25 | $370.0M | $920.4M | ||
| Q1 25 | $358.4M | $1.2B | ||
| Q4 24 | $411.3M | $1.3B | ||
| Q3 24 | $396.9M | $1.0B | ||
| Q2 24 | $360.1M | $782.3M | ||
| Q1 24 | $325.9M | $777.6M |
总债务APLSGWRE
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $398.9M | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSGWRE
| Q4 25 | $370.1M | $1.5B | ||
| Q3 25 | $401.2M | $1.5B | ||
| Q2 25 | $156.3M | $1.4B | ||
| Q1 25 | $164.2M | $1.3B | ||
| Q4 24 | $228.5M | $1.3B | ||
| Q3 24 | $237.1M | $1.3B | ||
| Q2 24 | $264.3M | $1.3B | ||
| Q1 24 | $266.7M | $1.3B |
总资产APLSGWRE
| Q4 25 | $1.1B | $2.6B | ||
| Q3 25 | $1.1B | $2.7B | ||
| Q2 25 | $821.4M | $2.5B | ||
| Q1 25 | $807.3M | $2.5B | ||
| Q4 24 | $885.1M | $2.6B | ||
| Q3 24 | $901.9M | $2.2B | ||
| Q2 24 | $904.5M | $2.0B | ||
| Q1 24 | $831.9M | $2.0B |
负债/权益比APLSGWRE
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.30× | ||
| 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 | $-67.4M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-72.3M |
| 自由现金流率自由现金流/营收 | -7.1% | -21.7% |
| 资本支出强度资本支出/营收 | 0.1% | 1.5% |
| 现金转化率经营现金流/净利润 | — | -2.15× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $286.0M |
8季度趋势，按日历期对齐
经营现金流APLSGWRE
| Q4 25 | $-14.2M | $-67.4M | ||
| Q3 25 | $108.5M | $244.8M | ||
| Q2 25 | $4.4M | $32.4M | ||
| Q1 25 | $-53.4M | $86.0M | ||
| Q4 24 | $19.4M | $-62.3M | ||
| Q3 24 | $34.1M | $193.8M | ||
| Q2 24 | $-8.3M | $4.8M | ||
| Q1 24 | $-133.0M | $69.3M |
自由现金流APLSGWRE
| Q4 25 | $-14.3M | $-72.3M | ||
| Q3 25 | $108.3M | $241.4M | ||
| Q2 25 | $4.4M | $31.6M | ||
| Q1 25 | $-53.4M | $85.2M | ||
| Q4 24 | $19.3M | $-63.1M | ||
| Q3 24 | — | $192.1M | ||
| Q2 24 | $-8.4M | $4.1M | ||
| Q1 24 | $-133.3M | $66.3M |
自由现金流率APLSGWRE
| Q4 25 | -7.1% | -21.7% | ||
| Q3 25 | 23.6% | 67.7% | ||
| Q2 25 | 2.5% | 10.8% | ||
| Q1 25 | -32.0% | 29.4% | ||
| Q4 24 | 9.1% | -24.0% | ||
| Q3 24 | — | 65.9% | ||
| Q2 24 | -4.2% | 1.7% | ||
| Q1 24 | -77.3% | 27.5% |
资本支出强度APLSGWRE
| Q4 25 | 0.1% | 1.5% | ||
| Q3 25 | 0.0% | 1.0% | ||
| Q2 25 | 0.0% | 0.2% | ||
| Q1 25 | 0.0% | 0.3% | ||
| Q4 24 | 0.0% | 0.3% | ||
| Q3 24 | 0.0% | 0.6% | ||
| Q2 24 | 0.0% | 0.3% | ||
| Q1 24 | 0.2% | 1.2% |
现金转化率APLSGWRE
| Q4 25 | — | -2.15× | ||
| Q3 25 | 0.50× | 4.71× | ||
| Q2 25 | — | 0.70× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -6.82× | ||
| Q3 24 | — | 11.56× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 7.15× |
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% |
GWRE
| Subscription | $222.7M | 67% |
| Services | $62.4M | 19% |
| Other | $33.1M | 10% |
| Support | $14.5M | 4% |
