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Apellis Pharmaceuticals, Inc.（APLS）与哈雷戴维森（HOG）财务数据对比。点击上方公司名可切换其他公司
哈雷戴维森的季度营收约是Apellis Pharmaceuticals, Inc.的2.0倍（$390.5M vs $199.9M），Apellis Pharmaceuticals, Inc.净利率更高（-29.5% vs -72.3%，领先42.9%），Apellis Pharmaceuticals, Inc.同比增速更快（-5.9% vs -9.4%），哈雷戴维森自由现金流更多（$100.4M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -48.6%）
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。
哈雷戴维森是源自美国的摩托车制造商与生活方式品牌，总部位于威斯康星州密尔沃基，创立于1903年。它是大萧条时期幸存下来的两大美国摩托车厂商之一，历经多次股权变动、子公司调整、经营困境与全球竞争，如今已是全球知名的标志性品牌。
APLS vs HOG — 直观对比
营收规模更大
HOG
是对方的2.0倍
$199.9M
营收增速更快
APLS
高出3.4%
-9.4%
净利率更高
APLS
高出42.9%
-72.3%
自由现金流更多
HOG
多$114.7M
$-14.3M
两年增速更快
APLS
近两年复合增速
-48.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $390.5M |
| 净利润 | $-59.0M | $-282.6M |
| 毛利率 | — | -7.9% |
| 营业利润率 | -25.6% | -92.4% |
| 净利率 | -29.5% | -72.3% |
| 营收同比 | -5.9% | -9.4% |
| 净利润同比 | -62.2% | -138.6% |
| 每股收益（稀释后） | $-0.40 | $-2.27 |
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APLSHOG
| Q4 25 | $199.9M | $390.5M | ||
| Q3 25 | $458.6M | $1.1B | ||
| Q2 25 | $178.5M | $1.0B | ||
| Q1 25 | $166.8M | $1.1B | ||
| Q4 24 | $212.5M | $430.9M | ||
| Q3 24 | $196.8M | $881.2M | ||
| Q2 24 | $199.7M | $1.4B | ||
| Q1 24 | $172.3M | $1.5B |
净利润APLSHOG
| Q4 25 | $-59.0M | $-282.6M | ||
| Q3 25 | $215.7M | $377.4M | ||
| Q2 25 | $-42.2M | $107.6M | ||
| Q1 25 | $-92.2M | $133.1M | ||
| Q4 24 | $-36.4M | $-118.4M | ||
| Q3 24 | $-57.4M | $119.0M | ||
| Q2 24 | $-37.7M | $218.3M | ||
| Q1 24 | $-66.4M | $234.9M |
毛利率APLSHOG
| Q4 25 | — | -7.9% | ||
| Q3 25 | — | 26.0% | ||
| Q2 25 | — | 28.5% | ||
| Q1 25 | — | 28.9% | ||
| Q4 24 | — | -2.0% | ||
| Q3 24 | — | 29.8% | ||
| Q2 24 | — | 31.8% | ||
| Q1 24 | — | 30.9% |
营业利润率APLSHOG
| Q4 25 | -25.6% | -92.4% | ||
| Q3 25 | 48.7% | 44.0% | ||
| Q2 25 | -18.6% | 10.7% | ||
| Q1 25 | -50.0% | 14.8% | ||
| Q4 24 | -12.3% | -44.9% | ||
| Q3 24 | -24.0% | 12.0% | ||
| Q2 24 | -14.7% | 17.8% | ||
| Q1 24 | -36.0% | 17.8% |
净利率APLSHOG
| Q4 25 | -29.5% | -72.3% | ||
| Q3 25 | 47.0% | 35.0% | ||
| Q2 25 | -23.6% | 10.2% | ||
| Q1 25 | -55.3% | 12.3% | ||
| Q4 24 | -17.1% | -27.5% | ||
| Q3 24 | -29.2% | 13.5% | ||
| Q2 24 | -18.9% | 16.1% | ||
| Q1 24 | -38.5% | 15.9% |
每股收益（稀释后）APLSHOG
| Q4 25 | $-0.40 | $-2.27 | ||
| Q3 25 | $1.67 | $3.10 | ||
| Q2 25 | $-0.33 | $0.88 | ||
| Q1 25 | $-0.74 | $1.07 | ||
| Q4 24 | $-0.30 | $-0.82 | ||
| Q3 24 | $-0.46 | $0.91 | ||
| Q2 24 | $-0.30 | $1.63 | ||
| Q1 24 | $-0.54 | $1.72 |
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 | $3.1B |
| 总债务越低越好 | — | $2.5B |
| 股东权益账面价值 | $370.1M | $3.1B |
| 总资产 | $1.1B | $8.0B |
| 负债/权益比越低杠杆越低 | — | 0.79× |
8季度趋势，按日历期对齐
现金及短期投资APLSHOG
| Q4 25 | $466.2M | $3.1B | ||
| Q3 25 | $479.2M | $1.8B | ||
| Q2 25 | $370.0M | $1.6B | ||
| Q1 25 | $358.4M | $1.9B | ||
| Q4 24 | $411.3M | $1.6B | ||
| Q3 24 | $396.9M | $2.2B | ||
| Q2 24 | $360.1M | $1.8B | ||
| Q1 24 | $325.9M | $1.5B |
总债务APLSHOG
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $6.4B | ||
| Q1 25 | — | $6.8B | ||
| Q4 24 | — | $6.3B | ||
| Q3 24 | — | $7.3B | ||
| Q2 24 | — | $7.0B | ||
| Q1 24 | $93.1M | $6.3B |
股东权益APLSHOG
| Q4 25 | $370.1M | $3.1B | ||
| Q3 25 | $401.2M | $3.6B | ||
| Q2 25 | $156.3M | $3.3B | ||
| Q1 25 | $164.2M | $3.2B | ||
| Q4 24 | $228.5M | $3.2B | ||
| Q3 24 | $237.1M | $3.4B | ||
| Q2 24 | $264.3M | $3.4B | ||
| Q1 24 | $266.7M | $3.3B |
总资产APLSHOG
| Q4 25 | $1.1B | $8.0B | ||
| Q3 25 | $1.1B | $10.6B | ||
| Q2 25 | $821.4M | $12.1B | ||
| Q1 25 | $807.3M | $12.4B | ||
| Q4 24 | $885.1M | $11.9B | ||
| Q3 24 | $901.9M | $13.0B | ||
| Q2 24 | $904.5M | $12.8B | ||
| Q1 24 | $831.9M | $12.3B |
负债/权益比APLSHOG
| Q4 25 | — | 0.79× | ||
| Q3 25 | — | 1.25× | ||
| Q2 25 | — | 1.91× | ||
| Q1 25 | — | 2.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | — | 2.13× | ||
| Q2 24 | — | 2.03× | ||
| Q1 24 | 0.35× | 1.88× |
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 | $152.0M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $100.4M |
| 自由现金流率自由现金流/营收 | -7.1% | 25.7% |
| 资本支出强度资本支出/营收 | 0.1% | 13.2% |
| 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 | $415.2M |
8季度趋势，按日历期对齐
经营现金流APLSHOG
| Q4 25 | $-14.2M | $152.0M | ||
| Q3 25 | $108.5M | $-92.6M | ||
| Q2 25 | $4.4M | $368.0M | ||
| Q1 25 | $-53.4M | $141.5M | ||
| Q4 24 | $19.4M | $133.2M | ||
| Q3 24 | $34.1M | $353.0M | ||
| Q2 24 | $-8.3M | $473.6M | ||
| Q1 24 | $-133.0M | $104.0M |
自由现金流APLSHOG
| Q4 25 | $-14.3M | $100.4M | ||
| Q3 25 | $108.3M | $-129.1M | ||
| Q2 25 | $4.4M | $332.4M | ||
| Q1 25 | $-53.4M | $111.6M | ||
| Q4 24 | $19.3M | $77.0M | ||
| Q3 24 | — | $300.4M | ||
| Q2 24 | $-8.4M | $432.2M | ||
| Q1 24 | $-133.3M | $57.6M |
自由现金流率APLSHOG
| Q4 25 | -7.1% | 25.7% | ||
| Q3 25 | 23.6% | -12.0% | ||
| Q2 25 | 2.5% | 31.7% | ||
| Q1 25 | -32.0% | 10.3% | ||
| Q4 24 | 9.1% | 17.9% | ||
| Q3 24 | — | 34.1% | ||
| Q2 24 | -4.2% | 31.9% | ||
| Q1 24 | -77.3% | 3.9% |
资本支出强度APLSHOG
| Q4 25 | 0.1% | 13.2% | ||
| Q3 25 | 0.0% | 3.4% | ||
| Q2 25 | 0.0% | 3.4% | ||
| Q1 25 | 0.0% | 2.8% | ||
| Q4 24 | 0.0% | 13.0% | ||
| Q3 24 | 0.0% | 6.0% | ||
| Q2 24 | 0.0% | 3.1% | ||
| Q1 24 | 0.2% | 3.1% |
现金转化率APLSHOG
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | -0.25× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 1.06× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.97× | ||
| Q2 24 | — | 2.17× | ||
| Q1 24 | — | 0.44× |
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% |
HOG
| Motorcycles | $193.9M | 50% |
| Other | $63.8M | 16% |
| Other Income Financial Services | $59.8M | 15% |
| Apparel | $47.2M | 12% |
| Livewire Segment | $11.4M | 3% |
