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Apellis Pharmaceuticals, Inc.（APLS）与HEALTHEQUITY, INC.（HQY）财务数据对比。点击上方公司名可切换其他公司
HEALTHEQUITY, INC.的季度营收约是Apellis Pharmaceuticals, Inc.的1.6倍（$322.2M vs $199.9M），HEALTHEQUITY, INC.净利率更高（16.0% vs -29.5%，领先45.5%），HEALTHEQUITY, INC.同比增速更快（7.2% vs -5.9%），HEALTHEQUITY, INC.自由现金流更多（$137.8M vs $-14.3M），过去两年HEALTHEQUITY, INC.的营收复合增速更高（10.8% 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。
HealthEquity, Inc.是美国一家金融科技及商业服务企业，拥有美国国税局授予的非银行类健康储蓄受托人资质，无论用户资金存入哪家金融机构，该公司均可作为对应健康储蓄账户的托管方，提供专业账户管理服务。
APLS vs HQY — 直观对比
营收规模更大
HQY
是对方的1.6倍
$199.9M
营收增速更快
HQY
高出13.2%
-5.9%
净利率更高
HQY
高出45.5%
-29.5%
自由现金流更多
HQY
多$152.1M
$-14.3M
两年增速更快
HQY
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $322.2M |
| 净利润 | $-59.0M | $51.7M |
| 毛利率 | — | 70.8% |
| 营业利润率 | -25.6% | 24.4% |
| 净利率 | -29.5% | 16.0% |
| 营收同比 | -5.9% | 7.2% |
| 净利润同比 | -62.2% | 806.4% |
| 每股收益（稀释后） | $-0.40 | $0.59 |
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APLSHQY
| Q4 25 | $199.9M | $322.2M | ||
| Q3 25 | $458.6M | $325.8M | ||
| Q2 25 | $178.5M | $330.8M | ||
| Q1 25 | $166.8M | $311.8M | ||
| Q4 24 | $212.5M | $300.4M | ||
| Q3 24 | $196.8M | $299.9M | ||
| Q2 24 | $199.7M | $287.6M | ||
| Q1 24 | $172.3M | $262.4M |
净利润APLSHQY
| Q4 25 | $-59.0M | $51.7M | ||
| Q3 25 | $215.7M | $59.9M | ||
| Q2 25 | $-42.2M | $53.9M | ||
| Q1 25 | $-92.2M | $26.4M | ||
| Q4 24 | $-36.4M | $5.7M | ||
| Q3 24 | $-57.4M | $35.8M | ||
| Q2 24 | $-37.7M | $28.8M | ||
| Q1 24 | $-66.4M | $26.4M |
毛利率APLSHQY
| Q4 25 | — | 70.8% | ||
| Q3 25 | — | 71.4% | ||
| Q2 25 | — | 67.8% | ||
| Q1 25 | — | 60.6% | ||
| Q4 24 | — | 65.6% | ||
| Q3 24 | — | 68.0% | ||
| Q2 24 | — | 65.1% | ||
| Q1 24 | — | 63.1% |
营业利润率APLSHQY
| Q4 25 | -25.6% | 24.4% | ||
| Q3 25 | 48.7% | 27.5% | ||
| Q2 25 | -18.6% | 25.1% | ||
| Q1 25 | -50.0% | 13.5% | ||
| Q4 24 | -12.3% | 6.5% | ||
| Q3 24 | -24.0% | 19.6% | ||
| Q2 24 | -14.7% | 14.5% | ||
| Q1 24 | -36.0% | 14.8% |
净利率APLSHQY
| Q4 25 | -29.5% | 16.0% | ||
| Q3 25 | 47.0% | 18.4% | ||
| Q2 25 | -23.6% | 16.3% | ||
| Q1 25 | -55.3% | 8.5% | ||
| Q4 24 | -17.1% | 1.9% | ||
| Q3 24 | -29.2% | 11.9% | ||
| Q2 24 | -18.9% | 10.0% | ||
| Q1 24 | -38.5% | 10.0% |
每股收益（稀释后）APLSHQY
| Q4 25 | $-0.40 | $0.59 | ||
| Q3 25 | $1.67 | $0.68 | ||
| Q2 25 | $-0.33 | $0.61 | ||
| Q1 25 | $-0.74 | $0.30 | ||
| Q4 24 | $-0.30 | $0.06 | ||
| Q3 24 | $-0.46 | $0.40 | ||
| Q2 24 | $-0.30 | $0.33 | ||
| Q1 24 | $-0.54 | $0.30 |
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 | $309.3M |
| 总债务越低越好 | — | $982.1M |
| 股东权益账面价值 | $370.1M | $2.1B |
| 总资产 | $1.1B | $3.4B |
| 负债/权益比越低杠杆越低 | — | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资APLSHQY
| Q4 25 | $466.2M | $309.3M | ||
| Q3 25 | $479.2M | $304.5M | ||
| Q2 25 | $370.0M | $287.9M | ||
| Q1 25 | $358.4M | $295.9M | ||
| Q4 24 | $411.3M | $322.2M | ||
| Q3 24 | $396.9M | $326.9M | ||
| Q2 24 | $360.1M | $251.2M | ||
| Q1 24 | $325.9M | $404.0M |
总债务APLSHQY
| Q4 25 | — | $982.1M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $925.7M | ||
| Q1 24 | $93.1M | $875.0M |
股东权益APLSHQY
| Q4 25 | $370.1M | $2.1B | ||
| Q3 25 | $401.2M | $2.1B | ||
| Q2 25 | $156.3M | $2.1B | ||
| Q1 25 | $164.2M | $2.1B | ||
| Q4 24 | $228.5M | $2.1B | ||
| Q3 24 | $237.1M | $2.2B | ||
| Q2 24 | $264.3M | $2.1B | ||
| Q1 24 | $266.7M | $2.0B |
总资产APLSHQY
| Q4 25 | $1.1B | $3.4B | ||
| Q3 25 | $1.1B | $3.4B | ||
| Q2 25 | $821.4M | $3.4B | ||
| Q1 25 | $807.3M | $3.4B | ||
| Q4 24 | $885.1M | $3.5B | ||
| Q3 24 | $901.9M | $3.5B | ||
| Q2 24 | $904.5M | $3.2B | ||
| Q1 24 | $831.9M | $3.2B |
负债/权益比APLSHQY
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.51× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.44× | ||
| Q1 24 | 0.35× | 0.43× |
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 | $138.6M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $137.8M |
| 自由现金流率自由现金流/营收 | -7.1% | 42.8% |
| 资本支出强度资本支出/营收 | 0.1% | 0.2% |
| 现金转化率经营现金流/净利润 | — | 2.68× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $413.0M |
8季度趋势，按日历期对齐
经营现金流APLSHQY
| Q4 25 | $-14.2M | $138.6M | ||
| Q3 25 | $108.5M | $135.9M | ||
| Q2 25 | $4.4M | $64.7M | ||
| Q1 25 | $-53.4M | $75.7M | ||
| Q4 24 | $19.4M | $90.5M | ||
| Q3 24 | $34.1M | $108.1M | ||
| Q2 24 | $-8.3M | $65.4M | ||
| Q1 24 | $-133.0M | $77.1M |
自由现金流APLSHQY
| Q4 25 | $-14.3M | $137.8M | ||
| Q3 25 | $108.3M | $135.1M | ||
| Q2 25 | $4.4M | $64.7M | ||
| Q1 25 | $-53.4M | $75.4M | ||
| Q4 24 | $19.3M | $90.3M | ||
| Q3 24 | — | $107.4M | ||
| Q2 24 | $-8.4M | $64.7M | ||
| Q1 24 | $-133.3M | $76.5M |
自由现金流率APLSHQY
| Q4 25 | -7.1% | 42.8% | ||
| Q3 25 | 23.6% | 41.5% | ||
| Q2 25 | 2.5% | 19.5% | ||
| Q1 25 | -32.0% | 24.2% | ||
| Q4 24 | 9.1% | 30.0% | ||
| Q3 24 | — | 35.8% | ||
| Q2 24 | -4.2% | 22.5% | ||
| Q1 24 | -77.3% | 29.2% |
资本支出强度APLSHQY
| Q4 25 | 0.1% | 0.2% | ||
| Q3 25 | 0.0% | 0.2% | ||
| Q2 25 | 0.0% | 0.0% | ||
| Q1 25 | 0.0% | 0.1% | ||
| Q4 24 | 0.0% | 0.1% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 0.0% | 0.3% | ||
| Q1 24 | 0.2% | 0.2% |
现金转化率APLSHQY
| Q4 25 | — | 2.68× | ||
| Q3 25 | 0.50× | 2.27× | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | 2.87× | ||
| Q4 24 | — | 15.88× | ||
| Q3 24 | — | 3.02× | ||
| Q2 24 | — | 2.27× | ||
| Q1 24 | — | 2.92× |
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% |
HQY
| Financial Service Other | $159.1M | 49% |
| Services | $120.3M | 37% |
| Credit And Debit Card | $42.8M | 13% |
