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Apellis Pharmaceuticals, Inc.（APLS）与Hilltop Holdings Inc.（HTH）财务数据对比。点击上方公司名可切换其他公司
Hilltop Holdings Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.5倍（$300.5M vs $199.9M），Hilltop Holdings Inc.净利率更高（13.0% vs -29.5%，领先42.5%），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 0.6%）
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。
Hilltop Holdings Inc.是总部位于美国得克萨斯州达拉斯的金融控股公司，旗下拥有PlainsCapital Bank、PrimeLending与HilltopSecurities三大核心子公司，为客户提供多元金融产品及银行相关服务。
APLS vs HTH — 直观对比
营收规模更大
HTH
是对方的1.5倍
$199.9M
净利率更高
HTH
高出42.5%
-29.5%
两年增速更快
APLS
近两年复合增速
0.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $300.5M |
| 净利润 | $-59.0M | $39.0M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | — |
| 净利率 | -29.5% | 13.0% |
| 营收同比 | -5.9% | — |
| 净利润同比 | -62.2% | -12.4% |
| 每股收益（稀释后） | $-0.40 | $0.64 |
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APLSHTH
| Q1 26 | — | $300.5M | ||
| Q4 25 | $199.9M | $329.9M | ||
| Q3 25 | $458.6M | $330.2M | ||
| Q2 25 | $178.5M | $303.3M | ||
| Q1 25 | $166.8M | $318.5M | ||
| Q4 24 | $212.5M | $301.1M | ||
| Q3 24 | $196.8M | $305.5M | ||
| Q2 24 | $199.7M | $297.0M |
净利润APLSHTH
| Q1 26 | — | $39.0M | ||
| Q4 25 | $-59.0M | $41.6M | ||
| Q3 25 | $215.7M | $45.8M | ||
| Q2 25 | $-42.2M | $36.1M | ||
| Q1 25 | $-92.2M | $42.1M | ||
| Q4 24 | $-36.4M | $35.5M | ||
| Q3 24 | $-57.4M | $29.7M | ||
| Q2 24 | $-37.7M | $20.3M |
营业利润率APLSHTH
| Q1 26 | — | — | ||
| Q4 25 | -25.6% | 16.1% | ||
| Q3 25 | 48.7% | 18.4% | ||
| Q2 25 | -18.6% | 16.3% | ||
| Q1 25 | -50.0% | 18.1% | ||
| Q4 24 | -12.3% | 14.7% | ||
| Q3 24 | -24.0% | 13.9% | ||
| Q2 24 | -14.7% | 10.0% |
净利率APLSHTH
| Q1 26 | — | 13.0% | ||
| Q4 25 | -29.5% | 12.6% | ||
| Q3 25 | 47.0% | 13.9% | ||
| Q2 25 | -23.6% | 11.9% | ||
| Q1 25 | -55.3% | 13.2% | ||
| Q4 24 | -17.1% | 11.8% | ||
| Q3 24 | -29.2% | 9.7% | ||
| Q2 24 | -18.9% | 6.8% |
每股收益（稀释后）APLSHTH
| Q1 26 | — | $0.64 | ||
| Q4 25 | $-0.40 | $0.68 | ||
| Q3 25 | $1.67 | $0.74 | ||
| Q2 25 | $-0.33 | $0.57 | ||
| Q1 25 | $-0.74 | $0.65 | ||
| Q4 24 | $-0.30 | $0.55 | ||
| Q3 24 | $-0.46 | $0.46 | ||
| Q2 24 | $-0.30 | $0.31 |
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 | — |
| 总债务越低越好 | — | $990.8M |
| 股东权益账面价值 | $370.1M | $2.2B |
| 总资产 | $1.1B | $15.7B |
| 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APLSHTH
| Q1 26 | — | — | ||
| Q4 25 | $466.2M | — | ||
| Q3 25 | $479.2M | — | ||
| Q2 25 | $370.0M | — | ||
| Q1 25 | $358.4M | — | ||
| Q4 24 | $411.3M | — | ||
| Q3 24 | $396.9M | — | ||
| Q2 24 | $360.1M | — |
总债务APLSHTH
| Q1 26 | — | $990.8M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益APLSHTH
| Q1 26 | — | $2.2B | ||
| Q4 25 | $370.1M | $2.2B | ||
| Q3 25 | $401.2M | $2.2B | ||
| Q2 25 | $156.3M | $2.2B | ||
| Q1 25 | $164.2M | $2.2B | ||
| Q4 24 | $228.5M | $2.2B | ||
| Q3 24 | $237.1M | $2.2B | ||
| Q2 24 | $264.3M | $2.1B |
总资产APLSHTH
| Q1 26 | — | $15.7B | ||
| Q4 25 | $1.1B | $15.8B | ||
| Q3 25 | $1.1B | $15.6B | ||
| Q2 25 | $821.4M | $15.4B | ||
| Q1 25 | $807.3M | $15.8B | ||
| Q4 24 | $885.1M | $16.3B | ||
| Q3 24 | $901.9M | $15.9B | ||
| Q2 24 | $904.5M | $15.6B |
负债/权益比APLSHTH
| Q1 26 | — | 0.46× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | — |
| 自由现金流率自由现金流/营收 | -7.1% | — |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流APLSHTH
| Q1 26 | — | — | ||
| Q4 25 | $-14.2M | $-38.7M | ||
| Q3 25 | $108.5M | $273.0M | ||
| Q2 25 | $4.4M | $-234.6M | ||
| Q1 25 | $-53.4M | $5.8M | ||
| Q4 24 | $19.4M | $273.9M | ||
| Q3 24 | $34.1M | $515.6M | ||
| Q2 24 | $-8.3M | $-435.3M |
自由现金流APLSHTH
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | $-55.5M | ||
| Q3 25 | $108.3M | $271.0M | ||
| Q2 25 | $4.4M | $-234.6M | ||
| Q1 25 | $-53.4M | $5.0M | ||
| Q4 24 | $19.3M | $266.8M | ||
| Q3 24 | — | $513.8M | ||
| Q2 24 | $-8.4M | $-437.3M |
自由现金流率APLSHTH
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | -16.8% | ||
| Q3 25 | 23.6% | 82.1% | ||
| Q2 25 | 2.5% | -77.4% | ||
| Q1 25 | -32.0% | 1.6% | ||
| Q4 24 | 9.1% | 88.6% | ||
| Q3 24 | — | 168.2% | ||
| Q2 24 | -4.2% | -147.2% |
资本支出强度APLSHTH
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 5.1% | ||
| Q3 25 | 0.0% | 0.6% | ||
| Q2 25 | 0.0% | 0.0% | ||
| Q1 25 | 0.0% | 0.3% | ||
| Q4 24 | 0.0% | 2.4% | ||
| Q3 24 | 0.0% | 0.6% | ||
| Q2 24 | 0.0% | 0.7% |
现金转化率APLSHTH
| Q1 26 | — | — | ||
| Q4 25 | — | -0.93× | ||
| Q3 25 | 0.50× | 5.96× | ||
| Q2 25 | — | -6.50× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | — | 7.71× | ||
| Q3 24 | — | 17.36× | ||
| Q2 24 | — | -21.41× |
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% |
HTH
| Noninterest Income | $188.4M | 63% |
| Net Interest Income | $112.1M | 37% |
