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Apellis Pharmaceuticals, Inc.（APLS）与H2O AMERICA（HTO）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H2O AMERICA的1.0倍（$199.9M vs $199.4M），H2O AMERICA净利率更高（8.1% vs -29.5%，领先37.6%），H2O AMERICA同比增速更快（1.5% vs -5.9%），过去两年H2O AMERICA的营收复合增速更高（15.3% 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。
H2O Wireless是美国的预付费移动通信服务商，依托AT&T网络运营，隶属于MVNO（移动虚拟网络运营商）Locus通信，自2019年起Locus成为Telrite控股的子公司，此前2010年起曾是KDDI美国旗下资产。该品牌主打无限制套餐服务，支持用户自带或购买无锁智能手机入网，AT&T合约机/锁网机也可兼容使用。
APLS vs HTO — 直观对比
营收规模更大
APLS
是对方的1.0倍
$199.4M
营收增速更快
HTO
高出7.4%
-5.9%
净利率更高
HTO
高出37.6%
-29.5%
两年增速更快
HTO
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $199.4M |
| 净利润 | $-59.0M | $16.2M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 16.6% |
| 净利率 | -29.5% | 8.1% |
| 营收同比 | -5.9% | 1.5% |
| 净利润同比 | -62.2% | -29.2% |
| 每股收益（稀释后） | $-0.40 | $0.45 |
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APLSHTO
| Q4 25 | $199.9M | $199.4M | ||
| Q3 25 | $458.6M | $243.5M | ||
| Q2 25 | $178.5M | $197.8M | ||
| Q1 25 | $166.8M | $164.9M | ||
| Q4 24 | $212.5M | $196.5M | ||
| Q3 24 | $196.8M | $216.7M | ||
| Q2 24 | $199.7M | $173.1M | ||
| Q1 24 | $172.3M | $150.0M |
净利润APLSHTO
| Q4 25 | $-59.0M | $16.2M | ||
| Q3 25 | $215.7M | $45.1M | ||
| Q2 25 | $-42.2M | $24.7M | ||
| Q1 25 | $-92.2M | $16.6M | ||
| Q4 24 | $-36.4M | $22.9M | ||
| Q3 24 | $-57.4M | $38.7M | ||
| Q2 24 | $-37.7M | $20.7M | ||
| Q1 24 | $-66.4M | $11.7M |
营业利润率APLSHTO
| Q4 25 | -25.6% | 16.6% | ||
| Q3 25 | 48.7% | 26.5% | ||
| Q2 25 | -18.6% | 22.2% | ||
| Q1 25 | -50.0% | 21.8% | ||
| Q4 24 | -12.3% | 22.2% | ||
| Q3 24 | -24.0% | 26.9% | ||
| Q2 24 | -14.7% | 23.4% | ||
| Q1 24 | -36.0% | 18.6% |
净利率APLSHTO
| Q4 25 | -29.5% | 8.1% | ||
| Q3 25 | 47.0% | 18.5% | ||
| Q2 25 | -23.6% | 12.5% | ||
| Q1 25 | -55.3% | 10.0% | ||
| Q4 24 | -17.1% | 11.7% | ||
| Q3 24 | -29.2% | 17.8% | ||
| Q2 24 | -18.9% | 12.0% | ||
| Q1 24 | -38.5% | 7.8% |
每股收益（稀释后）APLSHTO
| Q4 25 | $-0.40 | $0.45 | ||
| Q3 25 | $1.67 | $1.27 | ||
| Q2 25 | $-0.33 | $0.71 | ||
| Q1 25 | $-0.74 | $0.49 | ||
| Q4 24 | $-0.30 | $0.70 | ||
| Q3 24 | $-0.46 | $1.17 | ||
| Q2 24 | $-0.30 | $0.64 | ||
| Q1 24 | $-0.54 | $0.36 |
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 | $20.7M |
| 总债务越低越好 | — | $1.9B |
| 股东权益账面价值 | $370.1M | $1.5B |
| 总资产 | $1.1B | $5.1B |
| 负债/权益比越低杠杆越低 | — | 1.23× |
8季度趋势，按日历期对齐
现金及短期投资APLSHTO
| Q4 25 | $466.2M | $20.7M | ||
| Q3 25 | $479.2M | $11.3M | ||
| Q2 25 | $370.0M | $19.8M | ||
| Q1 25 | $358.4M | $23.7M | ||
| Q4 24 | $411.3M | $11.1M | ||
| Q3 24 | $396.9M | $4.0M | ||
| Q2 24 | $360.1M | $22.8M | ||
| Q1 24 | $325.9M | $4.5M |
总债务APLSHTO
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSHTO
| Q4 25 | $370.1M | $1.5B | ||
| Q3 25 | $401.2M | $1.5B | ||
| Q2 25 | $156.3M | $1.5B | ||
| Q1 25 | $164.2M | $1.4B | ||
| Q4 24 | $228.5M | $1.4B | ||
| Q3 24 | $237.1M | $1.3B | ||
| Q2 24 | $264.3M | $1.3B | ||
| Q1 24 | $266.7M | $1.2B |
总资产APLSHTO
| Q4 25 | $1.1B | $5.1B | ||
| Q3 25 | $1.1B | $5.0B | ||
| Q2 25 | $821.4M | $4.8B | ||
| Q1 25 | $807.3M | $4.7B | ||
| Q4 24 | $885.1M | $4.7B | ||
| Q3 24 | $901.9M | $4.6B | ||
| Q2 24 | $904.5M | $4.4B | ||
| Q1 24 | $831.9M | $4.4B |
负债/权益比APLSHTO
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| 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 | $63.5M |
| 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 | — | 3.92× |
| 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APLSHTO
| Q4 25 | $-14.2M | $63.5M | ||
| Q3 25 | $108.5M | $77.3M | ||
| Q2 25 | $4.4M | $60.8M | ||
| Q1 25 | $-53.4M | $43.2M | ||
| Q4 24 | $19.4M | $41.5M | ||
| Q3 24 | $34.1M | $53.5M | ||
| Q2 24 | $-8.3M | $49.3M | ||
| Q1 24 | $-133.0M | $51.2M |
自由现金流APLSHTO
| Q4 25 | $-14.3M | — | ||
| Q3 25 | $108.3M | — | ||
| Q2 25 | $4.4M | — | ||
| Q1 25 | $-53.4M | — | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-8.4M | — | ||
| Q1 24 | $-133.3M | — |
自由现金流率APLSHTO
| Q4 25 | -7.1% | — | ||
| Q3 25 | 23.6% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | -32.0% | — | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.2% | — | ||
| Q1 24 | -77.3% | — |
资本支出强度APLSHTO
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.2% | — |
现金转化率APLSHTO
| Q4 25 | — | 3.92× | ||
| Q3 25 | 0.50× | 1.71× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | — | 2.61× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | — | 2.38× | ||
| Q1 24 | — | 4.38× |
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% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
