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Apellis Pharmaceuticals, Inc.（APLS）与IBEX Ltd（IBEX）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IBEX Ltd的1.2倍（$199.9M vs $164.2M），IBEX Ltd净利率更高（7.4% vs -29.5%，领先36.9%），IBEX Ltd同比增速更快（16.7% vs -5.9%），IBEX Ltd自由现金流更多（$-5.1M vs $-14.3M），过去两年IBEX Ltd的营收复合增速更高（13.8% 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。
IBEX 35是西班牙主要交易所马德里证券交易所的基准股票指数，该指数始创于1992年，由西班牙证券市场集团BME旗下的交易所公司负责计算与管理。它以市值加权编制，涵盖马德里证券交易所流动性最高的35只西班牙股票，每年进行两次成分股调整。
APLS vs IBEX — 直观对比
营收规模更大
APLS
是对方的1.2倍
$164.2M
营收增速更快
IBEX
高出22.7%
-5.9%
净利率更高
IBEX
高出36.9%
-29.5%
自由现金流更多
IBEX
多$9.2M
$-14.3M
两年增速更快
IBEX
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $164.2M |
| 净利润 | $-59.0M | $12.2M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 9.3% |
| 净利率 | -29.5% | 7.4% |
| 营收同比 | -5.9% | 16.7% |
| 净利润同比 | -62.2% | 31.8% |
| 每股收益（稀释后） | $-0.40 | $0.83 |
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APLSIBEX
| Q4 25 | $199.9M | $164.2M | ||
| Q3 25 | $458.6M | $151.2M | ||
| Q2 25 | $178.5M | $147.1M | ||
| Q1 25 | $166.8M | $140.7M | ||
| Q4 24 | $212.5M | $140.7M | ||
| Q3 24 | $196.8M | $129.7M | ||
| Q2 24 | $199.7M | $124.5M | ||
| Q1 24 | $172.3M | $126.8M |
净利润APLSIBEX
| Q4 25 | $-59.0M | $12.2M | ||
| Q3 25 | $215.7M | $12.0M | ||
| Q2 25 | $-42.2M | $9.6M | ||
| Q1 25 | $-92.2M | $10.5M | ||
| Q4 24 | $-36.4M | $9.3M | ||
| Q3 24 | $-57.4M | $7.5M | ||
| Q2 24 | $-37.7M | $9.8M | ||
| Q1 24 | $-66.4M | $10.3M |
营业利润率APLSIBEX
| Q4 25 | -25.6% | 9.3% | ||
| Q3 25 | 48.7% | 9.1% | ||
| Q2 25 | -18.6% | 8.3% | ||
| Q1 25 | -50.0% | 9.5% | ||
| Q4 24 | -12.3% | 8.5% | ||
| Q3 24 | -24.0% | 7.0% | ||
| Q2 24 | -14.7% | 10.3% | ||
| Q1 24 | -36.0% | 8.9% |
净利率APLSIBEX
| Q4 25 | -29.5% | 7.4% | ||
| Q3 25 | 47.0% | 8.0% | ||
| Q2 25 | -23.6% | 6.5% | ||
| Q1 25 | -55.3% | 7.4% | ||
| Q4 24 | -17.1% | 6.6% | ||
| Q3 24 | -29.2% | 5.8% | ||
| Q2 24 | -18.9% | 7.9% | ||
| Q1 24 | -38.5% | 8.1% |
每股收益（稀释后）APLSIBEX
| Q4 25 | $-0.40 | $0.83 | ||
| Q3 25 | $1.67 | $0.82 | ||
| Q2 25 | $-0.33 | $0.63 | ||
| Q1 25 | $-0.74 | $0.73 | ||
| Q4 24 | $-0.30 | $0.57 | ||
| Q3 24 | $-0.46 | $0.43 | ||
| Q2 24 | $-0.30 | $0.55 | ||
| Q1 24 | $-0.54 | $0.57 |
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 | $15.5M |
| 总债务越低越好 | — | $594.0K |
| 股东权益账面价值 | $370.1M | $154.5M |
| 总资产 | $1.1B | $295.8M |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资APLSIBEX
| Q4 25 | $466.2M | $15.5M | ||
| Q3 25 | $479.2M | $22.7M | ||
| Q2 25 | $370.0M | $15.3M | ||
| Q1 25 | $358.4M | $13.0M | ||
| Q4 24 | $411.3M | $20.2M | ||
| Q3 24 | $396.9M | $62.3M | ||
| Q2 24 | $360.1M | $62.7M | ||
| Q1 24 | $325.9M | $50.7M |
总债务APLSIBEX
| Q4 25 | — | $594.0K | ||
| Q3 25 | — | $726.0K | ||
| Q2 25 | — | $796.0K | ||
| Q1 25 | — | $735.0K | ||
| Q4 24 | — | $695.0K | ||
| Q3 24 | — | $802.0K | ||
| Q2 24 | — | $867.0K | ||
| Q1 24 | $93.1M | $820.0K |
股东权益APLSIBEX
| Q4 25 | $370.1M | $154.5M | ||
| Q3 25 | $401.2M | $143.6M | ||
| Q2 25 | $156.3M | $134.3M | ||
| Q1 25 | $164.2M | $124.2M | ||
| Q4 24 | $228.5M | $108.9M | ||
| Q3 24 | $237.1M | $171.1M | ||
| Q2 24 | $264.3M | $165.8M | ||
| Q1 24 | $266.7M | $159.3M |
总资产APLSIBEX
| Q4 25 | $1.1B | $295.8M | ||
| Q3 25 | $1.1B | $283.9M | ||
| Q2 25 | $821.4M | $273.2M | ||
| Q1 25 | $807.3M | $274.7M | ||
| Q4 24 | $885.1M | $272.5M | ||
| Q3 24 | $901.9M | $306.3M | ||
| Q2 24 | $904.5M | $293.9M | ||
| Q1 24 | $831.9M | $289.6M |
负债/权益比APLSIBEX
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.01× | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.01× | ||
| Q1 24 | 0.35× | 0.01× |
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 | $6.6M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-5.1M |
| 自由现金流率自由现金流/营收 | -7.1% | -3.1% |
| 资本支出强度资本支出/营收 | 0.1% | 7.1% |
| 现金转化率经营现金流/净利润 | — | 0.54× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $29.3M |
8季度趋势，按日历期对齐
经营现金流APLSIBEX
| Q4 25 | $-14.2M | $6.6M | ||
| Q3 25 | $108.5M | $15.7M | ||
| Q2 25 | $4.4M | $27.9M | ||
| Q1 25 | $-53.4M | $8.8M | ||
| Q4 24 | $19.4M | $1.1M | ||
| Q3 24 | $34.1M | $7.8M | ||
| Q2 24 | $-8.3M | $17.4M | ||
| Q1 24 | $-133.0M | $11.4M |
自由现金流APLSIBEX
| Q4 25 | $-14.3M | $-5.1M | ||
| Q3 25 | $108.3M | $8.0M | ||
| Q2 25 | $4.4M | $22.8M | ||
| Q1 25 | $-53.4M | $3.6M | ||
| Q4 24 | $19.3M | $-3.2M | ||
| Q3 24 | — | $4.1M | ||
| Q2 24 | $-8.4M | $15.2M | ||
| Q1 24 | $-133.3M | $9.7M |
自由现金流率APLSIBEX
| Q4 25 | -7.1% | -3.1% | ||
| Q3 25 | 23.6% | 5.3% | ||
| Q2 25 | 2.5% | 15.5% | ||
| Q1 25 | -32.0% | 2.5% | ||
| Q4 24 | 9.1% | -2.3% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | -4.2% | 12.2% | ||
| Q1 24 | -77.3% | 7.7% |
资本支出强度APLSIBEX
| Q4 25 | 0.1% | 7.1% | ||
| Q3 25 | 0.0% | 5.1% | ||
| Q2 25 | 0.0% | 3.5% | ||
| Q1 25 | 0.0% | 3.7% | ||
| Q4 24 | 0.0% | 3.1% | ||
| Q3 24 | 0.0% | 2.8% | ||
| Q2 24 | 0.0% | 1.8% | ||
| Q1 24 | 0.2% | 1.3% |
现金转化率APLSIBEX
| Q4 25 | — | 0.54× | ||
| Q3 25 | 0.50× | 1.30× | ||
| Q2 25 | — | 2.91× | ||
| Q1 25 | — | 0.84× | ||
| Q4 24 | — | 0.12× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.77× | ||
| Q1 24 | — | 1.11× |
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% |
IBEX
| Transferred Over Time | $147.1M | 90% |
| Transferred At Point In Time | $17.1M | 10% |
