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Apellis Pharmaceuticals, Inc.（APLS）与铱星通信（IRDM）财务数据对比。点击上方公司名可切换其他公司
铱星通信的季度营收约是Apellis Pharmaceuticals, Inc.的1.1倍（$219.1M vs $199.9M），铱星通信净利率更高（9.9% vs -29.5%，领先39.3%），铱星通信同比增速更快（1.9% vs -5.9%），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 4.4%）
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。
铱星通信是一家总部位于美国弗吉尼亚州麦克莱恩的上市企业，运营着由80颗卫星组成的铱星星座，其中66颗为工作星，14颗为在轨备用星。其卫星网络支持手持卫星电话、卫星通信终端及集成收发设备实现全球范围的语音和数据传输，还可提供双向卫星消息服务，满足全球各场景的通信需求。
APLS vs IRDM — 直观对比
营收规模更大
IRDM
是对方的1.1倍
$199.9M
营收增速更快
IRDM
高出7.9%
-5.9%
净利率更高
IRDM
高出39.3%
-29.5%
两年增速更快
APLS
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $219.1M |
| 净利润 | $-59.0M | $21.6M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 23.2% |
| 净利率 | -29.5% | 9.9% |
| 营收同比 | -5.9% | 1.9% |
| 净利润同比 | -62.2% | — |
| 每股收益（稀释后） | $-0.40 | — |
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APLSIRDM
| Q1 26 | — | $219.1M | ||
| Q4 25 | $199.9M | $212.9M | ||
| Q3 25 | $458.6M | $226.9M | ||
| Q2 25 | $178.5M | $216.9M | ||
| Q1 25 | $166.8M | $214.9M | ||
| Q4 24 | $212.5M | $213.0M | ||
| Q3 24 | $196.8M | $212.8M | ||
| Q2 24 | $199.7M | $201.1M |
净利润APLSIRDM
| Q1 26 | — | $21.6M | ||
| Q4 25 | $-59.0M | $24.9M | ||
| Q3 25 | $215.7M | $37.1M | ||
| Q2 25 | $-42.2M | $22.0M | ||
| Q1 25 | $-92.2M | $30.4M | ||
| Q4 24 | $-36.4M | $36.3M | ||
| Q3 24 | $-57.4M | $24.4M | ||
| Q2 24 | $-37.7M | $32.3M |
营业利润率APLSIRDM
| Q1 26 | — | 23.2% | ||
| Q4 25 | -25.6% | 25.9% | ||
| Q3 25 | 48.7% | 30.9% | ||
| Q2 25 | -18.6% | 23.2% | ||
| Q1 25 | -50.0% | 28.1% | ||
| Q4 24 | -12.3% | 24.5% | ||
| Q3 24 | -24.0% | 25.8% | ||
| Q2 24 | -14.7% | 21.7% |
净利率APLSIRDM
| Q1 26 | — | 9.9% | ||
| Q4 25 | -29.5% | 11.7% | ||
| Q3 25 | 47.0% | 16.4% | ||
| Q2 25 | -23.6% | 10.1% | ||
| Q1 25 | -55.3% | 14.2% | ||
| Q4 24 | -17.1% | 17.1% | ||
| Q3 24 | -29.2% | 11.5% | ||
| Q2 24 | -18.9% | 16.1% |
每股收益（稀释后）APLSIRDM
| Q1 26 | — | — | ||
| Q4 25 | $-0.40 | $0.24 | ||
| Q3 25 | $1.67 | $0.35 | ||
| Q2 25 | $-0.33 | $0.20 | ||
| Q1 25 | $-0.74 | $0.27 | ||
| Q4 24 | $-0.30 | $0.30 | ||
| Q3 24 | $-0.46 | $0.21 | ||
| Q2 24 | $-0.30 | $0.27 |
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 | — | — |
| 股东权益账面价值 | $370.1M | — |
| 总资产 | $1.1B | — |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资APLSIRDM
| Q1 26 | — | — | ||
| Q4 25 | $466.2M | $96.5M | ||
| Q3 25 | $479.2M | $88.5M | ||
| Q2 25 | $370.0M | $79.3M | ||
| Q1 25 | $358.4M | $50.9M | ||
| Q4 24 | $411.3M | $93.5M | ||
| Q3 24 | $396.9M | $159.6M | ||
| Q2 24 | $360.1M | $63.5M |
总债务APLSIRDM
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益APLSIRDM
| Q1 26 | — | — | ||
| Q4 25 | $370.1M | $462.6M | ||
| Q3 25 | $401.2M | $450.5M | ||
| Q2 25 | $156.3M | $473.6M | ||
| Q1 25 | $164.2M | $518.4M | ||
| Q4 24 | $228.5M | $576.6M | ||
| Q3 24 | $237.1M | $663.8M | ||
| Q2 24 | $264.3M | $786.7M |
总资产APLSIRDM
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $2.5B | ||
| Q3 25 | $1.1B | $2.6B | ||
| Q2 25 | $821.4M | $2.6B | ||
| Q1 25 | $807.3M | $2.6B | ||
| Q4 24 | $885.1M | $2.7B | ||
| Q3 24 | $901.9M | $2.8B | ||
| Q2 24 | $904.5M | $2.7B |
负债/权益比APLSIRDM
| Q1 26 | — | — | ||
| Q4 25 | — | 3.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.05× | ||
| 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% | 13.7% |
| 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APLSIRDM
| Q1 26 | — | — | ||
| Q4 25 | $-14.2M | $108.6M | ||
| Q3 25 | $108.5M | $100.8M | ||
| Q2 25 | $4.4M | $129.6M | ||
| Q1 25 | $-53.4M | $61.1M | ||
| Q4 24 | $19.4M | $104.8M | ||
| Q3 24 | $34.1M | $118.6M | ||
| Q2 24 | $-8.3M | $81.1M |
自由现金流APLSIRDM
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | $75.1M | ||
| Q3 25 | $108.3M | $79.2M | ||
| Q2 25 | $4.4M | $108.9M | ||
| Q1 25 | $-53.4M | $36.5M | ||
| Q4 24 | $19.3M | $80.5M | ||
| Q3 24 | — | $100.0M | ||
| Q2 24 | $-8.4M | $68.7M |
自由现金流率APLSIRDM
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 35.3% | ||
| Q3 25 | 23.6% | 34.9% | ||
| Q2 25 | 2.5% | 50.2% | ||
| Q1 25 | -32.0% | 17.0% | ||
| Q4 24 | 9.1% | 37.8% | ||
| Q3 24 | — | 47.0% | ||
| Q2 24 | -4.2% | 34.2% |
资本支出强度APLSIRDM
| Q1 26 | — | 13.7% | ||
| Q4 25 | 0.1% | 15.7% | ||
| Q3 25 | 0.0% | 9.5% | ||
| Q2 25 | 0.0% | 9.5% | ||
| Q1 25 | 0.0% | 11.4% | ||
| Q4 24 | 0.0% | 11.4% | ||
| Q3 24 | 0.0% | 8.7% | ||
| Q2 24 | 0.0% | 6.2% |
现金转化率APLSIRDM
| Q1 26 | — | — | ||
| Q4 25 | — | 4.37× | ||
| Q3 25 | 0.50× | 2.71× | ||
| Q2 25 | — | 5.90× | ||
| Q1 25 | — | 2.01× | ||
| Q4 24 | — | 2.88× | ||
| Q3 24 | — | 4.85× | ||
| Q2 24 | — | 2.51× |
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% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
