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Apellis Pharmaceuticals, Inc.（APLS）与Karman Holdings Inc.（KRMN）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Karman Holdings Inc.的1.5倍（$199.9M vs $134.5M），Karman Holdings Inc.净利率更高（5.7% vs -29.5%，领先35.2%），Karman Holdings Inc.同比增速更快（47.4% vs -5.9%），Karman Holdings Inc.自由现金流更多（$4.0M vs $-14.3M），过去两年Karman Holdings Inc.的营收复合增速更高（27.3% 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。
Karman Holdings是一家美国航天与防务系统制造商，总部位于加利福尼亚州亨廷顿海滩，当前估值约40亿美元，近期已完成首次公开发行，专注为航天及国防领域提供相关系统产品及配套服务。
APLS vs KRMN — 直观对比
营收规模更大
APLS
是对方的1.5倍
$134.5M
营收增速更快
KRMN
高出53.3%
-5.9%
净利率更高
KRMN
高出35.2%
-29.5%
自由现金流更多
KRMN
多$18.3M
$-14.3M
两年增速更快
KRMN
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $134.5M |
| 净利润 | $-59.0M | $7.7M |
| 毛利率 | — | 39.9% |
| 营业利润率 | -25.6% | 15.7% |
| 净利率 | -29.5% | 5.7% |
| 营收同比 | -5.9% | 47.4% |
| 净利润同比 | -62.2% | 358.3% |
| 每股收益（稀释后） | $-0.40 | $0.06 |
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APLSKRMN
| Q4 25 | $199.9M | $134.5M | ||
| Q3 25 | $458.6M | $121.8M | ||
| Q2 25 | $178.5M | $115.1M | ||
| Q1 25 | $166.8M | $100.1M | ||
| Q4 24 | $212.5M | $91.2M | ||
| Q3 24 | $196.8M | $86.0M | ||
| Q2 24 | $199.7M | $85.0M | ||
| Q1 24 | $172.3M | $83.0M |
净利润APLSKRMN
| Q4 25 | $-59.0M | $7.7M | ||
| Q3 25 | $215.7M | $7.6M | ||
| Q2 25 | $-42.2M | $6.8M | ||
| Q1 25 | $-92.2M | $-4.8M | ||
| Q4 24 | $-36.4M | $1.7M | ||
| Q3 24 | $-57.4M | $4.3M | ||
| Q2 24 | $-37.7M | $4.6M | ||
| Q1 24 | $-66.4M | $2.1M |
毛利率APLSKRMN
| Q4 25 | — | 39.9% | ||
| Q3 25 | — | 41.0% | ||
| Q2 25 | — | 40.9% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.1% | ||
| Q3 24 | — | 39.3% | ||
| Q2 24 | — | 40.7% | ||
| Q1 24 | — | 34.9% |
营业利润率APLSKRMN
| Q4 25 | -25.6% | 15.7% | ||
| Q3 25 | 48.7% | 17.9% | ||
| Q2 25 | -18.6% | 17.5% | ||
| Q1 25 | -50.0% | 10.0% | ||
| Q4 24 | -12.3% | 15.8% | ||
| Q3 24 | -24.0% | 20.2% | ||
| Q2 24 | -14.7% | 21.5% | ||
| Q1 24 | -36.0% | 16.3% |
净利率APLSKRMN
| Q4 25 | -29.5% | 5.7% | ||
| Q3 25 | 47.0% | 6.3% | ||
| Q2 25 | -23.6% | 5.9% | ||
| Q1 25 | -55.3% | -4.8% | ||
| Q4 24 | -17.1% | 1.8% | ||
| Q3 24 | -29.2% | 5.0% | ||
| Q2 24 | -18.9% | 5.4% | ||
| Q1 24 | -38.5% | 2.6% |
每股收益（稀释后）APLSKRMN
| Q4 25 | $-0.40 | $0.06 | ||
| Q3 25 | $1.67 | $0.06 | ||
| Q2 25 | $-0.33 | $0.05 | ||
| Q1 25 | $-0.74 | $-0.04 | ||
| Q4 24 | $-0.30 | $0.01 | ||
| Q3 24 | $-0.46 | $0.03 | ||
| Q2 24 | $-0.30 | $0.03 | ||
| Q1 24 | $-0.54 | $0.01 |
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 | $34.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $382.7M |
| 总资产 | $1.1B | $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APLSKRMN
| Q4 25 | $466.2M | $34.0M | ||
| Q3 25 | $479.2M | $18.7M | ||
| Q2 25 | $370.0M | $27.4M | ||
| Q1 25 | $358.4M | $113.7M | ||
| Q4 24 | $411.3M | $11.5M | ||
| Q3 24 | $396.9M | — | ||
| Q2 24 | $360.1M | — | ||
| Q1 24 | $325.9M | — |
总债务APLSKRMN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSKRMN
| Q4 25 | $370.1M | $382.7M | ||
| Q3 25 | $401.2M | $369.1M | ||
| Q2 25 | $156.3M | $361.5M | ||
| Q1 25 | $164.2M | $348.9M | ||
| Q4 24 | $228.5M | $196.0M | ||
| Q3 24 | $237.1M | $194.1M | ||
| Q2 24 | $264.3M | $189.6M | ||
| Q1 24 | $266.7M | $184.8M |
总资产APLSKRMN
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $1.1B | $968.1M | ||
| Q2 25 | $821.4M | $953.9M | ||
| Q1 25 | $807.3M | $875.4M | ||
| Q4 24 | $885.1M | $774.0M | ||
| Q3 24 | $901.9M | — | ||
| Q2 24 | $904.5M | — | ||
| Q1 24 | $831.9M | — |
负债/权益比APLSKRMN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $8.7M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $4.0M |
| 自由现金流率自由现金流/营收 | -7.1% | 3.0% |
| 资本支出强度资本支出/营收 | 0.1% | 3.5% |
| 现金转化率经营现金流/净利润 | — | 1.13× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $-42.5M |
8季度趋势，按日历期对齐
经营现金流APLSKRMN
| Q4 25 | $-14.2M | $8.7M | ||
| Q3 25 | $108.5M | $131.0K | ||
| Q2 25 | $4.4M | $-17.4M | ||
| Q1 25 | $-53.4M | $-13.6M | ||
| Q4 24 | $19.4M | — | ||
| Q3 24 | $34.1M | — | ||
| Q2 24 | $-8.3M | — | ||
| Q1 24 | $-133.0M | $3.1M |
自由现金流APLSKRMN
| Q4 25 | $-14.3M | $4.0M | ||
| Q3 25 | $108.3M | $-6.8M | ||
| Q2 25 | $4.4M | $-21.0M | ||
| Q1 25 | $-53.4M | $-18.6M | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-8.4M | — | ||
| Q1 24 | $-133.3M | $1.5M |
自由现金流率APLSKRMN
| Q4 25 | -7.1% | 3.0% | ||
| Q3 25 | 23.6% | -5.6% | ||
| Q2 25 | 2.5% | -18.2% | ||
| Q1 25 | -32.0% | -18.6% | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.2% | — | ||
| Q1 24 | -77.3% | 1.8% |
资本支出强度APLSKRMN
| Q4 25 | 0.1% | 3.5% | ||
| Q3 25 | 0.0% | 5.7% | ||
| Q2 25 | 0.0% | 3.2% | ||
| Q1 25 | 0.0% | 5.0% | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.2% | 1.9% |
现金转化率APLSKRMN
| Q4 25 | — | 1.13× | ||
| Q3 25 | 0.50× | 0.02× | ||
| Q2 25 | — | -2.55× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.45× |
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% |
KRMN
| Tactical Missile And Integrated Defense Systems | $50.5M | 38% |
| Hypersonic And Strategic Missile Defense | $48.4M | 36% |
| Space And Launch | $35.7M | 27% |
