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Apellis Pharmaceuticals, Inc.（APLS）与LINCOLN EDUCATIONAL SERVICES CORP（LINC）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LINCOLN EDUCATIONAL SERVICES CORP的1.4倍（$199.9M vs $142.9M），LINCOLN EDUCATIONAL SERVICES CORP净利率更高（8.9% vs -29.5%，领先38.4%），LINCOLN EDUCATIONAL SERVICES CORP同比增速更快（19.7% vs -5.9%），LINCOLN EDUCATIONAL SERVICES CORP自由现金流更多（$25.0M vs $-14.3M），过去两年LINCOLN EDUCATIONAL SERVICES CORP的营收复合增速更高（17.6% 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。
林肯技术教育集团是美国营利性高等职业教育机构，总部位于新泽西州帕西帕尼，在美国科罗拉多、康涅狄格、佐治亚等12个州都设有校区，所有校区均由林肯教育服务公司持有运营，主打面向就业的高等职业技术教育服务。
APLS vs LINC — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $142.9M |
| 净利润 | $-59.0M | $12.7M |
| 毛利率 | — | 62.3% |
| 营业利润率 | -25.6% | 12.4% |
| 净利率 | -29.5% | 8.9% |
| 营收同比 | -5.9% | 19.7% |
| 净利润同比 | -62.2% | 85.9% |
| 每股收益（稀释后） | $-0.40 | $0.41 |
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
| Q4 25 | $199.9M | $142.9M | ||
| Q3 25 | $458.6M | $141.4M | ||
| Q2 25 | $178.5M | $116.5M | ||
| Q1 25 | $166.8M | $117.5M | ||
| Q4 24 | $212.5M | $119.4M | ||
| Q3 24 | $196.8M | $114.4M | ||
| Q2 24 | $199.7M | $102.9M | ||
| Q1 24 | $172.3M | $103.4M |
| Q4 25 | $-59.0M | $12.7M | ||
| Q3 25 | $215.7M | $3.8M | ||
| Q2 25 | $-42.2M | $1.6M | ||
| Q1 25 | $-92.2M | $1.9M | ||
| Q4 24 | $-36.4M | $6.8M | ||
| Q3 24 | $-57.4M | $4.0M | ||
| Q2 24 | $-37.7M | $-682.0K | ||
| Q1 24 | $-66.4M | $-214.0K |
| Q4 25 | — | 62.3% | ||
| Q3 25 | — | 59.5% | ||
| Q2 25 | — | 59.8% | ||
| Q1 25 | — | 59.7% | ||
| Q4 24 | — | 62.2% | ||
| Q3 24 | — | 58.0% | ||
| Q2 24 | — | 55.7% | ||
| Q1 24 | — | 58.4% |
| Q4 25 | -25.6% | 12.4% | ||
| Q3 25 | 48.7% | 4.4% | ||
| Q2 25 | -18.6% | 2.5% | ||
| Q1 25 | -50.0% | 2.9% | ||
| Q4 24 | -12.3% | 9.2% | ||
| Q3 24 | -24.0% | 5.1% | ||
| Q2 24 | -14.7% | -1.1% | ||
| Q1 24 | -36.0% | -0.4% |
| Q4 25 | -29.5% | 8.9% | ||
| Q3 25 | 47.0% | 2.7% | ||
| Q2 25 | -23.6% | 1.3% | ||
| Q1 25 | -55.3% | 1.7% | ||
| Q4 24 | -17.1% | 5.7% | ||
| Q3 24 | -29.2% | 3.5% | ||
| Q2 24 | -18.9% | -0.7% | ||
| Q1 24 | -38.5% | -0.2% |
| Q4 25 | $-0.40 | $0.41 | ||
| Q3 25 | $1.67 | $0.12 | ||
| Q2 25 | $-0.33 | $0.05 | ||
| Q1 25 | $-0.74 | $0.06 | ||
| Q4 24 | $-0.30 | $0.22 | ||
| Q3 24 | $-0.46 | $0.13 | ||
| Q2 24 | $-0.30 | $-0.02 | ||
| 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 | $28.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $199.7M |
| 总资产 | $1.1B | $493.2M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $466.2M | $28.5M | ||
| Q3 25 | $479.2M | $13.5M | ||
| Q2 25 | $370.0M | $16.7M | ||
| Q1 25 | $358.4M | $28.7M | ||
| Q4 24 | $411.3M | $59.3M | ||
| Q3 24 | $396.9M | $54.0M | ||
| Q2 24 | $360.1M | $67.0M | ||
| Q1 24 | $325.9M | $68.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
| Q4 25 | $370.1M | $199.7M | ||
| Q3 25 | $401.2M | $185.9M | ||
| Q2 25 | $156.3M | $180.7M | ||
| Q1 25 | $164.2M | $177.8M | ||
| Q4 24 | $228.5M | $178.3M | ||
| Q3 24 | $237.1M | $170.0M | ||
| Q2 24 | $264.3M | $164.9M | ||
| Q1 24 | $266.7M | $164.5M |
| Q4 25 | $1.1B | $493.2M | ||
| Q3 25 | $1.1B | $466.9M | ||
| Q2 25 | $821.4M | $447.3M | ||
| Q1 25 | $807.3M | $427.4M | ||
| Q4 24 | $885.1M | $436.6M | ||
| Q3 24 | $901.9M | $404.0M | ||
| Q2 24 | $904.5M | $366.4M | ||
| Q1 24 | $831.9M | $355.2M |
| 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 | $43.5M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $25.0M |
| 自由现金流率自由现金流/营收 | -7.1% | 17.5% |
| 资本支出强度资本支出/营收 | 0.1% | 13.0% |
| 现金转化率经营现金流/净利润 | — | 3.43× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $-27.3M |
8季度趋势，按日历期对齐
| Q4 25 | $-14.2M | $43.5M | ||
| Q3 25 | $108.5M | $23.9M | ||
| Q2 25 | $4.4M | $299.0K | ||
| Q1 25 | $-53.4M | $-8.4M | ||
| Q4 24 | $19.4M | $30.3M | ||
| Q3 24 | $34.1M | $5.6M | ||
| Q2 24 | $-8.3M | $8.3M | ||
| Q1 24 | $-133.0M | $-14.9M |
| Q4 25 | $-14.3M | $25.0M | ||
| Q3 25 | $108.3M | $2.0M | ||
| Q2 25 | $4.4M | $-26.1M | ||
| Q1 25 | $-53.4M | $-28.3M | ||
| Q4 24 | $19.3M | $5.5M | ||
| Q3 24 | — | $-13.8M | ||
| Q2 24 | $-8.4M | $-2.7M | ||
| Q1 24 | $-133.3M | $-16.6M |
| Q4 25 | -7.1% | 17.5% | ||
| Q3 25 | 23.6% | 1.4% | ||
| Q2 25 | 2.5% | -22.4% | ||
| Q1 25 | -32.0% | -24.1% | ||
| Q4 24 | 9.1% | 4.6% | ||
| Q3 24 | — | -12.0% | ||
| Q2 24 | -4.2% | -2.6% | ||
| Q1 24 | -77.3% | -16.1% |
| Q4 25 | 0.1% | 13.0% | ||
| Q3 25 | 0.0% | 15.5% | ||
| Q2 25 | 0.0% | 22.7% | ||
| Q1 25 | 0.0% | 16.9% | ||
| Q4 24 | 0.0% | 20.8% | ||
| Q3 24 | 0.0% | 16.9% | ||
| Q2 24 | 0.0% | 10.7% | ||
| Q1 24 | 0.2% | 1.6% |
| Q4 25 | — | 3.43× | ||
| Q3 25 | 0.50× | 6.29× | ||
| Q2 25 | — | 0.19× | ||
| Q1 25 | — | -4.31× | ||
| Q4 24 | — | 4.43× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
LINC
| Transferred Over Time | $136.0M | 95% |
| Transferred At Point In Time | $6.9M | 5% |
