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Apellis Pharmaceuticals, Inc.（APLS）与Limbach Holdings, Inc.（LMB）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Limbach Holdings, Inc.的1.4倍（$199.9M vs $138.9M），Limbach Holdings, Inc.净利率更高（3.2% vs -29.5%，领先32.6%），Limbach Holdings, Inc.同比增速更快（4.3% vs -5.9%），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 6.6%）
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。
林巴赫航空发动机是一家由中资控股、总部位于德国的企业，主营航空发动机的研发与制造业务，在航空动力装备领域拥有成熟的生产技术与行业经验。
APLS vs LMB — 直观对比
营收规模更大
APLS
是对方的1.4倍
$138.9M
营收增速更快
LMB
高出10.3%
-5.9%
净利率更高
LMB
高出32.6%
-29.5%
两年增速更快
APLS
近两年复合增速
6.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $138.9M |
| 净利润 | $-59.0M | $4.4M |
| 毛利率 | — | 22.4% |
| 营业利润率 | -25.6% | 0.8% |
| 净利率 | -29.5% | 3.2% |
| 营收同比 | -5.9% | 4.3% |
| 净利润同比 | -62.2% | — |
| 每股收益（稀释后） | $-0.40 | $0.36 |
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APLSLMB
| Q1 26 | — | $138.9M | ||
| Q4 25 | $199.9M | $186.9M | ||
| Q3 25 | $458.6M | $184.6M | ||
| Q2 25 | $178.5M | $142.2M | ||
| Q1 25 | $166.8M | $133.1M | ||
| Q4 24 | $212.5M | $143.7M | ||
| Q3 24 | $196.8M | $133.9M | ||
| Q2 24 | $199.7M | $122.2M |
净利润APLSLMB
| Q1 26 | — | $4.4M | ||
| Q4 25 | $-59.0M | $12.3M | ||
| Q3 25 | $215.7M | $8.8M | ||
| Q2 25 | $-42.2M | $7.8M | ||
| Q1 25 | $-92.2M | $10.2M | ||
| Q4 24 | $-36.4M | $9.8M | ||
| Q3 24 | $-57.4M | $7.5M | ||
| Q2 24 | $-37.7M | $6.0M |
毛利率APLSLMB
| Q1 26 | — | 22.4% | ||
| Q4 25 | — | 25.7% | ||
| Q3 25 | — | 24.2% | ||
| Q2 25 | — | 28.0% | ||
| Q1 25 | — | 27.6% | ||
| Q4 24 | — | 30.3% | ||
| Q3 24 | — | 27.0% | ||
| Q2 24 | — | 27.4% |
营业利润率APLSLMB
| Q1 26 | — | 0.8% | ||
| Q4 25 | -25.6% | 9.4% | ||
| Q3 25 | 48.7% | 7.2% | ||
| Q2 25 | -18.6% | 7.5% | ||
| Q1 25 | -50.0% | 5.9% | ||
| Q4 24 | -12.3% | 9.1% | ||
| Q3 24 | -24.0% | 8.1% | ||
| Q2 24 | -14.7% | 6.7% |
净利率APLSLMB
| Q1 26 | — | 3.2% | ||
| Q4 25 | -29.5% | 6.6% | ||
| Q3 25 | 47.0% | 4.8% | ||
| Q2 25 | -23.6% | 5.5% | ||
| Q1 25 | -55.3% | 7.7% | ||
| Q4 24 | -17.1% | 6.9% | ||
| Q3 24 | -29.2% | 5.6% | ||
| Q2 24 | -18.9% | 4.9% |
每股收益（稀释后）APLSLMB
| Q1 26 | — | $0.36 | ||
| Q4 25 | $-0.40 | $1.01 | ||
| Q3 25 | $1.67 | $0.73 | ||
| Q2 25 | $-0.33 | $0.64 | ||
| Q1 25 | $-0.74 | $0.85 | ||
| Q4 24 | $-0.30 | $0.81 | ||
| Q3 24 | $-0.46 | $0.62 | ||
| Q2 24 | $-0.30 | $0.50 |
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 | $15.8M |
| 总债务越低越好 | — | $56.6M |
| 股东权益账面价值 | $370.1M | $196.3M |
| 总资产 | $1.1B | $377.0M |
| 负债/权益比越低杠杆越低 | — | 0.29× |
8季度趋势，按日历期对齐
现金及短期投资APLSLMB
| Q1 26 | — | $15.8M | ||
| Q4 25 | $466.2M | $11.3M | ||
| Q3 25 | $479.2M | $9.8M | ||
| Q2 25 | $370.0M | $38.9M | ||
| Q1 25 | $358.4M | $38.1M | ||
| Q4 24 | $411.3M | $44.9M | ||
| Q3 24 | $396.9M | $51.2M | ||
| Q2 24 | $360.1M | $59.5M |
总债务APLSLMB
| Q1 26 | — | $56.6M | ||
| Q4 25 | — | $30.5M | ||
| Q3 25 | — | $56.3M | ||
| Q2 25 | — | $28.4M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | — | $23.6M | ||
| Q3 24 | — | $20.5M | ||
| Q2 24 | — | $19.7M |
股东权益APLSLMB
| Q1 26 | — | $196.3M | ||
| Q4 25 | $370.1M | $195.7M | ||
| Q3 25 | $401.2M | $181.6M | ||
| Q2 25 | $156.3M | $170.5M | ||
| Q1 25 | $164.2M | $161.1M | ||
| Q4 24 | $228.5M | $153.5M | ||
| Q3 24 | $237.1M | $142.2M | ||
| Q2 24 | $264.3M | $133.0M |
总资产APLSLMB
| Q1 26 | — | $377.0M | ||
| Q4 25 | $1.1B | $381.1M | ||
| Q3 25 | $1.1B | $409.1M | ||
| Q2 25 | $821.4M | $343.0M | ||
| Q1 25 | $807.3M | $336.4M | ||
| Q4 24 | $885.1M | $352.1M | ||
| Q3 24 | $901.9M | $324.4M | ||
| Q2 24 | $904.5M | $303.9M |
负债/权益比APLSLMB
| Q1 26 | — | 0.29× | ||
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× |
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% | — |
| 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APLSLMB
| Q1 26 | — | — | ||
| Q4 25 | $-14.2M | $28.1M | ||
| Q3 25 | $108.5M | $13.3M | ||
| Q2 25 | $4.4M | $2.0M | ||
| Q1 25 | $-53.4M | $2.2M | ||
| Q4 24 | $19.4M | $19.3M | ||
| Q3 24 | $34.1M | $4.9M | ||
| Q2 24 | $-8.3M | $16.5M |
自由现金流APLSLMB
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | $27.9M | ||
| Q3 25 | $108.3M | $12.8M | ||
| Q2 25 | $4.4M | $1.2M | ||
| Q1 25 | $-53.4M | $11.0K | ||
| Q4 24 | $19.3M | $18.0M | ||
| Q3 24 | — | $4.6M | ||
| Q2 24 | $-8.4M | $13.2M |
自由现金流率APLSLMB
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 14.9% | ||
| Q3 25 | 23.6% | 7.0% | ||
| Q2 25 | 2.5% | 0.8% | ||
| Q1 25 | -32.0% | 0.0% | ||
| Q4 24 | 9.1% | 12.5% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | -4.2% | 10.8% |
资本支出强度APLSLMB
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 0.1% | ||
| Q3 25 | 0.0% | 0.3% | ||
| Q2 25 | 0.0% | 0.6% | ||
| Q1 25 | 0.0% | 1.7% | ||
| Q4 24 | 0.0% | 0.9% | ||
| Q3 24 | 0.0% | 0.3% | ||
| Q2 24 | 0.0% | 2.7% |
现金转化率APLSLMB
| Q1 26 | — | — | ||
| Q4 25 | — | 2.29× | ||
| Q3 25 | 0.50× | 1.52× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.22× | ||
| Q4 24 | — | 1.96× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 2.77× |
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% |
LMB
| ODR | $99.8M | 72% |
| GCR | $39.0M | 28% |
