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Apellis Pharmaceuticals, Inc.（APLS）与MARA Holdings, Inc.（MARA）财务数据对比。点击上方公司名可切换其他公司
MARA Holdings, Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.0倍（$202.3M vs $199.9M），Apellis Pharmaceuticals, Inc.净利率更高（-29.5% vs -14298.3%，领先14268.8%），MARA Holdings, Inc.同比增速更快（-5.6% vs -5.9%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-1.2B），过去两年MARA Holdings, Inc.的营收复合增速更高（10.7% 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。
MARA Holdings, Inc.是一家美国数字资产技术及加密货币挖矿企业，总部位于佛罗里达州劳德代尔堡。公司成立于2010年，最初以专利控股公司的模式运营，2010年代后期转向专注于区块链基础设施与数字资产相关业务。
APLS vs MARA — 直观对比
营收规模更大
MARA
是对方的1.0倍
$199.9M
营收增速更快
MARA
高出0.3%
-5.9%
净利率更高
APLS
高出14268.8%
-14298.3%
自由现金流更多
APLS
多$1.2B
$-1.2B
两年增速更快
MARA
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $202.3M |
| 净利润 | $-59.0M | $-1.7B |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | -11795.9% |
| 净利率 | -29.5% | -14298.3% |
| 营收同比 | -5.9% | -5.6% |
| 净利润同比 | -62.2% | -423.5% |
| 每股收益（稀释后） | $-0.40 | $-4.25 |
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APLSMARA
| Q4 25 | $199.9M | $202.3M | ||
| Q3 25 | $458.6M | $252.4M | ||
| Q2 25 | $178.5M | $238.5M | ||
| Q1 25 | $166.8M | $213.9M | ||
| Q4 24 | $212.5M | $214.4M | ||
| Q3 24 | $196.8M | $131.6M | ||
| Q2 24 | $199.7M | $145.1M | ||
| Q1 24 | $172.3M | $165.2M |
净利润APLSMARA
| Q4 25 | $-59.0M | $-1.7B | ||
| Q3 25 | $215.7M | $123.1M | ||
| Q2 25 | $-42.2M | $808.2M | ||
| Q1 25 | $-92.2M | $-533.4M | ||
| Q4 24 | $-36.4M | $528.5M | ||
| Q3 24 | $-57.4M | $-124.8M | ||
| Q2 24 | $-37.7M | $-199.7M | ||
| Q1 24 | $-66.4M | $337.2M |
毛利率APLSMARA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -2613.4% | ||
| Q3 24 | — | -1065.0% | ||
| Q2 24 | — | -587.6% | ||
| Q1 24 | — | -289.4% |
营业利润率APLSMARA
| Q4 25 | -25.6% | -11795.9% | ||
| Q3 25 | 48.7% | 18.9% | ||
| Q2 25 | -18.6% | — | ||
| Q1 25 | -50.0% | -253.0% | ||
| Q4 24 | -12.3% | — | ||
| Q3 24 | -24.0% | -130.8% | ||
| Q2 24 | -14.7% | -160.1% | ||
| Q1 24 | -36.0% | — |
净利率APLSMARA
| Q4 25 | -29.5% | -14298.3% | ||
| Q3 25 | 47.0% | 48.8% | ||
| Q2 25 | -23.6% | 338.9% | ||
| Q1 25 | -55.3% | -249.4% | ||
| Q4 24 | -17.1% | 5367.4% | ||
| Q3 24 | -29.2% | -94.8% | ||
| Q2 24 | -18.9% | -137.6% | ||
| Q1 24 | -38.5% | 204.1% |
每股收益（稀释后）APLSMARA
| Q4 25 | $-0.40 | $-4.25 | ||
| Q3 25 | $1.67 | $0.27 | ||
| Q2 25 | $-0.33 | $1.84 | ||
| Q1 25 | $-0.74 | $-1.55 | ||
| Q4 24 | $-0.30 | $1.60 | ||
| Q3 24 | $-0.46 | $-0.42 | ||
| Q2 24 | $-0.30 | $-0.72 | ||
| Q1 24 | $-0.54 | $1.26 |
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 | $547.1M |
| 总债务越低越好 | — | $3.6B |
| 股东权益账面价值 | $370.1M | $3.5B |
| 总资产 | $1.1B | $7.3B |
| 负债/权益比越低杠杆越低 | — | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资APLSMARA
| Q4 25 | $466.2M | $547.1M | ||
| Q3 25 | $479.2M | $826.4M | ||
| Q2 25 | $370.0M | $109.5M | ||
| Q1 25 | $358.4M | $196.2M | ||
| Q4 24 | $411.3M | $391.8M | ||
| Q3 24 | $396.9M | $164.3M | ||
| Q2 24 | $360.1M | $256.0M | ||
| Q1 24 | $325.9M | $324.3M |
总债务APLSMARA
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $618.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSMARA
| Q4 25 | $370.1M | $3.5B | ||
| Q3 25 | $401.2M | $5.2B | ||
| Q2 25 | $156.3M | $4.8B | ||
| Q1 25 | $164.2M | $3.7B | ||
| Q4 24 | $228.5M | $4.1B | ||
| Q3 24 | $237.1M | $2.9B | ||
| Q2 24 | $264.3M | $2.6B | ||
| Q1 24 | $266.7M | $2.5B |
总资产APLSMARA
| Q4 25 | $1.1B | $7.3B | ||
| Q3 25 | $1.1B | $9.2B | ||
| Q2 25 | $821.4M | $7.7B | ||
| Q1 25 | $807.3M | $6.4B | ||
| Q4 24 | $885.1M | $6.8B | ||
| Q3 24 | $901.9M | $3.6B | ||
| Q2 24 | $904.5M | $3.1B | ||
| Q1 24 | $831.9M | $3.0B |
负债/权益比APLSMARA
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | 0.63× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.62× | ||
| Q4 24 | — | 0.59× | ||
| Q3 24 | — | 0.22× | ||
| 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 | $-802.7M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-1.2B |
| 自由现金流率自由现金流/营收 | -7.1% | -598.0% |
| 资本支出强度资本支出/营收 | 0.1% | 201.2% |
| 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 | $-2.0B |
8季度趋势，按日历期对齐
经营现金流APLSMARA
| Q4 25 | $-14.2M | $-802.7M | ||
| Q3 25 | $108.5M | $-199.0M | ||
| Q2 25 | $4.4M | $-163.4M | ||
| Q1 25 | $-53.4M | $-215.5M | ||
| Q4 24 | $19.4M | $-677.0M | ||
| Q3 24 | $34.1M | $-160.1M | ||
| Q2 24 | $-8.3M | $-115.2M | ||
| Q1 24 | $-133.0M | $-88.3M |
自由现金流APLSMARA
| Q4 25 | $-14.3M | $-1.2B | ||
| Q3 25 | $108.3M | $-283.9M | ||
| Q2 25 | $4.4M | $-282.4M | ||
| Q1 25 | $-53.4M | $-254.3M | ||
| Q4 24 | $19.3M | $-927.8M | ||
| Q3 24 | — | $-198.1M | ||
| Q2 24 | $-8.4M | $-132.4M | ||
| Q1 24 | $-133.3M | $-97.4M |
自由现金流率APLSMARA
| Q4 25 | -7.1% | -598.0% | ||
| Q3 25 | 23.6% | -112.5% | ||
| Q2 25 | 2.5% | -118.4% | ||
| Q1 25 | -32.0% | -118.9% | ||
| Q4 24 | 9.1% | -432.8% | ||
| Q3 24 | — | -150.5% | ||
| Q2 24 | -4.2% | -91.2% | ||
| Q1 24 | -77.3% | -59.0% |
资本支出强度APLSMARA
| Q4 25 | 0.1% | 201.2% | ||
| Q3 25 | 0.0% | 33.6% | ||
| Q2 25 | 0.0% | 49.9% | ||
| Q1 25 | 0.0% | 18.2% | ||
| Q4 24 | 0.0% | 117.0% | ||
| Q3 24 | 0.0% | 28.9% | ||
| Q2 24 | 0.0% | 11.9% | ||
| Q1 24 | 0.2% | 5.5% |
现金转化率APLSMARA
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | -1.62× | ||
| Q2 25 | — | -0.20× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.28× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.26× |
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% |
MARA
暂无分部数据
