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Apellis Pharmaceuticals, Inc.（APLS）与Merchants Bancorp（MBIN）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Merchants Bancorp的1.1倍（$199.9M vs $175.2M），Merchants Bancorp净利率更高（38.6% vs -29.5%，领先68.1%），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 4.8%）
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。
Ameris Bancorp是总部位于美国佐治亚州亚特兰大的银行控股企业，旗下设有Ameris Bank子公司，在佐治亚州、阿拉巴马州、佛罗里达州、北卡罗来纳州、南卡罗来纳州运营全服务网点，同时在上述五州及弗吉尼亚州、马里兰州、田纳西州设立仅办理抵押贷款业务的网点，为个人和企业客户提供线上及移动端银行服务。
APLS vs MBIN — 直观对比
营收规模更大
APLS
是对方的1.1倍
$175.2M
净利率更高
MBIN
高出68.1%
-29.5%
两年增速更快
APLS
近两年复合增速
4.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $175.2M |
| 净利润 | $-59.0M | $67.7M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | — |
| 净利率 | -29.5% | 38.6% |
| 营收同比 | -5.9% | — |
| 净利润同比 | -62.2% | 16.3% |
| 每股收益（稀释后） | $-0.40 | $1.25 |
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APLSMBIN
| Q1 26 | — | $175.2M | ||
| Q4 25 | $199.9M | $185.3M | ||
| Q3 25 | $458.6M | $171.1M | ||
| Q2 25 | $178.5M | $179.2M | ||
| Q1 25 | $166.8M | $145.9M | ||
| Q4 24 | $212.5M | $193.8M | ||
| Q3 24 | $196.8M | $149.6M | ||
| Q2 24 | $199.7M | $159.5M |
净利润APLSMBIN
| Q1 26 | — | $67.7M | ||
| Q4 25 | $-59.0M | — | ||
| Q3 25 | $215.7M | $54.7M | ||
| Q2 25 | $-42.2M | $38.0M | ||
| Q1 25 | $-92.2M | $58.2M | ||
| Q4 24 | $-36.4M | — | ||
| Q3 24 | $-57.4M | $61.3M | ||
| Q2 24 | $-37.7M | $76.4M |
营业利润率APLSMBIN
| Q1 26 | — | — | ||
| Q4 25 | -25.6% | 39.9% | ||
| Q3 25 | 48.7% | 37.8% | ||
| Q2 25 | -18.6% | 27.3% | ||
| Q1 25 | -50.0% | 52.4% | ||
| Q4 24 | -12.3% | 66.0% | ||
| Q3 24 | -24.0% | 54.4% | ||
| Q2 24 | -14.7% | 62.2% |
净利率APLSMBIN
| Q1 26 | — | 38.6% | ||
| Q4 25 | -29.5% | — | ||
| Q3 25 | 47.0% | 32.0% | ||
| Q2 25 | -23.6% | 21.2% | ||
| Q1 25 | -55.3% | 39.9% | ||
| Q4 24 | -17.1% | — | ||
| Q3 24 | -29.2% | 41.0% | ||
| Q2 24 | -18.9% | 47.9% |
每股收益（稀释后）APLSMBIN
| Q1 26 | — | $1.25 | ||
| Q4 25 | $-0.40 | $1.28 | ||
| Q3 25 | $1.67 | $0.97 | ||
| Q2 25 | $-0.33 | $0.60 | ||
| Q1 25 | $-0.74 | $0.93 | ||
| Q4 24 | $-0.30 | $1.84 | ||
| Q3 24 | $-0.46 | $1.17 | ||
| Q2 24 | $-0.30 | $1.49 |
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 | $83.2M |
| 总债务越低越好 | — | $32.0M |
| 股东权益账面价值 | $370.1M | $2.3B |
| 总资产 | $1.1B | $20.3B |
| 负债/权益比越低杠杆越低 | — | 0.01× |
8季度趋势，按日历期对齐
现金及短期投资APLSMBIN
| Q1 26 | — | $83.2M | ||
| Q4 25 | $466.2M | — | ||
| Q3 25 | $479.2M | — | ||
| Q2 25 | $370.0M | — | ||
| Q1 25 | $358.4M | — | ||
| Q4 24 | $411.3M | — | ||
| Q3 24 | $396.9M | — | ||
| Q2 24 | $360.1M | — |
总债务APLSMBIN
| Q1 26 | — | $32.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益APLSMBIN
| Q1 26 | — | $2.3B | ||
| Q4 25 | $370.1M | $2.3B | ||
| Q3 25 | $401.2M | $2.2B | ||
| Q2 25 | $156.3M | $2.2B | ||
| Q1 25 | $164.2M | $2.2B | ||
| Q4 24 | $228.5M | $2.2B | ||
| Q3 24 | $237.1M | $1.9B | ||
| Q2 24 | $264.3M | $1.9B |
总资产APLSMBIN
| Q1 26 | — | $20.3B | ||
| Q4 25 | $1.1B | $19.4B | ||
| Q3 25 | $1.1B | $19.4B | ||
| Q2 25 | $821.4M | $19.1B | ||
| Q1 25 | $807.3M | $18.8B | ||
| Q4 24 | $885.1M | $18.8B | ||
| Q3 24 | $901.9M | $18.7B | ||
| Q2 24 | $904.5M | $18.2B |
负债/权益比APLSMBIN
| Q1 26 | — | 0.01× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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% | — |
| 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APLSMBIN
| Q1 26 | — | — | ||
| Q4 25 | $-14.2M | $-341.2M | ||
| Q3 25 | $108.5M | $29.8M | ||
| Q2 25 | $4.4M | $-121.2M | ||
| Q1 25 | $-53.4M | $148.0M | ||
| Q4 24 | $19.4M | $-835.3M | ||
| Q3 24 | $34.1M | $-492.6M | ||
| Q2 24 | $-8.3M | $51.1M |
自由现金流APLSMBIN
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | $-362.2M | ||
| Q3 25 | $108.3M | $24.0M | ||
| Q2 25 | $4.4M | $-125.7M | ||
| Q1 25 | $-53.4M | $141.2M | ||
| Q4 24 | $19.3M | $-853.7M | ||
| Q3 24 | — | $-497.2M | ||
| Q2 24 | $-8.4M | $45.8M |
自由现金流率APLSMBIN
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | -195.5% | ||
| Q3 25 | 23.6% | 14.0% | ||
| Q2 25 | 2.5% | -70.1% | ||
| Q1 25 | -32.0% | 96.8% | ||
| Q4 24 | 9.1% | -440.6% | ||
| Q3 24 | — | -332.4% | ||
| Q2 24 | -4.2% | 28.7% |
资本支出强度APLSMBIN
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 11.3% | ||
| Q3 25 | 0.0% | 3.4% | ||
| Q2 25 | 0.0% | 2.5% | ||
| Q1 25 | 0.0% | 4.7% | ||
| Q4 24 | 0.0% | 9.5% | ||
| Q3 24 | 0.0% | 3.0% | ||
| Q2 24 | 0.0% | 3.3% |
现金转化率APLSMBIN
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | 0.54× | ||
| Q2 25 | — | -3.19× | ||
| Q1 25 | — | 2.54× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -8.04× | ||
| Q2 24 | — | 0.67× |
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% |
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
