vs
Apellis Pharmaceuticals, Inc.（APLS）与Ramaco Resources, Inc.（METC）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Ramaco Resources, Inc.的1.7倍（$199.9M vs $121.0M），Ramaco Resources, Inc.净利率更高（-11.0% vs -29.5%，领先18.5%），Apellis Pharmaceuticals, Inc.同比增速更快（-5.9% vs -27.7%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-17.5M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -22.7%）
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。
Ramaco Resources, Inc.是一家总部位于美国的矿业企业，主营高等级冶金煤生产，在阿巴拉契亚地区运营多处采矿资产，产品供应全球钢铁制造商及工业客户，核心业务为可持续、低成本的冶金煤开采与分销。
APLS vs METC — 直观对比
营收规模更大
APLS
是对方的1.7倍
$121.0M
营收增速更快
APLS
高出21.8%
-27.7%
净利率更高
METC
高出18.5%
-29.5%
自由现金流更多
APLS
多$3.3M
$-17.5M
两年增速更快
APLS
近两年复合增速
-22.7%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $121.0M |
| 净利润 | $-59.0M | $-13.3M |
| 毛利率 | — | 15.8% |
| 营业利润率 | -25.6% | -12.0% |
| 净利率 | -29.5% | -11.0% |
| 营收同比 | -5.9% | -27.7% |
| 净利润同比 | -62.2% | -5468.2% |
| 每股收益（稀释后） | $-0.40 | — |
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APLSMETC
| Q4 25 | $199.9M | — | ||
| Q3 25 | $458.6M | $121.0M | ||
| Q2 25 | $178.5M | $153.0M | ||
| Q1 25 | $166.8M | $134.7M | ||
| Q4 24 | $212.5M | $170.9M | ||
| Q3 24 | $196.8M | $167.4M | ||
| Q2 24 | $199.7M | $155.3M | ||
| Q1 24 | $172.3M | $172.7M |
净利润APLSMETC
| Q4 25 | $-59.0M | — | ||
| Q3 25 | $215.7M | $-13.3M | ||
| Q2 25 | $-42.2M | $-14.0M | ||
| Q1 25 | $-92.2M | $-9.5M | ||
| Q4 24 | $-36.4M | $3.9M | ||
| Q3 24 | $-57.4M | $-239.0K | ||
| Q2 24 | $-37.7M | $5.5M | ||
| Q1 24 | $-66.4M | $2.0M |
毛利率APLSMETC
| Q4 25 | — | — | ||
| Q3 25 | — | 15.8% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | — | 15.2% | ||
| Q4 24 | — | 20.4% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 19.1% |
营业利润率APLSMETC
| Q4 25 | -25.6% | — | ||
| Q3 25 | 48.7% | -12.0% | ||
| Q2 25 | -18.6% | -9.1% | ||
| Q1 25 | -50.0% | -8.9% | ||
| Q4 24 | -12.3% | 3.7% | ||
| Q3 24 | -24.0% | 1.0% | ||
| Q2 24 | -14.7% | 3.5% | ||
| Q1 24 | -36.0% | 1.9% |
净利率APLSMETC
| Q4 25 | -29.5% | — | ||
| Q3 25 | 47.0% | -11.0% | ||
| Q2 25 | -23.6% | -9.1% | ||
| Q1 25 | -55.3% | -7.0% | ||
| Q4 24 | -17.1% | 2.3% | ||
| Q3 24 | -29.2% | -0.1% | ||
| Q2 24 | -18.9% | 3.6% | ||
| Q1 24 | -38.5% | 1.2% |
每股收益（稀释后）APLSMETC
| Q4 25 | $-0.40 | — | ||
| Q3 25 | $1.67 | — | ||
| Q2 25 | $-0.33 | — | ||
| Q1 25 | $-0.74 | — | ||
| Q4 24 | $-0.30 | $0.06 | ||
| Q3 24 | $-0.46 | $-0.03 | ||
| Q2 24 | $-0.30 | $0.08 | ||
| Q1 24 | $-0.54 | $0.00 |
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 | $193.8M |
| 总债务越低越好 | — | $116.3M |
| 股东权益账面价值 | $370.1M | $526.9M |
| 总资产 | $1.1B | $849.7M |
| 负债/权益比越低杠杆越低 | — | 0.22× |
8季度趋势，按日历期对齐
现金及短期投资APLSMETC
| Q4 25 | $466.2M | — | ||
| Q3 25 | $479.2M | $193.8M | ||
| Q2 25 | $370.0M | $28.1M | ||
| Q1 25 | $358.4M | $43.5M | ||
| Q4 24 | $411.3M | $33.0M | ||
| Q3 24 | $396.9M | $22.9M | ||
| Q2 24 | $360.1M | $27.6M | ||
| Q1 24 | $325.9M | $30.5M |
总债务APLSMETC
| Q4 25 | — | — | ||
| Q3 25 | — | $116.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $88.2M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSMETC
| Q4 25 | $370.1M | — | ||
| Q3 25 | $401.2M | $526.9M | ||
| Q2 25 | $156.3M | $347.4M | ||
| Q1 25 | $164.2M | $355.2M | ||
| Q4 24 | $228.5M | $362.8M | ||
| Q3 24 | $237.1M | $361.8M | ||
| Q2 24 | $264.3M | $366.1M | ||
| Q1 24 | $266.7M | $372.3M |
总资产APLSMETC
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | $849.7M | ||
| Q2 25 | $821.4M | $674.6M | ||
| Q1 25 | $807.3M | $685.7M | ||
| Q4 24 | $885.1M | $674.7M | ||
| Q3 24 | $901.9M | $645.4M | ||
| Q2 24 | $904.5M | $659.2M | ||
| Q1 24 | $831.9M | $674.0M |
负债/权益比APLSMETC
| Q4 25 | — | — | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.24× | ||
| 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 | $-1.4M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-17.5M |
| 自由现金流率自由现金流/营收 | -7.1% | -14.5% |
| 资本支出强度资本支出/营收 | 0.1% | 13.3% |
| 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 | $-24.7M |
8季度趋势，按日历期对齐
经营现金流APLSMETC
| Q4 25 | $-14.2M | — | ||
| Q3 25 | $108.5M | $-1.4M | ||
| Q2 25 | $4.4M | $-4.3M | ||
| Q1 25 | $-53.4M | $26.0M | ||
| Q4 24 | $19.4M | $15.7M | ||
| Q3 24 | $34.1M | $37.4M | ||
| Q2 24 | $-8.3M | $34.4M | ||
| Q1 24 | $-133.0M | $25.2M |
自由现金流APLSMETC
| Q4 25 | $-14.3M | — | ||
| Q3 25 | $108.3M | $-17.5M | ||
| Q2 25 | $4.4M | $-19.8M | ||
| Q1 25 | $-53.4M | $7.6M | ||
| Q4 24 | $19.3M | $5.1M | ||
| Q3 24 | — | $25.6M | ||
| Q2 24 | $-8.4M | $20.3M | ||
| Q1 24 | $-133.3M | $6.5M |
自由现金流率APLSMETC
| Q4 25 | -7.1% | — | ||
| Q3 25 | 23.6% | -14.5% | ||
| Q2 25 | 2.5% | -13.0% | ||
| Q1 25 | -32.0% | 5.6% | ||
| Q4 24 | 9.1% | 3.0% | ||
| Q3 24 | — | 15.3% | ||
| Q2 24 | -4.2% | 13.1% | ||
| Q1 24 | -77.3% | 3.7% |
资本支出强度APLSMETC
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | 13.3% | ||
| Q2 25 | 0.0% | 10.2% | ||
| Q1 25 | 0.0% | 13.7% | ||
| Q4 24 | 0.0% | 6.2% | ||
| Q3 24 | 0.0% | 7.0% | ||
| Q2 24 | 0.0% | 9.1% | ||
| Q1 24 | 0.2% | 10.8% |
现金转化率APLSMETC
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.06× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 6.21× | ||
| Q1 24 | — | 12.40× |
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% |
METC
| Export Coal Revenues | $73.0M | 60% |
| Domestic Coal Revenues | $48.0M | 40% |
