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Apellis Pharmaceuticals, Inc.（APLS）与MarketAxess（MKTX）财务数据对比。点击上方公司名可切换其他公司
MarketAxess的季度营收约是Apellis Pharmaceuticals, Inc.的1.0倍（$209.4M vs $199.9M），MarketAxess净利率更高（44.0% vs -29.5%，领先73.5%），MarketAxess同比增速更快（3.5% vs -5.9%），MarketAxess自由现金流更多（$373.9M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -0.2%）
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。
MarketAxess Holdings Inc.是一家国际金融科技企业，运营面向机构信贷市场的电子交易平台，同时提供市场数据及交易后服务，支持机构投资者、经纪自营商开展企业债券等各类固定收益类信用工具的交易。
APLS vs MKTX — 直观对比
营收规模更大
MKTX
是对方的1.0倍
$199.9M
营收增速更快
MKTX
高出9.4%
-5.9%
净利率更高
MKTX
高出73.5%
-29.5%
自由现金流更多
MKTX
多$388.2M
$-14.3M
两年增速更快
APLS
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $209.4M |
| 净利润 | $-59.0M | $92.2M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 36.3% |
| 净利率 | -29.5% | 44.0% |
| 营收同比 | -5.9% | 3.5% |
| 净利润同比 | -62.2% | 41.6% |
| 每股收益（稀释后） | $-0.40 | $2.49 |
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APLSMKTX
| Q4 25 | $199.9M | $209.4M | ||
| Q3 25 | $458.6M | $208.8M | ||
| Q2 25 | $178.5M | $219.5M | ||
| Q1 25 | $166.8M | $208.6M | ||
| Q4 24 | $212.5M | $202.4M | ||
| Q3 24 | $196.8M | $206.7M | ||
| Q2 24 | $199.7M | $197.7M | ||
| Q1 24 | $172.3M | $210.3M |
净利润APLSMKTX
| Q4 25 | $-59.0M | $92.2M | ||
| Q3 25 | $215.7M | $68.2M | ||
| Q2 25 | $-42.2M | $71.1M | ||
| Q1 25 | $-92.2M | $15.1M | ||
| Q4 24 | $-36.4M | $65.1M | ||
| Q3 24 | $-57.4M | $71.5M | ||
| Q2 24 | $-37.7M | $64.9M | ||
| Q1 24 | $-66.4M | $72.6M |
营业利润率APLSMKTX
| Q4 25 | -25.6% | 36.3% | ||
| Q3 25 | 48.7% | 41.0% | ||
| Q2 25 | -18.6% | 41.9% | ||
| Q1 25 | -50.0% | 42.4% | ||
| Q4 24 | -12.3% | 39.5% | ||
| Q3 24 | -24.0% | 42.1% | ||
| Q2 24 | -14.7% | 41.2% | ||
| Q1 24 | -36.0% | 44.0% |
净利率APLSMKTX
| Q4 25 | -29.5% | 44.0% | ||
| Q3 25 | 47.0% | 32.6% | ||
| Q2 25 | -23.6% | 32.4% | ||
| Q1 25 | -55.3% | 7.2% | ||
| Q4 24 | -17.1% | 32.2% | ||
| Q3 24 | -29.2% | 34.6% | ||
| Q2 24 | -18.9% | 32.9% | ||
| Q1 24 | -38.5% | 34.5% |
每股收益（稀释后）APLSMKTX
| Q4 25 | $-0.40 | $2.49 | ||
| Q3 25 | $1.67 | $1.84 | ||
| Q2 25 | $-0.33 | $1.91 | ||
| Q1 25 | $-0.74 | $0.40 | ||
| Q4 24 | $-0.30 | $1.74 | ||
| Q3 24 | $-0.46 | $1.90 | ||
| Q2 24 | $-0.30 | $1.72 | ||
| Q1 24 | $-0.54 | $1.92 |
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 | $519.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $1.1B |
| 总资产 | $1.1B | $1.9B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资APLSMKTX
| Q4 25 | $466.2M | $519.7M | ||
| Q3 25 | $479.2M | $473.3M | ||
| Q2 25 | $370.0M | $462.8M | ||
| Q1 25 | $358.4M | $486.2M | ||
| Q4 24 | $411.3M | $544.5M | ||
| Q3 24 | $396.9M | $446.3M | ||
| Q2 24 | $360.1M | $434.1M | ||
| Q1 24 | $325.9M | $376.7M |
总债务APLSMKTX
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSMKTX
| Q4 25 | $370.1M | $1.1B | ||
| Q3 25 | $401.2M | $1.4B | ||
| Q2 25 | $156.3M | $1.4B | ||
| Q1 25 | $164.2M | $1.3B | ||
| Q4 24 | $228.5M | $1.4B | ||
| Q3 24 | $237.1M | $1.4B | ||
| Q2 24 | $264.3M | $1.3B | ||
| Q1 24 | $266.7M | $1.3B |
总资产APLSMKTX
| Q4 25 | $1.1B | $1.9B | ||
| Q3 25 | $1.1B | $2.0B | ||
| Q2 25 | $821.4M | $2.0B | ||
| Q1 25 | $807.3M | $1.9B | ||
| Q4 24 | $885.1M | $1.8B | ||
| Q3 24 | $901.9M | $1.8B | ||
| Q2 24 | $904.5M | $1.9B | ||
| Q1 24 | $831.9M | $1.9B |
负债/权益比APLSMKTX
| 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 | $382.1M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $373.9M |
| 自由现金流率自由现金流/营收 | -7.1% | 178.6% |
| 资本支出强度资本支出/营收 | 0.1% | 3.9% |
| 现金转化率经营现金流/净利润 | — | 4.14× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $592.8M |
8季度趋势，按日历期对齐
经营现金流APLSMKTX
| Q4 25 | $-14.2M | $382.1M | ||
| Q3 25 | $108.5M | $90.2M | ||
| Q2 25 | $4.4M | $103.7M | ||
| Q1 25 | $-53.4M | $29.6M | ||
| Q4 24 | $19.4M | $385.2M | ||
| Q3 24 | $34.1M | $95.1M | ||
| Q2 24 | $-8.3M | $118.8M | ||
| Q1 24 | $-133.0M | $-4.9M |
自由现金流APLSMKTX
| Q4 25 | $-14.3M | $373.9M | ||
| Q3 25 | $108.3M | $88.7M | ||
| Q2 25 | $4.4M | $102.5M | ||
| Q1 25 | $-53.4M | $27.7M | ||
| Q4 24 | $19.3M | $375.3M | ||
| Q3 24 | — | $94.3M | ||
| Q2 24 | $-8.4M | $111.2M | ||
| Q1 24 | $-133.3M | $-6.1M |
自由现金流率APLSMKTX
| Q4 25 | -7.1% | 178.6% | ||
| Q3 25 | 23.6% | 42.5% | ||
| Q2 25 | 2.5% | 46.7% | ||
| Q1 25 | -32.0% | 13.3% | ||
| Q4 24 | 9.1% | 185.4% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | -4.2% | 56.2% | ||
| Q1 24 | -77.3% | -2.9% |
资本支出强度APLSMKTX
| Q4 25 | 0.1% | 3.9% | ||
| Q3 25 | 0.0% | 0.7% | ||
| Q2 25 | 0.0% | 0.5% | ||
| Q1 25 | 0.0% | 0.9% | ||
| Q4 24 | 0.0% | 4.9% | ||
| Q3 24 | 0.0% | 0.4% | ||
| Q2 24 | 0.0% | 3.9% | ||
| Q1 24 | 0.2% | 0.6% |
现金转化率APLSMKTX
| Q4 25 | — | 4.14× | ||
| Q3 25 | 0.50× | 1.32× | ||
| Q2 25 | — | 1.46× | ||
| Q1 25 | — | 1.97× | ||
| Q4 24 | — | 5.91× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | — | 1.83× | ||
| Q1 24 | — | -0.07× |
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% |
MKTX
| Commission Revenue | $181.3M | 87% |
| Information Services | $13.5M | 6% |
| Post Trade Services | $11.0M | 5% |
| Technology Services | $3.6M | 2% |
