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Apellis Pharmaceuticals, Inc.（APLS）与Marcus & Millichap, Inc.（MMI）财务数据对比。点击上方公司名可切换其他公司
Marcus & Millichap, Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.2倍（$243.9M vs $199.9M），Marcus & Millichap, Inc.净利率更高（5.5% vs -29.5%，领先34.9%），Marcus & Millichap, Inc.同比增速更快（1.6% vs -5.9%），Marcus & Millichap, Inc.自由现金流更多（$43.9M vs $-14.3M），过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% 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。
马库斯-米利查普是一家美国商业地产服务企业，在美国和加拿大开展业务，核心服务涵盖商业地产经纪、抵押贷款经纪、市场研究及顾问咨询，业内首创了单经纪机构独家代理房源挂牌模式，目前在美加两国设有超过80家办事处，员工规模超1800人。
APLS vs MMI — 直观对比
营收规模更大
MMI
是对方的1.2倍
$199.9M
营收增速更快
MMI
高出7.5%
-5.9%
净利率更高
MMI
高出34.9%
-29.5%
自由现金流更多
MMI
多$58.2M
$-14.3M
两年增速更快
MMI
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $243.9M |
| 净利润 | $-59.0M | $13.3M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 6.3% |
| 净利率 | -29.5% | 5.5% |
| 营收同比 | -5.9% | 1.6% |
| 净利润同比 | -62.2% | 55.7% |
| 每股收益（稀释后） | $-0.40 | $0.33 |
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APLSMMI
| Q4 25 | $199.9M | $243.9M | ||
| Q3 25 | $458.6M | $193.9M | ||
| Q2 25 | $178.5M | $172.3M | ||
| Q1 25 | $166.8M | $145.0M | ||
| Q4 24 | $212.5M | $240.1M | ||
| Q3 24 | $196.8M | $168.5M | ||
| Q2 24 | $199.7M | $158.4M | ||
| Q1 24 | $172.3M | $129.1M |
净利润APLSMMI
| Q4 25 | $-59.0M | $13.3M | ||
| Q3 25 | $215.7M | $240.0K | ||
| Q2 25 | $-42.2M | $-11.0M | ||
| Q1 25 | $-92.2M | $-4.4M | ||
| Q4 24 | $-36.4M | $8.5M | ||
| Q3 24 | $-57.4M | $-5.4M | ||
| Q2 24 | $-37.7M | $-5.5M | ||
| Q1 24 | $-66.4M | $-10.0M |
营业利润率APLSMMI
| Q4 25 | -25.6% | 6.3% | ||
| Q3 25 | 48.7% | -1.2% | ||
| Q2 25 | -18.6% | -5.3% | ||
| Q1 25 | -50.0% | -12.2% | ||
| Q4 24 | -12.3% | 2.8% | ||
| Q3 24 | -24.0% | -6.8% | ||
| Q2 24 | -14.7% | -5.1% | ||
| Q1 24 | -36.0% | -15.6% |
净利率APLSMMI
| Q4 25 | -29.5% | 5.5% | ||
| Q3 25 | 47.0% | 0.1% | ||
| Q2 25 | -23.6% | -6.4% | ||
| Q1 25 | -55.3% | -3.0% | ||
| Q4 24 | -17.1% | 3.6% | ||
| Q3 24 | -29.2% | -3.2% | ||
| Q2 24 | -18.9% | -3.5% | ||
| Q1 24 | -38.5% | -7.7% |
每股收益（稀释后）APLSMMI
| Q4 25 | $-0.40 | $0.33 | ||
| Q3 25 | $1.67 | $0.01 | ||
| Q2 25 | $-0.33 | $-0.28 | ||
| Q1 25 | $-0.74 | $-0.11 | ||
| Q4 24 | $-0.30 | $0.22 | ||
| Q3 24 | $-0.46 | $-0.14 | ||
| Q2 24 | $-0.30 | $-0.14 | ||
| Q1 24 | $-0.54 | $-0.26 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $603.1M |
| 总资产 | $1.1B | $827.2M |
| 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APLSMMI
| 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 | — | ||
| Q1 24 | $325.9M | — |
总债务APLSMMI
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSMMI
| Q4 25 | $370.1M | $603.1M | ||
| Q3 25 | $401.2M | $602.2M | ||
| Q2 25 | $156.3M | $607.8M | ||
| Q1 25 | $164.2M | $617.6M | ||
| Q4 24 | $228.5M | $630.8M | ||
| Q3 24 | $237.1M | $617.7M | ||
| Q2 24 | $264.3M | $626.7M | ||
| Q1 24 | $266.7M | $625.6M |
总资产APLSMMI
| Q4 25 | $1.1B | $827.2M | ||
| Q3 25 | $1.1B | $812.5M | ||
| Q2 25 | $821.4M | $792.2M | ||
| Q1 25 | $807.3M | $802.0M | ||
| Q4 24 | $885.1M | $869.8M | ||
| Q3 24 | $901.9M | $833.7M | ||
| Q2 24 | $904.5M | $825.4M | ||
| Q1 24 | $831.9M | $826.7M |
负债/权益比APLSMMI
| 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 | $46.3M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $43.9M |
| 自由现金流率自由现金流/营收 | -7.1% | 18.0% |
| 资本支出强度资本支出/营收 | 0.1% | 1.0% |
| 现金转化率经营现金流/净利润 | — | 3.48× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $58.8M |
8季度趋势，按日历期对齐
经营现金流APLSMMI
| Q4 25 | $-14.2M | $46.3M | ||
| Q3 25 | $108.5M | $52.2M | ||
| Q2 25 | $4.4M | $21.0M | ||
| Q1 25 | $-53.4M | $-52.8M | ||
| Q4 24 | $19.4M | $56.7M | ||
| Q3 24 | $34.1M | $15.2M | ||
| Q2 24 | $-8.3M | $851.0K | ||
| Q1 24 | $-133.0M | $-51.0M |
自由现金流APLSMMI
| Q4 25 | $-14.3M | $43.9M | ||
| Q3 25 | $108.3M | $50.0M | ||
| Q2 25 | $4.4M | $19.3M | ||
| Q1 25 | $-53.4M | $-54.3M | ||
| Q4 24 | $19.3M | $55.1M | ||
| Q3 24 | — | $13.2M | ||
| Q2 24 | $-8.4M | $-806.0K | ||
| Q1 24 | $-133.3M | $-53.7M |
自由现金流率APLSMMI
| Q4 25 | -7.1% | 18.0% | ||
| Q3 25 | 23.6% | 25.8% | ||
| Q2 25 | 2.5% | 11.2% | ||
| Q1 25 | -32.0% | -37.5% | ||
| Q4 24 | 9.1% | 23.0% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | -4.2% | -0.5% | ||
| Q1 24 | -77.3% | -41.6% |
资本支出强度APLSMMI
| Q4 25 | 0.1% | 1.0% | ||
| Q3 25 | 0.0% | 1.2% | ||
| Q2 25 | 0.0% | 1.0% | ||
| Q1 25 | 0.0% | 1.0% | ||
| Q4 24 | 0.0% | 0.6% | ||
| Q3 24 | 0.0% | 1.2% | ||
| Q2 24 | 0.0% | 1.0% | ||
| Q1 24 | 0.2% | 2.0% |
现金转化率APLSMMI
| Q4 25 | — | 3.48× | ||
| Q3 25 | 0.50× | 217.54× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
MMI
| Real Estate Brokerage Commissions | $205.3M | 84% |
| Financing Fees | $33.2M | 14% |
| Other Revenues | $5.4M | 2% |
