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Apellis Pharmaceuticals, Inc.（APLS）与MARTIN MIDSTREAM PARTNERS L.P.（MMLP）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MARTIN MIDSTREAM PARTNERS L.P.的1.1倍（$199.9M vs $187.7M），MARTIN MIDSTREAM PARTNERS L.P.净利率更高（1.7% vs -29.5%，领先31.2%），MARTIN MIDSTREAM PARTNERS L.P.同比增速更快（-2.5% vs -5.9%），MARTIN MIDSTREAM PARTNERS L.P.自由现金流更多（$-6.0M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 0.8%）
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。
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
APLS vs MMLP — 直观对比
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $187.7M |
| 净利润 | $-59.0M | $3.2M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 4.1% |
| 净利率 | -29.5% | 1.7% |
| 营收同比 | -5.9% | -2.5% |
| 净利润同比 | -62.2% | -37.1% |
| 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
| Q1 26 | — | $187.7M | ||
| Q4 25 | $199.9M | $174.2M | ||
| Q3 25 | $458.6M | $168.7M | ||
| Q2 25 | $178.5M | $180.7M | ||
| Q1 25 | $166.8M | $192.5M | ||
| Q4 24 | $212.5M | $171.3M | ||
| Q3 24 | $196.8M | $170.9M | ||
| Q2 24 | $199.7M | $184.5M |
| Q1 26 | — | $3.2M | ||
| Q4 25 | $-59.0M | $-2.9M | ||
| Q3 25 | $215.7M | $-8.4M | ||
| Q2 25 | $-42.2M | $-2.4M | ||
| Q1 25 | $-92.2M | $-1.0M | ||
| Q4 24 | $-36.4M | $-8.9M | ||
| Q3 24 | $-57.4M | $-3.3M | ||
| Q2 24 | $-37.7M | $3.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 57.1% | ||
| Q3 25 | — | 55.1% | ||
| Q2 25 | — | 56.5% | ||
| Q1 25 | — | 53.5% | ||
| Q4 24 | — | 58.2% | ||
| Q3 24 | — | 58.5% | ||
| Q2 24 | — | 58.4% |
| Q1 26 | — | 4.1% | ||
| Q4 25 | -25.6% | 7.3% | ||
| Q3 25 | 48.7% | 4.1% | ||
| Q2 25 | -18.6% | 8.2% | ||
| Q1 25 | -50.0% | 7.5% | ||
| Q4 24 | -12.3% | 4.0% | ||
| Q3 24 | -24.0% | 7.4% | ||
| Q2 24 | -14.7% | 10.8% |
| Q1 26 | — | 1.7% | ||
| Q4 25 | -29.5% | -1.7% | ||
| Q3 25 | 47.0% | -5.0% | ||
| Q2 25 | -23.6% | -1.3% | ||
| Q1 25 | -55.3% | -0.5% | ||
| Q4 24 | -17.1% | -5.2% | ||
| Q3 24 | -29.2% | -1.9% | ||
| Q2 24 | -18.9% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.40 | — | ||
| Q3 25 | $1.67 | — | ||
| Q2 25 | $-0.33 | — | ||
| Q1 25 | $-0.74 | — | ||
| Q4 24 | $-0.30 | — | ||
| Q3 24 | $-0.46 | — | ||
| Q2 24 | $-0.30 | — |
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 | — |
| 总资产 | $1.1B | $537.1M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | $428.0M | ||
| Q3 25 | — | $441.3M | ||
| Q2 25 | — | $427.8M | ||
| Q1 25 | — | $451.4M | ||
| Q4 24 | — | $437.6M | ||
| Q3 24 | — | $469.3M | ||
| Q2 24 | — | $439.4M |
| Q1 26 | — | — | ||
| Q4 25 | $370.1M | — | ||
| Q3 25 | $401.2M | — | ||
| Q2 25 | $156.3M | — | ||
| Q1 25 | $164.2M | — | ||
| Q4 24 | $228.5M | — | ||
| Q3 24 | $237.1M | — | ||
| Q2 24 | $264.3M | — |
| Q1 26 | — | $537.1M | ||
| Q4 25 | $1.1B | $522.4M | ||
| Q3 25 | $1.1B | $510.1M | ||
| Q2 25 | $821.4M | $515.6M | ||
| Q1 25 | $807.3M | $533.4M | ||
| Q4 24 | $885.1M | $538.5M | ||
| Q3 24 | $901.9M | $554.8M | ||
| Q2 24 | $904.5M | $535.1M |
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 | $-6.0M |
| 自由现金流率自由现金流/营收 | -7.1% | -3.2% |
| 资本支出强度资本支出/营收 | 0.1% | 1.6% |
| 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 | $27.2M |
8季度趋势，按日历期对齐
| Q1 26 | — | — | ||
| Q4 25 | $-14.2M | $22.4M | ||
| Q3 25 | $108.5M | $-1.2M | ||
| Q2 25 | $4.4M | $30.9M | ||
| Q1 25 | $-53.4M | $-6.0M | ||
| Q4 24 | $19.4M | $42.2M | ||
| Q3 24 | $34.1M | $-15.8M | ||
| Q2 24 | $-8.3M | $11.8M |
| Q1 26 | — | $-6.0M | ||
| Q4 25 | $-14.3M | $15.6M | ||
| Q3 25 | $108.3M | $-7.9M | ||
| Q2 25 | $4.4M | $25.6M | ||
| Q1 25 | $-53.4M | $-11.9M | ||
| Q4 24 | $19.3M | $34.2M | ||
| Q3 24 | — | $-25.6M | ||
| Q2 24 | $-8.4M | $-696.0K |
| Q1 26 | — | -3.2% | ||
| Q4 25 | -7.1% | 8.9% | ||
| Q3 25 | 23.6% | -4.7% | ||
| Q2 25 | 2.5% | 14.2% | ||
| Q1 25 | -32.0% | -6.2% | ||
| Q4 24 | 9.1% | 20.0% | ||
| Q3 24 | — | -15.0% | ||
| Q2 24 | -4.2% | -0.4% |
| Q1 26 | — | 1.6% | ||
| Q4 25 | 0.1% | 3.9% | ||
| Q3 25 | 0.0% | 4.0% | ||
| Q2 25 | 0.0% | 3.0% | ||
| Q1 25 | 0.0% | 3.1% | ||
| Q4 24 | 0.0% | 4.6% | ||
| Q3 24 | 0.0% | 5.8% | ||
| Q2 24 | 0.0% | 6.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.13× |
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% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
