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Apellis Pharmaceuticals, Inc.（APLS）与Marqeta, Inc.（MQ）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Marqeta, Inc.的1.2倍（$199.9M vs $172.1M），Marqeta, Inc.同比增速更快（26.7% vs -5.9%），Marqeta, Inc.自由现金流更多（$53.2M vs $-14.3M），过去两年Marqeta, Inc.的营收复合增速更高（20.8% 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。
Marqeta, Inc.运营云原生开放API平台，提供现代发卡与数字支付处理服务，可赋能金融科技初创企业、大型零售商及企业客户推出定制化实体、虚拟支付卡及嵌入式金融解决方案，服务覆盖全球消费及商业市场。
APLS vs MQ — 直观对比
营收规模更大
APLS
是对方的1.2倍
$172.1M
营收增速更快
MQ
高出32.7%
-5.9%
自由现金流更多
MQ
多$67.4M
$-14.3M
两年增速更快
MQ
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $172.1M |
| 净利润 | $-59.0M | — |
| 毛利率 | — | 69.7% |
| 营业利润率 | -25.6% | -4.8% |
| 净利率 | -29.5% | — |
| 营收同比 | -5.9% | 26.7% |
| 净利润同比 | -62.2% | — |
| 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APLSMQ
| Q4 25 | $199.9M | $172.1M | ||
| Q3 25 | $458.6M | $163.3M | ||
| Q2 25 | $178.5M | $150.4M | ||
| Q1 25 | $166.8M | $139.1M | ||
| Q4 24 | $212.5M | $135.8M | ||
| Q3 24 | $196.8M | $128.0M | ||
| Q2 24 | $199.7M | $125.3M | ||
| Q1 24 | $172.3M | $118.0M |
净利润APLSMQ
| Q4 25 | $-59.0M | — | ||
| Q3 25 | $215.7M | $-3.6M | ||
| Q2 25 | $-42.2M | $-647.0K | ||
| Q1 25 | $-92.2M | $-8.3M | ||
| Q4 24 | $-36.4M | — | ||
| Q3 24 | $-57.4M | $-28.6M | ||
| Q2 24 | $-37.7M | $119.1M | ||
| Q1 24 | $-66.4M | $-36.1M |
毛利率APLSMQ
| Q4 25 | — | 69.7% | ||
| Q3 25 | — | 70.1% | ||
| Q2 25 | — | 69.2% | ||
| Q1 25 | — | 71.0% | ||
| Q4 24 | — | 72.3% | ||
| Q3 24 | — | 70.4% | ||
| Q2 24 | — | 63.3% | ||
| Q1 24 | — | 71.3% |
营业利润率APLSMQ
| Q4 25 | -25.6% | -4.8% | ||
| Q3 25 | 48.7% | -6.4% | ||
| Q2 25 | -18.6% | -6.1% | ||
| Q1 25 | -50.0% | -13.3% | ||
| Q4 24 | -12.3% | -27.6% | ||
| Q3 24 | -24.0% | -33.0% | ||
| Q2 24 | -14.7% | 83.9% | ||
| Q1 24 | -36.0% | -42.3% |
净利率APLSMQ
| Q4 25 | -29.5% | — | ||
| Q3 25 | 47.0% | -2.2% | ||
| Q2 25 | -23.6% | -0.4% | ||
| Q1 25 | -55.3% | -5.9% | ||
| Q4 24 | -17.1% | — | ||
| Q3 24 | -29.2% | -22.4% | ||
| Q2 24 | -18.9% | 95.1% | ||
| Q1 24 | -38.5% | -30.6% |
每股收益（稀释后）APLSMQ
| 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 | — | ||
| Q1 24 | $-0.54 | — |
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 | $709.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $762.0M |
| 总资产 | $1.1B | $1.5B |
| 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APLSMQ
| Q4 25 | $466.2M | $709.4M | ||
| Q3 25 | $479.2M | $747.2M | ||
| Q2 25 | $370.0M | $732.7M | ||
| Q1 25 | $358.4M | $830.9M | ||
| Q4 24 | $411.3M | $923.0M | ||
| Q3 24 | $396.9M | $886.4M | ||
| Q2 24 | $360.1M | $924.7M | ||
| Q1 24 | $325.9M | $970.4M |
总债务APLSMQ
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSMQ
| Q4 25 | $370.1M | $762.0M | ||
| Q3 25 | $401.2M | $839.2M | ||
| Q2 25 | $156.3M | $843.4M | ||
| Q1 25 | $164.2M | $987.3M | ||
| Q4 24 | $228.5M | $1.1B | ||
| Q3 24 | $237.1M | $1.1B | ||
| Q2 24 | $264.3M | $1.1B | ||
| Q1 24 | $266.7M | $1.2B |
总资产APLSMQ
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.1B | $1.5B | ||
| Q2 25 | $821.4M | $1.2B | ||
| Q1 25 | $807.3M | $1.3B | ||
| Q4 24 | $885.1M | $1.5B | ||
| Q3 24 | $901.9M | $1.4B | ||
| Q2 24 | $904.5M | $1.5B | ||
| Q1 24 | $831.9M | $1.6B |
负债/权益比APLSMQ
| 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 | $53.3M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $53.2M |
| 自由现金流率自由现金流/营收 | -7.1% | 30.9% |
| 资本支出强度资本支出/营收 | 0.1% | 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 | $160.5M |
8季度趋势，按日历期对齐
经营现金流APLSMQ
| Q4 25 | $-14.2M | $53.3M | ||
| Q3 25 | $108.5M | $86.8M | ||
| Q2 25 | $4.4M | $12.5M | ||
| Q1 25 | $-53.4M | $10.0M | ||
| Q4 24 | $19.4M | $24.8M | ||
| Q3 24 | $34.1M | $7.3M | ||
| Q2 24 | $-8.3M | $25.7M | ||
| Q1 24 | $-133.0M | $426.0K |
自由现金流APLSMQ
| Q4 25 | $-14.3M | $53.2M | ||
| Q3 25 | $108.3M | $86.4M | ||
| Q2 25 | $4.4M | $12.2M | ||
| Q1 25 | $-53.4M | $8.7M | ||
| Q4 24 | $19.3M | $24.7M | ||
| Q3 24 | — | $7.1M | ||
| Q2 24 | $-8.4M | $24.7M | ||
| Q1 24 | $-133.3M | $-765.0K |
自由现金流率APLSMQ
| Q4 25 | -7.1% | 30.9% | ||
| Q3 25 | 23.6% | 52.9% | ||
| Q2 25 | 2.5% | 8.1% | ||
| Q1 25 | -32.0% | 6.3% | ||
| Q4 24 | 9.1% | 18.2% | ||
| Q3 24 | — | 5.5% | ||
| Q2 24 | -4.2% | 19.7% | ||
| Q1 24 | -77.3% | -0.6% |
资本支出强度APLSMQ
| Q4 25 | 0.1% | 0.1% | ||
| Q3 25 | 0.0% | 0.2% | ||
| Q2 25 | 0.0% | 0.2% | ||
| Q1 25 | 0.0% | 0.9% | ||
| Q4 24 | 0.0% | 0.0% | ||
| Q3 24 | 0.0% | 0.1% | ||
| Q2 24 | 0.0% | 0.8% | ||
| Q1 24 | 0.2% | 1.0% |
现金转化率APLSMQ
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.22× | ||
| 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% |
MQ
| Platform Service Revenue Net | $163.4M | 95% |
| Other Services Revenue | $8.8M | 5% |
