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Apellis Pharmaceuticals, Inc.（APLS）与MERCURY SYSTEMS INC（MRCY）财务数据对比。点击上方公司名可切换其他公司
MERCURY SYSTEMS INC的季度营收约是Apellis Pharmaceuticals, Inc.的1.2倍（$232.9M vs $199.9M），MERCURY SYSTEMS INC净利率更高（-6.5% vs -29.5%，领先23.0%），MERCURY SYSTEMS INC同比增速更快（4.4% vs -5.9%），MERCURY SYSTEMS INC自由现金流更多（$45.7M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 5.7%）
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。
Mercury Systems是一家服务于航空航天与国防领域的科技企业，专注于设计、研发及生产开放式架构计算机软硬件产品，覆盖安全嵌入式处理模块与子系统、航电任务计算机及显示器、加固型安全服务器、可信微电子组件与子系统等多类产品。
APLS vs MRCY — 直观对比
营收规模更大
MRCY
是对方的1.2倍
$199.9M
营收增速更快
MRCY
高出10.3%
-5.9%
净利率更高
MRCY
高出23.0%
-29.5%
自由现金流更多
MRCY
多$60.0M
$-14.3M
两年增速更快
APLS
近两年复合增速
5.7%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $232.9M |
| 净利润 | $-59.0M | $-15.1M |
| 毛利率 | — | 26.0% |
| 营业利润率 | -25.6% | -4.6% |
| 净利率 | -29.5% | -6.5% |
| 营收同比 | -5.9% | 4.4% |
| 净利润同比 | -62.2% | 14.1% |
| 每股收益（稀释后） | $-0.40 | $-0.26 |
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APLSMRCY
| Q4 25 | $199.9M | $232.9M | ||
| Q3 25 | $458.6M | $225.2M | ||
| Q2 25 | $178.5M | $273.1M | ||
| Q1 25 | $166.8M | $211.4M | ||
| Q4 24 | $212.5M | $223.1M | ||
| Q3 24 | $196.8M | $204.4M | ||
| Q2 24 | $199.7M | $248.6M | ||
| Q1 24 | $172.3M | $208.3M |
净利润APLSMRCY
| Q4 25 | $-59.0M | $-15.1M | ||
| Q3 25 | $215.7M | $-12.5M | ||
| Q2 25 | $-42.2M | $16.4M | ||
| Q1 25 | $-92.2M | $-19.2M | ||
| Q4 24 | $-36.4M | $-17.6M | ||
| Q3 24 | $-57.4M | $-17.5M | ||
| Q2 24 | $-37.7M | $-10.8M | ||
| Q1 24 | $-66.4M | $-44.6M |
毛利率APLSMRCY
| Q4 25 | — | 26.0% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | — | 31.0% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | — | 27.3% | ||
| Q3 24 | — | 25.3% | ||
| Q2 24 | — | 29.5% | ||
| Q1 24 | — | 19.5% |
营业利润率APLSMRCY
| Q4 25 | -25.6% | -4.6% | ||
| Q3 25 | 48.7% | -3.8% | ||
| Q2 25 | -18.6% | 8.6% | ||
| Q1 25 | -50.0% | -8.2% | ||
| Q4 24 | -12.3% | -5.6% | ||
| Q3 24 | -24.0% | -6.6% | ||
| Q2 24 | -14.7% | -3.2% | ||
| Q1 24 | -36.0% | -21.9% |
净利率APLSMRCY
| Q4 25 | -29.5% | -6.5% | ||
| Q3 25 | 47.0% | -5.6% | ||
| Q2 25 | -23.6% | 6.0% | ||
| Q1 25 | -55.3% | -9.1% | ||
| Q4 24 | -17.1% | -7.9% | ||
| Q3 24 | -29.2% | -8.6% | ||
| Q2 24 | -18.9% | -4.3% | ||
| Q1 24 | -38.5% | -21.4% |
每股收益（稀释后）APLSMRCY
| Q4 25 | $-0.40 | $-0.26 | ||
| Q3 25 | $1.67 | $-0.21 | ||
| Q2 25 | $-0.33 | $0.28 | ||
| Q1 25 | $-0.74 | $-0.33 | ||
| Q4 24 | $-0.30 | $-0.30 | ||
| Q3 24 | $-0.46 | $-0.30 | ||
| Q2 24 | $-0.30 | $-0.18 | ||
| Q1 24 | $-0.54 | $-0.77 |
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 | $335.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $1.5B |
| 总资产 | $1.1B | $2.5B |
| 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APLSMRCY
| Q4 25 | $466.2M | $335.0M | ||
| Q3 25 | $479.2M | $304.7M | ||
| Q2 25 | $370.0M | $309.1M | ||
| Q1 25 | $358.4M | $269.8M | ||
| Q4 24 | $411.3M | $242.6M | ||
| Q3 24 | $396.9M | $158.1M | ||
| Q2 24 | $360.1M | $180.5M | ||
| Q1 24 | $325.9M | $142.6M |
总债务APLSMRCY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSMRCY
| Q4 25 | $370.1M | $1.5B | ||
| Q3 25 | $401.2M | $1.5B | ||
| Q2 25 | $156.3M | $1.5B | ||
| Q1 25 | $164.2M | $1.5B | ||
| Q4 24 | $228.5M | $1.5B | ||
| Q3 24 | $237.1M | $1.5B | ||
| Q2 24 | $264.3M | $1.5B | ||
| Q1 24 | $266.7M | $1.5B |
总资产APLSMRCY
| Q4 25 | $1.1B | $2.5B | ||
| Q3 25 | $1.1B | $2.5B | ||
| Q2 25 | $821.4M | $2.4B | ||
| Q1 25 | $807.3M | $2.4B | ||
| Q4 24 | $885.1M | $2.4B | ||
| Q3 24 | $901.9M | $2.4B | ||
| Q2 24 | $904.5M | $2.4B | ||
| Q1 24 | $831.9M | $2.4B |
负债/权益比APLSMRCY
| 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 | $51.6M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $45.7M |
| 自由现金流率自由现金流/营收 | -7.1% | 19.6% |
| 资本支出强度资本支出/营收 | 0.1% | 2.5% |
| 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 | $99.4M |
8季度趋势，按日历期对齐
经营现金流APLSMRCY
| Q4 25 | $-14.2M | $51.6M | ||
| Q3 25 | $108.5M | $2.2M | ||
| Q2 25 | $4.4M | $38.1M | ||
| Q1 25 | $-53.4M | $30.0M | ||
| Q4 24 | $19.4M | $85.5M | ||
| Q3 24 | $34.1M | $-14.7M | ||
| Q2 24 | $-8.3M | $71.8M | ||
| Q1 24 | $-133.0M | $-17.8M |
自由现金流APLSMRCY
| Q4 25 | $-14.3M | $45.7M | ||
| Q3 25 | $108.3M | $-4.4M | ||
| Q2 25 | $4.4M | $34.0M | ||
| Q1 25 | $-53.4M | $24.1M | ||
| Q4 24 | $19.3M | $81.9M | ||
| Q3 24 | — | $-20.9M | ||
| Q2 24 | $-8.4M | $61.4M | ||
| Q1 24 | $-133.3M | $-25.7M |
自由现金流率APLSMRCY
| Q4 25 | -7.1% | 19.6% | ||
| Q3 25 | 23.6% | -1.9% | ||
| Q2 25 | 2.5% | 12.4% | ||
| Q1 25 | -32.0% | 11.4% | ||
| Q4 24 | 9.1% | 36.7% | ||
| Q3 24 | — | -10.2% | ||
| Q2 24 | -4.2% | 24.7% | ||
| Q1 24 | -77.3% | -12.4% |
资本支出强度APLSMRCY
| Q4 25 | 0.1% | 2.5% | ||
| Q3 25 | 0.0% | 2.9% | ||
| Q2 25 | 0.0% | 1.5% | ||
| Q1 25 | 0.0% | 2.8% | ||
| Q4 24 | 0.0% | 1.6% | ||
| Q3 24 | 0.0% | 3.1% | ||
| Q2 24 | 0.0% | 4.2% | ||
| Q1 24 | 0.2% | 3.8% |
现金转化率APLSMRCY
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | 2.33× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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% |
MRCY
| Airborne | $84.2M | 36% |
| Components | $48.7M | 21% |
| Other End Applications | $36.8M | 16% |
| Electronic Warfare | $27.5M | 12% |
| Other Sensor And Effector Applications | $23.9M | 10% |
| Space | $11.9M | 5% |
