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Apellis Pharmaceuticals, Inc.（APLS）与微策略（MSTR）财务数据对比。点击上方公司名可切换其他公司
Apellis Pharmaceuticals, Inc.的季度营收约是微策略的1.6倍（$199.9M vs $123.0M），微策略同比增速更快（1.9% vs -5.9%），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 3.3%）
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。
Strategy Inc（原名为微策略）是1989年成立的美国上市企业，主营商业智能与移动软件业务，旗下产品可帮助企业分析内外部数据以支撑经营决策，还可用于移动应用开发，总部位于弗吉尼亚州泰森斯角，商业分析赛道核心竞品包括SAP等。
APLS vs MSTR — 直观对比
营收规模更大
APLS
是对方的1.6倍
$123.0M
营收增速更快
MSTR
高出7.8%
-5.9%
两年增速更快
APLS
近两年复合增速
3.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $123.0M |
| 净利润 | $-59.0M | — |
| 毛利率 | — | 66.1% |
| 营业利润率 | -25.6% | — |
| 净利率 | -29.5% | — |
| 营收同比 | -5.9% | 1.9% |
| 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APLSMSTR
| Q4 25 | $199.9M | $123.0M | ||
| Q3 25 | $458.6M | $128.7M | ||
| Q2 25 | $178.5M | $114.5M | ||
| Q1 25 | $166.8M | $111.1M | ||
| Q4 24 | $212.5M | $120.7M | ||
| Q3 24 | $196.8M | $116.1M | ||
| Q2 24 | $199.7M | $111.4M | ||
| Q1 24 | $172.3M | $115.2M |
净利润APLSMSTR
| Q4 25 | $-59.0M | — | ||
| Q3 25 | $215.7M | $2.8B | ||
| Q2 25 | $-42.2M | $10.0B | ||
| Q1 25 | $-92.2M | $-4.2B | ||
| Q4 24 | $-36.4M | $-670.8M | ||
| Q3 24 | $-57.4M | $-340.2M | ||
| Q2 24 | $-37.7M | $-102.6M | ||
| Q1 24 | $-66.4M | $-53.1M |
毛利率APLSMSTR
| Q4 25 | — | 66.1% | ||
| Q3 25 | — | 70.5% | ||
| Q2 25 | — | 68.8% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 71.7% | ||
| Q3 24 | — | 70.4% | ||
| Q2 24 | — | 72.2% | ||
| Q1 24 | — | 74.0% |
营业利润率APLSMSTR
| Q4 25 | -25.6% | — | ||
| Q3 25 | 48.7% | — | ||
| Q2 25 | -18.6% | — | ||
| Q1 25 | -50.0% | -5331.4% | ||
| Q4 24 | -12.3% | -842.1% | ||
| Q3 24 | -24.0% | -372.7% | ||
| Q2 24 | -14.7% | -179.7% | ||
| Q1 24 | -36.0% | -176.8% |
净利率APLSMSTR
| Q4 25 | -29.5% | — | ||
| Q3 25 | 47.0% | 2164.1% | ||
| Q2 25 | -23.6% | 8752.7% | ||
| Q1 25 | -55.3% | -3797.2% | ||
| Q4 24 | -17.1% | -555.8% | ||
| Q3 24 | -29.2% | -293.1% | ||
| Q2 24 | -18.9% | -92.0% | ||
| Q1 24 | -38.5% | -46.1% |
每股收益（稀释后）APLSMSTR
| Q4 25 | $-0.40 | — | ||
| Q3 25 | $1.67 | $8.42 | ||
| Q2 25 | $-0.33 | $32.60 | ||
| Q1 25 | $-0.74 | $-16.49 | ||
| Q4 24 | $-0.30 | $4.49 | ||
| Q3 24 | $-0.46 | $-1.72 | ||
| Q2 24 | $-0.30 | $-0.57 | ||
| Q1 24 | $-0.54 | $-0.31 |
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 | $2.3B |
| 总债务越低越好 | — | $8.2B |
| 股东权益账面价值 | $370.1M | $44.1B |
| 总资产 | $1.1B | $61.6B |
| 负债/权益比越低杠杆越低 | — | 0.19× |
8季度趋势，按日历期对齐
现金及短期投资APLSMSTR
| Q4 25 | $466.2M | $2.3B | ||
| Q3 25 | $479.2M | $54.3M | ||
| Q2 25 | $370.0M | $50.1M | ||
| Q1 25 | $358.4M | $60.3M | ||
| Q4 24 | $411.3M | $38.1M | ||
| Q3 24 | $396.9M | $46.3M | ||
| Q2 24 | $360.1M | $66.9M | ||
| Q1 24 | $325.9M | $81.3M |
总债务APLSMSTR
| Q4 25 | — | $8.2B | ||
| Q3 25 | — | $8.2B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.1B | ||
| Q4 24 | — | $7.2B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | $93.1M | $3.6B |
股东权益APLSMSTR
| Q4 25 | $370.1M | $44.1B | ||
| Q3 25 | $401.2M | $52.3B | ||
| Q2 25 | $156.3M | $47.5B | ||
| Q1 25 | $164.2M | $32.2B | ||
| Q4 24 | $228.5M | $18.2B | ||
| Q3 24 | $237.1M | $3.8B | ||
| Q2 24 | $264.3M | $2.8B | ||
| Q1 24 | $266.7M | $2.4B |
总资产APLSMSTR
| Q4 25 | $1.1B | $61.6B | ||
| Q3 25 | $1.1B | $73.6B | ||
| Q2 25 | $821.4M | $64.8B | ||
| Q1 25 | $807.3M | $43.9B | ||
| Q4 24 | $885.1M | $25.8B | ||
| Q3 24 | $901.9M | $8.3B | ||
| Q2 24 | $904.5M | $7.1B | ||
| Q1 24 | $831.9M | $6.4B |
负债/权益比APLSMSTR
| Q4 25 | — | 0.19× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | 1.12× | ||
| Q2 24 | — | 1.36× | ||
| Q1 24 | 0.35× | 1.48× |
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 | — |
| 自由现金流率自由现金流/营收 | -7.1% | — |
| 资本支出强度资本支出/营收 | 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 | — |
8季度趋势，按日历期对齐
经营现金流APLSMSTR
| Q4 25 | $-14.2M | — | ||
| Q3 25 | $108.5M | $-8.3M | ||
| Q2 25 | $4.4M | $-34.9M | ||
| Q1 25 | $-53.4M | $-2.4M | ||
| Q4 24 | $19.4M | $-17.3M | ||
| Q3 24 | $34.1M | $-41.0M | ||
| Q2 24 | $-8.3M | $-23.3M | ||
| Q1 24 | $-133.0M | $28.6M |
自由现金流APLSMSTR
| Q4 25 | $-14.3M | — | ||
| Q3 25 | $108.3M | $-11.1M | ||
| Q2 25 | $4.4M | $-37.0M | ||
| Q1 25 | $-53.4M | $-5.1M | ||
| Q4 24 | $19.3M | $-17.6M | ||
| Q3 24 | — | $-41.4M | ||
| Q2 24 | $-8.4M | $-24.1M | ||
| Q1 24 | $-133.3M | $27.0M |
自由现金流率APLSMSTR
| Q4 25 | -7.1% | — | ||
| Q3 25 | 23.6% | -8.6% | ||
| Q2 25 | 2.5% | -32.3% | ||
| Q1 25 | -32.0% | -4.6% | ||
| Q4 24 | 9.1% | -14.6% | ||
| Q3 24 | — | -35.7% | ||
| Q2 24 | -4.2% | -21.6% | ||
| Q1 24 | -77.3% | 23.5% |
资本支出强度APLSMSTR
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | 2.2% | ||
| Q2 25 | 0.0% | 1.8% | ||
| Q1 25 | 0.0% | 2.5% | ||
| Q4 24 | 0.0% | 0.2% | ||
| Q3 24 | 0.0% | 0.4% | ||
| Q2 24 | 0.0% | 0.6% | ||
| Q1 24 | 0.2% | 1.3% |
现金转化率APLSMSTR
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | -0.00× | ||
| Q2 25 | — | -0.00× | ||
| 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% |
MSTR
暂无分部数据
