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Apellis Pharmaceuticals, Inc.（APLS）与National Bank Holdings Corp（NBHC）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National Bank Holdings Corp的1.6倍（$199.9M vs $126.8M），National Bank Holdings Corp净利率更高（16.4% vs -29.5%，领先45.9%），过去两年National Bank Holdings Corp的营收复合增速更高（14.0% 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。
这是一家美国区域性银行控股集团，目前在伊利诺伊、印第安纳等八个美国州布局营业网点，拥有近250个金融服务中心与约200家零售分行，总资产达485亿美元。它是总部位于印第安纳州的最大银行控股公司，也跻身美国银行业三十强之列。
APLS vs NBHC — 直观对比
营收规模更大
APLS
是对方的1.6倍
$126.8M
净利率更高
NBHC
高出45.9%
-29.5%
两年增速更快
NBHC
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $126.8M |
| 净利润 | $-59.0M | $20.8M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | — |
| 净利率 | -29.5% | 16.4% |
| 营收同比 | -5.9% | — |
| 净利润同比 | -62.2% | -14.2% |
| 每股收益（稀释后） | $-0.40 | $0.46 |
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APLSNBHC
| Q1 26 | — | $126.8M | ||
| Q4 25 | $199.9M | $100.6M | ||
| Q3 25 | $458.6M | $108.9M | ||
| Q2 25 | $178.5M | $104.5M | ||
| Q1 25 | $166.8M | $102.1M | ||
| Q4 24 | $212.5M | $101.3M | ||
| Q3 24 | $196.8M | $106.0M | ||
| Q2 24 | $199.7M | $97.6M |
净利润APLSNBHC
| Q1 26 | — | $20.8M | ||
| Q4 25 | $-59.0M | $16.0M | ||
| Q3 25 | $215.7M | $35.3M | ||
| Q2 25 | $-42.2M | $34.0M | ||
| Q1 25 | $-92.2M | $24.2M | ||
| Q4 24 | $-36.4M | $28.2M | ||
| Q3 24 | $-57.4M | $33.1M | ||
| Q2 24 | $-37.7M | $26.1M |
营业利润率APLSNBHC
| Q1 26 | — | — | ||
| Q4 25 | -25.6% | 19.0% | ||
| Q3 25 | 48.7% | 39.6% | ||
| Q2 25 | -18.6% | 39.8% | ||
| Q1 25 | -50.0% | 29.2% | ||
| Q4 24 | -12.3% | 34.3% | ||
| Q3 24 | -24.0% | 37.6% | ||
| Q2 24 | -14.7% | 32.5% |
净利率APLSNBHC
| Q1 26 | — | 16.4% | ||
| Q4 25 | -29.5% | 15.9% | ||
| Q3 25 | 47.0% | 32.4% | ||
| Q2 25 | -23.6% | 32.6% | ||
| Q1 25 | -55.3% | 23.7% | ||
| Q4 24 | -17.1% | 27.8% | ||
| Q3 24 | -29.2% | 31.2% | ||
| Q2 24 | -18.9% | 26.8% |
每股收益（稀释后）APLSNBHC
| Q1 26 | — | $0.46 | ||
| Q4 25 | $-0.40 | $0.42 | ||
| Q3 25 | $1.67 | $0.92 | ||
| Q2 25 | $-0.33 | $0.88 | ||
| Q1 25 | $-0.74 | $0.63 | ||
| Q4 24 | $-0.30 | $0.72 | ||
| Q3 24 | $-0.46 | $0.86 | ||
| Q2 24 | $-0.30 | $0.68 |
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 | $472.8M |
| 总债务越低越好 | — | $202.1M |
| 股东权益账面价值 | $370.1M | $1.7B |
| 总资产 | $1.1B | $12.6B |
| 负债/权益比越低杠杆越低 | — | 0.12× |
8季度趋势，按日历期对齐
现金及短期投资APLSNBHC
| Q1 26 | — | $472.8M | ||
| Q4 25 | $466.2M | $417.1M | ||
| Q3 25 | $479.2M | $555.6M | ||
| Q2 25 | $370.0M | $296.5M | ||
| Q1 25 | $358.4M | $246.3M | ||
| Q4 24 | $411.3M | $127.8M | ||
| Q3 24 | $396.9M | $180.8M | ||
| Q2 24 | $360.1M | $145.0M |
总债务APLSNBHC
| Q1 26 | — | $202.1M | ||
| Q4 25 | — | $54.5M | ||
| Q3 25 | — | $54.7M | ||
| Q2 25 | — | $54.4M | ||
| Q1 25 | — | $54.6M | ||
| Q4 24 | — | $54.5M | ||
| Q3 24 | — | $54.4M | ||
| Q2 24 | — | $54.4M |
股东权益APLSNBHC
| Q1 26 | — | $1.7B | ||
| Q4 25 | $370.1M | $1.4B | ||
| Q3 25 | $401.2M | $1.4B | ||
| Q2 25 | $156.3M | $1.4B | ||
| Q1 25 | $164.2M | $1.3B | ||
| Q4 24 | $228.5M | $1.3B | ||
| Q3 24 | $237.1M | $1.3B | ||
| Q2 24 | $264.3M | $1.2B |
总资产APLSNBHC
| Q1 26 | — | $12.6B | ||
| Q4 25 | $1.1B | $9.9B | ||
| Q3 25 | $1.1B | $10.2B | ||
| Q2 25 | $821.4M | $10.0B | ||
| Q1 25 | $807.3M | $10.1B | ||
| Q4 24 | $885.1M | $9.8B | ||
| Q3 24 | $901.9M | $10.0B | ||
| Q2 24 | $904.5M | $10.0B |
负债/权益比APLSNBHC
| Q1 26 | — | 0.12× | ||
| Q4 25 | — | 0.04× | ||
| Q3 25 | — | 0.04× | ||
| Q2 25 | — | 0.04× | ||
| Q1 25 | — | 0.04× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 0.04× | ||
| Q2 24 | — | 0.04× |
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APLSNBHC
| Q1 26 | — | — | ||
| Q4 25 | $-14.2M | $162.4M | ||
| Q3 25 | $108.5M | $52.4M | ||
| Q2 25 | $4.4M | $32.3M | ||
| Q1 25 | $-53.4M | $39.6M | ||
| Q4 24 | $19.4M | $155.3M | ||
| Q3 24 | $34.1M | $47.0M | ||
| Q2 24 | $-8.3M | $31.9M |
自由现金流APLSNBHC
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | — | ||
| Q3 25 | $108.3M | — | ||
| Q2 25 | $4.4M | — | ||
| Q1 25 | $-53.4M | — | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-8.4M | — |
自由现金流率APLSNBHC
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | — | ||
| Q3 25 | 23.6% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | -32.0% | — | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.2% | — |
资本支出强度APLSNBHC
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — |
现金转化率APLSNBHC
| Q1 26 | — | — | ||
| Q4 25 | — | 10.13× | ||
| Q3 25 | 0.50× | 1.48× | ||
| Q2 25 | — | 0.95× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | — | 5.51× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | 1.22× |
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% |
NBHC
| Net Interest Income | $108.8M | 86% |
| Noninterest Income | $18.0M | 14% |
