vs
Apellis Pharmaceuticals, Inc.（APLS）与埃克西尔能源（NINE）财务数据对比。点击上方公司名可切换其他公司
Apellis Pharmaceuticals, Inc.的季度营收约是埃克西尔能源的1.5倍（$199.9M vs $132.2M），埃克西尔能源净利率更高（-14.5% vs -29.5%，领先14.9%），Apellis Pharmaceuticals, Inc.同比增速更快（-5.9% vs -6.5%），埃克西尔能源自由现金流更多（$-4.8M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -3.6%）
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。
埃克西尔能源是一家受美国监管的电力与天然气配送企业，总部位于明尼苏达州明尼阿波利斯。截至2025年年中，公司业务覆盖八个州的部分区域，服务约390万电力客户与220万天然气客户，下设四家运营子公司，分别为明尼苏达北州电力、威斯康星北州电力、科罗拉多公共服务公司以及西南公共服务公司。
APLS vs NINE — 直观对比
营收规模更大
APLS
是对方的1.5倍
$132.2M
营收增速更快
APLS
高出0.6%
-6.5%
净利率更高
NINE
高出14.9%
-29.5%
自由现金流更多
NINE
多$9.5M
$-14.3M
两年增速更快
APLS
近两年复合增速
-3.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $132.2M |
| 净利润 | $-59.0M | $-19.2M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | -4.2% |
| 净利率 | -29.5% | -14.5% |
| 营收同比 | -5.9% | -6.5% |
| 净利润同比 | -62.2% | -117.4% |
| 每股收益（稀释后） | $-0.40 | $-0.47 |
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APLSNINE
| Q4 25 | $199.9M | $132.2M | ||
| Q3 25 | $458.6M | $132.0M | ||
| Q2 25 | $178.5M | $147.3M | ||
| Q1 25 | $166.8M | $150.5M | ||
| Q4 24 | $212.5M | $141.4M | ||
| Q3 24 | $196.8M | $138.2M | ||
| Q2 24 | $199.7M | $132.4M | ||
| Q1 24 | $172.3M | $142.1M |
净利润APLSNINE
| Q4 25 | $-59.0M | $-19.2M | ||
| Q3 25 | $215.7M | $-14.6M | ||
| Q2 25 | $-42.2M | $-10.4M | ||
| Q1 25 | $-92.2M | $-7.1M | ||
| Q4 24 | $-36.4M | $-8.8M | ||
| Q3 24 | $-57.4M | $-10.1M | ||
| Q2 24 | $-37.7M | $-14.0M | ||
| Q1 24 | $-66.4M | $-8.1M |
营业利润率APLSNINE
| Q4 25 | -25.6% | -4.2% | ||
| Q3 25 | 48.7% | -0.9% | ||
| Q2 25 | -18.6% | 2.3% | ||
| Q1 25 | -50.0% | 3.7% | ||
| Q4 24 | -12.3% | 2.5% | ||
| Q3 24 | -24.0% | 1.8% | ||
| Q2 24 | -14.7% | -1.1% | ||
| Q1 24 | -36.0% | 3.1% |
净利率APLSNINE
| Q4 25 | -29.5% | -14.5% | ||
| Q3 25 | 47.0% | -11.1% | ||
| Q2 25 | -23.6% | -7.1% | ||
| Q1 25 | -55.3% | -4.7% | ||
| Q4 24 | -17.1% | -6.3% | ||
| Q3 24 | -29.2% | -7.3% | ||
| Q2 24 | -18.9% | -10.6% | ||
| Q1 24 | -38.5% | -5.7% |
每股收益（稀释后）APLSNINE
| Q4 25 | $-0.40 | $-0.47 | ||
| Q3 25 | $1.67 | $-0.35 | ||
| Q2 25 | $-0.33 | $-0.25 | ||
| Q1 25 | $-0.74 | $-0.18 | ||
| Q4 24 | $-0.30 | $-0.21 | ||
| Q3 24 | $-0.46 | $-0.26 | ||
| Q2 24 | $-0.30 | $-0.40 | ||
| Q1 24 | $-0.54 | $-0.24 |
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 | $18.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $-115.0M |
| 总资产 | $1.1B | $339.5M |
| 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APLSNINE
| Q4 25 | $466.2M | $18.4M | ||
| Q3 25 | $479.2M | $14.4M | ||
| Q2 25 | $370.0M | $14.2M | ||
| Q1 25 | $358.4M | $17.3M | ||
| Q4 24 | $411.3M | $27.9M | ||
| Q3 24 | $396.9M | $15.7M | ||
| Q2 24 | $360.1M | $26.0M | ||
| Q1 24 | $325.9M | $10.2M |
总债务APLSNINE
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSNINE
| Q4 25 | $370.1M | $-115.0M | ||
| Q3 25 | $401.2M | $-95.9M | ||
| Q2 25 | $156.3M | $-81.7M | ||
| Q1 25 | $164.2M | $-72.1M | ||
| Q4 24 | $228.5M | $-66.1M | ||
| Q3 24 | $237.1M | $-57.6M | ||
| Q2 24 | $264.3M | $-49.7M | ||
| Q1 24 | $266.7M | $-43.3M |
总资产APLSNINE
| Q4 25 | $1.1B | $339.5M | ||
| Q3 25 | $1.1B | $340.7M | ||
| Q2 25 | $821.4M | $361.2M | ||
| Q1 25 | $807.3M | $359.2M | ||
| Q4 24 | $885.1M | $360.1M | ||
| Q3 24 | $901.9M | $353.2M | ||
| Q2 24 | $904.5M | $381.7M | ||
| Q1 24 | $831.9M | $380.4M |
负债/权益比APLSNINE
| 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 | $-2.2M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-4.8M |
| 自由现金流率自由现金流/营收 | -7.1% | -3.6% |
| 资本支出强度资本支出/营收 | 0.1% | 2.0% |
| 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 | $-23.3M |
8季度趋势，按日历期对齐
经营现金流APLSNINE
| Q4 25 | $-14.2M | $-2.2M | ||
| Q3 25 | $108.5M | $-9.9M | ||
| Q2 25 | $4.4M | $10.1M | ||
| Q1 25 | $-53.4M | $-5.3M | ||
| Q4 24 | $19.4M | $15.0M | ||
| Q3 24 | $34.1M | $-5.8M | ||
| Q2 24 | $-8.3M | $12.9M | ||
| Q1 24 | $-133.0M | $-8.8M |
自由现金流APLSNINE
| Q4 25 | $-14.3M | $-4.8M | ||
| Q3 25 | $108.3M | $-13.4M | ||
| Q2 25 | $4.4M | $4.2M | ||
| Q1 25 | $-53.4M | $-9.3M | ||
| Q4 24 | $19.3M | $11.8M | ||
| Q3 24 | — | $-9.3M | ||
| Q2 24 | $-8.4M | $10.3M | ||
| Q1 24 | $-133.3M | $-14.3M |
自由现金流率APLSNINE
| Q4 25 | -7.1% | -3.6% | ||
| Q3 25 | 23.6% | -10.2% | ||
| Q2 25 | 2.5% | 2.9% | ||
| Q1 25 | -32.0% | -6.2% | ||
| Q4 24 | 9.1% | 8.3% | ||
| Q3 24 | — | -6.7% | ||
| Q2 24 | -4.2% | 7.7% | ||
| Q1 24 | -77.3% | -10.1% |
资本支出强度APLSNINE
| Q4 25 | 0.1% | 2.0% | ||
| Q3 25 | 0.0% | 2.6% | ||
| Q2 25 | 0.0% | 4.0% | ||
| Q1 25 | 0.0% | 2.6% | ||
| Q4 24 | 0.0% | 2.3% | ||
| Q3 24 | 0.0% | 2.5% | ||
| Q2 24 | 0.0% | 2.0% | ||
| Q1 24 | 0.2% | 3.9% |
现金转化率APLSNINE
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| 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% |
NINE
| Cement | $52.6M | 40% |
| Tool Revenue | $28.6M | 22% |
| Coiled Tubing | $25.8M | 20% |
| Wireline | $25.1M | 19% |
