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Apellis Pharmaceuticals, Inc.（APLS）与NMI Holdings, Inc.（NMIH）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NMI Holdings, Inc.的1.1倍（$199.9M vs $183.5M），NMI Holdings, Inc.净利率更高（54.1% vs -29.5%，领先83.6%），NMI Holdings, Inc.同比增速更快（5.9% vs -5.9%），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 6.4%）
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。
NMI控股是美国头部私人抵押贷款保险服务商，主要为贷款机构提供抵押贷款担保保险产品，降低住房抵押贷款信用风险，服务美国本土住宅市场，助力符合资质的购房者获得购房便利，同时保护放贷机构免受违约损失。
APLS vs NMIH — 直观对比
营收规模更大
APLS
是对方的1.1倍
$183.5M
营收增速更快
NMIH
高出11.8%
-5.9%
净利率更高
NMIH
高出83.6%
-29.5%
两年增速更快
APLS
近两年复合增速
6.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $183.5M |
| 净利润 | $-59.0M | $99.3M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | — |
| 净利率 | -29.5% | 54.1% |
| 营收同比 | -5.9% | 5.9% |
| 净利润同比 | -62.2% | — |
| 每股收益（稀释后） | $-0.40 | $1.28 |
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APLSNMIH
| Q1 26 | — | $183.5M | ||
| Q4 25 | $199.9M | $180.7M | ||
| Q3 25 | $458.6M | $178.7M | ||
| Q2 25 | $178.5M | $173.8M | ||
| Q1 25 | $166.8M | $173.2M | ||
| Q4 24 | $212.5M | $166.5M | ||
| Q3 24 | $196.8M | $166.1M | ||
| Q2 24 | $199.7M | $162.1M |
净利润APLSNMIH
| Q1 26 | — | $99.3M | ||
| Q4 25 | $-59.0M | $94.2M | ||
| Q3 25 | $215.7M | $96.0M | ||
| Q2 25 | $-42.2M | $96.2M | ||
| Q1 25 | $-92.2M | $102.6M | ||
| Q4 24 | $-36.4M | $86.2M | ||
| Q3 24 | $-57.4M | $92.8M | ||
| Q2 24 | $-37.7M | $92.1M |
营业利润率APLSNMIH
| Q1 26 | — | — | ||
| Q4 25 | -25.6% | 67.0% | ||
| Q3 25 | 48.7% | 69.2% | ||
| Q2 25 | -18.6% | 71.1% | ||
| Q1 25 | -50.0% | 75.8% | ||
| Q4 24 | -12.3% | 66.6% | ||
| Q3 24 | -24.0% | 71.8% | ||
| Q2 24 | -14.7% | 73.2% |
净利率APLSNMIH
| Q1 26 | — | 54.1% | ||
| Q4 25 | -29.5% | 52.1% | ||
| Q3 25 | 47.0% | 53.7% | ||
| Q2 25 | -23.6% | 55.3% | ||
| Q1 25 | -55.3% | 59.2% | ||
| Q4 24 | -17.1% | 51.8% | ||
| Q3 24 | -29.2% | 55.9% | ||
| Q2 24 | -18.9% | 56.8% |
每股收益（稀释后）APLSNMIH
| Q1 26 | — | $1.28 | ||
| Q4 25 | $-0.40 | $1.21 | ||
| Q3 25 | $1.67 | $1.22 | ||
| Q2 25 | $-0.33 | $1.21 | ||
| Q1 25 | $-0.74 | $1.28 | ||
| Q4 24 | $-0.30 | $1.07 | ||
| Q3 24 | $-0.46 | $1.15 | ||
| Q2 24 | $-0.30 | $1.13 |
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 | $70.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $2.6B |
| 总资产 | $1.1B | $3.9B |
| 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APLSNMIH
| Q1 26 | — | $70.7M | ||
| Q4 25 | $466.2M | — | ||
| Q3 25 | $479.2M | — | ||
| Q2 25 | $370.0M | — | ||
| Q1 25 | $358.4M | — | ||
| Q4 24 | $411.3M | — | ||
| Q3 24 | $396.9M | — | ||
| Q2 24 | $360.1M | — |
股东权益APLSNMIH
| Q1 26 | — | $2.6B | ||
| Q4 25 | $370.1M | $2.6B | ||
| Q3 25 | $401.2M | $2.5B | ||
| Q2 25 | $156.3M | $2.4B | ||
| Q1 25 | $164.2M | $2.3B | ||
| Q4 24 | $228.5M | $2.2B | ||
| Q3 24 | $237.1M | $2.2B | ||
| Q2 24 | $264.3M | $2.0B |
总资产APLSNMIH
| Q1 26 | — | $3.9B | ||
| Q4 25 | $1.1B | $3.8B | ||
| Q3 25 | $1.1B | $3.7B | ||
| Q2 25 | $821.4M | $3.6B | ||
| Q1 25 | $807.3M | $3.5B | ||
| Q4 24 | $885.1M | $3.3B | ||
| Q3 24 | $901.9M | $3.3B | ||
| Q2 24 | $904.5M | $3.1B |
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APLSNMIH
| Q1 26 | — | — | ||
| Q4 25 | $-14.2M | $419.3M | ||
| Q3 25 | $108.5M | $128.0M | ||
| Q2 25 | $4.4M | $128.4M | ||
| Q1 25 | $-53.4M | $101.2M | ||
| Q4 24 | $19.4M | $393.6M | ||
| Q3 24 | $34.1M | $128.4M | ||
| Q2 24 | $-8.3M | $117.8M |
自由现金流APLSNMIH
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | $412.5M | ||
| Q3 25 | $108.3M | $126.3M | ||
| Q2 25 | $4.4M | $126.7M | ||
| Q1 25 | $-53.4M | $99.4M | ||
| Q4 24 | $19.3M | $386.7M | ||
| Q3 24 | — | $126.9M | ||
| Q2 24 | $-8.4M | $115.9M |
自由现金流率APLSNMIH
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 228.2% | ||
| Q3 25 | 23.6% | 70.7% | ||
| Q2 25 | 2.5% | 72.9% | ||
| Q1 25 | -32.0% | 57.4% | ||
| Q4 24 | 9.1% | 232.2% | ||
| Q3 24 | — | 76.4% | ||
| Q2 24 | -4.2% | 71.5% |
资本支出强度APLSNMIH
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 3.8% | ||
| Q3 25 | 0.0% | 1.0% | ||
| Q2 25 | 0.0% | 0.9% | ||
| Q1 25 | 0.0% | 1.0% | ||
| Q4 24 | 0.0% | 4.1% | ||
| Q3 24 | 0.0% | 0.9% | ||
| Q2 24 | 0.0% | 1.1% |
现金转化率APLSNMIH
| Q1 26 | — | — | ||
| Q4 25 | — | 4.45× | ||
| Q3 25 | 0.50× | 1.33× | ||
| Q2 25 | — | 1.33× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 4.57× | ||
| Q3 24 | — | 1.38× | ||
| Q2 24 | — | 1.28× |
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% |
NMIH
暂无分部数据
