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Apellis Pharmaceuticals, Inc.（APLS）与NETSCOUT SYSTEMS INC（NTCT）财务数据对比。点击上方公司名可切换其他公司
NETSCOUT SYSTEMS INC的季度营收约是Apellis Pharmaceuticals, Inc.的1.3倍（$250.7M vs $199.9M），NETSCOUT SYSTEMS INC净利率更高（22.0% vs -29.5%，领先51.5%），NETSCOUT SYSTEMS INC同比增速更快（-0.5% vs -5.9%），NETSCOUT SYSTEMS INC自由现金流更多（$59.3M vs $-14.3M），过去两年NETSCOUT SYSTEMS INC的营收复合增速更高（11.0% 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。
NETSCOUT SYSTEMS INC是美国科技企业，1984年由阿尼尔·辛哈尔与纳伦德拉·波帕特创立，前身为Frontier Software，总部位于马萨诸塞州韦斯特福德。公司专注于软件可观测性、深度数据包检测、DDoS防护及AIOps领域，为客户提供相关技术解决方案。
APLS vs NTCT — 直观对比
营收规模更大
NTCT
是对方的1.3倍
$199.9M
营收增速更快
NTCT
高出5.4%
-5.9%
净利率更高
NTCT
高出51.5%
-29.5%
自由现金流更多
NTCT
多$73.5M
$-14.3M
两年增速更快
NTCT
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $250.7M |
| 净利润 | $-59.0M | $55.1M |
| 毛利率 | — | 81.6% |
| 营业利润率 | -25.6% | 25.7% |
| 净利率 | -29.5% | 22.0% |
| 营收同比 | -5.9% | -0.5% |
| 净利润同比 | -62.2% | 13.0% |
| 每股收益（稀释后） | $-0.40 | $0.75 |
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APLSNTCT
| Q4 25 | $199.9M | $250.7M | ||
| Q3 25 | $458.6M | $219.0M | ||
| Q2 25 | $178.5M | $186.7M | ||
| Q1 25 | $166.8M | $205.0M | ||
| Q4 24 | $212.5M | $252.0M | ||
| Q3 24 | $196.8M | $191.1M | ||
| Q2 24 | $199.7M | $174.6M | ||
| Q1 24 | $172.3M | $203.4M |
净利润APLSNTCT
| Q4 25 | $-59.0M | $55.1M | ||
| Q3 25 | $215.7M | $25.8M | ||
| Q2 25 | $-42.2M | $-3.7M | ||
| Q1 25 | $-92.2M | $18.6M | ||
| Q4 24 | $-36.4M | $48.8M | ||
| Q3 24 | $-57.4M | $9.0M | ||
| Q2 24 | $-37.7M | $-443.4M | ||
| Q1 24 | $-66.4M | $-32.4M |
毛利率APLSNTCT
| Q4 25 | — | 81.6% | ||
| Q3 25 | — | 80.1% | ||
| Q2 25 | — | 76.7% | ||
| Q1 25 | — | 77.7% | ||
| Q4 24 | — | 81.5% | ||
| Q3 24 | — | 78.0% | ||
| Q2 24 | — | 74.6% | ||
| Q1 24 | — | 75.3% |
营业利润率APLSNTCT
| Q4 25 | -25.6% | 25.7% | ||
| Q3 25 | 48.7% | 14.8% | ||
| Q2 25 | -18.6% | -3.5% | ||
| Q1 25 | -50.0% | 9.7% | ||
| Q4 24 | -12.3% | 24.5% | ||
| Q3 24 | -24.0% | 7.4% | ||
| Q2 24 | -14.7% | -265.4% | ||
| Q1 24 | -36.0% | -18.2% |
净利率APLSNTCT
| Q4 25 | -29.5% | 22.0% | ||
| Q3 25 | 47.0% | 11.8% | ||
| Q2 25 | -23.6% | -2.0% | ||
| Q1 25 | -55.3% | 9.1% | ||
| Q4 24 | -17.1% | 19.4% | ||
| Q3 24 | -29.2% | 4.7% | ||
| Q2 24 | -18.9% | -254.0% | ||
| Q1 24 | -38.5% | -15.9% |
每股收益（稀释后）APLSNTCT
| Q4 25 | $-0.40 | $0.75 | ||
| Q3 25 | $1.67 | $0.35 | ||
| Q2 25 | $-0.33 | $-0.05 | ||
| Q1 25 | $-0.74 | $0.28 | ||
| Q4 24 | $-0.30 | $0.67 | ||
| Q3 24 | $-0.46 | $0.13 | ||
| Q2 24 | $-0.30 | $-6.20 | ||
| Q1 24 | $-0.54 | $-0.43 |
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 | $540.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $1.6B |
| 总资产 | $1.1B | $2.3B |
| 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APLSNTCT
| Q4 25 | $466.2M | $540.6M | ||
| Q3 25 | $479.2M | $483.4M | ||
| Q2 25 | $370.0M | $489.6M | ||
| Q1 25 | $358.4M | $457.4M | ||
| Q4 24 | $411.3M | $398.4M | ||
| Q3 24 | $396.9M | $363.4M | ||
| Q2 24 | $360.1M | $362.2M | ||
| Q1 24 | $325.9M | $389.7M |
总债务APLSNTCT
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSNTCT
| Q4 25 | $370.1M | $1.6B | ||
| Q3 25 | $401.2M | $1.6B | ||
| Q2 25 | $156.3M | $1.5B | ||
| Q1 25 | $164.2M | $1.6B | ||
| Q4 24 | $228.5M | $1.5B | ||
| Q3 24 | $237.1M | $1.5B | ||
| Q2 24 | $264.3M | $1.4B | ||
| Q1 24 | $266.7M | $1.9B |
总资产APLSNTCT
| Q4 25 | $1.1B | $2.3B | ||
| Q3 25 | $1.1B | $2.2B | ||
| Q2 25 | $821.4M | $2.2B | ||
| Q1 25 | $807.3M | $2.2B | ||
| Q4 24 | $885.1M | $2.2B | ||
| Q3 24 | $901.9M | $2.1B | ||
| Q2 24 | $904.5M | $2.1B | ||
| Q1 24 | $831.9M | $2.6B |
负债/权益比APLSNTCT
| 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 | $62.1M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $59.3M |
| 自由现金流率自由现金流/营收 | -7.1% | 23.6% |
| 资本支出强度资本支出/营收 | 0.1% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 1.13× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $275.5M |
8季度趋势，按日历期对齐
经营现金流APLSNTCT
| Q4 25 | $-14.2M | $62.1M | ||
| Q3 25 | $108.5M | $6.7M | ||
| Q2 25 | $4.4M | $73.6M | ||
| Q1 25 | $-53.4M | $141.5M | ||
| Q4 24 | $19.4M | $41.5M | ||
| Q3 24 | $34.1M | $-3.7M | ||
| Q2 24 | $-8.3M | $38.4M | ||
| Q1 24 | $-133.0M | $93.6M |
自由现金流APLSNTCT
| Q4 25 | $-14.3M | $59.3M | ||
| Q3 25 | $108.3M | $4.4M | ||
| Q2 25 | $4.4M | $71.7M | ||
| Q1 25 | $-53.4M | $140.1M | ||
| Q4 24 | $19.3M | $39.6M | ||
| Q3 24 | — | $-4.6M | ||
| Q2 24 | $-8.4M | $37.2M | ||
| Q1 24 | $-133.3M | $92.0M |
自由现金流率APLSNTCT
| Q4 25 | -7.1% | 23.6% | ||
| Q3 25 | 23.6% | 2.0% | ||
| Q2 25 | 2.5% | 38.4% | ||
| Q1 25 | -32.0% | 68.4% | ||
| Q4 24 | 9.1% | 15.7% | ||
| Q3 24 | — | -2.4% | ||
| Q2 24 | -4.2% | 21.3% | ||
| Q1 24 | -77.3% | 45.2% |
资本支出强度APLSNTCT
| Q4 25 | 0.1% | 1.1% | ||
| Q3 25 | 0.0% | 1.0% | ||
| Q2 25 | 0.0% | 1.0% | ||
| Q1 25 | 0.0% | 0.7% | ||
| Q4 24 | 0.0% | 0.7% | ||
| Q3 24 | 0.0% | 0.5% | ||
| Q2 24 | 0.0% | 0.7% | ||
| Q1 24 | 0.2% | 0.8% |
现金转化率APLSNTCT
| Q4 25 | — | 1.13× | ||
| Q3 25 | 0.50× | 0.26× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 7.60× | ||
| Q4 24 | — | 0.85× | ||
| Q3 24 | — | -0.41× | ||
| 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% |
NTCT
| Services | $129.0M | 51% |
| Products | $121.7M | 49% |
