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Apellis Pharmaceuticals, Inc.（APLS）与Paymentus Holdings, Inc.（PAY）财务数据对比。点击上方公司名可切换其他公司
Paymentus Holdings, Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.7倍（$330.5M vs $199.9M），Paymentus Holdings, Inc.净利率更高（6.3% vs -29.5%，领先35.7%），Paymentus Holdings, Inc.同比增速更快（28.1% vs -5.9%），Paymentus Holdings, Inc.自由现金流更多（$45.0M vs $-14.3M），过去两年Paymentus Holdings, Inc.的营收复合增速更高（33.7% 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。
Paymentus Holdings, Inc.是领先的云原生账单支付与客户互动技术服务商，面向公用事业、金融服务、政府、医疗、电信等领域企业提供集成数字支付解决方案、账单自动化工具和自助服务门户，核心业务覆盖北美市场。
APLS vs PAY — 直观对比
营收规模更大
PAY
是对方的1.7倍
$199.9M
营收增速更快
PAY
高出34.1%
-5.9%
净利率更高
PAY
高出35.7%
-29.5%
自由现金流更多
PAY
多$59.3M
$-14.3M
两年增速更快
PAY
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $330.5M |
| 净利润 | $-59.0M | $20.7M |
| 毛利率 | — | 25.4% |
| 营业利润率 | -25.6% | 7.3% |
| 净利率 | -29.5% | 6.3% |
| 营收同比 | -5.9% | 28.1% |
| 净利润同比 | -62.2% | 57.2% |
| 每股收益（稀释后） | $-0.40 | $0.16 |
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APLSPAY
| Q4 25 | $199.9M | $330.5M | ||
| Q3 25 | $458.6M | $310.7M | ||
| Q2 25 | $178.5M | $280.1M | ||
| Q1 25 | $166.8M | $275.2M | ||
| Q4 24 | $212.5M | $257.9M | ||
| Q3 24 | $196.8M | $231.6M | ||
| Q2 24 | $199.7M | $197.4M | ||
| Q1 24 | $172.3M | $184.9M |
净利润APLSPAY
| Q4 25 | $-59.0M | $20.7M | ||
| Q3 25 | $215.7M | $17.7M | ||
| Q2 25 | $-42.2M | $14.7M | ||
| Q1 25 | $-92.2M | $13.8M | ||
| Q4 24 | $-36.4M | $13.1M | ||
| Q3 24 | $-57.4M | $14.4M | ||
| Q2 24 | $-37.7M | $9.4M | ||
| Q1 24 | $-66.4M | $7.2M |
毛利率APLSPAY
| Q4 25 | — | 25.4% | ||
| Q3 25 | — | 24.1% | ||
| Q2 25 | — | 25.5% | ||
| Q1 25 | — | 24.0% | ||
| Q4 24 | — | 25.6% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 29.8% | ||
| Q1 24 | — | 28.5% |
营业利润率APLSPAY
| Q4 25 | -25.6% | 7.3% | ||
| Q3 25 | 48.7% | 6.4% | ||
| Q2 25 | -18.6% | 5.7% | ||
| Q1 25 | -50.0% | 5.7% | ||
| Q4 24 | -12.3% | 5.5% | ||
| Q3 24 | -24.0% | 5.2% | ||
| Q2 24 | -14.7% | 5.2% | ||
| Q1 24 | -36.0% | 4.5% |
净利率APLSPAY
| Q4 25 | -29.5% | 6.3% | ||
| Q3 25 | 47.0% | 5.7% | ||
| Q2 25 | -23.6% | 5.3% | ||
| Q1 25 | -55.3% | 5.0% | ||
| Q4 24 | -17.1% | 5.1% | ||
| Q3 24 | -29.2% | 6.2% | ||
| Q2 24 | -18.9% | 4.7% | ||
| Q1 24 | -38.5% | 3.9% |
每股收益（稀释后）APLSPAY
| Q4 25 | $-0.40 | $0.16 | ||
| Q3 25 | $1.67 | $0.14 | ||
| Q2 25 | $-0.33 | $0.11 | ||
| Q1 25 | $-0.74 | $0.11 | ||
| Q4 24 | $-0.30 | $0.11 | ||
| Q3 24 | $-0.46 | $0.11 | ||
| Q2 24 | $-0.30 | $0.07 | ||
| Q1 24 | $-0.54 | $0.06 |
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 | $320.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $560.4M |
| 总资产 | $1.1B | $667.9M |
| 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APLSPAY
| Q4 25 | $466.2M | $320.9M | ||
| Q3 25 | $479.2M | $287.9M | ||
| Q2 25 | $370.0M | $266.4M | ||
| Q1 25 | $358.4M | $245.8M | ||
| Q4 24 | $411.3M | $205.9M | ||
| Q3 24 | $396.9M | $187.5M | ||
| Q2 24 | $360.1M | $188.8M | ||
| Q1 24 | $325.9M | $180.1M |
总债务APLSPAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSPAY
| Q4 25 | $370.1M | $560.4M | ||
| Q3 25 | $401.2M | $537.4M | ||
| Q2 25 | $156.3M | $516.7M | ||
| Q1 25 | $164.2M | $500.4M | ||
| Q4 24 | $228.5M | $485.6M | ||
| Q3 24 | $237.1M | $468.8M | ||
| Q2 24 | $264.3M | $451.6M | ||
| Q1 24 | $266.7M | $439.4M |
总资产APLSPAY
| Q4 25 | $1.1B | $667.9M | ||
| Q3 25 | $1.1B | $644.4M | ||
| Q2 25 | $821.4M | $609.5M | ||
| Q1 25 | $807.3M | $590.9M | ||
| Q4 24 | $885.1M | $576.2M | ||
| Q3 24 | $901.9M | $552.9M | ||
| Q2 24 | $904.5M | $527.7M | ||
| Q1 24 | $831.9M | $514.0M |
负债/权益比APLSPAY
| 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 | $45.1M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $45.0M |
| 自由现金流率自由现金流/营收 | -7.1% | 13.6% |
| 资本支出强度资本支出/营收 | 0.1% | 0.0% |
| 现金转化率经营现金流/净利润 | — | 2.18× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $161.8M |
8季度趋势，按日历期对齐
经营现金流APLSPAY
| Q4 25 | $-14.2M | $45.1M | ||
| Q3 25 | $108.5M | $35.1M | ||
| Q2 25 | $4.4M | $31.5M | ||
| Q1 25 | $-53.4M | $50.4M | ||
| Q4 24 | $19.4M | $27.9M | ||
| Q3 24 | $34.1M | $6.7M | ||
| Q2 24 | $-8.3M | $18.0M | ||
| Q1 24 | $-133.0M | $11.0M |
自由现金流APLSPAY
| Q4 25 | $-14.3M | $45.0M | ||
| Q3 25 | $108.3M | $35.0M | ||
| Q2 25 | $4.4M | $31.4M | ||
| Q1 25 | $-53.4M | $50.4M | ||
| Q4 24 | $19.3M | $27.8M | ||
| Q3 24 | — | $6.7M | ||
| Q2 24 | $-8.4M | $17.8M | ||
| Q1 24 | $-133.3M | $10.8M |
自由现金流率APLSPAY
| Q4 25 | -7.1% | 13.6% | ||
| Q3 25 | 23.6% | 11.3% | ||
| Q2 25 | 2.5% | 11.2% | ||
| Q1 25 | -32.0% | 18.3% | ||
| Q4 24 | 9.1% | 10.8% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | -4.2% | 9.0% | ||
| Q1 24 | -77.3% | 5.9% |
资本支出强度APLSPAY
| Q4 25 | 0.1% | 0.0% | ||
| Q3 25 | 0.0% | 0.0% | ||
| Q2 25 | 0.0% | 0.0% | ||
| Q1 25 | 0.0% | 0.0% | ||
| Q4 24 | 0.0% | 0.0% | ||
| Q3 24 | 0.0% | 0.0% | ||
| Q2 24 | 0.0% | 0.1% | ||
| Q1 24 | 0.2% | 0.1% |
现金转化率APLSPAY
| Q4 25 | — | 2.18× | ||
| Q3 25 | 0.50× | 1.98× | ||
| Q2 25 | — | 2.14× | ||
| Q1 25 | — | 3.65× | ||
| Q4 24 | — | 2.12× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 1.93× | ||
| Q1 24 | — | 1.52× |
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% |
PAY
| Payment Transaction Processing Revenue | $326.9M | 99% |
| Other | $3.5M | 1% |
