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Apellis Pharmaceuticals, Inc.（APLS）与Paylocity Holding Corp（PCTY）财务数据对比。点击上方公司名可切换其他公司
Paylocity Holding Corp的季度营收约是Apellis Pharmaceuticals, Inc.的1.9倍（$387.0M vs $199.9M），Paylocity Holding Corp净利率更高（13.0% vs -29.5%，领先42.5%），Paylocity Holding Corp同比增速更快（11.3% vs -5.9%），Paylocity Holding Corp自由现金流更多（$113.6M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 2.7%）
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。
Paylocity Holding Corp是美国领先的云端人力资源管理服务商，核心产品覆盖薪资核算、支出管理及人力资本管理（HCM）类SaaS软件，可帮助不同规模的企业客户优化人力与财务相关运营流程，有效提升管理效率、降低运营成本。
APLS vs PCTY — 直观对比
营收规模更大
PCTY
是对方的1.9倍
$199.9M
营收增速更快
PCTY
高出17.2%
-5.9%
净利率更高
PCTY
高出42.5%
-29.5%
自由现金流更多
PCTY
多$127.9M
$-14.3M
两年增速更快
APLS
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $387.0M |
| 净利润 | $-59.0M | $50.2M |
| 毛利率 | — | 72.9% |
| 营业利润率 | -25.6% | 18.2% |
| 净利率 | -29.5% | 13.0% |
| 营收同比 | -5.9% | 11.3% |
| 净利润同比 | -62.2% | 34.0% |
| 每股收益（稀释后） | $-0.40 | $0.92 |
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APLSPCTY
| Q4 25 | $199.9M | $387.0M | ||
| Q3 25 | $458.6M | $378.9M | ||
| Q2 25 | $178.5M | $369.9M | ||
| Q1 25 | $166.8M | $421.1M | ||
| Q4 24 | $212.5M | $347.7M | ||
| Q3 24 | $196.8M | $333.1M | ||
| Q2 24 | $199.7M | $324.7M | ||
| Q1 24 | $172.3M | $366.8M |
净利润APLSPCTY
| Q4 25 | $-59.0M | $50.2M | ||
| Q3 25 | $215.7M | $48.0M | ||
| Q2 25 | $-42.2M | $48.6M | ||
| Q1 25 | $-92.2M | $91.5M | ||
| Q4 24 | $-36.4M | $37.5M | ||
| Q3 24 | $-57.4M | $49.6M | ||
| Q2 24 | $-37.7M | $48.8M | ||
| Q1 24 | $-66.4M | $85.3M |
毛利率APLSPCTY
| Q4 25 | — | 72.9% | ||
| Q3 25 | — | 73.9% | ||
| Q2 25 | — | 73.5% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 72.6% | ||
| Q3 24 | — | 74.4% | ||
| Q2 24 | — | 74.0% | ||
| Q1 24 | — | 77.8% |
营业利润率APLSPCTY
| Q4 25 | -25.6% | 18.2% | ||
| Q3 25 | 48.7% | 19.6% | ||
| Q2 25 | -18.6% | 17.9% | ||
| Q1 25 | -50.0% | 30.2% | ||
| Q4 24 | -12.3% | 13.4% | ||
| Q3 24 | -24.0% | 19.3% | ||
| Q2 24 | -14.7% | 19.4% | ||
| Q1 24 | -36.0% | 29.0% |
净利率APLSPCTY
| Q4 25 | -29.5% | 13.0% | ||
| Q3 25 | 47.0% | 12.7% | ||
| Q2 25 | -23.6% | 13.1% | ||
| Q1 25 | -55.3% | 21.7% | ||
| Q4 24 | -17.1% | 10.8% | ||
| Q3 24 | -29.2% | 14.9% | ||
| Q2 24 | -18.9% | 15.0% | ||
| Q1 24 | -38.5% | 23.3% |
每股收益（稀释后）APLSPCTY
| Q4 25 | $-0.40 | $0.92 | ||
| Q3 25 | $1.67 | $0.86 | ||
| Q2 25 | $-0.33 | $0.87 | ||
| Q1 25 | $-0.74 | $1.61 | ||
| Q4 24 | $-0.30 | $0.66 | ||
| Q3 24 | $-0.46 | $0.88 | ||
| Q2 24 | $-0.30 | $0.85 | ||
| Q1 24 | $-0.54 | $1.50 |
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 | $162.5M |
| 总债务越低越好 | — | $81.3M |
| 股东权益账面价值 | $370.1M | $1.1B |
| 总资产 | $1.1B | $7.0B |
| 负债/权益比越低杠杆越低 | — | 0.07× |
8季度趋势，按日历期对齐
现金及短期投资APLSPCTY
| Q4 25 | $466.2M | $162.5M | ||
| Q3 25 | $479.2M | $165.2M | ||
| Q2 25 | $370.0M | $398.1M | ||
| Q1 25 | $358.4M | $477.8M | ||
| Q4 24 | $411.3M | $482.4M | ||
| Q3 24 | $396.9M | $778.5M | ||
| Q2 24 | $360.1M | $401.8M | ||
| Q1 24 | $325.9M | $492.7M |
总债务APLSPCTY
| Q4 25 | — | $81.3M | ||
| Q3 25 | — | $81.3M | ||
| Q2 25 | — | $162.5M | ||
| Q1 25 | — | $243.8M | ||
| Q4 24 | — | $325.0M | ||
| Q3 24 | — | $325.0M | ||
| Q2 24 | — | $0 | ||
| Q1 24 | $93.1M | — |
股东权益APLSPCTY
| Q4 25 | $370.1M | $1.1B | ||
| Q3 25 | $401.2M | $1.1B | ||
| Q2 25 | $156.3M | $1.2B | ||
| Q1 25 | $164.2M | $1.2B | ||
| Q4 24 | $228.5M | $1.2B | ||
| Q3 24 | $237.1M | $1.1B | ||
| Q2 24 | $264.3M | $1.0B | ||
| Q1 24 | $266.7M | $1.1B |
总资产APLSPCTY
| Q4 25 | $1.1B | $7.0B | ||
| Q3 25 | $1.1B | $4.2B | ||
| Q2 25 | $821.4M | $4.4B | ||
| Q1 25 | $807.3M | $5.2B | ||
| Q4 24 | $885.1M | $5.3B | ||
| Q3 24 | $901.9M | $4.0B | ||
| Q2 24 | $904.5M | $4.2B | ||
| Q1 24 | $831.9M | $5.0B |
负债/权益比APLSPCTY
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.20× | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | 0.29× | ||
| Q2 24 | — | 0.00× | ||
| 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 | $117.0M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $113.6M |
| 自由现金流率自由现金流/营收 | -7.1% | 29.4% |
| 资本支出强度资本支出/营收 | 0.1% | 0.9% |
| 现金转化率经营现金流/净利润 | — | 2.33× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $461.1M |
8季度趋势，按日历期对齐
经营现金流APLSPCTY
| Q4 25 | $-14.2M | $117.0M | ||
| Q3 25 | $108.5M | $86.5M | ||
| Q2 25 | $4.4M | $86.6M | ||
| Q1 25 | $-53.4M | $186.0M | ||
| Q4 24 | $19.4M | $54.2M | ||
| Q3 24 | $34.1M | $91.5M | ||
| Q2 24 | $-8.3M | $79.9M | ||
| Q1 24 | $-133.0M | $167.5M |
自由现金流APLSPCTY
| Q4 25 | $-14.3M | $113.6M | ||
| Q3 25 | $108.3M | $82.7M | ||
| Q2 25 | $4.4M | $81.1M | ||
| Q1 25 | $-53.4M | $183.7M | ||
| Q4 24 | $19.3M | $51.2M | ||
| Q3 24 | — | $89.1M | ||
| Q2 24 | $-8.4M | $73.6M | ||
| Q1 24 | $-133.3M | $162.0M |
自由现金流率APLSPCTY
| Q4 25 | -7.1% | 29.4% | ||
| Q3 25 | 23.6% | 21.8% | ||
| Q2 25 | 2.5% | 21.9% | ||
| Q1 25 | -32.0% | 43.6% | ||
| Q4 24 | 9.1% | 14.7% | ||
| Q3 24 | — | 26.8% | ||
| Q2 24 | -4.2% | 22.7% | ||
| Q1 24 | -77.3% | 44.2% |
资本支出强度APLSPCTY
| Q4 25 | 0.1% | 0.9% | ||
| Q3 25 | 0.0% | 1.0% | ||
| Q2 25 | 0.0% | 1.5% | ||
| Q1 25 | 0.0% | 0.5% | ||
| Q4 24 | 0.0% | 0.9% | ||
| Q3 24 | 0.0% | 0.7% | ||
| Q2 24 | 0.0% | 1.9% | ||
| Q1 24 | 0.2% | 1.5% |
现金转化率APLSPCTY
| Q4 25 | — | 2.33× | ||
| Q3 25 | 0.50× | 1.80× | ||
| Q2 25 | — | 1.78× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 1.84× | ||
| Q2 24 | — | 1.64× | ||
| Q1 24 | — | 1.96× |
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% |
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
