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Apellis Pharmaceuticals, Inc.（APLS）与PLUG POWER INC（PLUG）财务数据对比。点击上方公司名可切换其他公司
PLUG POWER INC的季度营收约是Apellis Pharmaceuticals, Inc.的1.1倍（$225.2M vs $199.9M），Apellis Pharmaceuticals, Inc.净利率更高（-29.5% vs -375.6%，领先346.1%），PLUG POWER INC同比增速更快（17.6% vs -5.9%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% 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。
普拉格能源是一家美国企业，专注于氢燃料电池和电解槽系统的研发，其产品可替代电动设备及车辆所使用的传统电池。公司总部位于纽约州斯林格兰兹，在华盛顿州斯波坎、纽约州罗切斯特均设有生产运营基地。
APLS vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.1倍
$199.9M
营收增速更快
PLUG
高出23.6%
-5.9%
净利率更高
APLS
高出346.1%
-375.6%
自由现金流更多
APLS
多$138.7M
$-153.0M
两年增速更快
PLUG
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $225.2M |
| 净利润 | $-59.0M | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | -25.6% | -338.9% |
| 净利率 | -29.5% | -375.6% |
| 营收同比 | -5.9% | 17.6% |
| 净利润同比 | -62.2% | 36.7% |
| 每股收益（稀释后） | $-0.40 | $-0.70 |
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APLSPLUG
| Q4 25 | $199.9M | $225.2M | ||
| Q3 25 | $458.6M | $177.1M | ||
| Q2 25 | $178.5M | $174.0M | ||
| Q1 25 | $166.8M | $133.7M | ||
| Q4 24 | $212.5M | $191.5M | ||
| Q3 24 | $196.8M | $173.7M | ||
| Q2 24 | $199.7M | $143.3M | ||
| Q1 24 | $172.3M | $120.3M |
净利润APLSPLUG
| Q4 25 | $-59.0M | $-846.0M | ||
| Q3 25 | $215.7M | $-361.9M | ||
| Q2 25 | $-42.2M | $-227.1M | ||
| Q1 25 | $-92.2M | $-196.7M | ||
| Q4 24 | $-36.4M | $-1.3B | ||
| Q3 24 | $-57.4M | $-211.2M | ||
| Q2 24 | $-37.7M | $-262.3M | ||
| Q1 24 | $-66.4M | $-295.8M |
毛利率APLSPLUG
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | -67.9% | ||
| Q2 25 | — | -30.7% | ||
| Q1 25 | — | -55.3% | ||
| Q4 24 | — | -122.5% | ||
| Q3 24 | — | -57.6% | ||
| Q2 24 | — | -91.6% | ||
| Q1 24 | — | -132.3% |
营业利润率APLSPLUG
| Q4 25 | -25.6% | -338.9% | ||
| Q3 25 | 48.7% | -197.0% | ||
| Q2 25 | -18.6% | -101.7% | ||
| Q1 25 | -50.0% | -133.5% | ||
| Q4 24 | -12.3% | -678.7% | ||
| Q3 24 | -24.0% | -124.4% | ||
| Q2 24 | -14.7% | -170.7% | ||
| Q1 24 | -36.0% | -215.7% |
净利率APLSPLUG
| Q4 25 | -29.5% | -375.6% | ||
| Q3 25 | 47.0% | -204.4% | ||
| Q2 25 | -23.6% | -130.5% | ||
| Q1 25 | -55.3% | -147.1% | ||
| Q4 24 | -17.1% | -697.5% | ||
| Q3 24 | -29.2% | -121.5% | ||
| Q2 24 | -18.9% | -183.0% | ||
| Q1 24 | -38.5% | -245.9% |
每股收益（稀释后）APLSPLUG
| Q4 25 | $-0.40 | $-0.70 | ||
| Q3 25 | $1.67 | $-0.31 | ||
| Q2 25 | $-0.33 | $-0.20 | ||
| Q1 25 | $-0.74 | $-0.21 | ||
| Q4 24 | $-0.30 | $-1.61 | ||
| Q3 24 | $-0.46 | $-0.25 | ||
| Q2 24 | $-0.30 | $-0.36 | ||
| Q1 24 | $-0.54 | $-0.46 |
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 | $368.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $978.1M |
| 总资产 | $1.1B | $2.6B |
| 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APLSPLUG
| Q4 25 | $466.2M | $368.5M | ||
| Q3 25 | $479.2M | $165.9M | ||
| Q2 25 | $370.0M | $140.7M | ||
| Q1 25 | $358.4M | $295.8M | ||
| Q4 24 | $411.3M | $205.7M | ||
| Q3 24 | $396.9M | $93.9M | ||
| Q2 24 | $360.1M | $62.4M | ||
| Q1 24 | $325.9M | $172.9M |
总债务APLSPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $3.9M | ||
| Q2 24 | — | $3.7M | ||
| Q1 24 | $93.1M | $3.8M |
股东权益APLSPLUG
| Q4 25 | $370.1M | $978.1M | ||
| Q3 25 | $401.2M | $1.4B | ||
| Q2 25 | $156.3M | $1.7B | ||
| Q1 25 | $164.2M | $1.9B | ||
| Q4 24 | $228.5M | $1.7B | ||
| Q3 24 | $237.1M | $3.0B | ||
| Q2 24 | $264.3M | $3.0B | ||
| Q1 24 | $266.7M | $2.9B |
总资产APLSPLUG
| Q4 25 | $1.1B | $2.6B | ||
| Q3 25 | $1.1B | $3.1B | ||
| Q2 25 | $821.4M | $3.4B | ||
| Q1 25 | $807.3M | $3.6B | ||
| Q4 24 | $885.1M | $3.6B | ||
| Q3 24 | $901.9M | $4.7B | ||
| Q2 24 | $904.5M | $4.8B | ||
| Q1 24 | $831.9M | $4.8B |
负债/权益比APLSPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | 0.35× | 0.00× |
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 | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-153.0M |
| 自由现金流率自由现金流/营收 | -7.1% | -67.9% |
| 资本支出强度资本支出/营收 | 0.1% | 1.9% |
| 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 | $-647.0M |
8季度趋势，按日历期对齐
经营现金流APLSPLUG
| Q4 25 | $-14.2M | $-148.6M | ||
| Q3 25 | $108.5M | $-89.8M | ||
| Q2 25 | $4.4M | $-191.8M | ||
| Q1 25 | $-53.4M | $-105.6M | ||
| Q4 24 | $19.4M | $-131.2M | ||
| Q3 24 | $34.1M | $-174.9M | ||
| Q2 24 | $-8.3M | $-254.7M | ||
| Q1 24 | $-133.0M | $-167.7M |
自由现金流APLSPLUG
| Q4 25 | $-14.3M | $-153.0M | ||
| Q3 25 | $108.3M | $-117.5M | ||
| Q2 25 | $4.4M | $-230.4M | ||
| Q1 25 | $-53.4M | $-146.0M | ||
| Q4 24 | $19.3M | $-165.2M | ||
| Q3 24 | — | $-234.2M | ||
| Q2 24 | $-8.4M | $-356.0M | ||
| Q1 24 | $-133.3M | $-260.3M |
自由现金流率APLSPLUG
| Q4 25 | -7.1% | -67.9% | ||
| Q3 25 | 23.6% | -66.4% | ||
| Q2 25 | 2.5% | -132.5% | ||
| Q1 25 | -32.0% | -109.2% | ||
| Q4 24 | 9.1% | -86.3% | ||
| Q3 24 | — | -134.8% | ||
| Q2 24 | -4.2% | -248.4% | ||
| Q1 24 | -77.3% | -216.5% |
资本支出强度APLSPLUG
| Q4 25 | 0.1% | 1.9% | ||
| Q3 25 | 0.0% | 15.6% | ||
| Q2 25 | 0.0% | 22.2% | ||
| Q1 25 | 0.0% | 30.3% | ||
| Q4 24 | 0.0% | 17.7% | ||
| Q3 24 | 0.0% | 34.1% | ||
| Q2 24 | 0.0% | 70.7% | ||
| Q1 24 | 0.2% | 77.0% |
现金转化率APLSPLUG
| 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% |
PLUG
| Sales Of Equipment And Related Infrastructure | $111.6M | 50% |
| Services Performed On Fuel Cell Systems And Related Infrastructure | $41.5M | 18% |
| Power Purchase Agreements | $36.1M | 16% |
| Sale Of Cryogenic Equipment | $20.0M | 9% |
| Sales Of Fuel Cell Systems | $11.2M | 5% |
| Other | $4.8M | 2% |
