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Apellis Pharmaceuticals, Inc.（APLS）与POWER INTEGRATIONS INC（POWI）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POWER INTEGRATIONS INC的1.9倍（$199.9M vs $103.2M），POWER INTEGRATIONS INC净利率更高（12.9% vs -29.5%，领先42.4%），POWER INTEGRATIONS INC同比增速更快（-1.9% vs -5.9%），POWER INTEGRATIONS INC自由现金流更多（$19.2M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 6.1%）
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。
Power Integrations Inc.是美国头部电力公用事业企业，业务覆盖美国本土11个州，服务超500万用户，在全美电力供应领域拥有领先的市场地位与成熟的运营体系。
APLS vs POWI — 直观对比
营收规模更大
APLS
是对方的1.9倍
$103.2M
营收增速更快
POWI
高出4.0%
-5.9%
净利率更高
POWI
高出42.4%
-29.5%
自由现金流更多
POWI
多$33.4M
$-14.3M
两年增速更快
APLS
近两年复合增速
6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $103.2M |
| 净利润 | $-59.0M | $13.3M |
| 毛利率 | — | 52.9% |
| 营业利润率 | -25.6% | 8.5% |
| 净利率 | -29.5% | 12.9% |
| 营收同比 | -5.9% | -1.9% |
| 净利润同比 | -62.2% | 45.4% |
| 每股收益（稀释后） | $-0.40 | $0.24 |
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APLSPOWI
| Q4 25 | $199.9M | $103.2M | ||
| Q3 25 | $458.6M | $118.9M | ||
| Q2 25 | $178.5M | $115.9M | ||
| Q1 25 | $166.8M | $105.5M | ||
| Q4 24 | $212.5M | $105.3M | ||
| Q3 24 | $196.8M | $115.8M | ||
| Q2 24 | $199.7M | $106.2M | ||
| Q1 24 | $172.3M | $91.7M |
净利润APLSPOWI
| Q4 25 | $-59.0M | $13.3M | ||
| Q3 25 | $215.7M | $-1.4M | ||
| Q2 25 | $-42.2M | $1.4M | ||
| Q1 25 | $-92.2M | $8.8M | ||
| Q4 24 | $-36.4M | $9.1M | ||
| Q3 24 | $-57.4M | $14.3M | ||
| Q2 24 | $-37.7M | $4.8M | ||
| Q1 24 | $-66.4M | $4.0M |
毛利率APLSPOWI
| Q4 25 | — | 52.9% | ||
| Q3 25 | — | 54.5% | ||
| Q2 25 | — | 55.2% | ||
| Q1 25 | — | 55.2% | ||
| Q4 24 | — | 54.4% | ||
| Q3 24 | — | 54.5% | ||
| Q2 24 | — | 53.2% | ||
| Q1 24 | — | 52.1% |
营业利润率APLSPOWI
| Q4 25 | -25.6% | 8.5% | ||
| Q3 25 | 48.7% | -3.3% | ||
| Q2 25 | -18.6% | -1.2% | ||
| Q1 25 | -50.0% | 6.4% | ||
| Q4 24 | -12.3% | 3.7% | ||
| Q3 24 | -24.0% | 10.0% | ||
| Q2 24 | -14.7% | 1.8% | ||
| Q1 24 | -36.0% | 0.5% |
净利率APLSPOWI
| Q4 25 | -29.5% | 12.9% | ||
| Q3 25 | 47.0% | -1.1% | ||
| Q2 25 | -23.6% | 1.2% | ||
| Q1 25 | -55.3% | 8.3% | ||
| Q4 24 | -17.1% | 8.7% | ||
| Q3 24 | -29.2% | 12.3% | ||
| Q2 24 | -18.9% | 4.6% | ||
| Q1 24 | -38.5% | 4.3% |
每股收益（稀释后）APLSPOWI
| Q4 25 | $-0.40 | $0.24 | ||
| Q3 25 | $1.67 | $-0.02 | ||
| Q2 25 | $-0.33 | $0.02 | ||
| Q1 25 | $-0.74 | $0.15 | ||
| Q4 24 | $-0.30 | $0.15 | ||
| Q3 24 | $-0.46 | $0.25 | ||
| Q2 24 | $-0.30 | $0.09 | ||
| Q1 24 | $-0.54 | $0.07 |
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 | $249.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $672.8M |
| 总资产 | $1.1B | $772.2M |
| 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APLSPOWI
| Q4 25 | $466.2M | $249.5M | ||
| Q3 25 | $479.2M | $241.9M | ||
| Q2 25 | $370.0M | $268.7M | ||
| Q1 25 | $358.4M | $289.3M | ||
| Q4 24 | $411.3M | $300.0M | ||
| Q3 24 | $396.9M | $303.8M | ||
| Q2 24 | $360.1M | $290.5M | ||
| Q1 24 | $325.9M | $299.6M |
总债务APLSPOWI
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSPOWI
| Q4 25 | $370.1M | $672.8M | ||
| Q3 25 | $401.2M | $672.0M | ||
| Q2 25 | $156.3M | $703.8M | ||
| Q1 25 | $164.2M | $735.8M | ||
| Q4 24 | $228.5M | $749.8M | ||
| Q3 24 | $237.1M | $749.2M | ||
| Q2 24 | $264.3M | $730.7M | ||
| Q1 24 | $266.7M | $738.2M |
总资产APLSPOWI
| Q4 25 | $1.1B | $772.2M | ||
| Q3 25 | $1.1B | $772.5M | ||
| Q2 25 | $821.4M | $797.5M | ||
| Q1 25 | $807.3M | $814.4M | ||
| Q4 24 | $885.1M | $828.8M | ||
| Q3 24 | $901.9M | $825.0M | ||
| Q2 24 | $904.5M | $804.8M | ||
| Q1 24 | $831.9M | $805.8M |
负债/权益比APLSPOWI
| 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 | $26.2M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $19.2M |
| 自由现金流率自由现金流/营收 | -7.1% | 18.6% |
| 资本支出强度资本支出/营收 | 0.1% | 6.8% |
| 现金转化率经营现金流/净利润 | — | 1.97× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $87.1M |
8季度趋势，按日历期对齐
经营现金流APLSPOWI
| Q4 25 | $-14.2M | $26.2M | ||
| Q3 25 | $108.5M | $29.9M | ||
| Q2 25 | $4.4M | $29.1M | ||
| Q1 25 | $-53.4M | $26.4M | ||
| Q4 24 | $19.4M | $14.7M | ||
| Q3 24 | $34.1M | $32.9M | ||
| Q2 24 | $-8.3M | $17.6M | ||
| Q1 24 | $-133.0M | $15.9M |
自由现金流APLSPOWI
| Q4 25 | $-14.3M | $19.2M | ||
| Q3 25 | $108.3M | $24.2M | ||
| Q2 25 | $4.4M | $23.1M | ||
| Q1 25 | $-53.4M | $20.7M | ||
| Q4 24 | $19.3M | $11.7M | ||
| Q3 24 | — | $27.2M | ||
| Q2 24 | $-8.4M | $13.5M | ||
| Q1 24 | $-133.3M | $11.6M |
自由现金流率APLSPOWI
| Q4 25 | -7.1% | 18.6% | ||
| Q3 25 | 23.6% | 20.3% | ||
| Q2 25 | 2.5% | 20.0% | ||
| Q1 25 | -32.0% | 19.6% | ||
| Q4 24 | 9.1% | 11.1% | ||
| Q3 24 | — | 23.5% | ||
| Q2 24 | -4.2% | 12.7% | ||
| Q1 24 | -77.3% | 12.6% |
资本支出强度APLSPOWI
| Q4 25 | 0.1% | 6.8% | ||
| Q3 25 | 0.0% | 4.8% | ||
| Q2 25 | 0.0% | 5.1% | ||
| Q1 25 | 0.0% | 5.4% | ||
| Q4 24 | 0.0% | 2.9% | ||
| Q3 24 | 0.0% | 4.9% | ||
| Q2 24 | 0.0% | 3.9% | ||
| Q1 24 | 0.2% | 4.7% |
现金转化率APLSPOWI
| Q4 25 | — | 1.97× | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | 21.24× | ||
| Q1 25 | — | 3.00× | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | — | 2.30× | ||
| Q2 24 | — | 3.64× | ||
| Q1 24 | — | 4.02× |
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% |
POWI
| Distributors | $65.8M | 64% |
| Other | $10.3M | 10% |
| KR | $9.3M | 9% |
| DE | $7.1M | 7% |
| TW | $5.5M | 5% |
| Emea Other Than Germany | $5.3M | 5% |
