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Apellis Pharmaceuticals, Inc.（APLS）与TheRealReal, Inc.（REAL）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TheRealReal, Inc.的1.0倍（$199.9M vs $194.1M），TheRealReal, Inc.同比增速更快（18.3% vs -5.9%），TheRealReal, Inc.自由现金流更多（$45.8M vs $-14.3M），过去两年TheRealReal, Inc.的营收复合增速更高（16.2% 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。
TheRealReal是专业的奢侈品线上交易平台，所有在售商品均经过专业人员鉴定，可满足用户买卖二手奢侈品的需求。截至2023年9月30日，平台会员规模已超3800万，累计售出商品近4000万件。
APLS vs REAL — 直观对比
营收规模更大
APLS
是对方的1.0倍
$194.1M
营收增速更快
REAL
高出24.3%
-5.9%
自由现金流更多
REAL
多$60.1M
$-14.3M
两年增速更快
REAL
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $194.1M |
| 净利润 | $-59.0M | — |
| 毛利率 | — | 74.8% |
| 营业利润率 | -25.6% | 3.2% |
| 净利率 | -29.5% | — |
| 营收同比 | -5.9% | 18.3% |
| 净利润同比 | -62.2% | — |
| 每股收益（稀释后） | $-0.40 | $0.06 |
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APLSREAL
| Q4 25 | $199.9M | $194.1M | ||
| Q3 25 | $458.6M | $173.6M | ||
| Q2 25 | $178.5M | $165.2M | ||
| Q1 25 | $166.8M | $160.0M | ||
| Q4 24 | $212.5M | $164.0M | ||
| Q3 24 | $196.8M | $147.8M | ||
| Q2 24 | $199.7M | $144.9M | ||
| Q1 24 | $172.3M | $143.8M |
净利润APLSREAL
| Q4 25 | $-59.0M | — | ||
| Q3 25 | $215.7M | $-54.1M | ||
| Q2 25 | $-42.2M | $-11.4M | ||
| Q1 25 | $-92.2M | $62.4M | ||
| Q4 24 | $-36.4M | — | ||
| Q3 24 | $-57.4M | $-17.9M | ||
| Q2 24 | $-37.7M | $-16.7M | ||
| Q1 24 | $-66.4M | $-31.1M |
毛利率APLSREAL
| Q4 25 | — | 74.8% | ||
| Q3 25 | — | 74.3% | ||
| Q2 25 | — | 74.3% | ||
| Q1 25 | — | 75.0% | ||
| Q4 24 | — | 74.4% | ||
| Q3 24 | — | 74.9% | ||
| Q2 24 | — | 74.1% | ||
| Q1 24 | — | 74.6% |
营业利润率APLSREAL
| Q4 25 | -25.6% | 3.2% | ||
| Q3 25 | 48.7% | -4.3% | ||
| Q2 25 | -18.6% | -6.0% | ||
| Q1 25 | -50.0% | -8.0% | ||
| Q4 24 | -12.3% | -3.1% | ||
| Q3 24 | -24.0% | -9.9% | ||
| Q2 24 | -14.7% | -13.0% | ||
| Q1 24 | -36.0% | -12.5% |
净利率APLSREAL
| Q4 25 | -29.5% | — | ||
| Q3 25 | 47.0% | -31.1% | ||
| Q2 25 | -23.6% | -6.9% | ||
| Q1 25 | -55.3% | 39.0% | ||
| Q4 24 | -17.1% | — | ||
| Q3 24 | -29.2% | -12.1% | ||
| Q2 24 | -18.9% | -11.5% | ||
| Q1 24 | -38.5% | -21.6% |
每股收益（稀释后）APLSREAL
| Q4 25 | $-0.40 | $0.06 | ||
| Q3 25 | $1.67 | $-0.49 | ||
| Q2 25 | $-0.33 | $-0.13 | ||
| Q1 25 | $-0.74 | $-0.14 | ||
| Q4 24 | $-0.30 | $-0.57 | ||
| Q3 24 | $-0.46 | $-0.17 | ||
| Q2 24 | $-0.30 | $-0.20 | ||
| Q1 24 | $-0.54 | $-0.30 |
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 | $151.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $-415.5M |
| 总资产 | $1.1B | $409.0M |
| 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APLSREAL
| Q4 25 | $466.2M | $151.2M | ||
| Q3 25 | $479.2M | $108.4M | ||
| Q2 25 | $370.0M | $94.3M | ||
| Q1 25 | $358.4M | $139.6M | ||
| Q4 24 | $411.3M | $172.2M | ||
| Q3 24 | $396.9M | $153.2M | ||
| Q2 24 | $360.1M | $150.7M | ||
| Q1 24 | $325.9M | $166.0M |
总债务APLSREAL
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSREAL
| Q4 25 | $370.1M | $-415.5M | ||
| Q3 25 | $401.2M | $-385.1M | ||
| Q2 25 | $156.3M | $-338.2M | ||
| Q1 25 | $164.2M | $-336.1M | ||
| Q4 24 | $228.5M | $-407.4M | ||
| Q3 24 | $237.1M | $-345.4M | ||
| Q2 24 | $264.3M | $-335.3M | ||
| Q1 24 | $266.7M | $-327.1M |
总资产APLSREAL
| Q4 25 | $1.1B | $409.0M | ||
| Q3 25 | $1.1B | $366.2M | ||
| Q2 25 | $821.4M | $349.4M | ||
| Q1 25 | $807.3M | $400.4M | ||
| Q4 24 | $885.1M | $423.1M | ||
| Q3 24 | $901.9M | $406.3M | ||
| Q2 24 | $904.5M | $407.4M | ||
| Q1 24 | $831.9M | $431.6M |
负债/权益比APLSREAL
| 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 | $49.5M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $45.8M |
| 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% | 1.9% |
| 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 | $18.4M |
8季度趋势，按日历期对齐
经营现金流APLSREAL
| Q4 25 | $-14.2M | $49.5M | ||
| Q3 25 | $108.5M | $19.3M | ||
| Q2 25 | $4.4M | $-3.6M | ||
| Q1 25 | $-53.4M | $-28.3M | ||
| Q4 24 | $19.4M | $28.0M | ||
| Q3 24 | $34.1M | $9.1M | ||
| Q2 24 | $-8.3M | $-6.8M | ||
| Q1 24 | $-133.0M | $-3.5M |
自由现金流APLSREAL
| Q4 25 | $-14.3M | $45.8M | ||
| Q3 25 | $108.3M | $16.9M | ||
| Q2 25 | $4.4M | $-11.4M | ||
| Q1 25 | $-53.4M | $-33.0M | ||
| Q4 24 | $19.3M | $22.9M | ||
| Q3 24 | — | $5.0M | ||
| Q2 24 | $-8.4M | $-9.8M | ||
| Q1 24 | $-133.3M | $-5.6M |
自由现金流率APLSREAL
| Q4 25 | -7.1% | 23.6% | ||
| Q3 25 | 23.6% | 9.7% | ||
| Q2 25 | 2.5% | -6.9% | ||
| Q1 25 | -32.0% | -20.6% | ||
| Q4 24 | 9.1% | 14.0% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | -4.2% | -6.7% | ||
| Q1 24 | -77.3% | -3.9% |
资本支出强度APLSREAL
| Q4 25 | 0.1% | 1.9% | ||
| Q3 25 | 0.0% | 1.4% | ||
| Q2 25 | 0.0% | 4.7% | ||
| Q1 25 | 0.0% | 2.9% | ||
| Q4 24 | 0.0% | 3.1% | ||
| Q3 24 | 0.0% | 2.7% | ||
| Q2 24 | 0.0% | 2.1% | ||
| Q1 24 | 0.2% | 1.5% |
现金转化率APLSREAL
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.45× | ||
| 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% |
REAL
| Services | $149.0M | 77% |
| Products | $27.2M | 14% |
| Shipping And Handling | $17.8M | 9% |
