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Apellis Pharmaceuticals, Inc.（APLS）与Rocket Lab Corp（RKLB）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Rocket Lab Corp的1.1倍（$199.9M vs $179.7M），Rocket Lab Corp净利率更高（-29.5% vs -29.5%，领先0.0%），Rocket Lab Corp同比增速更快（35.7% vs -5.9%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% 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。
Rocket Lab是公开上市的航空航天制造商及发射服务提供商，旗下Electron轨道火箭主打小型卫星发射，截至2026年1月已成功完成超75次任务，是全球现役发射次数最多的小型运载火箭。公司还开发了Electron的亚轨道改型HASTE用作高超音速技术测试平台，下一代可复用中型运载火箭Neutron目前也在研发中。
APLS vs RKLB — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $179.7M |
| 净利润 | $-59.0M | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | -25.6% | -28.4% |
| 净利率 | -29.5% | -29.5% |
| 营收同比 | -5.9% | 35.7% |
| 净利润同比 | -62.2% | -1.1% |
| 每股收益（稀释后） | $-0.40 | $-0.09 |
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
| Q4 25 | $199.9M | $179.7M | ||
| Q3 25 | $458.6M | $155.1M | ||
| Q2 25 | $178.5M | $144.5M | ||
| Q1 25 | $166.8M | $122.6M | ||
| Q4 24 | $212.5M | $132.4M | ||
| Q3 24 | $196.8M | $104.8M | ||
| Q2 24 | $199.7M | $106.3M | ||
| Q1 24 | $172.3M | $92.8M |
| Q4 25 | $-59.0M | $-52.9M | ||
| Q3 25 | $215.7M | $-18.3M | ||
| Q2 25 | $-42.2M | $-66.4M | ||
| Q1 25 | $-92.2M | $-60.6M | ||
| Q4 24 | $-36.4M | $-52.3M | ||
| Q3 24 | $-57.4M | $-51.9M | ||
| Q2 24 | $-37.7M | $-41.6M | ||
| Q1 24 | $-66.4M | $-44.3M |
| Q4 25 | — | 38.0% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 32.1% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | — | 27.8% | ||
| Q3 24 | — | 26.7% | ||
| Q2 24 | — | 25.6% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | -25.6% | -28.4% | ||
| Q3 25 | 48.7% | -38.0% | ||
| Q2 25 | -18.6% | -41.3% | ||
| Q1 25 | -50.0% | -48.3% | ||
| Q4 24 | -12.3% | -38.9% | ||
| Q3 24 | -24.0% | -49.5% | ||
| Q2 24 | -14.7% | -40.7% | ||
| Q1 24 | -36.0% | -46.4% |
| Q4 25 | -29.5% | -29.5% | ||
| Q3 25 | 47.0% | -11.8% | ||
| Q2 25 | -23.6% | -46.0% | ||
| Q1 25 | -55.3% | -49.5% | ||
| Q4 24 | -17.1% | -39.5% | ||
| Q3 24 | -29.2% | -49.6% | ||
| Q2 24 | -18.9% | -39.2% | ||
| Q1 24 | -38.5% | -47.7% |
| Q4 25 | $-0.40 | $-0.09 | ||
| Q3 25 | $1.67 | $-0.03 | ||
| Q2 25 | $-0.33 | $-0.13 | ||
| Q1 25 | $-0.74 | $-0.12 | ||
| Q4 24 | $-0.30 | $-0.11 | ||
| Q3 24 | $-0.46 | $-0.10 | ||
| Q2 24 | $-0.30 | $-0.08 | ||
| Q1 24 | $-0.54 | $-0.09 |
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 | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $370.1M | $1.7B |
| 总资产 | $1.1B | $2.3B |
| 负债/权益比越低杠杆越低 | — | 0.09× |
8季度趋势，按日历期对齐
| Q4 25 | $466.2M | $1.0B | ||
| Q3 25 | $479.2M | $976.7M | ||
| Q2 25 | $370.0M | $688.1M | ||
| Q1 25 | $358.4M | $428.4M | ||
| Q4 24 | $411.3M | $419.0M | ||
| Q3 24 | $396.9M | $442.4M | ||
| Q2 24 | $360.1M | $496.8M | ||
| Q1 24 | $325.9M | $492.5M |
| Q4 25 | — | $152.4M | ||
| Q3 25 | — | $347.0M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $345.9M | ||
| Q4 24 | — | $345.4M | ||
| Q3 24 | — | $61.2M | ||
| Q2 24 | — | $64.2M | ||
| Q1 24 | $93.1M | $66.8M |
| Q4 25 | $370.1M | $1.7B | ||
| Q3 25 | $401.2M | $1.3B | ||
| Q2 25 | $156.3M | $688.5M | ||
| Q1 25 | $164.2M | $431.3M | ||
| Q4 24 | $228.5M | $382.5M | ||
| Q3 24 | $237.1M | $419.8M | ||
| Q2 24 | $264.3M | $455.2M | ||
| Q1 24 | $266.7M | $478.9M |
| Q4 25 | $1.1B | $2.3B | ||
| Q3 25 | $1.1B | $2.2B | ||
| Q2 25 | $821.4M | $1.6B | ||
| Q1 25 | $807.3M | $1.3B | ||
| Q4 24 | $885.1M | $1.2B | ||
| Q3 24 | $901.9M | $1.2B | ||
| Q2 24 | $904.5M | $1.2B | ||
| Q1 24 | $831.9M | $1.2B |
| Q4 25 | — | 0.09× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.80× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | 0.35× | 0.14× |
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 | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-114.2M |
| 自由现金流率自由现金流/营收 | -7.1% | -63.6% |
| 资本支出强度资本支出/营收 | 0.1% | 27.6% |
| 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 | $-321.8M |
8季度趋势，按日历期对齐
| Q4 25 | $-14.2M | $-64.5M | ||
| Q3 25 | $108.5M | $-23.5M | ||
| Q2 25 | $4.4M | $-23.2M | ||
| Q1 25 | $-53.4M | $-54.2M | ||
| Q4 24 | $19.4M | $-2.4M | ||
| Q3 24 | $34.1M | $-30.9M | ||
| Q2 24 | $-8.3M | $-13.0M | ||
| Q1 24 | $-133.0M | $-2.6M |
| Q4 25 | $-14.3M | $-114.2M | ||
| Q3 25 | $108.3M | $-69.4M | ||
| Q2 25 | $4.4M | $-55.3M | ||
| Q1 25 | $-53.4M | $-82.9M | ||
| Q4 24 | $19.3M | $-23.9M | ||
| Q3 24 | — | $-41.9M | ||
| Q2 24 | $-8.4M | $-28.3M | ||
| Q1 24 | $-133.3M | $-21.8M |
| Q4 25 | -7.1% | -63.6% | ||
| Q3 25 | 23.6% | -44.8% | ||
| Q2 25 | 2.5% | -38.3% | ||
| Q1 25 | -32.0% | -67.6% | ||
| Q4 24 | 9.1% | -18.1% | ||
| Q3 24 | — | -40.0% | ||
| Q2 24 | -4.2% | -26.7% | ||
| Q1 24 | -77.3% | -23.5% |
| Q4 25 | 0.1% | 27.6% | ||
| Q3 25 | 0.0% | 29.6% | ||
| Q2 25 | 0.0% | 22.2% | ||
| Q1 25 | 0.0% | 23.4% | ||
| Q4 24 | 0.0% | 16.3% | ||
| Q3 24 | 0.0% | 10.5% | ||
| Q2 24 | 0.0% | 14.4% | ||
| Q1 24 | 0.2% | 20.7% |
| 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% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
