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Apellis Pharmaceuticals, Inc.（APLS）与RAMBUS INC（RMBS）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RAMBUS INC的1.1倍（$199.9M vs $180.2M），RAMBUS INC净利率更高（33.2% vs -29.5%，领先62.7%），RAMBUS INC同比增速更快（8.1% vs -5.9%），过去两年RAMBUS INC的营收复合增速更高（16.8% 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。
Rambus Inc.是创立于1990年的美国科技企业，专注于芯片接口技术与架构的设计、研发及授权，相关技术广泛应用于各类数字电子产品。公司因发明RDRAM内存技术而闻名，在知识产权领域拥有深厚积累。
APLS vs RMBS — 直观对比
营收规模更大
APLS
是对方的1.1倍
$180.2M
营收增速更快
RMBS
高出14.0%
-5.9%
净利率更高
RMBS
高出62.7%
-29.5%
两年增速更快
RMBS
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $180.2M |
| 净利润 | $-59.0M | $59.9M |
| 毛利率 | — | 79.7% |
| 营业利润率 | -25.6% | 34.3% |
| 净利率 | -29.5% | 33.2% |
| 营收同比 | -5.9% | 8.1% |
| 净利润同比 | -62.2% | -7.3% |
| 每股收益（稀释后） | $-0.40 | $0.55 |
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APLSRMBS
| Q1 26 | — | $180.2M | ||
| Q4 25 | $199.9M | $190.2M | ||
| Q3 25 | $458.6M | $178.5M | ||
| Q2 25 | $178.5M | $172.2M | ||
| Q1 25 | $166.8M | $166.7M | ||
| Q4 24 | $212.5M | $161.1M | ||
| Q3 24 | $196.8M | $145.5M | ||
| Q2 24 | $199.7M | $132.1M |
净利润APLSRMBS
| Q1 26 | — | $59.9M | ||
| Q4 25 | $-59.0M | $63.8M | ||
| Q3 25 | $215.7M | $48.4M | ||
| Q2 25 | $-42.2M | $57.9M | ||
| Q1 25 | $-92.2M | $60.3M | ||
| Q4 24 | $-36.4M | $62.2M | ||
| Q3 24 | $-57.4M | $48.7M | ||
| Q2 24 | $-37.7M | $36.1M |
毛利率APLSRMBS
| Q1 26 | — | 79.7% | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | — | 79.5% | ||
| Q2 25 | — | 79.8% | ||
| Q1 25 | — | 80.3% | ||
| Q4 24 | — | 80.4% | ||
| Q3 24 | — | 80.7% | ||
| Q2 24 | — | 79.7% |
营业利润率APLSRMBS
| Q1 26 | — | 34.3% | ||
| Q4 25 | -25.6% | 37.2% | ||
| Q3 25 | 48.7% | 35.4% | ||
| Q2 25 | -18.6% | 36.6% | ||
| Q1 25 | -50.0% | 37.9% | ||
| Q4 24 | -12.3% | 35.9% | ||
| Q3 24 | -24.0% | 37.6% | ||
| Q2 24 | -14.7% | 30.5% |
净利率APLSRMBS
| Q1 26 | — | 33.2% | ||
| Q4 25 | -29.5% | 33.6% | ||
| Q3 25 | 47.0% | 27.1% | ||
| Q2 25 | -23.6% | 33.6% | ||
| Q1 25 | -55.3% | 36.2% | ||
| Q4 24 | -17.1% | 38.6% | ||
| Q3 24 | -29.2% | 33.4% | ||
| Q2 24 | -18.9% | 27.3% |
每股收益（稀释后）APLSRMBS
| Q1 26 | — | $0.55 | ||
| Q4 25 | $-0.40 | $0.58 | ||
| Q3 25 | $1.67 | $0.44 | ||
| Q2 25 | $-0.33 | $0.53 | ||
| Q1 25 | $-0.74 | $0.56 | ||
| Q4 24 | $-0.30 | $0.57 | ||
| Q3 24 | $-0.46 | $0.45 | ||
| Q2 24 | $-0.30 | $0.33 |
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 | $134.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | — |
| 总资产 | $1.1B | $1.5B |
| 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APLSRMBS
| Q1 26 | — | $134.3M | ||
| Q4 25 | $466.2M | $182.8M | ||
| Q3 25 | $479.2M | $79.2M | ||
| Q2 25 | $370.0M | $87.8M | ||
| Q1 25 | $358.4M | $132.2M | ||
| Q4 24 | $411.3M | $99.8M | ||
| Q3 24 | $396.9M | $114.0M | ||
| Q2 24 | $360.1M | $124.6M |
股东权益APLSRMBS
| Q1 26 | — | — | ||
| Q4 25 | $370.1M | $1.4B | ||
| Q3 25 | $401.2M | $1.3B | ||
| Q2 25 | $156.3M | $1.2B | ||
| Q1 25 | $164.2M | $1.2B | ||
| Q4 24 | $228.5M | $1.1B | ||
| Q3 24 | $237.1M | $1.0B | ||
| Q2 24 | $264.3M | $1.0B |
总资产APLSRMBS
| Q1 26 | — | $1.5B | ||
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $821.4M | $1.5B | ||
| Q1 25 | $807.3M | $1.4B | ||
| Q4 24 | $885.1M | $1.3B | ||
| Q3 24 | $901.9M | $1.3B | ||
| Q2 24 | $904.5M | $1.3B |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | — |
| 自由现金流率自由现金流/营收 | -7.1% | — |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流APLSRMBS
| Q1 26 | — | — | ||
| Q4 25 | $-14.2M | $99.8M | ||
| Q3 25 | $108.5M | $88.4M | ||
| Q2 25 | $4.4M | $94.4M | ||
| Q1 25 | $-53.4M | $77.4M | ||
| Q4 24 | $19.4M | $59.0M | ||
| Q3 24 | $34.1M | $62.1M | ||
| Q2 24 | $-8.3M | $70.4M |
自由现金流APLSRMBS
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | $93.3M | ||
| Q3 25 | $108.3M | $82.5M | ||
| Q2 25 | $4.4M | $87.9M | ||
| Q1 25 | $-53.4M | $69.5M | ||
| Q4 24 | $19.3M | $52.5M | ||
| Q3 24 | — | $52.2M | ||
| Q2 24 | $-8.4M | $59.1M |
自由现金流率APLSRMBS
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 49.0% | ||
| Q3 25 | 23.6% | 46.2% | ||
| Q2 25 | 2.5% | 51.0% | ||
| Q1 25 | -32.0% | 41.7% | ||
| Q4 24 | 9.1% | 32.6% | ||
| Q3 24 | — | 35.9% | ||
| Q2 24 | -4.2% | 44.7% |
资本支出强度APLSRMBS
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 3.4% | ||
| Q3 25 | 0.0% | 3.3% | ||
| Q2 25 | 0.0% | 3.8% | ||
| Q1 25 | 0.0% | 4.7% | ||
| Q4 24 | 0.0% | 4.0% | ||
| Q3 24 | 0.0% | 6.8% | ||
| Q2 24 | 0.0% | 8.6% |
现金转化率APLSRMBS
| Q1 26 | — | — | ||
| Q4 25 | — | 1.56× | ||
| Q3 25 | 0.50× | 1.83× | ||
| Q2 25 | — | 1.63× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 0.95× | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | 1.95× |
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% |
RMBS
| Product revenue | $88.0M | 49% |
| Royalties | $69.6M | 39% |
| Contract and other revenue | $22.6M | 13% |
