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Apellis Pharmaceuticals, Inc.（APLS）与BOSTON BEER CO INC（SAM）财务数据对比。点击上方公司名可切换其他公司
BOSTON BEER CO INC的季度营收约是Apellis Pharmaceuticals, Inc.的2.3倍（$461.6M vs $199.9M），BOSTON BEER CO INC同比增速更快（-4.1% vs -5.9%），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -10.7%）
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。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
APLS vs SAM — 直观对比
营收规模更大
SAM
是对方的2.3倍
$199.9M
营收增速更快
SAM
高出1.8%
-5.9%
两年增速更快
APLS
近两年复合增速
-10.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $461.6M |
| 净利润 | $-59.0M | — |
| 毛利率 | — | 46.4% |
| 营业利润率 | -25.6% | 12.4% |
| 净利率 | -29.5% | — |
| 营收同比 | -5.9% | -4.1% |
| 净利润同比 | -62.2% | — |
| 每股收益（稀释后） | $-0.40 | $2.16 |
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APLSSAM
| Q1 26 | — | $461.6M | ||
| Q4 25 | $199.9M | $385.7M | ||
| Q3 25 | $458.6M | $537.5M | ||
| Q2 25 | $178.5M | $587.9M | ||
| Q1 25 | $166.8M | $453.9M | ||
| Q4 24 | $212.5M | $402.3M | ||
| Q3 24 | $196.8M | $605.5M | ||
| Q2 24 | $199.7M | $579.1M |
净利润APLSSAM
| Q1 26 | — | — | ||
| Q4 25 | $-59.0M | $-22.5M | ||
| Q3 25 | $215.7M | $46.2M | ||
| Q2 25 | $-42.2M | $60.4M | ||
| Q1 25 | $-92.2M | $24.4M | ||
| Q4 24 | $-36.4M | $-38.8M | ||
| Q3 24 | $-57.4M | $33.5M | ||
| Q2 24 | $-37.7M | $52.3M |
毛利率APLSSAM
| Q1 26 | — | 46.4% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | — | 49.8% | ||
| Q1 25 | — | 48.3% | ||
| Q4 24 | — | 39.9% | ||
| Q3 24 | — | 46.3% | ||
| Q2 24 | — | 46.0% |
营业利润率APLSSAM
| Q1 26 | — | 12.4% | ||
| Q4 25 | -25.6% | -8.6% | ||
| Q3 25 | 48.7% | 11.5% | ||
| Q2 25 | -18.6% | 14.0% | ||
| Q1 25 | -50.0% | 7.4% | ||
| Q4 24 | -12.3% | -13.9% | ||
| Q3 24 | -24.0% | 7.6% | ||
| Q2 24 | -14.7% | 12.2% |
净利率APLSSAM
| Q1 26 | — | — | ||
| Q4 25 | -29.5% | -5.8% | ||
| Q3 25 | 47.0% | 8.6% | ||
| Q2 25 | -23.6% | 10.3% | ||
| Q1 25 | -55.3% | 5.4% | ||
| Q4 24 | -17.1% | -9.6% | ||
| Q3 24 | -29.2% | 5.5% | ||
| Q2 24 | -18.9% | 9.0% |
每股收益（稀释后）APLSSAM
| Q1 26 | — | $2.16 | ||
| Q4 25 | $-0.40 | $-1.97 | ||
| Q3 25 | $1.67 | $4.25 | ||
| Q2 25 | $-0.33 | $5.45 | ||
| Q1 25 | $-0.74 | $2.16 | ||
| Q4 24 | $-0.30 | $-3.23 | ||
| Q3 24 | $-0.46 | $2.86 | ||
| Q2 24 | $-0.30 | $4.39 |
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 | $164.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $682.6M |
| 总资产 | $1.1B | $1.2B |
| 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APLSSAM
| Q1 26 | — | $164.1M | ||
| Q4 25 | $466.2M | $223.4M | ||
| Q3 25 | $479.2M | $250.5M | ||
| Q2 25 | $370.0M | $212.4M | ||
| Q1 25 | $358.4M | $152.5M | ||
| Q4 24 | $411.3M | $211.8M | ||
| Q3 24 | $396.9M | $255.6M | ||
| Q2 24 | $360.1M | $219.3M |
股东权益APLSSAM
| Q1 26 | — | $682.6M | ||
| Q4 25 | $370.1M | $846.3M | ||
| Q3 25 | $401.2M | $911.0M | ||
| Q2 25 | $156.3M | $912.3M | ||
| Q1 25 | $164.2M | $897.0M | ||
| Q4 24 | $228.5M | $916.2M | ||
| Q3 24 | $237.1M | $1.0B | ||
| Q2 24 | $264.3M | $1.0B |
总资产APLSSAM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $821.4M | $1.3B | ||
| Q1 25 | $807.3M | $1.2B | ||
| Q4 24 | $885.1M | $1.3B | ||
| Q3 24 | $901.9M | $1.4B | ||
| Q2 24 | $904.5M | $1.4B |
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APLSSAM
| Q1 26 | — | — | ||
| Q4 25 | $-14.2M | $39.9M | ||
| Q3 25 | $108.5M | $101.8M | ||
| Q2 25 | $4.4M | $126.5M | ||
| Q1 25 | $-53.4M | $1.9M | ||
| Q4 24 | $19.4M | $41.9M | ||
| Q3 24 | $34.1M | $115.9M | ||
| Q2 24 | $-8.3M | $96.0M |
自由现金流APLSSAM
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | $22.1M | ||
| Q3 25 | $108.3M | $89.2M | ||
| Q2 25 | $4.4M | $112.2M | ||
| Q1 25 | $-53.4M | $-8.0M | ||
| Q4 24 | $19.3M | $18.4M | ||
| Q3 24 | — | $99.2M | ||
| Q2 24 | $-8.4M | $75.6M |
自由现金流率APLSSAM
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 5.7% | ||
| Q3 25 | 23.6% | 16.6% | ||
| Q2 25 | 2.5% | 19.1% | ||
| Q1 25 | -32.0% | -1.8% | ||
| Q4 24 | 9.1% | 4.6% | ||
| Q3 24 | — | 16.4% | ||
| Q2 24 | -4.2% | 13.1% |
资本支出强度APLSSAM
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 4.6% | ||
| Q3 25 | 0.0% | 2.3% | ||
| Q2 25 | 0.0% | 2.4% | ||
| Q1 25 | 0.0% | 2.2% | ||
| Q4 24 | 0.0% | 5.8% | ||
| Q3 24 | 0.0% | 2.8% | ||
| Q2 24 | 0.0% | 3.5% |
现金转化率APLSSAM
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | 2.21× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.46× | ||
| Q2 24 | — | 1.83× |
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% |
SAM
暂无分部数据
