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Apellis Pharmaceuticals, Inc.（APLS）与Sabra Health Care REIT, Inc.（SBRA）财务数据对比。点击上方公司名可切换其他公司
Sabra Health Care REIT, Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.1倍（$221.8M vs $199.9M），Sabra Health Care REIT, Inc.净利率更高（18.4% vs -29.5%，领先47.9%），Sabra Health Care REIT, Inc.同比增速更快（20.8% vs -5.9%），过去两年Sabra Health Care REIT, Inc.的营收复合增速更高（12.2% 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。
Sabra Health Care REIT, Inc. 是一家专注于医疗保健领域的房地产投资信托公司，投资、持有并运营包括养老社区、专业护理中心、专科医院及医疗办公楼在内的各类医疗地产资产，主要业务覆盖美国全境。
APLS vs SBRA — 直观对比
营收规模更大
SBRA
是对方的1.1倍
$199.9M
营收增速更快
SBRA
高出26.8%
-5.9%
净利率更高
SBRA
高出47.9%
-29.5%
两年增速更快
SBRA
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $221.8M |
| 净利润 | $-59.0M | $40.8M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | — |
| 净利率 | -29.5% | 18.4% |
| 营收同比 | -5.9% | 20.8% |
| 净利润同比 | -62.2% | 1.3% |
| 每股收益（稀释后） | $-0.40 | — |
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APLSSBRA
| Q1 26 | — | $221.8M | ||
| Q4 25 | $199.9M | $211.9M | ||
| Q3 25 | $458.6M | $190.0M | ||
| Q2 25 | $178.5M | $189.2M | ||
| Q1 25 | $166.8M | $183.5M | ||
| Q4 24 | $212.5M | $182.3M | ||
| Q3 24 | $196.8M | $178.0M | ||
| Q2 24 | $199.7M | $176.1M |
净利润APLSSBRA
| Q1 26 | — | $40.8M | ||
| Q4 25 | $-59.0M | $27.2M | ||
| Q3 25 | $215.7M | $22.5M | ||
| Q2 25 | $-42.2M | $65.5M | ||
| Q1 25 | $-92.2M | $40.3M | ||
| Q4 24 | $-36.4M | $46.7M | ||
| Q3 24 | $-57.4M | $29.8M | ||
| Q2 24 | $-37.7M | $24.0M |
营业利润率APLSSBRA
| Q1 26 | — | — | ||
| Q4 25 | -25.6% | 12.3% | ||
| Q3 25 | 48.7% | 11.4% | ||
| Q2 25 | -18.6% | 34.5% | ||
| Q1 25 | -50.0% | 22.1% | ||
| Q4 24 | -12.3% | 25.9% | ||
| Q3 24 | -24.0% | 16.5% | ||
| Q2 24 | -14.7% | 13.8% |
净利率APLSSBRA
| Q1 26 | — | 18.4% | ||
| Q4 25 | -29.5% | 12.8% | ||
| Q3 25 | 47.0% | 11.9% | ||
| Q2 25 | -23.6% | 34.7% | ||
| Q1 25 | -55.3% | 22.0% | ||
| Q4 24 | -17.1% | 25.6% | ||
| Q3 24 | -29.2% | 16.7% | ||
| Q2 24 | -18.9% | 13.6% |
每股收益（稀释后）APLSSBRA
| Q1 26 | — | — | ||
| Q4 25 | $-0.40 | $0.11 | ||
| Q3 25 | $1.67 | $0.09 | ||
| Q2 25 | $-0.33 | $0.27 | ||
| Q1 25 | $-0.74 | $0.17 | ||
| Q4 24 | $-0.30 | $0.20 | ||
| Q3 24 | $-0.46 | $0.13 | ||
| Q2 24 | $-0.30 | $0.10 |
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 | $116.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $2.8B |
| 总资产 | $1.1B | $5.6B |
| 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APLSSBRA
| Q1 26 | — | $116.5M | ||
| Q4 25 | $466.2M | $71.5M | ||
| Q3 25 | $479.2M | $200.6M | ||
| Q2 25 | $370.0M | $95.2M | ||
| Q1 25 | $358.4M | $22.7M | ||
| Q4 24 | $411.3M | $60.5M | ||
| Q3 24 | $396.9M | $63.0M | ||
| Q2 24 | $360.1M | $36.4M |
总债务APLSSBRA
| Q1 26 | — | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.4B |
股东权益APLSSBRA
| Q1 26 | — | $2.8B | ||
| Q4 25 | $370.1M | $2.8B | ||
| Q3 25 | $401.2M | $2.8B | ||
| Q2 25 | $156.3M | $2.7B | ||
| Q1 25 | $164.2M | $2.7B | ||
| Q4 24 | $228.5M | $2.7B | ||
| Q3 24 | $237.1M | $2.7B | ||
| Q2 24 | $264.3M | $2.8B |
总资产APLSSBRA
| Q1 26 | — | $5.6B | ||
| Q4 25 | $1.1B | $5.5B | ||
| Q3 25 | $1.1B | $5.6B | ||
| Q2 25 | $821.4M | $5.3B | ||
| Q1 25 | $807.3M | $5.2B | ||
| Q4 24 | $885.1M | $5.3B | ||
| Q3 24 | $901.9M | $5.4B | ||
| Q2 24 | $904.5M | $5.4B |
负债/权益比APLSSBRA
| Q1 26 | — | — | ||
| Q4 25 | — | 0.90× | ||
| Q3 25 | — | 0.92× | ||
| Q2 25 | — | 0.91× | ||
| Q1 25 | — | 0.89× | ||
| Q4 24 | — | 0.88× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 0.89× |
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 | $98.4M |
| 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 | — | 2.41× |
| 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APLSSBRA
| Q1 26 | — | $98.4M | ||
| Q4 25 | $-14.2M | $348.6M | ||
| Q3 25 | $108.5M | $100.0M | ||
| Q2 25 | $4.4M | $81.0M | ||
| Q1 25 | $-53.4M | $80.3M | ||
| Q4 24 | $19.4M | $310.5M | ||
| Q3 24 | $34.1M | $97.7M | ||
| Q2 24 | $-8.3M | $80.1M |
自由现金流APLSSBRA
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | — | ||
| Q3 25 | $108.3M | — | ||
| Q2 25 | $4.4M | — | ||
| Q1 25 | $-53.4M | — | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-8.4M | — |
自由现金流率APLSSBRA
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | — | ||
| Q3 25 | 23.6% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | -32.0% | — | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.2% | — |
资本支出强度APLSSBRA
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — |
现金转化率APLSSBRA
| Q1 26 | — | 2.41× | ||
| Q4 25 | — | 12.80× | ||
| Q3 25 | 0.50× | 4.44× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 1.99× | ||
| Q4 24 | — | 6.65× | ||
| Q3 24 | — | 3.28× | ||
| Q2 24 | — | 3.34× |
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% |
SBRA
| Resident fees and services | $116.7M | 53% |
| Rental and related revenues (1) | $95.0M | 43% |
| Other | $10.0M | 5% |
