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Apellis Pharmaceuticals, Inc.（APLS）与SOLAREDGE TECHNOLOGIES, INC.（SEDG）财务数据对比。点击上方公司名可切换其他公司
SOLAREDGE TECHNOLOGIES, INC.的季度营收约是Apellis Pharmaceuticals, Inc.的1.7倍（$335.4M vs $199.9M），Apellis Pharmaceuticals, Inc.净利率更高（-29.5% vs -39.4%，领先9.9%），SOLAREDGE TECHNOLOGIES, INC.同比增速更快（70.9% vs -5.9%），SOLAREDGE TECHNOLOGIES, INC.自由现金流更多（$43.3M vs $-14.3M），过去两年SOLAREDGE TECHNOLOGIES, INC.的营收复合增速更高（28.1% 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。
SolarEdge Technologies是一家以色列新能源科技企业，核心研发并推出了直流优化逆变器系统，该方案可提升光伏发电的能效表现，助力光伏系统实现更稳定、高效的电力转换，在全球分布式光伏领域拥有广泛的应用场景和市场认可度。
APLS vs SEDG — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $335.4M |
| 净利润 | $-59.0M | $-132.1M |
| 毛利率 | — | 22.2% |
| 营业利润率 | -25.6% | -14.4% |
| 净利率 | -29.5% | -39.4% |
| 营收同比 | -5.9% | 70.9% |
| 净利润同比 | -62.2% | 54.0% |
| 每股收益（稀释后） | $-0.40 | $-2.21 |
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 | $335.4M | ||
| Q3 25 | $458.6M | $340.2M | ||
| Q2 25 | $178.5M | $289.4M | ||
| Q1 25 | $166.8M | $219.5M | ||
| Q4 24 | $212.5M | $196.2M | ||
| Q3 24 | $196.8M | $235.4M | ||
| Q2 24 | $199.7M | $265.4M | ||
| Q1 24 | $172.3M | $204.4M |
| Q4 25 | $-59.0M | $-132.1M | ||
| Q3 25 | $215.7M | $-50.1M | ||
| Q2 25 | $-42.2M | $-124.7M | ||
| Q1 25 | $-92.2M | $-98.5M | ||
| Q4 24 | $-36.4M | $-287.4M | ||
| Q3 24 | $-57.4M | $-1.2B | ||
| Q2 24 | $-37.7M | $-130.8M | ||
| Q1 24 | $-66.4M | $-157.3M |
| Q4 25 | — | 22.2% | ||
| Q3 25 | — | 21.2% | ||
| Q2 25 | — | 11.1% | ||
| Q1 25 | — | 8.0% | ||
| Q4 24 | — | -57.2% | ||
| Q3 24 | — | -309.1% | ||
| Q2 24 | — | -4.1% | ||
| Q1 24 | — | -12.8% |
| Q4 25 | -25.6% | -14.4% | ||
| Q3 25 | 48.7% | -10.3% | ||
| Q2 25 | -18.6% | -39.9% | ||
| Q1 25 | -50.0% | -46.8% | ||
| Q4 24 | -12.3% | -134.4% | ||
| Q3 24 | -24.0% | -471.8% | ||
| Q2 24 | -14.7% | -60.4% | ||
| Q1 24 | -36.0% | -85.0% |
| Q4 25 | -29.5% | -39.4% | ||
| Q3 25 | 47.0% | -14.7% | ||
| Q2 25 | -23.6% | -43.1% | ||
| Q1 25 | -55.3% | -44.9% | ||
| Q4 24 | -17.1% | -146.5% | ||
| Q3 24 | -29.2% | -522.8% | ||
| Q2 24 | -18.9% | -49.3% | ||
| Q1 24 | -38.5% | -77.0% |
| Q4 25 | $-0.40 | $-2.21 | ||
| Q3 25 | $1.67 | $-0.84 | ||
| Q2 25 | $-0.33 | $-2.13 | ||
| Q1 25 | $-0.74 | $-1.70 | ||
| Q4 24 | $-0.30 | $-5.00 | ||
| Q3 24 | $-0.46 | $-21.58 | ||
| Q2 24 | $-0.30 | $-2.31 | ||
| Q1 24 | $-0.54 | $-2.75 |
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 | $493.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $427.5M |
| 总资产 | $1.1B | $2.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $466.2M | $493.2M | ||
| Q3 25 | $479.2M | $498.6M | ||
| Q2 25 | $370.0M | $758.0M | ||
| Q1 25 | $358.4M | $651.6M | ||
| Q4 24 | $411.3M | $585.9M | ||
| Q3 24 | $396.9M | $678.8M | ||
| Q2 24 | $360.1M | $689.8M | ||
| Q1 24 | $325.9M | $680.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
| Q4 25 | $370.1M | $427.5M | ||
| Q3 25 | $401.2M | $479.8M | ||
| Q2 25 | $156.3M | $513.2M | ||
| Q1 25 | $164.2M | $594.2M | ||
| Q4 24 | $228.5M | $658.3M | ||
| Q3 24 | $237.1M | $930.9M | ||
| Q2 24 | $264.3M | $2.1B | ||
| Q1 24 | $266.7M | $2.2B |
| Q4 25 | $1.1B | $2.2B | ||
| Q3 25 | $1.1B | $2.2B | ||
| Q2 25 | $821.4M | $2.5B | ||
| Q1 25 | $807.3M | $2.5B | ||
| Q4 24 | $885.1M | $2.6B | ||
| Q3 24 | $901.9M | $2.8B | ||
| Q2 24 | $904.5M | $3.9B | ||
| Q1 24 | $831.9M | $4.2B |
| 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 | $52.6M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $43.3M |
| 自由现金流率自由现金流/营收 | -7.1% | 12.9% |
| 资本支出强度资本支出/营收 | 0.1% | 2.8% |
| 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 | $80.8M |
8季度趋势，按日历期对齐
| Q4 25 | $-14.2M | $52.6M | ||
| Q3 25 | $108.5M | $25.6M | ||
| Q2 25 | $4.4M | $-7.8M | ||
| Q1 25 | $-53.4M | $33.8M | ||
| Q4 24 | $19.4M | $37.8M | ||
| Q3 24 | $34.1M | $-89.3M | ||
| Q2 24 | $-8.3M | $-44.8M | ||
| Q1 24 | $-133.0M | $-217.0M |
| Q4 25 | $-14.3M | $43.3M | ||
| Q3 25 | $108.3M | $22.8M | ||
| Q2 25 | $4.4M | $-9.1M | ||
| Q1 25 | $-53.4M | $23.7M | ||
| Q4 24 | $19.3M | $25.5M | ||
| Q3 24 | — | $-136.7M | ||
| Q2 24 | $-8.4M | $-67.0M | ||
| Q1 24 | $-133.3M | $-243.4M |
| Q4 25 | -7.1% | 12.9% | ||
| Q3 25 | 23.6% | 6.7% | ||
| Q2 25 | 2.5% | -3.1% | ||
| Q1 25 | -32.0% | 10.8% | ||
| Q4 24 | 9.1% | 13.0% | ||
| Q3 24 | — | -58.1% | ||
| Q2 24 | -4.2% | -25.2% | ||
| Q1 24 | -77.3% | -119.1% |
| Q4 25 | 0.1% | 2.8% | ||
| Q3 25 | 0.0% | 0.8% | ||
| Q2 25 | 0.0% | 0.4% | ||
| Q1 25 | 0.0% | 4.6% | ||
| Q4 24 | 0.0% | 6.2% | ||
| Q3 24 | 0.0% | 20.1% | ||
| Q2 24 | 0.0% | 8.4% | ||
| Q1 24 | 0.2% | 12.9% |
| 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% |
SEDG
| Other | $197.7M | 59% |
| Europe Except Netherlands | $99.4M | 30% |
| Others | $38.2M | 11% |
