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Apellis Pharmaceuticals, Inc.（APLS）与SUBURBAN PROPANE PARTNERS LP（SPH）财务数据对比。点击上方公司名可切换其他公司
SUBURBAN PROPANE PARTNERS LP的季度营收约是Apellis Pharmaceuticals, Inc.的1.9倍（$370.4M vs $199.9M），SUBURBAN PROPANE PARTNERS LP净利率更高（12.4% vs -29.5%，领先41.8%），SUBURBAN PROPANE PARTNERS LP同比增速更快（-0.8% vs -5.9%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-67.5M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -13.8%）
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。
Suburban Propane Partners LP是美国领先的丙烷、天然气、取暖油及相关能源产品分销商，服务覆盖住宅、商业、工业、农业等各类客户，同时提供暖通空调系统的安装、维护与维修服务，业务范围遍布全美。
APLS vs SPH — 直观对比
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $370.4M |
| 净利润 | $-59.0M | $45.8M |
| 毛利率 | — | 64.7% |
| 营业利润率 | -25.6% | 18.3% |
| 净利率 | -29.5% | 12.4% |
| 营收同比 | -5.9% | -0.8% |
| 净利润同比 | -62.2% | 135.7% |
| 每股收益（稀释后） | $-0.40 | $0.69 |
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 | $370.4M | ||
| Q3 25 | $458.6M | $211.4M | ||
| Q2 25 | $178.5M | $260.1M | ||
| Q1 25 | $166.8M | $587.7M | ||
| Q4 24 | $212.5M | $373.3M | ||
| Q3 24 | $196.8M | $208.6M | ||
| Q2 24 | $199.7M | $254.6M | ||
| Q1 24 | $172.3M | $498.1M |
| Q4 25 | $-59.0M | $45.8M | ||
| Q3 25 | $215.7M | $-35.1M | ||
| Q2 25 | $-42.2M | $-14.8M | ||
| Q1 25 | $-92.2M | $137.1M | ||
| Q4 24 | $-36.4M | $19.4M | ||
| Q3 24 | $-57.4M | $-44.6M | ||
| Q2 24 | $-37.7M | $-17.2M | ||
| Q1 24 | $-66.4M | $111.5M |
| Q4 25 | — | 64.7% | ||
| Q3 25 | — | 64.7% | ||
| Q2 25 | — | 61.7% | ||
| Q1 25 | — | 58.8% | ||
| Q4 24 | — | 60.6% | ||
| Q3 24 | — | 59.4% | ||
| Q2 24 | — | 62.9% | ||
| Q1 24 | — | 61.8% |
| Q4 25 | -25.6% | 18.3% | ||
| Q3 25 | 48.7% | -7.9% | ||
| Q2 25 | -18.6% | 2.1% | ||
| Q1 25 | -50.0% | 27.0% | ||
| Q4 24 | -12.3% | 15.8% | ||
| Q3 24 | -24.0% | -10.8% | ||
| Q2 24 | -14.7% | 3.2% | ||
| Q1 24 | -36.0% | 27.5% |
| Q4 25 | -29.5% | 12.4% | ||
| Q3 25 | 47.0% | -16.6% | ||
| Q2 25 | -23.6% | -5.7% | ||
| Q1 25 | -55.3% | 23.3% | ||
| Q4 24 | -17.1% | 5.2% | ||
| Q3 24 | -29.2% | -21.4% | ||
| Q2 24 | -18.9% | -6.8% | ||
| Q1 24 | -38.5% | 22.4% |
| Q4 25 | $-0.40 | $0.69 | ||
| Q3 25 | $1.67 | $-0.55 | ||
| Q2 25 | $-0.33 | $-0.23 | ||
| Q1 25 | $-0.74 | $2.10 | ||
| Q4 24 | $-0.30 | $0.30 | ||
| Q3 24 | $-0.46 | $-0.69 | ||
| Q2 24 | $-0.30 | $-0.27 | ||
| Q1 24 | $-0.54 | $1.72 |
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 | $1.3M |
| 总债务越低越好 | — | $1.3B |
| 股东权益账面价值 | $370.1M | — |
| 总资产 | $1.1B | $2.4B |
| 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 | $1.3M | ||
| Q3 25 | $479.2M | $405.0K | ||
| Q2 25 | $370.0M | $1.3M | ||
| Q1 25 | $358.4M | $3.9M | ||
| Q4 24 | $411.3M | $4.4M | ||
| Q3 24 | $396.9M | $3.2M | ||
| Q2 24 | $360.1M | $4.9M | ||
| Q1 24 | $325.9M | $4.4M |
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | $93.1M | $1.2B |
| Q4 25 | $370.1M | — | ||
| Q3 25 | $401.2M | — | ||
| Q2 25 | $156.3M | — | ||
| Q1 25 | $164.2M | — | ||
| Q4 24 | $228.5M | — | ||
| Q3 24 | $237.1M | — | ||
| Q2 24 | $264.3M | — | ||
| Q1 24 | $266.7M | — |
| Q4 25 | $1.1B | $2.4B | ||
| Q3 25 | $1.1B | $2.3B | ||
| Q2 25 | $821.4M | $2.3B | ||
| Q1 25 | $807.3M | $2.4B | ||
| Q4 24 | $885.1M | $2.4B | ||
| Q3 24 | $901.9M | $2.3B | ||
| Q2 24 | $904.5M | $2.3B | ||
| Q1 24 | $831.9M | $2.3B |
| 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 | $-47.7M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-67.5M |
| 自由现金流率自由现金流/营收 | -7.1% | -18.2% |
| 资本支出强度资本支出/营收 | 0.1% | 5.3% |
| 现金转化率经营现金流/净利润 | — | -1.04× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $61.9M |
8季度趋势，按日历期对齐
| Q4 25 | $-14.2M | $-47.7M | ||
| Q3 25 | $108.5M | $41.8M | ||
| Q2 25 | $4.4M | $95.5M | ||
| Q1 25 | $-53.4M | $40.1M | ||
| Q4 24 | $19.4M | $8.8M | ||
| Q3 24 | $34.1M | $36.8M | ||
| Q2 24 | $-8.3M | $61.4M | ||
| Q1 24 | $-133.0M | $75.1M |
| Q4 25 | $-14.3M | $-67.5M | ||
| Q3 25 | $108.3M | $27.7M | ||
| Q2 25 | $4.4M | $80.9M | ||
| Q1 25 | $-53.4M | $20.8M | ||
| Q4 24 | $19.3M | $-15.1M | ||
| Q3 24 | — | $17.7M | ||
| Q2 24 | $-8.4M | $46.8M | ||
| Q1 24 | $-133.3M | $60.6M |
| Q4 25 | -7.1% | -18.2% | ||
| Q3 25 | 23.6% | 13.1% | ||
| Q2 25 | 2.5% | 31.1% | ||
| Q1 25 | -32.0% | 3.5% | ||
| Q4 24 | 9.1% | -4.0% | ||
| Q3 24 | — | 8.5% | ||
| Q2 24 | -4.2% | 18.4% | ||
| Q1 24 | -77.3% | 12.2% |
| Q4 25 | 0.1% | 5.3% | ||
| Q3 25 | 0.0% | 6.7% | ||
| Q2 25 | 0.0% | 5.6% | ||
| Q1 25 | 0.0% | 3.3% | ||
| Q4 24 | 0.0% | 6.4% | ||
| Q3 24 | 0.0% | 9.1% | ||
| Q2 24 | 0.0% | 5.8% | ||
| Q1 24 | 0.2% | 2.9% |
| Q4 25 | — | -1.04× | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | — | 0.45× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.67× |
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% |
SPH
| Propane | $326.4M | 88% |
| Other Sales Revenue Net | $19.9M | 5% |
| Fuel Oil And Refined Fuels | $18.2M | 5% |
| Natural Gas And Electricity | $5.9M | 2% |
| Wholesale | $4.1M | 1% |
