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Apellis Pharmaceuticals, Inc.（APLS）与SPS COMMERCE INC（SPSC）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SPS COMMERCE INC的1.0倍（$199.9M vs $192.7M），SPS COMMERCE INC净利率更高（13.4% vs -29.5%，领先42.9%），SPS COMMERCE INC同比增速更快（12.7% vs -5.9%），SPS COMMERCE INC自由现金流更多（$38.2M vs $-14.3M），过去两年SPS COMMERCE INC的营收复合增速更高（13.5% 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。
SPS Commerce是美国的应用软件科技企业，主打云端供应链管理软件解决方案，总部位于明尼苏达州明尼阿波利斯。除新泽西的美国本土办公室外，公司还在阿姆斯特丹、北京、香港、墨尔本、悉尼、多伦多等全球多地设有分支机构。
APLS vs SPSC — 直观对比
营收规模更大
APLS
是对方的1.0倍
$192.7M
营收增速更快
SPSC
高出18.7%
-5.9%
净利率更高
SPSC
高出42.9%
-29.5%
自由现金流更多
SPSC
多$52.5M
$-14.3M
两年增速更快
SPSC
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $192.7M |
| 净利润 | $-59.0M | $25.8M |
| 毛利率 | — | 70.4% |
| 营业利润率 | -25.6% | 18.0% |
| 净利率 | -29.5% | 13.4% |
| 营收同比 | -5.9% | 12.7% |
| 净利润同比 | -62.2% | 47.2% |
| 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
营收APLSSPSC
| Q4 25 | $199.9M | $192.7M | ||
| Q3 25 | $458.6M | $189.9M | ||
| Q2 25 | $178.5M | $187.4M | ||
| Q1 25 | $166.8M | $181.5M | ||
| Q4 24 | $212.5M | $170.9M | ||
| Q3 24 | $196.8M | $163.7M | ||
| Q2 24 | $199.7M | $153.6M | ||
| Q1 24 | $172.3M | $149.6M |
净利润APLSSPSC
| Q4 25 | $-59.0M | $25.8M | ||
| Q3 25 | $215.7M | $25.6M | ||
| Q2 25 | $-42.2M | $19.7M | ||
| Q1 25 | $-92.2M | $22.2M | ||
| Q4 24 | $-36.4M | $17.6M | ||
| Q3 24 | $-57.4M | $23.5M | ||
| Q2 24 | $-37.7M | $18.0M | ||
| Q1 24 | $-66.4M | $18.0M |
毛利率APLSSPSC
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
营业利润率APLSSPSC
| Q4 25 | -25.6% | 18.0% | ||
| Q3 25 | 48.7% | 16.4% | ||
| Q2 25 | -18.6% | 14.1% | ||
| Q1 25 | -50.0% | 14.3% | ||
| Q4 24 | -12.3% | 14.5% | ||
| Q3 24 | -24.0% | 15.6% | ||
| Q2 24 | -14.7% | 15.1% | ||
| Q1 24 | -36.0% | 10.3% |
净利率APLSSPSC
| Q4 25 | -29.5% | 13.4% | ||
| Q3 25 | 47.0% | 13.5% | ||
| Q2 25 | -23.6% | 10.5% | ||
| Q1 25 | -55.3% | 12.2% | ||
| Q4 24 | -17.1% | 10.3% | ||
| Q3 24 | -29.2% | 14.3% | ||
| Q2 24 | -18.9% | 11.7% | ||
| Q1 24 | -38.5% | 12.0% |
每股收益（稀释后）APLSSPSC
| Q4 25 | $-0.40 | $0.69 | ||
| Q3 25 | $1.67 | $0.67 | ||
| Q2 25 | $-0.33 | $0.52 | ||
| Q1 25 | $-0.74 | $0.58 | ||
| Q4 24 | $-0.30 | $0.46 | ||
| Q3 24 | $-0.46 | $0.62 | ||
| Q2 24 | $-0.30 | $0.48 | ||
| Q1 24 | $-0.54 | $0.48 |
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 | $151.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $973.9M |
| 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APLSSPSC
| Q4 25 | $466.2M | $151.4M | ||
| Q3 25 | $479.2M | $133.7M | ||
| Q2 25 | $370.0M | $107.6M | ||
| Q1 25 | $358.4M | $94.9M | ||
| Q4 24 | $411.3M | $241.0M | ||
| Q3 24 | $396.9M | $205.8M | ||
| Q2 24 | $360.1M | $271.8M | ||
| Q1 24 | $325.9M | $290.8M |
总债务APLSSPSC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSSPSC
| Q4 25 | $370.1M | $973.9M | ||
| Q3 25 | $401.2M | $958.9M | ||
| Q2 25 | $156.3M | $949.8M | ||
| Q1 25 | $164.2M | $920.9M | ||
| Q4 24 | $228.5M | $854.7M | ||
| Q3 24 | $237.1M | $829.4M | ||
| Q2 24 | $264.3M | $703.4M | ||
| Q1 24 | $266.7M | $683.0M |
总资产APLSSPSC
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $821.4M | $1.1B | ||
| Q1 25 | $807.3M | $1.1B | ||
| Q4 24 | $885.1M | $1.0B | ||
| Q3 24 | $901.9M | $1.0B | ||
| Q2 24 | $904.5M | $854.5M | ||
| Q1 24 | $831.9M | $839.8M |
负债/权益比APLSSPSC
| 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 | $45.9M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $38.2M |
| 自由现金流率自由现金流/营收 | -7.1% | 19.8% |
| 资本支出强度资本支出/营收 | 0.1% | 4.0% |
| 现金转化率经营现金流/净利润 | — | 1.78× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $152.3M |
8季度趋势，按日历期对齐
经营现金流APLSSPSC
| Q4 25 | $-14.2M | $45.9M | ||
| Q3 25 | $108.5M | $60.6M | ||
| Q2 25 | $4.4M | $32.3M | ||
| Q1 25 | $-53.4M | $40.0M | ||
| Q4 24 | $19.4M | $40.6M | ||
| Q3 24 | $34.1M | $53.3M | ||
| Q2 24 | $-8.3M | $29.4M | ||
| Q1 24 | $-133.0M | $34.1M |
自由现金流APLSSPSC
| Q4 25 | $-14.3M | $38.2M | ||
| Q3 25 | $108.3M | $54.6M | ||
| Q2 25 | $4.4M | $25.7M | ||
| Q1 25 | $-53.4M | $33.8M | ||
| Q4 24 | $19.3M | $34.3M | ||
| Q3 24 | — | $48.1M | ||
| Q2 24 | $-8.4M | $24.4M | ||
| Q1 24 | $-133.3M | $30.5M |
自由现金流率APLSSPSC
| Q4 25 | -7.1% | 19.8% | ||
| Q3 25 | 23.6% | 28.7% | ||
| Q2 25 | 2.5% | 13.7% | ||
| Q1 25 | -32.0% | 18.6% | ||
| Q4 24 | 9.1% | 20.1% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | -4.2% | 15.9% | ||
| Q1 24 | -77.3% | 20.4% |
资本支出强度APLSSPSC
| Q4 25 | 0.1% | 4.0% | ||
| Q3 25 | 0.0% | 3.2% | ||
| Q2 25 | 0.0% | 3.6% | ||
| Q1 25 | 0.0% | 3.4% | ||
| Q4 24 | 0.0% | 3.6% | ||
| Q3 24 | 0.0% | 3.2% | ||
| Q2 24 | 0.0% | 3.3% | ||
| Q1 24 | 0.2% | 2.4% |
现金转化率APLSSPSC
| Q4 25 | — | 1.78× | ||
| Q3 25 | 0.50× | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
