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Apellis Pharmaceuticals, Inc.（APLS）与Strategic Education, Inc.（STRA）财务数据对比。点击上方公司名可切换其他公司
Strategic Education, Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.5倍（$305.9M vs $199.9M），Strategic Education, Inc.净利率更高（10.7% vs -29.5%，领先40.2%），Strategic Education, Inc.同比增速更快（0.8% vs -5.9%），Strategic Education, Inc.自由现金流更多（$77.3M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -1.0%）
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。
Strategic Education, Inc.（简称SEI）是一家教育服务控股企业，前身为斯特雷尔教育公司。旗下拥有营利性在线院校卡佩拉大学、斯特雷尔大学，还运营着DevMountain、Hackbright学院、Sophia Learning等提供非学位课程的教育机构。
APLS vs STRA — 直观对比
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $305.9M |
| 净利润 | $-59.0M | $32.8M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 13.4% |
| 净利率 | -29.5% | 10.7% |
| 营收同比 | -5.9% | 0.8% |
| 净利润同比 | -62.2% | 10.3% |
| 每股收益（稀释后） | $-0.40 | $1.48 |
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
| Q1 26 | — | $305.9M | ||
| Q4 25 | $199.9M | $323.2M | ||
| Q3 25 | $458.6M | $319.9M | ||
| Q2 25 | $178.5M | $321.5M | ||
| Q1 25 | $166.8M | $303.6M | ||
| Q4 24 | $212.5M | $311.5M | ||
| Q3 24 | $196.8M | $306.0M | ||
| Q2 24 | $199.7M | $312.3M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $-59.0M | $37.9M | ||
| Q3 25 | $215.7M | $26.6M | ||
| Q2 25 | $-42.2M | $32.3M | ||
| Q1 25 | $-92.2M | $29.7M | ||
| Q4 24 | $-36.4M | $25.3M | ||
| Q3 24 | $-57.4M | $27.7M | ||
| Q2 24 | $-37.7M | $29.9M |
| Q1 26 | — | 13.4% | ||
| Q4 25 | -25.6% | 16.0% | ||
| Q3 25 | 48.7% | 11.6% | ||
| Q2 25 | -18.6% | 14.2% | ||
| Q1 25 | -50.0% | 13.1% | ||
| Q4 24 | -12.3% | 11.6% | ||
| Q3 24 | -24.0% | 11.9% | ||
| Q2 24 | -14.7% | 13.4% |
| Q1 26 | — | 10.7% | ||
| Q4 25 | -29.5% | 11.7% | ||
| Q3 25 | 47.0% | 8.3% | ||
| Q2 25 | -23.6% | 10.1% | ||
| Q1 25 | -55.3% | 9.8% | ||
| Q4 24 | -17.1% | 8.1% | ||
| Q3 24 | -29.2% | 9.1% | ||
| Q2 24 | -18.9% | 9.6% |
| Q1 26 | — | $1.48 | ||
| Q4 25 | $-0.40 | $1.65 | ||
| Q3 25 | $1.67 | $1.15 | ||
| Q2 25 | $-0.33 | $1.37 | ||
| Q1 25 | $-0.74 | $1.24 | ||
| Q4 24 | $-0.30 | $1.05 | ||
| Q3 24 | $-0.46 | $1.15 | ||
| Q2 24 | $-0.30 | $1.24 |
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 | $150.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $1.6B |
| 总资产 | $1.1B | $2.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q1 26 | — | $150.3M | ||
| Q4 25 | $466.2M | $148.1M | ||
| Q3 25 | $479.2M | $172.6M | ||
| Q2 25 | $370.0M | $164.9M | ||
| Q1 25 | $358.4M | $182.6M | ||
| Q4 24 | $411.3M | $184.0M | ||
| Q3 24 | $396.9M | $222.1M | ||
| Q2 24 | $360.1M | $256.2M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $370.1M | $1.6B | ||
| Q3 25 | $401.2M | $1.7B | ||
| Q2 25 | $156.3M | $1.7B | ||
| Q1 25 | $164.2M | $1.6B | ||
| Q4 24 | $228.5M | $1.7B | ||
| Q3 24 | $237.1M | $1.7B | ||
| Q2 24 | $264.3M | $1.7B |
| Q1 26 | — | $2.1B | ||
| Q4 25 | $1.1B | $2.0B | ||
| Q3 25 | $1.1B | $2.1B | ||
| Q2 25 | $821.4M | $2.1B | ||
| Q1 25 | $807.3M | $2.1B | ||
| Q4 24 | $885.1M | $2.0B | ||
| Q3 24 | $901.9M | $2.2B | ||
| Q2 24 | $904.5M | $2.2B |
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 | $87.4M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $77.3M |
| 自由现金流率自由现金流/营收 | -7.1% | 25.3% |
| 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 | — | 2.66× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $173.9M |
8季度趋势，按日历期对齐
| Q1 26 | — | $87.4M | ||
| Q4 25 | $-14.2M | $39.2M | ||
| Q3 25 | $108.5M | $60.1M | ||
| Q2 25 | $4.4M | $31.2M | ||
| Q1 25 | $-53.4M | $67.7M | ||
| Q4 24 | $19.4M | $15.9M | ||
| Q3 24 | $34.1M | $51.5M | ||
| Q2 24 | $-8.3M | $24.3M |
| Q1 26 | — | $77.3M | ||
| Q4 25 | $-14.3M | $27.0M | ||
| Q3 25 | $108.3M | $49.3M | ||
| Q2 25 | $4.4M | $20.4M | ||
| Q1 25 | $-53.4M | $57.3M | ||
| Q4 24 | $19.3M | $4.7M | ||
| Q3 24 | — | $42.1M | ||
| Q2 24 | $-8.4M | $13.6M |
| Q1 26 | — | 25.3% | ||
| Q4 25 | -7.1% | 8.3% | ||
| Q3 25 | 23.6% | 15.4% | ||
| Q2 25 | 2.5% | 6.3% | ||
| Q1 25 | -32.0% | 18.9% | ||
| Q4 24 | 9.1% | 1.5% | ||
| Q3 24 | — | 13.8% | ||
| Q2 24 | -4.2% | 4.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 3.8% | ||
| Q3 25 | 0.0% | 3.4% | ||
| Q2 25 | 0.0% | 3.4% | ||
| Q1 25 | 0.0% | 3.4% | ||
| Q4 24 | 0.0% | 3.6% | ||
| Q3 24 | 0.0% | 3.1% | ||
| Q2 24 | 0.0% | 3.4% |
| Q1 26 | — | 2.66× | ||
| Q4 25 | — | 1.03× | ||
| Q3 25 | 0.50× | 2.26× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 2.27× | ||
| Q4 24 | — | 0.63× | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | — | 0.81× |
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% |
STRA
| U.S. Higher Education | $212.6M | 69% |
| Australia/New Zealand | $51.8M | 17% |
| Education Technology Services | $41.5M | 14% |
