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Apellis Pharmaceuticals, Inc.（APLS）与Texas Pacific Land Corporation（TPL）财务数据对比。点击上方公司名可切换其他公司
Texas Pacific Land Corporation的季度营收约是Apellis Pharmaceuticals, Inc.的1.1倍（$211.6M vs $199.9M），Texas Pacific Land Corporation净利率更高（58.3% vs -29.5%，领先87.8%），Texas Pacific Land Corporation同比增速更快（13.9% vs -5.9%），过去两年Texas Pacific Land Corporation的营收复合增速更高（10.2% 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。
Texas Pacific Land Corporation（简称TPL）是一家公开上市的不动产运营企业，行政总部位于美国得克萨斯州达拉斯市。公司在得州西部20个郡拥有逾88万英亩（约3600平方公里）土地，是得州规模最大的私人土地所有者之一，前身为得克萨斯太平洋土地信托。
APLS vs TPL — 直观对比
营收规模更大
TPL
是对方的1.1倍
$199.9M
营收增速更快
TPL
高出19.8%
-5.9%
净利率更高
TPL
高出87.8%
-29.5%
两年增速更快
TPL
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $211.6M |
| 净利润 | $-59.0M | $123.3M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 70.5% |
| 净利率 | -29.5% | 58.3% |
| 营收同比 | -5.9% | 13.9% |
| 净利润同比 | -62.2% | 4.2% |
| 每股收益（稀释后） | $-0.40 | $-8.59 |
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APLSTPL
| Q4 25 | $199.9M | $211.6M | ||
| Q3 25 | $458.6M | $203.1M | ||
| Q2 25 | $178.5M | $187.5M | ||
| Q1 25 | $166.8M | $196.0M | ||
| Q4 24 | $212.5M | $185.8M | ||
| Q3 24 | $196.8M | $173.6M | ||
| Q2 24 | $199.7M | $172.3M | ||
| Q1 24 | $172.3M | $174.1M |
净利润APLSTPL
| Q4 25 | $-59.0M | $123.3M | ||
| Q3 25 | $215.7M | $121.2M | ||
| Q2 25 | $-42.2M | $116.1M | ||
| Q1 25 | $-92.2M | $120.7M | ||
| Q4 24 | $-36.4M | $118.4M | ||
| Q3 24 | $-57.4M | $106.6M | ||
| Q2 24 | $-37.7M | $114.6M | ||
| Q1 24 | $-66.4M | $114.4M |
营业利润率APLSTPL
| Q4 25 | -25.6% | 70.5% | ||
| Q3 25 | 48.7% | 73.4% | ||
| Q2 25 | -18.6% | 76.6% | ||
| Q1 25 | -50.0% | 76.6% | ||
| Q4 24 | -12.3% | 76.7% | ||
| Q3 24 | -24.0% | 73.4% | ||
| Q2 24 | -14.7% | 77.3% | ||
| Q1 24 | -36.0% | 78.1% |
净利率APLSTPL
| Q4 25 | -29.5% | 58.3% | ||
| Q3 25 | 47.0% | 59.7% | ||
| Q2 25 | -23.6% | 61.9% | ||
| Q1 25 | -55.3% | 61.6% | ||
| Q4 24 | -17.1% | 63.7% | ||
| Q3 24 | -29.2% | 61.4% | ||
| Q2 24 | -18.9% | 66.5% | ||
| Q1 24 | -38.5% | 65.7% |
每股收益（稀释后）APLSTPL
| Q4 25 | $-0.40 | $-8.59 | ||
| Q3 25 | $1.67 | $5.27 | ||
| Q2 25 | $-0.33 | $5.05 | ||
| Q1 25 | $-0.74 | $5.24 | ||
| Q4 24 | $-0.30 | $5.14 | ||
| Q3 24 | $-0.46 | $4.63 | ||
| Q2 24 | $-0.30 | $4.98 | ||
| Q1 24 | $-0.54 | $4.97 |
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 | $144.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $1.5B |
| 总资产 | $1.1B | $1.6B |
| 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APLSTPL
| Q4 25 | $466.2M | $144.8M | ||
| Q3 25 | $479.2M | $531.8M | ||
| Q2 25 | $370.0M | $543.9M | ||
| Q1 25 | $358.4M | $460.4M | ||
| Q4 24 | $411.3M | $369.8M | ||
| Q3 24 | $396.9M | $533.9M | ||
| Q2 24 | $360.1M | $894.7M | ||
| Q1 24 | $325.9M | $837.1M |
总债务APLSTPL
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSTPL
| Q4 25 | $370.1M | $1.5B | ||
| Q3 25 | $401.2M | $1.4B | ||
| Q2 25 | $156.3M | $1.3B | ||
| Q1 25 | $164.2M | $1.2B | ||
| Q4 24 | $228.5M | $1.1B | ||
| Q3 24 | $237.1M | $1.1B | ||
| Q2 24 | $264.3M | $1.2B | ||
| Q1 24 | $266.7M | $1.1B |
总资产APLSTPL
| Q4 25 | $1.1B | $1.6B | ||
| Q3 25 | $1.1B | $1.5B | ||
| Q2 25 | $821.4M | $1.4B | ||
| Q1 25 | $807.3M | $1.4B | ||
| Q4 24 | $885.1M | $1.2B | ||
| Q3 24 | $901.9M | $1.2B | ||
| Q2 24 | $904.5M | $1.3B | ||
| Q1 24 | $831.9M | $1.3B |
负债/权益比APLSTPL
| 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 | $113.7M |
| 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 | — | 0.92× |
| 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APLSTPL
| Q4 25 | $-14.2M | $113.7M | ||
| Q3 25 | $108.5M | $154.6M | ||
| Q2 25 | $4.4M | $120.9M | ||
| Q1 25 | $-53.4M | $156.7M | ||
| Q4 24 | $19.4M | $126.6M | ||
| Q3 24 | $34.1M | $118.6M | ||
| Q2 24 | $-8.3M | $98.3M | ||
| Q1 24 | $-133.0M | $147.2M |
自由现金流APLSTPL
| 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 | — | ||
| Q1 24 | $-133.3M | — |
自由现金流率APLSTPL
| 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% | — | ||
| Q1 24 | -77.3% | — |
资本支出强度APLSTPL
| 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% | — | ||
| Q1 24 | 0.2% | — |
现金转化率APLSTPL
| Q4 25 | — | 0.92× | ||
| Q3 25 | 0.50× | 1.28× | ||
| Q2 25 | — | 1.04× | ||
| Q1 25 | — | 1.30× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.86× | ||
| Q1 24 | — | 1.29× |
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% |
TPL
| Water Serviceand Operations Segment | $98.2M | 46% |
| Water Sales And Royalties | $60.7M | 29% |
| Produced Water Royalties | $33.5M | 16% |
| Easementand Sundry | $20.6M | 10% |
