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Apellis Pharmaceuticals, Inc.（APLS）与LendingTree, Inc.（TREE）财务数据对比。点击上方公司名可切换其他公司
LendingTree, Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.6倍（$319.7M vs $199.9M），LendingTree, Inc.净利率更高（45.2% vs -29.5%，领先74.7%），LendingTree, Inc.同比增速更快（22.2% vs -5.9%），LendingTree, Inc.自由现金流更多（$60.7M vs $-14.3M），过去两年LendingTree, Inc.的营收复合增速更高（38.0% 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。
LendingTree, Inc.是1996年成立的在线借贷交易平台，总部位于北卡罗来纳州夏洛特。该平台对接潜在借款用户与多家贷款机构，可提供贷款、信用卡、存款账户、保险等多种金融产品服务，支持用户对比不同机构的利率与条款，还配套提供金融工具、贷款查询及借贷相关资讯服务。
APLS vs TREE — 直观对比
营收规模更大
TREE
是对方的1.6倍
$199.9M
营收增速更快
TREE
高出28.2%
-5.9%
净利率更高
TREE
高出74.7%
-29.5%
自由现金流更多
TREE
多$75.0M
$-14.3M
两年增速更快
TREE
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $319.7M |
| 净利润 | $-59.0M | $144.7M |
| 毛利率 | — | 29.2% |
| 营业利润率 | -25.6% | 7.0% |
| 净利率 | -29.5% | 45.2% |
| 营收同比 | -5.9% | 22.2% |
| 净利润同比 | -62.2% | 1827.2% |
| 每股收益（稀释后） | $-0.40 | $10.32 |
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APLSTREE
| Q4 25 | $199.9M | $319.7M | ||
| Q3 25 | $458.6M | $307.8M | ||
| Q2 25 | $178.5M | $250.1M | ||
| Q1 25 | $166.8M | $239.7M | ||
| Q4 24 | $212.5M | $261.5M | ||
| Q3 24 | $196.8M | $260.8M | ||
| Q2 24 | $199.7M | $210.1M | ||
| Q1 24 | $172.3M | $167.8M |
净利润APLSTREE
| Q4 25 | $-59.0M | $144.7M | ||
| Q3 25 | $215.7M | $10.2M | ||
| Q2 25 | $-42.2M | $8.9M | ||
| Q1 25 | $-92.2M | $-12.4M | ||
| Q4 24 | $-36.4M | $7.5M | ||
| Q3 24 | $-57.4M | $-58.0M | ||
| Q2 24 | $-37.7M | $7.8M | ||
| Q1 24 | $-66.4M | $1.0M |
毛利率APLSTREE
| Q4 25 | — | 29.2% | ||
| Q3 25 | — | 30.7% | ||
| Q2 25 | — | 34.0% | ||
| Q1 25 | — | 32.9% | ||
| Q4 24 | — | 33.6% | ||
| Q3 24 | — | 30.2% | ||
| Q2 24 | — | 34.5% | ||
| Q1 24 | — | 42.0% |
营业利润率APLSTREE
| Q4 25 | -25.6% | 7.0% | ||
| Q3 25 | 48.7% | 9.3% | ||
| Q2 25 | -18.6% | 8.4% | ||
| Q1 25 | -50.0% | -3.0% | ||
| Q4 24 | -12.3% | 6.9% | ||
| Q3 24 | -24.0% | 3.8% | ||
| Q2 24 | -14.7% | 4.6% | ||
| Q1 24 | -36.0% | 4.3% |
净利率APLSTREE
| Q4 25 | -29.5% | 45.2% | ||
| Q3 25 | 47.0% | 3.3% | ||
| Q2 25 | -23.6% | 3.5% | ||
| Q1 25 | -55.3% | -5.2% | ||
| Q4 24 | -17.1% | 2.9% | ||
| Q3 24 | -29.2% | -22.2% | ||
| Q2 24 | -18.9% | 3.7% | ||
| Q1 24 | -38.5% | 0.6% |
每股收益（稀释后）APLSTREE
| Q4 25 | $-0.40 | $10.32 | ||
| Q3 25 | $1.67 | $0.73 | ||
| Q2 25 | $-0.33 | $0.65 | ||
| Q1 25 | $-0.74 | $-0.92 | ||
| Q4 24 | $-0.30 | $0.54 | ||
| Q3 24 | $-0.46 | $-4.34 | ||
| Q2 24 | $-0.30 | $0.58 | ||
| Q1 24 | $-0.54 | $0.08 |
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 | $81.1M |
| 总债务越低越好 | — | $387.7M |
| 股东权益账面价值 | $370.1M | $286.8M |
| 总资产 | $1.1B | $855.7M |
| 负债/权益比越低杠杆越低 | — | 1.35× |
8季度趋势，按日历期对齐
现金及短期投资APLSTREE
| Q4 25 | $466.2M | $81.1M | ||
| Q3 25 | $479.2M | $68.6M | ||
| Q2 25 | $370.0M | $149.1M | ||
| Q1 25 | $358.4M | $126.4M | ||
| Q4 24 | $411.3M | $106.6M | ||
| Q3 24 | $396.9M | $96.8M | ||
| Q2 24 | $360.1M | $66.8M | ||
| Q1 24 | $325.9M | $230.7M |
总债务APLSTREE
| Q4 25 | — | $387.7M | ||
| Q3 25 | — | $388.4M | ||
| Q2 25 | — | $385.1M | ||
| Q1 25 | — | $387.7M | ||
| Q4 24 | — | $344.1M | ||
| Q3 24 | — | $346.2M | ||
| Q2 24 | — | $467.7M | ||
| Q1 24 | $93.1M | $631.3M |
股东权益APLSTREE
| Q4 25 | $370.1M | $286.8M | ||
| Q3 25 | $401.2M | $132.4M | ||
| Q2 25 | $156.3M | $118.1M | ||
| Q1 25 | $164.2M | $103.7M | ||
| Q4 24 | $228.5M | $108.8M | ||
| Q3 24 | $237.1M | $94.3M | ||
| Q2 24 | $264.3M | $145.8M | ||
| Q1 24 | $266.7M | $131.5M |
总资产APLSTREE
| Q4 25 | $1.1B | $855.7M | ||
| Q3 25 | $1.1B | $759.9M | ||
| Q2 25 | $821.4M | $835.8M | ||
| Q1 25 | $807.3M | $777.1M | ||
| Q4 24 | $885.1M | $767.7M | ||
| Q3 24 | $901.9M | $787.2M | ||
| Q2 24 | $904.5M | $802.2M | ||
| Q1 24 | $831.9M | $926.7M |
负债/权益比APLSTREE
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | 2.93× | ||
| Q2 25 | — | 3.26× | ||
| Q1 25 | — | 3.74× | ||
| Q4 24 | — | 3.16× | ||
| Q3 24 | — | 3.67× | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | 0.35× | 4.80× |
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 | $73.1M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $60.7M |
| 自由现金流率自由现金流/营收 | -7.1% | 19.0% |
| 资本支出强度资本支出/营收 | 0.1% | 3.9% |
| 现金转化率经营现金流/净利润 | — | 0.51× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $107.8M |
8季度趋势，按日历期对齐
经营现金流APLSTREE
| Q4 25 | $-14.2M | $73.1M | ||
| Q3 25 | $108.5M | $28.8M | ||
| Q2 25 | $4.4M | $28.0M | ||
| Q1 25 | $-53.4M | $-210.0K | ||
| Q4 24 | $19.4M | $62.3M | ||
| Q3 24 | $34.1M | $45.3M | ||
| Q2 24 | $-8.3M | $-4.9M | ||
| Q1 24 | $-133.0M | $5.7M |
自由现金流APLSTREE
| Q4 25 | $-14.3M | $60.7M | ||
| Q3 25 | $108.3M | $25.6M | ||
| Q2 25 | $4.4M | $25.2M | ||
| Q1 25 | $-53.4M | $-3.6M | ||
| Q4 24 | $19.3M | $51.0M | ||
| Q3 24 | — | $42.3M | ||
| Q2 24 | $-8.4M | $-7.7M | ||
| Q1 24 | $-133.3M | $3.0M |
自由现金流率APLSTREE
| Q4 25 | -7.1% | 19.0% | ||
| Q3 25 | 23.6% | 8.3% | ||
| Q2 25 | 2.5% | 10.1% | ||
| Q1 25 | -32.0% | -1.5% | ||
| Q4 24 | 9.1% | 19.5% | ||
| Q3 24 | — | 16.2% | ||
| Q2 24 | -4.2% | -3.7% | ||
| Q1 24 | -77.3% | 1.8% |
资本支出强度APLSTREE
| Q4 25 | 0.1% | 3.9% | ||
| Q3 25 | 0.0% | 1.1% | ||
| Q2 25 | 0.0% | 1.1% | ||
| Q1 25 | 0.0% | 1.4% | ||
| Q4 24 | 0.0% | 4.3% | ||
| Q3 24 | 0.0% | 1.1% | ||
| Q2 24 | 0.0% | 1.3% | ||
| Q1 24 | 0.2% | 1.6% |
现金转化率APLSTREE
| Q4 25 | — | 0.51× | ||
| Q3 25 | 0.50× | 2.84× | ||
| Q2 25 | — | 3.15× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 8.29× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.64× | ||
| Q1 24 | — | 5.62× |
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% |
TREE
| Insurance Segment | $214.6M | 67% |
| Other Consumer | $39.5M | 12% |
| Home Segment | $36.2M | 11% |
| Personal Loans | $29.1M | 9% |
