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Apellis Pharmaceuticals, Inc.（APLS）与TRUPANION, INC.（TRUP）财务数据对比。点击上方公司名可切换其他公司
TRUPANION, INC.的季度营收约是Apellis Pharmaceuticals, Inc.的1.9倍（$376.9M vs $199.9M），TRUPANION, INC.同比增速更快（11.7% vs -5.9%），TRUPANION, INC.自由现金流更多（$25.3M vs $-14.3M），过去两年TRUPANION, INC.的营收复合增速更高（11.0% 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。
Trupanion是总部位于美国华盛顿州西雅图的宠物保险服务商，创立于1999年，业务覆盖美国、加拿大、澳大利亚与波多黎各地区。该公司为宠物提供保险保障服务，所有保单由旗下美国宠物保险公司（APIC）独家承保。
APLS vs TRUP — 直观对比
营收规模更大
TRUP
是对方的1.9倍
$199.9M
营收增速更快
TRUP
高出17.7%
-5.9%
自由现金流更多
TRUP
多$39.6M
$-14.3M
两年增速更快
TRUP
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $376.9M |
| 净利润 | $-59.0M | — |
| 毛利率 | — | 17.3% |
| 营业利润率 | -25.6% | 1.9% |
| 净利率 | -29.5% | — |
| 营收同比 | -5.9% | 11.7% |
| 净利润同比 | -62.2% | — |
| 每股收益（稀释后） | $-0.40 | $0.13 |
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APLSTRUP
| Q4 25 | $199.9M | $376.9M | ||
| Q3 25 | $458.6M | $366.9M | ||
| Q2 25 | $178.5M | $353.6M | ||
| Q1 25 | $166.8M | $342.0M | ||
| Q4 24 | $212.5M | $337.3M | ||
| Q3 24 | $196.8M | $327.5M | ||
| Q2 24 | $199.7M | $314.8M | ||
| Q1 24 | $172.3M | $306.1M |
净利润APLSTRUP
| Q4 25 | $-59.0M | — | ||
| Q3 25 | $215.7M | — | ||
| Q2 25 | $-42.2M | — | ||
| Q1 25 | $-92.2M | — | ||
| Q4 24 | $-36.4M | — | ||
| Q3 24 | $-57.4M | — | ||
| Q2 24 | $-37.7M | — | ||
| Q1 24 | $-66.4M | — |
毛利率APLSTRUP
| Q4 25 | — | 17.3% | ||
| Q3 25 | — | 16.4% | ||
| Q2 25 | — | 15.5% | ||
| Q1 25 | — | 14.9% | ||
| Q4 24 | — | 15.7% | ||
| Q3 24 | — | 15.1% | ||
| Q2 24 | — | 12.8% | ||
| Q1 24 | — | 11.8% |
营业利润率APLSTRUP
| Q4 25 | -25.6% | 1.9% | ||
| Q3 25 | 48.7% | 1.6% | ||
| Q2 25 | -18.6% | 0.7% | ||
| Q1 25 | -50.0% | -0.4% | ||
| Q4 24 | -12.3% | 0.1% | ||
| Q3 24 | -24.0% | 0.5% | ||
| Q2 24 | -14.7% | -1.7% | ||
| Q1 24 | -36.0% | -2.0% |
净利率APLSTRUP
| Q4 25 | -29.5% | — | ||
| Q3 25 | 47.0% | — | ||
| Q2 25 | -23.6% | — | ||
| Q1 25 | -55.3% | — | ||
| Q4 24 | -17.1% | — | ||
| Q3 24 | -29.2% | — | ||
| Q2 24 | -18.9% | — | ||
| Q1 24 | -38.5% | — |
每股收益（稀释后）APLSTRUP
| Q4 25 | $-0.40 | $0.13 | ||
| Q3 25 | $1.67 | $0.13 | ||
| Q2 25 | $-0.33 | $0.22 | ||
| Q1 25 | $-0.74 | $-0.03 | ||
| Q4 24 | $-0.30 | $0.04 | ||
| Q3 24 | $-0.46 | $0.03 | ||
| Q2 24 | $-0.30 | $-0.14 | ||
| Q1 24 | $-0.54 | $-0.16 |
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 | $370.7M |
| 总债务越低越好 | — | $101.8M |
| 股东权益账面价值 | $370.1M | $383.9M |
| 总资产 | $1.1B | $915.0M |
| 负债/权益比越低杠杆越低 | — | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资APLSTRUP
| Q4 25 | $466.2M | $370.7M | ||
| Q3 25 | $479.2M | $348.5M | ||
| Q2 25 | $370.0M | $319.6M | ||
| Q1 25 | $358.4M | $321.8M | ||
| Q4 24 | $411.3M | $307.4M | ||
| Q3 24 | $396.9M | $293.1M | ||
| Q2 24 | $360.1M | $277.2M | ||
| Q1 24 | $325.9M | $275.2M |
总债务APLSTRUP
| Q4 25 | — | $101.8M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $127.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSTRUP
| Q4 25 | $370.1M | $383.9M | ||
| Q3 25 | $401.2M | $368.6M | ||
| Q2 25 | $156.3M | $355.5M | ||
| Q1 25 | $164.2M | $333.7M | ||
| Q4 24 | $228.5M | $323.3M | ||
| Q3 24 | $237.1M | $320.2M | ||
| Q2 24 | $264.3M | $305.8M | ||
| Q1 24 | $266.7M | $303.4M |
总资产APLSTRUP
| Q4 25 | $1.1B | $915.0M | ||
| Q3 25 | $1.1B | $880.2M | ||
| Q2 25 | $821.4M | $847.8M | ||
| Q1 25 | $807.3M | $837.2M | ||
| Q4 24 | $885.1M | $806.9M | ||
| Q3 24 | $901.9M | $816.1M | ||
| Q2 24 | $904.5M | $795.9M | ||
| Q1 24 | $831.9M | $789.5M |
负债/权益比APLSTRUP
| Q4 25 | — | 0.27× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.39× | ||
| 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 | $29.3M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $25.3M |
| 自由现金流率自由现金流/营收 | -7.1% | 6.7% |
| 资本支出强度资本支出/营收 | 0.1% | 1.0% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $45.0M | $75.4M |
8季度趋势，按日历期对齐
经营现金流APLSTRUP
| Q4 25 | $-14.2M | $29.3M | ||
| Q3 25 | $108.5M | $29.2M | ||
| Q2 25 | $4.4M | $15.0M | ||
| Q1 25 | $-53.4M | $16.0M | ||
| Q4 24 | $19.4M | $23.7M | ||
| Q3 24 | $34.1M | $15.3M | ||
| Q2 24 | $-8.3M | $6.9M | ||
| Q1 24 | $-133.0M | $2.4M |
自由现金流APLSTRUP
| Q4 25 | $-14.3M | $25.3M | ||
| Q3 25 | $108.3M | $23.9M | ||
| Q2 25 | $4.4M | $12.0M | ||
| Q1 25 | $-53.4M | $14.0M | ||
| Q4 24 | $19.3M | $21.8M | ||
| Q3 24 | — | $13.4M | ||
| Q2 24 | $-8.4M | $4.0M | ||
| Q1 24 | $-133.3M | $-631.0K |
自由现金流率APLSTRUP
| Q4 25 | -7.1% | 6.7% | ||
| Q3 25 | 23.6% | 6.5% | ||
| Q2 25 | 2.5% | 3.4% | ||
| Q1 25 | -32.0% | 4.1% | ||
| Q4 24 | 9.1% | 6.5% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | -4.2% | 1.3% | ||
| Q1 24 | -77.3% | -0.2% |
资本支出强度APLSTRUP
| Q4 25 | 0.1% | 1.0% | ||
| Q3 25 | 0.0% | 1.4% | ||
| Q2 25 | 0.0% | 0.8% | ||
| Q1 25 | 0.0% | 0.6% | ||
| Q4 24 | 0.0% | 0.6% | ||
| Q3 24 | 0.0% | 0.6% | ||
| Q2 24 | 0.0% | 0.9% | ||
| Q1 24 | 0.2% | 1.0% |
现金转化率APLSTRUP
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
TRUP
| Subscriptionbusiness | $261.4M | 69% |
| Other | $115.4M | 31% |
