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Apellis Pharmaceuticals, Inc.（APLS）与Upstart Holdings, Inc.（UPST）财务数据对比。点击上方公司名可切换其他公司
Upstart Holdings, Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.5倍（$296.1M vs $199.9M），Upstart Holdings, Inc.净利率更高（6.3% vs -29.5%，领先35.8%），Upstart Holdings, Inc.同比增速更快（35.2% vs -5.9%），Upstart Holdings, Inc.自由现金流更多（$108.4M vs $-14.3M），过去两年Upstart Holdings, Inc.的营收复合增速更高（52.2% 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。
Upstart是一家AI信贷平台服务商，与银行及信用合作社合作，将教育背景、就业情况等非传统指标纳入信用评估模型，更精准地预测借款人的信用状况，为用户提供消费贷款服务，助力金融机构提升信贷效率、扩大服务覆盖范围。
APLS vs UPST — 直观对比
营收规模更大
UPST
是对方的1.5倍
$199.9M
营收增速更快
UPST
高出41.2%
-5.9%
净利率更高
UPST
高出35.8%
-29.5%
自由现金流更多
UPST
多$122.7M
$-14.3M
两年增速更快
UPST
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $296.1M |
| 净利润 | $-59.0M | $18.6M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 6.4% |
| 净利率 | -29.5% | 6.3% |
| 营收同比 | -5.9% | 35.2% |
| 净利润同比 | -62.2% | 776.4% |
| 每股收益（稀释后） | $-0.40 | $0.20 |
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APLSUPST
| Q4 25 | $199.9M | $296.1M | ||
| Q3 25 | $458.6M | $277.1M | ||
| Q2 25 | $178.5M | $257.3M | ||
| Q1 25 | $166.8M | $213.4M | ||
| Q4 24 | $212.5M | $219.0M | ||
| Q3 24 | $196.8M | $162.1M | ||
| Q2 24 | $199.7M | $127.6M | ||
| Q1 24 | $172.3M | $127.8M |
净利润APLSUPST
| Q4 25 | $-59.0M | $18.6M | ||
| Q3 25 | $215.7M | $31.8M | ||
| Q2 25 | $-42.2M | $5.6M | ||
| Q1 25 | $-92.2M | $-2.4M | ||
| Q4 24 | $-36.4M | $-2.8M | ||
| Q3 24 | $-57.4M | $-6.8M | ||
| Q2 24 | $-37.7M | $-54.5M | ||
| Q1 24 | $-66.4M | $-64.6M |
营业利润率APLSUPST
| Q4 25 | -25.6% | 6.4% | ||
| Q3 25 | 48.7% | 8.5% | ||
| Q2 25 | -18.6% | 1.8% | ||
| Q1 25 | -50.0% | -2.1% | ||
| Q4 24 | -12.3% | -2.2% | ||
| Q3 24 | -24.0% | -27.8% | ||
| Q2 24 | -14.7% | -43.5% | ||
| Q1 24 | -36.0% | -52.8% |
净利率APLSUPST
| Q4 25 | -29.5% | 6.3% | ||
| Q3 25 | 47.0% | 11.5% | ||
| Q2 25 | -23.6% | 2.2% | ||
| Q1 25 | -55.3% | -1.1% | ||
| Q4 24 | -17.1% | -1.3% | ||
| Q3 24 | -29.2% | -4.2% | ||
| Q2 24 | -18.9% | -42.7% | ||
| Q1 24 | -38.5% | -50.5% |
每股收益（稀释后）APLSUPST
| Q4 25 | $-0.40 | $0.20 | ||
| Q3 25 | $1.67 | $0.23 | ||
| Q2 25 | $-0.33 | $0.05 | ||
| Q1 25 | $-0.74 | $-0.03 | ||
| Q4 24 | $-0.30 | $-0.01 | ||
| Q3 24 | $-0.46 | $-0.07 | ||
| Q2 24 | $-0.30 | $-0.62 | ||
| Q1 24 | $-0.54 | $-0.74 |
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 | $652.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $798.8M |
| 总资产 | $1.1B | $3.0B |
| 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APLSUPST
| Q4 25 | $466.2M | $652.4M | ||
| Q3 25 | $479.2M | $489.8M | ||
| Q2 25 | $370.0M | $395.9M | ||
| Q1 25 | $358.4M | $599.8M | ||
| Q4 24 | $411.3M | $788.4M | ||
| Q3 24 | $396.9M | — | ||
| Q2 24 | $360.1M | — | ||
| Q1 24 | $325.9M | — |
总债务APLSUPST
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSUPST
| Q4 25 | $370.1M | $798.8M | ||
| Q3 25 | $401.2M | $743.7M | ||
| Q2 25 | $156.3M | $722.0M | ||
| Q1 25 | $164.2M | $676.6M | ||
| Q4 24 | $228.5M | $633.2M | ||
| Q3 24 | $237.1M | $595.5M | ||
| Q2 24 | $264.3M | $594.7M | ||
| Q1 24 | $266.7M | $612.8M |
总资产APLSUPST
| Q4 25 | $1.1B | $3.0B | ||
| Q3 25 | $1.1B | $2.9B | ||
| Q2 25 | $821.4M | $2.5B | ||
| Q1 25 | $807.3M | $2.3B | ||
| Q4 24 | $885.1M | $2.4B | ||
| Q3 24 | $901.9M | $1.8B | ||
| Q2 24 | $904.5M | $1.8B | ||
| Q1 24 | $831.9M | $1.9B |
负债/权益比APLSUPST
| 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 | $108.6M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $108.4M |
| 自由现金流率自由现金流/营收 | -7.1% | 36.6% |
| 资本支出强度资本支出/营收 | 0.1% | 0.1% |
| 现金转化率经营现金流/净利润 | — | 5.82× |
| 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APLSUPST
| Q4 25 | $-14.2M | $108.6M | ||
| Q3 25 | $108.5M | $-122.6M | ||
| Q2 25 | $4.4M | $-120.2M | ||
| Q1 25 | $-53.4M | $-13.5M | ||
| Q4 24 | $19.4M | $-110.9M | ||
| Q3 24 | $34.1M | $179.3M | ||
| Q2 24 | $-8.3M | $65.3M | ||
| Q1 24 | $-133.0M | $52.6M |
自由现金流APLSUPST
| Q4 25 | $-14.3M | $108.4M | ||
| Q3 25 | $108.3M | $-122.7M | ||
| Q2 25 | $4.4M | $-120.3M | ||
| Q1 25 | $-53.4M | — | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | — | $179.2M | ||
| Q2 24 | $-8.4M | $65.3M | ||
| Q1 24 | $-133.3M | $51.9M |
自由现金流率APLSUPST
| Q4 25 | -7.1% | 36.6% | ||
| Q3 25 | 23.6% | -44.3% | ||
| Q2 25 | 2.5% | -46.7% | ||
| Q1 25 | -32.0% | — | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | — | 110.5% | ||
| Q2 24 | -4.2% | 51.1% | ||
| Q1 24 | -77.3% | 40.6% |
资本支出强度APLSUPST
| Q4 25 | 0.1% | 0.1% | ||
| Q3 25 | 0.0% | 0.0% | ||
| Q2 25 | 0.0% | 0.0% | ||
| Q1 25 | 0.0% | 0.0% | ||
| Q4 24 | 0.0% | 0.0% | ||
| Q3 24 | 0.0% | 0.1% | ||
| Q2 24 | 0.0% | 0.0% | ||
| Q1 24 | 0.2% | 0.5% |
现金转化率APLSUPST
| Q4 25 | — | 5.82× | ||
| Q3 25 | 0.50× | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| 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% |
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
