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Apellis Pharmaceuticals, Inc.（APLS）与USA Compression Partners, LP（USAC）财务数据对比。点击上方公司名可切换其他公司
USA Compression Partners, LP的季度营收约是Apellis Pharmaceuticals, Inc.的1.3倍（$252.5M vs $199.9M），USA Compression Partners, LP净利率更高（11.0% vs -29.5%，领先40.5%），USA Compression Partners, LP同比增速更快（2.7% vs -5.9%），USA Compression Partners, LP自由现金流更多（$87.7M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 4.9%）
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。
USA Compression Partners, LP是一家总部位于美国的天然气压缩服务供应商，服务覆盖油气行业上游、中游及下游领域，提供定制化压缩系统、设备维护与运营支持，助力天然气生产、加工和运输环节高效运转。
APLS vs USAC — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $252.5M |
| 净利润 | $-59.0M | $27.8M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 30.3% |
| 净利率 | -29.5% | 11.0% |
| 营收同比 | -5.9% | 2.7% |
| 净利润同比 | -62.2% | 9.1% |
| 每股收益（稀释后） | $-0.40 | — |
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
| Q4 25 | $199.9M | $252.5M | ||
| Q3 25 | $458.6M | $250.3M | ||
| Q2 25 | $178.5M | $250.1M | ||
| Q1 25 | $166.8M | $245.2M | ||
| Q4 24 | $212.5M | $245.9M | ||
| Q3 24 | $196.8M | $240.0M | ||
| Q2 24 | $199.7M | $235.3M | ||
| Q1 24 | $172.3M | $229.3M |
| Q4 25 | $-59.0M | $27.8M | ||
| Q3 25 | $215.7M | $34.5M | ||
| Q2 25 | $-42.2M | $28.6M | ||
| Q1 25 | $-92.2M | $20.5M | ||
| Q4 24 | $-36.4M | $25.4M | ||
| Q3 24 | $-57.4M | $19.3M | ||
| Q2 24 | $-37.7M | $31.2M | ||
| Q1 24 | $-66.4M | $23.6M |
| Q4 25 | -25.6% | 30.3% | ||
| Q3 25 | 48.7% | 33.5% | ||
| Q2 25 | -18.6% | 30.6% | ||
| Q1 25 | -50.0% | 28.3% | ||
| Q4 24 | -12.3% | 30.3% | ||
| Q3 24 | -24.0% | 31.5% | ||
| Q2 24 | -14.7% | 32.9% | ||
| Q1 24 | -36.0% | 29.2% |
| Q4 25 | -29.5% | 11.0% | ||
| Q3 25 | 47.0% | 13.8% | ||
| Q2 25 | -23.6% | 11.4% | ||
| Q1 25 | -55.3% | 8.4% | ||
| Q4 24 | -17.1% | 10.3% | ||
| Q3 24 | -29.2% | 8.1% | ||
| Q2 24 | -18.9% | 13.3% | ||
| Q1 24 | -38.5% | 10.3% |
| Q4 25 | $-0.40 | — | ||
| Q3 25 | $1.67 | — | ||
| Q2 25 | $-0.33 | — | ||
| Q1 25 | $-0.74 | — | ||
| Q4 24 | $-0.30 | — | ||
| Q3 24 | $-0.46 | — | ||
| Q2 24 | $-0.30 | — | ||
| Q1 24 | $-0.54 | — |
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 | $8.6M |
| 总债务越低越好 | — | $2.5B |
| 股东权益账面价值 | $370.1M | — |
| 总资产 | $1.1B | $2.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $466.2M | $8.6M | ||
| Q3 25 | $479.2M | — | ||
| Q2 25 | $370.0M | $2.0K | ||
| Q1 25 | $358.4M | $2.0K | ||
| Q4 24 | $411.3M | $14.0K | ||
| Q3 24 | $396.9M | $79.0K | ||
| Q2 24 | $360.1M | $9.0K | ||
| Q1 24 | $325.9M | $8.0K |
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $2.5B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | $93.1M | $2.5B |
| Q4 25 | $370.1M | — | ||
| Q3 25 | $401.2M | — | ||
| Q2 25 | $156.3M | — | ||
| Q1 25 | $164.2M | — | ||
| Q4 24 | $228.5M | — | ||
| Q3 24 | $237.1M | — | ||
| Q2 24 | $264.3M | — | ||
| Q1 24 | $266.7M | — |
| Q4 25 | $1.1B | $2.6B | ||
| Q3 25 | $1.1B | $2.7B | ||
| Q2 25 | $821.4M | $2.7B | ||
| Q1 25 | $807.3M | $2.7B | ||
| Q4 24 | $885.1M | $2.7B | ||
| Q3 24 | $901.9M | $2.8B | ||
| Q2 24 | $904.5M | $2.8B | ||
| Q1 24 | $831.9M | $2.8B |
| 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 | $139.5M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $87.7M |
| 自由现金流率自由现金流/营收 | -7.1% | 34.8% |
| 资本支出强度资本支出/营收 | 0.1% | 20.5% |
| 现金转化率经营现金流/净利润 | — | 5.02× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $277.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-14.2M | $139.5M | ||
| Q3 25 | $108.5M | $75.9M | ||
| Q2 25 | $4.4M | $124.2M | ||
| Q1 25 | $-53.4M | $54.7M | ||
| Q4 24 | $19.4M | $130.2M | ||
| Q3 24 | $34.1M | $48.5M | ||
| Q2 24 | $-8.3M | $96.7M | ||
| Q1 24 | $-133.0M | $65.9M |
| Q4 25 | $-14.3M | $87.7M | ||
| Q3 25 | $108.3M | $51.9M | ||
| Q2 25 | $4.4M | $101.1M | ||
| Q1 25 | $-53.4M | $36.3M | ||
| Q4 24 | $19.3M | $101.2M | ||
| Q3 24 | — | $19.8M | ||
| Q2 24 | $-8.4M | $48.2M | ||
| Q1 24 | $-133.3M | $-32.7M |
| Q4 25 | -7.1% | 34.8% | ||
| Q3 25 | 23.6% | 20.7% | ||
| Q2 25 | 2.5% | 40.4% | ||
| Q1 25 | -32.0% | 14.8% | ||
| Q4 24 | 9.1% | 41.1% | ||
| Q3 24 | — | 8.2% | ||
| Q2 24 | -4.2% | 20.5% | ||
| Q1 24 | -77.3% | -14.3% |
| Q4 25 | 0.1% | 20.5% | ||
| Q3 25 | 0.0% | 9.6% | ||
| Q2 25 | 0.0% | 9.3% | ||
| Q1 25 | 0.0% | 7.5% | ||
| Q4 24 | 0.0% | 11.8% | ||
| Q3 24 | 0.0% | 12.0% | ||
| Q2 24 | 0.0% | 20.6% | ||
| Q1 24 | 0.2% | 43.0% |
| Q4 25 | — | 5.02× | ||
| Q3 25 | 0.50× | 2.20× | ||
| Q2 25 | — | 4.35× | ||
| Q1 25 | — | 2.66× | ||
| Q4 24 | — | 5.12× | ||
| Q3 24 | — | 2.51× | ||
| Q2 24 | — | 3.10× | ||
| Q1 24 | — | 2.80× |
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% |
USAC
| Revenue From Contract Operations Excluding Revenue From Related Party | $231.7M | 92% |
| Entities Affiliated With Energy Transfer LP | $16.6M | 7% |
| Transferred At Point In Time | $5.4M | 2% |
