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Apellis Pharmaceuticals, Inc.（APLS）与Victory Capital Holdings, Inc.（VCTR）财务数据对比。点击上方公司名可切换其他公司
Victory Capital Holdings, Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.9倍（$374.1M vs $199.9M），Victory Capital Holdings, Inc.净利率更高（30.2% vs -29.5%，领先59.6%），Victory Capital Holdings, Inc.同比增速更快（61.0% vs -5.9%），Victory Capital Holdings, Inc.自由现金流更多（$144.5M vs $-14.3M），过去两年Victory Capital Holdings, Inc.的营收复合增速更高（31.7% 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。
Victory Capital Holdings是一家总部位于美国得克萨斯州圣安东尼奥的金融服务企业，核心业务为投资管理。除美国本土外，公司在伦敦、中国香港、新加坡三地均配备了专业投资团队，为全球客户提供资产管理相关服务。
APLS vs VCTR — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $374.1M |
| 净利润 | $-59.0M | $112.8M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 40.9% |
| 净利率 | -29.5% | 30.2% |
| 营收同比 | -5.9% | 61.0% |
| 净利润同比 | -62.2% | 46.6% |
| 每股收益（稀释后） | $-0.40 | $1.33 |
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 | $374.1M | ||
| Q3 25 | $458.6M | $361.2M | ||
| Q2 25 | $178.5M | $351.2M | ||
| Q1 25 | $166.8M | $219.6M | ||
| Q4 24 | $212.5M | $232.4M | ||
| Q3 24 | $196.8M | $225.6M | ||
| Q2 24 | $199.7M | $219.6M | ||
| Q1 24 | $172.3M | $215.9M |
| Q4 25 | $-59.0M | $112.8M | ||
| Q3 25 | $215.7M | $96.5M | ||
| Q2 25 | $-42.2M | $58.7M | ||
| Q1 25 | $-92.2M | $62.0M | ||
| Q4 24 | $-36.4M | $76.9M | ||
| Q3 24 | $-57.4M | $82.0M | ||
| Q2 24 | $-37.7M | $74.3M | ||
| Q1 24 | $-66.4M | $55.7M |
| Q4 25 | -25.6% | 40.9% | ||
| Q3 25 | 48.7% | 38.2% | ||
| Q2 25 | -18.6% | 26.8% | ||
| Q1 25 | -50.0% | 42.3% | ||
| Q4 24 | -12.3% | 48.1% | ||
| Q3 24 | -24.0% | 53.3% | ||
| Q2 24 | -14.7% | 50.4% | ||
| Q1 24 | -36.0% | 39.3% |
| Q4 25 | -29.5% | 30.2% | ||
| Q3 25 | 47.0% | 26.7% | ||
| Q2 25 | -23.6% | 16.7% | ||
| Q1 25 | -55.3% | 28.2% | ||
| Q4 24 | -17.1% | 33.1% | ||
| Q3 24 | -29.2% | 36.3% | ||
| Q2 24 | -18.9% | 33.8% | ||
| Q1 24 | -38.5% | 25.8% |
| Q4 25 | $-0.40 | $1.33 | ||
| Q3 25 | $1.67 | $1.11 | ||
| Q2 25 | $-0.33 | $0.68 | ||
| Q1 25 | $-0.74 | $0.96 | ||
| Q4 24 | $-0.30 | $1.18 | ||
| Q3 24 | $-0.46 | $1.24 | ||
| Q2 24 | $-0.30 | $1.12 | ||
| Q1 24 | $-0.54 | $0.84 |
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 | $163.7M |
| 总债务越低越好 | — | $970.0M |
| 股东权益账面价值 | $370.1M | $2.4B |
| 总资产 | $1.1B | $4.2B |
| 负债/权益比越低杠杆越低 | — | 0.40× |
8季度趋势，按日历期对齐
| Q4 25 | $466.2M | $163.7M | ||
| Q3 25 | $479.2M | $115.7M | ||
| Q2 25 | $370.0M | $107.9M | ||
| Q1 25 | $358.4M | $175.6M | ||
| Q4 24 | $411.3M | $126.7M | ||
| Q3 24 | $396.9M | $188.2M | ||
| Q2 24 | $360.1M | $119.0M | ||
| Q1 24 | $325.9M | $79.9M |
| Q4 25 | — | $970.0M | ||
| Q3 25 | — | $972.0M | ||
| Q2 25 | — | $965.7M | ||
| Q1 25 | — | $964.8M | ||
| Q4 24 | — | $963.9M | ||
| Q3 24 | — | $982.7M | ||
| Q2 24 | — | $981.7M | ||
| Q1 24 | $93.1M | $990.2M |
| Q4 25 | $370.1M | $2.4B | ||
| Q3 25 | $401.2M | $2.4B | ||
| Q2 25 | $156.3M | $2.5B | ||
| Q1 25 | $164.2M | $1.1B | ||
| Q4 24 | $228.5M | $1.1B | ||
| Q3 24 | $237.1M | $1.2B | ||
| Q2 24 | $264.3M | $1.1B | ||
| Q1 24 | $266.7M | $1.1B |
| Q4 25 | $1.1B | $4.2B | ||
| Q3 25 | $1.1B | $4.2B | ||
| Q2 25 | $821.4M | $4.2B | ||
| Q1 25 | $807.3M | $2.6B | ||
| Q4 24 | $885.1M | $2.5B | ||
| Q3 24 | $901.9M | $2.6B | ||
| Q2 24 | $904.5M | $2.5B | ||
| Q1 24 | $831.9M | $2.5B |
| Q4 25 | — | 0.40× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.84× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.87× | ||
| Q1 24 | 0.35× | 0.92× |
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 | $145.1M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $144.5M |
| 自由现金流率自由现金流/营收 | -7.1% | 38.6% |
| 资本支出强度资本支出/营收 | 0.1% | 0.2% |
| 现金转化率经营现金流/净利润 | — | 1.29× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $381.3M |
8季度趋势，按日历期对齐
| Q4 25 | $-14.2M | $145.1M | ||
| Q3 25 | $108.5M | $165.9M | ||
| Q2 25 | $4.4M | $-6.6M | ||
| Q1 25 | $-53.4M | $81.1M | ||
| Q4 24 | $19.4M | $91.8M | ||
| Q3 24 | $34.1M | $99.8M | ||
| Q2 24 | $-8.3M | $79.7M | ||
| Q1 24 | $-133.0M | $68.7M |
| Q4 25 | $-14.3M | $144.5M | ||
| Q3 25 | $108.3M | $164.8M | ||
| Q2 25 | $4.4M | $-7.5M | ||
| Q1 25 | $-53.4M | $79.5M | ||
| Q4 24 | $19.3M | $91.7M | ||
| Q3 24 | — | $99.4M | ||
| Q2 24 | $-8.4M | $79.5M | ||
| Q1 24 | $-133.3M | $68.2M |
| Q4 25 | -7.1% | 38.6% | ||
| Q3 25 | 23.6% | 45.6% | ||
| Q2 25 | 2.5% | -2.1% | ||
| Q1 25 | -32.0% | 36.2% | ||
| Q4 24 | 9.1% | 39.4% | ||
| Q3 24 | — | 44.0% | ||
| Q2 24 | -4.2% | 36.2% | ||
| Q1 24 | -77.3% | 31.6% |
| Q4 25 | 0.1% | 0.2% | ||
| Q3 25 | 0.0% | 0.3% | ||
| Q2 25 | 0.0% | 0.3% | ||
| Q1 25 | 0.0% | 0.7% | ||
| Q4 24 | 0.0% | 0.1% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 0.0% | 0.1% | ||
| Q1 24 | 0.2% | 0.2% |
| Q4 25 | — | 1.29× | ||
| Q3 25 | 0.50× | 1.72× | ||
| Q2 25 | — | -0.11× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | 1.19× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 1.07× | ||
| Q1 24 | — | 1.23× |
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% |
VCTR
| Investment Management Fees | $301.4M | 81% |
| Fund Administration And Distribution Fees | $72.8M | 19% |
