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Apellis Pharmaceuticals, Inc.（APLS）与VICOR CORP（VICR）财务数据对比。点击上方公司名可切换其他公司
Apellis Pharmaceuticals, Inc.的季度营收约是VICOR CORP的1.8倍（$199.9M vs $113.0M），VICOR CORP净利率更高（18.3% vs -29.5%，领先47.8%），VICOR CORP同比增速更快（20.2% vs -5.9%），过去两年VICOR CORP的营收复合增速更高（14.7% 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。
Vicor Corporation是总部位于美国马萨诸塞州安多弗的电源模块专业制造商，深耕高性能电源模块的研发、生产与销售，可为多个行业客户提供高效可靠的电源解决方案，在全球电源技术领域具备较强的技术优势与市场竞争力。
APLS vs VICR — 直观对比
营收规模更大
APLS
是对方的1.8倍
$113.0M
营收增速更快
VICR
高出26.2%
-5.9%
净利率更高
VICR
高出47.8%
-29.5%
两年增速更快
VICR
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $113.0M |
| 净利润 | $-59.0M | $20.7M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 59.7% |
| 净利率 | -29.5% | 18.3% |
| 营收同比 | -5.9% | 20.2% |
| 净利润同比 | -62.2% | 713.9% |
| 每股收益（稀释后） | $-0.40 | $0.44 |
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APLSVICR
| Q1 26 | — | $113.0M | ||
| Q4 25 | $199.9M | $107.3M | ||
| Q3 25 | $458.6M | $110.4M | ||
| Q2 25 | $178.5M | $96.0M | ||
| Q1 25 | $166.8M | $94.0M | ||
| Q4 24 | $212.5M | $96.2M | ||
| Q3 24 | $196.8M | $93.2M | ||
| Q2 24 | $199.7M | $85.9M |
净利润APLSVICR
| Q1 26 | — | $20.7M | ||
| Q4 25 | $-59.0M | $46.5M | ||
| Q3 25 | $215.7M | $28.3M | ||
| Q2 25 | $-42.2M | $41.2M | ||
| Q1 25 | $-92.2M | $2.5M | ||
| Q4 24 | $-36.4M | $10.2M | ||
| Q3 24 | $-57.4M | $11.6M | ||
| Q2 24 | $-37.7M | $-1.2M |
毛利率APLSVICR
| Q1 26 | — | — | ||
| Q4 25 | — | 55.4% | ||
| Q3 25 | — | 57.5% | ||
| Q2 25 | — | 95.9% | ||
| Q1 25 | — | 47.2% | ||
| Q4 24 | — | 52.4% | ||
| Q3 24 | — | 49.1% | ||
| Q2 24 | — | 49.8% |
营业利润率APLSVICR
| Q1 26 | — | 59.7% | ||
| Q4 25 | -25.6% | 14.6% | ||
| Q3 25 | 48.7% | 18.9% | ||
| Q2 25 | -18.6% | 47.3% | ||
| Q1 25 | -50.0% | -0.2% | ||
| Q4 24 | -12.3% | 9.6% | ||
| Q3 24 | -24.0% | 5.8% | ||
| Q2 24 | -14.7% | 0.2% |
净利率APLSVICR
| Q1 26 | — | 18.3% | ||
| Q4 25 | -29.5% | 43.4% | ||
| Q3 25 | 47.0% | 25.6% | ||
| Q2 25 | -23.6% | 42.9% | ||
| Q1 25 | -55.3% | 2.7% | ||
| Q4 24 | -17.1% | 10.7% | ||
| Q3 24 | -29.2% | 12.4% | ||
| Q2 24 | -18.9% | -1.4% |
每股收益（稀释后）APLSVICR
| Q1 26 | — | $0.44 | ||
| Q4 25 | $-0.40 | $1.01 | ||
| Q3 25 | $1.67 | $0.63 | ||
| Q2 25 | $-0.33 | $0.91 | ||
| Q1 25 | $-0.74 | $0.06 | ||
| Q4 24 | $-0.30 | $0.24 | ||
| Q3 24 | $-0.46 | $0.26 | ||
| Q2 24 | $-0.30 | $-0.03 |
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 | $404.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $754.1M |
| 总资产 | $1.1B | $804.9M |
| 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APLSVICR
| Q1 26 | — | $404.2M | ||
| Q4 25 | $466.2M | $402.8M | ||
| Q3 25 | $479.2M | $362.4M | ||
| Q2 25 | $370.0M | $338.5M | ||
| Q1 25 | $358.4M | $296.1M | ||
| Q4 24 | $411.3M | $277.3M | ||
| Q3 24 | $396.9M | $267.6M | ||
| Q2 24 | $360.1M | $251.9M |
股东权益APLSVICR
| Q1 26 | — | $754.1M | ||
| Q4 25 | $370.1M | $711.6M | ||
| Q3 25 | $401.2M | $630.1M | ||
| Q2 25 | $156.3M | $608.6M | ||
| Q1 25 | $164.2M | $580.3M | ||
| Q4 24 | $228.5M | $570.1M | ||
| Q3 24 | $237.1M | $554.6M | ||
| Q2 24 | $264.3M | $537.2M |
总资产APLSVICR
| Q1 26 | — | $804.9M | ||
| Q4 25 | $1.1B | $785.8M | ||
| Q3 25 | $1.1B | $710.2M | ||
| Q2 25 | $821.4M | $693.5M | ||
| Q1 25 | $807.3M | $665.0M | ||
| Q4 24 | $885.1M | $641.1M | ||
| Q3 24 | $901.9M | $632.8M | ||
| Q2 24 | $904.5M | $613.2M |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | — |
| 自由现金流率自由现金流/营收 | -7.1% | — |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流APLSVICR
| Q1 26 | — | — | ||
| Q4 25 | $-14.2M | $15.7M | ||
| Q3 25 | $108.5M | $38.5M | ||
| Q2 25 | $4.4M | $65.2M | ||
| Q1 25 | $-53.4M | $20.1M | ||
| Q4 24 | $19.4M | $10.1M | ||
| Q3 24 | $34.1M | $22.6M | ||
| Q2 24 | $-8.3M | $15.6M |
自由现金流APLSVICR
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | $10.2M | ||
| Q3 25 | $108.3M | $34.5M | ||
| Q2 25 | $4.4M | $59.0M | ||
| Q1 25 | $-53.4M | $15.6M | ||
| Q4 24 | $19.3M | $8.4M | ||
| Q3 24 | — | $14.1M | ||
| Q2 24 | $-8.4M | $9.4M |
自由现金流率APLSVICR
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 9.5% | ||
| Q3 25 | 23.6% | 31.2% | ||
| Q2 25 | 2.5% | 61.5% | ||
| Q1 25 | -32.0% | 16.6% | ||
| Q4 24 | 9.1% | 8.7% | ||
| Q3 24 | — | 15.2% | ||
| Q2 24 | -4.2% | 11.0% |
资本支出强度APLSVICR
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 5.2% | ||
| Q3 25 | 0.0% | 3.6% | ||
| Q2 25 | 0.0% | 6.5% | ||
| Q1 25 | 0.0% | 4.8% | ||
| Q4 24 | 0.0% | 1.8% | ||
| Q3 24 | 0.0% | 9.1% | ||
| Q2 24 | 0.0% | 7.2% |
现金转化率APLSVICR
| Q1 26 | — | — | ||
| Q4 25 | — | 0.34× | ||
| Q3 25 | 0.50× | 1.36× | ||
| Q2 25 | — | 1.58× | ||
| Q1 25 | — | 7.93× | ||
| Q4 24 | — | 0.99× | ||
| Q3 24 | — | 1.95× | ||
| Q2 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% |
VICR
| Product revenue | $98.0M | 87% |
| Royalty revenue | $15.0M | 13% |
