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Apellis Pharmaceuticals, Inc.（APLS）与Varex Imaging Corp（VREX）财务数据对比。点击上方公司名可切换其他公司
Varex Imaging Corp的季度营收约是Apellis Pharmaceuticals, Inc.的1.0倍（$209.6M vs $199.9M），Varex Imaging Corp净利率更高（1.1% vs -29.5%，领先30.6%），Varex Imaging Corp同比增速更快（4.9% vs -5.9%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-26.8M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 0.8%）
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。
Varex Imaging是全球知名的影像组件及解决方案供应商，核心产品涵盖X射线管、数字平板探测器和图像处理软件，广泛应用于医疗诊断、放射肿瘤治疗及工业无损检测等领域，客户覆盖全球主要市场。
APLS vs VREX — 直观对比
营收规模更大
VREX
是对方的1.0倍
$199.9M
营收增速更快
VREX
高出10.8%
-5.9%
净利率更高
VREX
高出30.6%
-29.5%
自由现金流更多
APLS
多$12.5M
$-26.8M
两年增速更快
APLS
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $209.6M |
| 净利润 | $-59.0M | $2.3M |
| 毛利率 | — | 33.3% |
| 营业利润率 | -25.6% | 7.3% |
| 净利率 | -29.5% | 1.1% |
| 营收同比 | -5.9% | 4.9% |
| 净利润同比 | -62.2% | 866.7% |
| 每股收益（稀释后） | $-0.40 | $0.05 |
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APLSVREX
| Q1 26 | — | $209.6M | ||
| Q4 25 | $199.9M | $228.9M | ||
| Q3 25 | $458.6M | $203.0M | ||
| Q2 25 | $178.5M | $212.9M | ||
| Q1 25 | $166.8M | $199.8M | ||
| Q4 24 | $212.5M | — | ||
| Q3 24 | $196.8M | $205.7M | ||
| Q2 24 | $199.7M | $209.1M |
净利润APLSVREX
| Q1 26 | — | $2.3M | ||
| Q4 25 | $-59.0M | $12.2M | ||
| Q3 25 | $215.7M | $-89.1M | ||
| Q2 25 | $-42.2M | $6.9M | ||
| Q1 25 | $-92.2M | $-300.0K | ||
| Q4 24 | $-36.4M | — | ||
| Q3 24 | $-57.4M | $-51.1M | ||
| Q2 24 | $-37.7M | $1.4M |
毛利率APLSVREX
| Q1 26 | — | 33.3% | ||
| Q4 25 | — | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 36.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 32.0% |
营业利润率APLSVREX
| Q1 26 | — | 7.3% | ||
| Q4 25 | -25.6% | 8.6% | ||
| Q3 25 | 48.7% | -39.8% | ||
| Q2 25 | -18.6% | 10.4% | ||
| Q1 25 | -50.0% | 5.6% | ||
| Q4 24 | -12.3% | — | ||
| Q3 24 | -24.0% | 5.3% | ||
| Q2 24 | -14.7% | 4.4% |
净利率APLSVREX
| Q1 26 | — | 1.1% | ||
| Q4 25 | -29.5% | 5.3% | ||
| Q3 25 | 47.0% | -43.9% | ||
| Q2 25 | -23.6% | 3.2% | ||
| Q1 25 | -55.3% | -0.2% | ||
| Q4 24 | -17.1% | — | ||
| Q3 24 | -29.2% | -24.8% | ||
| Q2 24 | -18.9% | 0.7% |
每股收益（稀释后）APLSVREX
| Q1 26 | — | $0.05 | ||
| Q4 25 | $-0.40 | $0.29 | ||
| Q3 25 | $1.67 | $-2.15 | ||
| Q2 25 | $-0.33 | $0.17 | ||
| Q1 25 | $-0.74 | $-0.01 | ||
| Q4 24 | $-0.30 | — | ||
| Q3 24 | $-0.46 | $-1.25 | ||
| 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 | $125.6M |
| 总债务越低越好 | — | $367.6M |
| 股东权益账面价值 | $370.1M | $476.9M |
| 总资产 | $1.1B | $1.1B |
| 负债/权益比越低杠杆越低 | — | 0.77× |
8季度趋势，按日历期对齐
现金及短期投资APLSVREX
| Q1 26 | — | $125.6M | ||
| Q4 25 | $466.2M | $155.1M | ||
| Q3 25 | $479.2M | $152.6M | ||
| Q2 25 | $370.0M | $223.0M | ||
| Q1 25 | $358.4M | $212.6M | ||
| Q4 24 | $411.3M | — | ||
| Q3 24 | $396.9M | $200.5M | ||
| Q2 24 | $360.1M | $190.0M |
总债务APLSVREX
| Q1 26 | — | $367.6M | ||
| Q4 25 | — | $367.5M | ||
| Q3 25 | — | $367.5M | ||
| Q2 25 | — | $567.2M | ||
| Q1 25 | — | $567.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $443.4M | ||
| Q2 24 | — | $443.1M |
股东权益APLSVREX
| Q1 26 | — | $476.9M | ||
| Q4 25 | $370.1M | $472.6M | ||
| Q3 25 | $401.2M | $455.3M | ||
| Q2 25 | $156.3M | $549.7M | ||
| Q1 25 | $164.2M | $540.2M | ||
| Q4 24 | $228.5M | — | ||
| Q3 24 | $237.1M | $529.1M | ||
| Q2 24 | $264.3M | $581.2M |
总资产APLSVREX
| Q1 26 | — | $1.1B | ||
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $821.4M | $1.4B | ||
| Q1 25 | $807.3M | $1.3B | ||
| Q4 24 | $885.1M | — | ||
| Q3 24 | $901.9M | $1.2B | ||
| Q2 24 | $904.5M | $1.3B |
负债/权益比APLSVREX
| Q1 26 | — | 0.77× | ||
| Q4 25 | — | 0.78× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.76× |
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 | $-16.1M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-26.8M |
| 自由现金流率自由现金流/营收 | -7.1% | -12.8% |
| 资本支出强度资本支出/营收 | 0.1% | 5.1% |
| 现金转化率经营现金流/净利润 | — | -7.00× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $-13.3M |
8季度趋势，按日历期对齐
经营现金流APLSVREX
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $-14.2M | $7.9M | ||
| Q3 25 | $108.5M | $7.7M | ||
| Q2 25 | $4.4M | $16.6M | ||
| Q1 25 | $-53.4M | $9.5M | ||
| Q4 24 | $19.4M | — | ||
| Q3 24 | $34.1M | $25.9M | ||
| Q2 24 | $-8.3M | $8.0M |
自由现金流APLSVREX
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $-14.3M | $2.3M | ||
| Q3 25 | $108.3M | $1.4M | ||
| Q2 25 | $4.4M | $9.8M | ||
| Q1 25 | $-53.4M | $5.3M | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | — | $19.9M | ||
| Q2 24 | $-8.4M | $3.3M |
自由现金流率APLSVREX
| Q1 26 | — | -12.8% | ||
| Q4 25 | -7.1% | 1.0% | ||
| Q3 25 | 23.6% | 0.7% | ||
| Q2 25 | 2.5% | 4.6% | ||
| Q1 25 | -32.0% | 2.7% | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | — | 9.7% | ||
| Q2 24 | -4.2% | 1.6% |
资本支出强度APLSVREX
| Q1 26 | — | 5.1% | ||
| Q4 25 | 0.1% | 2.4% | ||
| Q3 25 | 0.0% | 3.1% | ||
| Q2 25 | 0.0% | 3.2% | ||
| Q1 25 | 0.0% | 2.1% | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | 2.9% | ||
| Q2 24 | 0.0% | 2.2% |
现金转化率APLSVREX
| Q1 26 | — | -7.00× | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | 2.41× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.71× |
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% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
