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Apellis Pharmaceuticals, Inc.（APLS）与VARONIS SYSTEMS INC（VRNS）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VARONIS SYSTEMS INC的1.2倍（$199.9M vs $173.1M），VARONIS SYSTEMS INC同比增速更快（26.9% vs -5.9%），VARONIS SYSTEMS INC自由现金流更多（$49.0M vs $-14.3M），过去两年VARONIS SYSTEMS INC的营收复合增速更高（15.2% 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。
Varonis Systems是总部位于美国佛罗里达州迈阿密的软件企业，在以色列赫兹利亚设有研发中心。其推出的数据安全平台可分析数据及数据活动，借此识别由访问权限、SaaS应用配置不当引发的数据暴露风险，并可触发自动化修复流程，助力企业保障数据安全。
APLS vs VRNS — 直观对比
营收规模更大
APLS
是对方的1.2倍
$173.1M
营收增速更快
VRNS
高出32.8%
-5.9%
自由现金流更多
VRNS
多$63.3M
$-14.3M
两年增速更快
VRNS
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $173.1M |
| 净利润 | $-59.0M | — |
| 毛利率 | — | 76.0% |
| 营业利润率 | -25.6% | -1.7% |
| 净利率 | -29.5% | — |
| 营收同比 | -5.9% | 26.9% |
| 净利润同比 | -62.2% | — |
| 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
营收APLSVRNS
| Q1 26 | — | $173.1M | ||
| Q4 25 | $199.9M | $173.4M | ||
| Q3 25 | $458.6M | $161.6M | ||
| Q2 25 | $178.5M | $152.2M | ||
| Q1 25 | $166.8M | $136.4M | ||
| Q4 24 | $212.5M | $158.5M | ||
| Q3 24 | $196.8M | $148.1M | ||
| Q2 24 | $199.7M | $130.3M |
净利润APLSVRNS
| Q1 26 | — | — | ||
| Q4 25 | $-59.0M | $-27.8M | ||
| Q3 25 | $215.7M | $-29.9M | ||
| Q2 25 | $-42.2M | $-35.8M | ||
| Q1 25 | $-92.2M | $-35.8M | ||
| Q4 24 | $-36.4M | $-13.0M | ||
| Q3 24 | $-57.4M | $-18.3M | ||
| Q2 24 | $-37.7M | $-23.9M |
毛利率APLSVRNS
| Q1 26 | — | 76.0% | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 78.7% | ||
| Q4 24 | — | 83.6% | ||
| Q3 24 | — | 83.8% | ||
| Q2 24 | — | 82.8% |
营业利润率APLSVRNS
| Q1 26 | — | -1.7% | ||
| Q4 25 | -25.6% | -17.5% | ||
| Q3 25 | 48.7% | -22.2% | ||
| Q2 25 | -18.6% | -24.0% | ||
| Q1 25 | -50.0% | -32.1% | ||
| Q4 24 | -12.3% | -11.1% | ||
| Q3 24 | -24.0% | -16.0% | ||
| Q2 24 | -14.7% | -22.1% |
净利率APLSVRNS
| Q1 26 | — | — | ||
| Q4 25 | -29.5% | -16.0% | ||
| Q3 25 | 47.0% | -18.5% | ||
| Q2 25 | -23.6% | -23.5% | ||
| Q1 25 | -55.3% | -26.2% | ||
| Q4 24 | -17.1% | -8.2% | ||
| Q3 24 | -29.2% | -12.4% | ||
| Q2 24 | -18.9% | -18.4% |
每股收益（稀释后）APLSVRNS
| Q1 26 | — | — | ||
| Q4 25 | $-0.40 | $-0.23 | ||
| Q3 25 | $1.67 | $-0.26 | ||
| Q2 25 | $-0.33 | $-0.32 | ||
| Q1 25 | $-0.74 | $-0.32 | ||
| Q4 24 | $-0.30 | $-0.12 | ||
| Q3 24 | $-0.46 | $-0.16 | ||
| Q2 24 | $-0.30 | $-0.21 |
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 | $179.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $453.5M |
| 总资产 | $1.1B | $1.6B |
| 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APLSVRNS
| Q1 26 | — | $179.3M | ||
| Q4 25 | $466.2M | $883.7M | ||
| Q3 25 | $479.2M | $671.3M | ||
| Q2 25 | $370.0M | $770.9M | ||
| Q1 25 | $358.4M | $567.6M | ||
| Q4 24 | $411.3M | $529.0M | ||
| Q3 24 | $396.9M | $844.8M | ||
| Q2 24 | $360.1M | $582.5M |
股东权益APLSVRNS
| Q1 26 | — | $453.5M | ||
| Q4 25 | $370.1M | $598.7M | ||
| Q3 25 | $401.2M | $604.8M | ||
| Q2 25 | $156.3M | $341.5M | ||
| Q1 25 | $164.2M | $367.7M | ||
| Q4 24 | $228.5M | $455.7M | ||
| Q3 24 | $237.1M | $428.6M | ||
| Q2 24 | $264.3M | $458.6M |
总资产APLSVRNS
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $821.4M | $1.6B | ||
| Q1 25 | $807.3M | $1.6B | ||
| Q4 24 | $885.1M | $1.7B | ||
| Q3 24 | $901.9M | $1.5B | ||
| Q2 24 | $904.5M | $1.1B |
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 | $55.0M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $49.0M |
| 自由现金流率自由现金流/营收 | -7.1% | 28.3% |
| 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 | $118.2M |
8季度趋势，按日历期对齐
经营现金流APLSVRNS
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-14.2M | $24.7M | ||
| Q3 25 | $108.5M | $33.4M | ||
| Q2 25 | $4.4M | $21.3M | ||
| Q1 25 | $-53.4M | $68.0M | ||
| Q4 24 | $19.4M | $24.3M | ||
| Q3 24 | $34.1M | $22.5M | ||
| Q2 24 | $-8.3M | $11.7M |
自由现金流APLSVRNS
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-14.3M | $20.7M | ||
| Q3 25 | $108.3M | $30.4M | ||
| Q2 25 | $4.4M | $18.0M | ||
| Q1 25 | $-53.4M | $65.7M | ||
| Q4 24 | $19.3M | $19.9M | ||
| Q3 24 | — | $21.3M | ||
| Q2 24 | $-8.4M | $10.9M |
自由现金流率APLSVRNS
| Q1 26 | — | 28.3% | ||
| Q4 25 | -7.1% | 12.0% | ||
| Q3 25 | 23.6% | 18.8% | ||
| Q2 25 | 2.5% | 11.8% | ||
| Q1 25 | -32.0% | 48.1% | ||
| Q4 24 | 9.1% | 12.6% | ||
| Q3 24 | — | 14.4% | ||
| Q2 24 | -4.2% | 8.4% |
资本支出强度APLSVRNS
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 2.3% | ||
| Q3 25 | 0.0% | 1.8% | ||
| Q2 25 | 0.0% | 2.2% | ||
| Q1 25 | 0.0% | 1.7% | ||
| Q4 24 | 0.0% | 2.7% | ||
| Q3 24 | 0.0% | 0.8% | ||
| Q2 24 | 0.0% | 0.6% |
现金转化率APLSVRNS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
