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Apellis Pharmaceuticals, Inc.（APLS）与Waystar Holding Corp.（WAY）财务数据对比。点击上方公司名可切换其他公司
Waystar Holding Corp.的季度营收约是Apellis Pharmaceuticals, Inc.的1.6倍（$313.9M vs $199.9M），Waystar Holding Corp.净利率更高（13.8% vs -29.5%，领先43.3%），Waystar Holding Corp.同比增速更快（22.4% vs -5.9%），Waystar Holding Corp.自由现金流更多（$90.3M vs $-14.3M），过去两年Waystar Holding Corp.的营收复合增速更高（15.7% 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。
Waystar Holding Corp是一家领先的医疗健康支付与营收周期管理解决方案提供商，服务覆盖美国各地的医疗机构、医疗系统和支付方，旗下工具可简化账单处理、理赔申请、患者缴费流程，帮助医疗机构降低行政负担、优化营收表现。
APLS vs WAY — 直观对比
营收规模更大
WAY
是对方的1.6倍
$199.9M
营收增速更快
WAY
高出28.3%
-5.9%
净利率更高
WAY
高出43.3%
-29.5%
自由现金流更多
WAY
多$104.5M
$-14.3M
两年增速更快
WAY
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $313.9M |
| 净利润 | $-59.0M | $43.3M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 25.6% |
| 净利率 | -29.5% | 13.8% |
| 营收同比 | -5.9% | 22.4% |
| 净利润同比 | -62.2% | 47.9% |
| 每股收益（稀释后） | $-0.40 | $0.42 |
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APLSWAY
| Q1 26 | — | $313.9M | ||
| Q4 25 | $199.9M | $303.5M | ||
| Q3 25 | $458.6M | $268.7M | ||
| Q2 25 | $178.5M | $270.7M | ||
| Q1 25 | $166.8M | $256.4M | ||
| Q4 24 | $212.5M | $244.1M | ||
| Q3 24 | $196.8M | $240.1M | ||
| Q2 24 | $199.7M | $234.5M |
净利润APLSWAY
| Q1 26 | — | $43.3M | ||
| Q4 25 | $-59.0M | $20.0M | ||
| Q3 25 | $215.7M | $30.6M | ||
| Q2 25 | $-42.2M | $32.2M | ||
| Q1 25 | $-92.2M | $29.3M | ||
| Q4 24 | $-36.4M | $19.1M | ||
| Q3 24 | $-57.4M | $5.4M | ||
| Q2 24 | $-37.7M | $-27.7M |
营业利润率APLSWAY
| Q1 26 | — | 25.6% | ||
| Q4 25 | -25.6% | 19.4% | ||
| Q3 25 | 48.7% | 22.4% | ||
| Q2 25 | -18.6% | 24.0% | ||
| Q1 25 | -50.0% | 25.4% | ||
| Q4 24 | -12.3% | 21.8% | ||
| Q3 24 | -24.0% | 11.3% | ||
| Q2 24 | -14.7% | 3.5% |
净利率APLSWAY
| Q1 26 | — | 13.8% | ||
| Q4 25 | -29.5% | 6.6% | ||
| Q3 25 | 47.0% | 11.4% | ||
| Q2 25 | -23.6% | 11.9% | ||
| Q1 25 | -55.3% | 11.4% | ||
| Q4 24 | -17.1% | 7.8% | ||
| Q3 24 | -29.2% | 2.3% | ||
| Q2 24 | -18.9% | -11.8% |
每股收益（稀释后）APLSWAY
| Q1 26 | — | $0.42 | ||
| Q4 25 | $-0.40 | $0.10 | ||
| Q3 25 | $1.67 | $0.17 | ||
| Q2 25 | $-0.33 | $0.18 | ||
| Q1 25 | $-0.74 | $0.16 | ||
| Q4 24 | $-0.30 | $0.18 | ||
| Q3 24 | $-0.46 | $0.03 | ||
| 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 | $34.3M |
| 总债务越低越好 | — | $13.5M |
| 股东权益账面价值 | $370.1M | $3.9B |
| 总资产 | $1.1B | $5.8B |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资APLSWAY
| Q1 26 | — | $34.3M | ||
| Q4 25 | $466.2M | $61.4M | ||
| Q3 25 | $479.2M | $421.1M | ||
| Q2 25 | $370.0M | $290.3M | ||
| Q1 25 | $358.4M | $224.0M | ||
| Q4 24 | $411.3M | $182.1M | ||
| Q3 24 | $396.9M | $127.1M | ||
| Q2 24 | $360.1M | $68.4M |
总债务APLSWAY
| Q1 26 | — | $13.5M | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益APLSWAY
| Q1 26 | — | $3.9B | ||
| Q4 25 | $370.1M | $3.9B | ||
| Q3 25 | $401.2M | $3.2B | ||
| Q2 25 | $156.3M | $3.2B | ||
| Q1 25 | $164.2M | $3.1B | ||
| Q4 24 | $228.5M | $3.1B | ||
| Q3 24 | $237.1M | $3.1B | ||
| Q2 24 | $264.3M | $2.9B |
总资产APLSWAY
| Q1 26 | — | $5.8B | ||
| Q4 25 | $1.1B | $5.8B | ||
| Q3 25 | $1.1B | $4.7B | ||
| Q2 25 | $821.4M | $4.7B | ||
| Q1 25 | $807.3M | $4.6B | ||
| Q4 24 | $885.1M | $4.6B | ||
| Q3 24 | $901.9M | $4.5B | ||
| Q2 24 | $904.5M | $4.6B |
负债/权益比APLSWAY
| Q1 26 | — | 0.00× | ||
| Q4 25 | — | 0.38× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.40× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $84.9M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $90.3M |
| 自由现金流率自由现金流/营收 | -7.1% | 28.8% |
| 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 | — | 1.96× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $314.6M |
8季度趋势，按日历期对齐
经营现金流APLSWAY
| Q1 26 | — | $84.9M | ||
| Q4 25 | $-14.2M | $66.6M | ||
| Q3 25 | $108.5M | $82.0M | ||
| Q2 25 | $4.4M | $96.8M | ||
| Q1 25 | $-53.4M | $64.2M | ||
| Q4 24 | $19.4M | — | ||
| Q3 24 | $34.1M | $78.8M | ||
| Q2 24 | $-8.3M | $15.4M |
自由现金流APLSWAY
| Q1 26 | — | $90.3M | ||
| Q4 25 | $-14.3M | $57.2M | ||
| Q3 25 | $108.3M | $76.2M | ||
| Q2 25 | $4.4M | $91.0M | ||
| Q1 25 | $-53.4M | $58.8M | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | — | $70.2M | ||
| Q2 24 | $-8.4M | $8.6M |
自由现金流率APLSWAY
| Q1 26 | — | 28.8% | ||
| Q4 25 | -7.1% | 18.9% | ||
| Q3 25 | 23.6% | 28.3% | ||
| Q2 25 | 2.5% | 33.6% | ||
| Q1 25 | -32.0% | 22.9% | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | — | 29.2% | ||
| Q2 24 | -4.2% | 3.7% |
资本支出强度APLSWAY
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 3.1% | ||
| Q3 25 | 0.0% | 2.2% | ||
| Q2 25 | 0.0% | 2.1% | ||
| Q1 25 | 0.0% | 2.1% | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | 3.6% | ||
| Q2 24 | 0.0% | 2.9% |
现金转化率APLSWAY
| Q1 26 | — | 1.96× | ||
| Q4 25 | — | 3.33× | ||
| Q3 25 | 0.50× | 2.68× | ||
| Q2 25 | — | 3.01× | ||
| Q1 25 | — | 2.20× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 14.56× | ||
| 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% |
WAY
| Subscription | $172.2M | 55% |
| Volume-based | $139.5M | 44% |
