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Apellis Pharmaceuticals, Inc.（APLS）与Cactus, Inc.（WHD）财务数据对比。点击上方公司名可切换其他公司
Cactus, Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.3倍（$261.2M vs $199.9M），Cactus, Inc.净利率更高（15.3% vs -29.5%，领先44.7%），Cactus, Inc.同比增速更快（-4.0% vs -5.9%），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -2.4%）
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。
Cactus, Inc.旗下拥有Cactus Club Cafe，是源自加拿大不列颠哥伦比亚省北温哥华的高端休闲连锁餐饮品牌。目前品牌已在加拿大全境布局34家门店，覆盖不列颠哥伦比亚、阿尔伯塔、萨斯喀彻温、安大略等省份，同时在美国也设有门店，主打高品质休闲餐饮体验。
APLS vs WHD — 直观对比
营收规模更大
WHD
是对方的1.3倍
$199.9M
营收增速更快
WHD
高出1.9%
-5.9%
净利率更高
WHD
高出44.7%
-29.5%
两年增速更快
APLS
近两年复合增速
-2.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $261.2M |
| 净利润 | $-59.0M | $39.8M |
| 毛利率 | — | 36.2% |
| 营业利润率 | -25.6% | 22.9% |
| 净利率 | -29.5% | 15.3% |
| 营收同比 | -5.9% | -4.0% |
| 净利润同比 | -62.2% | -14.7% |
| 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APLSWHD
| Q4 25 | $199.9M | $261.2M | ||
| Q3 25 | $458.6M | $264.0M | ||
| Q2 25 | $178.5M | $273.6M | ||
| Q1 25 | $166.8M | $280.3M | ||
| Q4 24 | $212.5M | $272.1M | ||
| Q3 24 | $196.8M | $293.2M | ||
| Q2 24 | $199.7M | $290.4M | ||
| Q1 24 | $172.3M | $274.1M |
净利润APLSWHD
| Q4 25 | $-59.0M | $39.8M | ||
| Q3 25 | $215.7M | $41.6M | ||
| Q2 25 | $-42.2M | $40.3M | ||
| Q1 25 | $-92.2M | $44.2M | ||
| Q4 24 | $-36.4M | $46.7M | ||
| Q3 24 | $-57.4M | $49.9M | ||
| Q2 24 | $-37.7M | $49.8M | ||
| Q1 24 | $-66.4M | $39.0M |
毛利率APLSWHD
| Q4 25 | — | 36.2% | ||
| Q3 25 | — | 36.8% | ||
| Q2 25 | — | 36.6% | ||
| Q1 25 | — | 38.4% | ||
| Q4 24 | — | 37.8% | ||
| Q3 24 | — | 39.0% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 38.4% |
营业利润率APLSWHD
| Q4 25 | -25.6% | 22.9% | ||
| Q3 25 | 48.7% | 23.2% | ||
| Q2 25 | -18.6% | 22.2% | ||
| Q1 25 | -50.0% | 24.5% | ||
| Q4 24 | -12.3% | 25.9% | ||
| Q3 24 | -24.0% | 26.2% | ||
| Q2 24 | -14.7% | 27.5% | ||
| Q1 24 | -36.0% | 22.8% |
净利率APLSWHD
| Q4 25 | -29.5% | 15.3% | ||
| Q3 25 | 47.0% | 15.8% | ||
| Q2 25 | -23.6% | 14.7% | ||
| Q1 25 | -55.3% | 15.8% | ||
| Q4 24 | -17.1% | 17.2% | ||
| Q3 24 | -29.2% | 17.0% | ||
| Q2 24 | -18.9% | 17.2% | ||
| Q1 24 | -38.5% | 14.2% |
每股收益（稀释后）APLSWHD
| Q4 25 | $-0.40 | — | ||
| Q3 25 | $1.67 | — | ||
| Q2 25 | $-0.33 | — | ||
| Q1 25 | $-0.74 | — | ||
| Q4 24 | $-0.30 | — | ||
| Q3 24 | $-0.46 | — | ||
| Q2 24 | $-0.30 | — | ||
| Q1 24 | $-0.54 | — |
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 | $123.6M |
| 总债务越低越好 | — | $0 |
| 股东权益账面价值 | $370.1M | $1.2B |
| 总资产 | $1.1B | $1.9B |
| 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APLSWHD
| Q4 25 | $466.2M | $123.6M | ||
| Q3 25 | $479.2M | $445.6M | ||
| Q2 25 | $370.0M | $405.2M | ||
| Q1 25 | $358.4M | $347.7M | ||
| Q4 24 | $411.3M | $342.8M | ||
| Q3 24 | $396.9M | $303.4M | ||
| Q2 24 | $360.1M | $246.5M | ||
| Q1 24 | $325.9M | $194.3M |
总债务APLSWHD
| Q4 25 | — | $0 | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | $0 | ||
| Q1 25 | — | $0 | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $0 | ||
| Q1 24 | $93.1M | $0 |
股东权益APLSWHD
| Q4 25 | $370.1M | $1.2B | ||
| Q3 25 | $401.2M | $1.2B | ||
| Q2 25 | $156.3M | $1.1B | ||
| Q1 25 | $164.2M | $1.1B | ||
| Q4 24 | $228.5M | $1.1B | ||
| Q3 24 | $237.1M | $1.0B | ||
| Q2 24 | $264.3M | $954.7M | ||
| Q1 24 | $266.7M | $893.4M |
总资产APLSWHD
| Q4 25 | $1.1B | $1.9B | ||
| Q3 25 | $1.1B | $1.9B | ||
| Q2 25 | $821.4M | $1.8B | ||
| Q1 25 | $807.3M | $1.8B | ||
| Q4 24 | $885.1M | $1.7B | ||
| Q3 24 | $901.9M | $1.7B | ||
| Q2 24 | $904.5M | $1.6B | ||
| Q1 24 | $831.9M | $1.6B |
负债/权益比APLSWHD
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | 0.35× | 0.00× |
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 | $72.3M |
| 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 | — | 1.81× |
| 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APLSWHD
| Q4 25 | $-14.2M | $72.3M | ||
| Q3 25 | $108.5M | $61.8M | ||
| Q2 25 | $4.4M | $82.8M | ||
| Q1 25 | $-53.4M | $41.5M | ||
| Q4 24 | $19.4M | $66.6M | ||
| Q3 24 | $34.1M | $85.3M | ||
| Q2 24 | $-8.3M | $78.0M | ||
| Q1 24 | $-133.0M | $86.3M |
自由现金流APLSWHD
| Q4 25 | $-14.3M | — | ||
| Q3 25 | $108.3M | — | ||
| Q2 25 | $4.4M | — | ||
| Q1 25 | $-53.4M | — | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-8.4M | — | ||
| Q1 24 | $-133.3M | — |
自由现金流率APLSWHD
| Q4 25 | -7.1% | — | ||
| Q3 25 | 23.6% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | -32.0% | — | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.2% | — | ||
| Q1 24 | -77.3% | — |
资本支出强度APLSWHD
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.2% | — |
现金转化率APLSWHD
| Q4 25 | — | 1.81× | ||
| Q3 25 | 0.50× | 1.48× | ||
| Q2 25 | — | 2.05× | ||
| Q1 25 | — | 0.94× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.71× | ||
| Q2 24 | — | 1.56× | ||
| Q1 24 | — | 2.21× |
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% |
WHD
| Products | $201.4M | 77% |
| Other | $40.8M | 16% |
| Rental Revenue | $19.0M | 7% |
