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Apellis Pharmaceuticals, Inc.（APLS）与沃夫斯沛（WOLF）财务数据对比。点击上方公司名可切换其他公司
Apellis Pharmaceuticals, Inc.的季度营收约是沃夫斯沛的1.2倍（$199.9M vs $168.5M），Apellis Pharmaceuticals, Inc.净利率更高（-29.5% vs -89.4%，领先59.9%），Apellis Pharmaceuticals, Inc.同比增速更快（-5.9% vs -6.6%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-72.6M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -8.4%）
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。
Wolfspeed, Inc.（原Cree, Inc.）是一家美国宽禁带半导体研发制造商，核心业务聚焦碳化硅材料与功率器件，产品主要应用于交通、电源、功率逆变器以及无线系统等领域，是碳化硅功率半导体领域的领先企业。
APLS vs WOLF — 直观对比
营收规模更大
APLS
是对方的1.2倍
$168.5M
营收增速更快
APLS
高出0.7%
-6.6%
净利率更高
APLS
高出59.9%
-89.4%
自由现金流更多
APLS
多$58.3M
$-72.6M
两年增速更快
APLS
近两年复合增速
-8.4%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $168.5M |
| 净利润 | $-59.0M | $-150.6M |
| 毛利率 | — | -46.5% |
| 营业利润率 | -25.6% | -94.0% |
| 净利率 | -29.5% | -89.4% |
| 营收同比 | -5.9% | -6.6% |
| 净利润同比 | -62.2% | 59.5% |
| 每股收益（稀释后） | $-0.40 | $-5.78 |
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APLSWOLF
| Q4 25 | $199.9M | $168.5M | ||
| Q3 25 | $458.6M | $196.8M | ||
| Q2 25 | $178.5M | $197.0M | ||
| Q1 25 | $166.8M | $185.4M | ||
| Q4 24 | $212.5M | $180.5M | ||
| Q3 24 | $196.8M | $194.7M | ||
| Q2 24 | $199.7M | $200.7M | ||
| Q1 24 | $172.3M | $200.7M |
净利润APLSWOLF
| Q4 25 | $-59.0M | $-150.6M | ||
| Q3 25 | $215.7M | $-643.6M | ||
| Q2 25 | $-42.2M | $-669.3M | ||
| Q1 25 | $-92.2M | $-285.5M | ||
| Q4 24 | $-36.4M | $-372.2M | ||
| Q3 24 | $-57.4M | $-282.2M | ||
| Q2 24 | $-37.7M | $-174.9M | ||
| Q1 24 | $-66.4M | $-148.9M |
毛利率APLSWOLF
| Q4 25 | — | -46.5% | ||
| Q3 25 | — | -39.2% | ||
| Q2 25 | — | -13.0% | ||
| Q1 25 | — | -12.1% | ||
| Q4 24 | — | -20.6% | ||
| Q3 24 | — | -18.6% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 11.2% |
营业利润率APLSWOLF
| Q4 25 | -25.6% | -94.0% | ||
| Q3 25 | 48.7% | -82.0% | ||
| Q2 25 | -18.6% | -295.2% | ||
| Q1 25 | -50.0% | -104.9% | ||
| Q4 24 | -12.3% | -178.9% | ||
| Q3 24 | -24.0% | -118.2% | ||
| Q2 24 | -14.7% | -72.7% | ||
| Q1 24 | -36.0% | -53.0% |
净利率APLSWOLF
| Q4 25 | -29.5% | -89.4% | ||
| Q3 25 | 47.0% | -327.0% | ||
| Q2 25 | -23.6% | -339.7% | ||
| Q1 25 | -55.3% | -154.0% | ||
| Q4 24 | -17.1% | -206.2% | ||
| Q3 24 | -29.2% | -144.9% | ||
| Q2 24 | -18.9% | -87.1% | ||
| Q1 24 | -38.5% | -74.2% |
每股收益（稀释后）APLSWOLF
| Q4 25 | $-0.40 | $-5.78 | ||
| Q3 25 | $1.67 | $-4.12 | ||
| Q2 25 | $-0.33 | $-4.42 | ||
| Q1 25 | $-0.74 | $-1.86 | ||
| Q4 24 | $-0.30 | $-2.88 | ||
| Q3 24 | $-0.46 | $-2.23 | ||
| Q2 24 | $-0.30 | $-1.39 | ||
| Q1 24 | $-0.54 | $-1.18 |
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 | $1.3B |
| 总债务越低越好 | — | $2.0B |
| 股东权益账面价值 | $370.1M | $627.4M |
| 总资产 | $1.1B | $3.4B |
| 负债/权益比越低杠杆越低 | — | 3.13× |
8季度趋势，按日历期对齐
现金及短期投资APLSWOLF
| Q4 25 | $466.2M | $1.3B | ||
| Q3 25 | $479.2M | $926.0M | ||
| Q2 25 | $370.0M | $955.4M | ||
| Q1 25 | $358.4M | $1.3B | ||
| Q4 24 | $411.3M | $1.4B | ||
| Q3 24 | $396.9M | $1.7B | ||
| Q2 24 | $360.1M | $2.2B | ||
| Q1 24 | $325.9M | $2.6B |
总债务APLSWOLF
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | $6.5B | ||
| Q1 25 | — | $6.5B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | — | $6.2B | ||
| Q2 24 | — | $6.2B | ||
| Q1 24 | $93.1M | — |
股东权益APLSWOLF
| Q4 25 | $370.1M | $627.4M | ||
| Q3 25 | $401.2M | $-1.1B | ||
| Q2 25 | $156.3M | $-447.1M | ||
| Q1 25 | $164.2M | $212.7M | ||
| Q4 24 | $228.5M | $372.6M | ||
| Q3 24 | $237.1M | $628.9M | ||
| Q2 24 | $264.3M | $882.1M | ||
| Q1 24 | $266.7M | $1.0B |
总资产APLSWOLF
| Q4 25 | $1.1B | $3.4B | ||
| Q3 25 | $1.1B | $6.6B | ||
| Q2 25 | $821.4M | $6.9B | ||
| Q1 25 | $807.3M | $7.6B | ||
| Q4 24 | $885.1M | $7.7B | ||
| Q3 24 | $901.9M | $7.9B | ||
| Q2 24 | $904.5M | $8.0B | ||
| Q1 24 | $831.9M | $7.7B |
负债/权益比APLSWOLF
| Q4 25 | — | 3.13× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 30.61× | ||
| Q4 24 | — | 17.24× | ||
| Q3 24 | — | 9.81× | ||
| Q2 24 | — | 6.98× | ||
| Q1 24 | 0.35× | — |
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 | $-42.6M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-72.6M |
| 自由现金流率自由现金流/营收 | -7.1% | -43.1% |
| 资本支出强度资本支出/营收 | 0.1% | 17.8% |
| 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 | $-988.1M |
8季度趋势，按日历期对齐
经营现金流APLSWOLF
| Q4 25 | $-14.2M | $-42.6M | ||
| Q3 25 | $108.5M | $5.7M | ||
| Q2 25 | $4.4M | $-242.5M | ||
| Q1 25 | $-53.4M | $-142.1M | ||
| Q4 24 | $19.4M | $-195.1M | ||
| Q3 24 | $34.1M | $-132.0M | ||
| Q2 24 | $-8.3M | $-239.5M | ||
| Q1 24 | $-133.0M | $-136.2M |
自由现金流APLSWOLF
| Q4 25 | $-14.3M | $-72.6M | ||
| Q3 25 | $108.3M | $-98.3M | ||
| Q2 25 | $4.4M | $-454.4M | ||
| Q1 25 | $-53.4M | $-362.8M | ||
| Q4 24 | $19.3M | $-596.9M | ||
| Q3 24 | — | $-569.0M | ||
| Q2 24 | $-8.4M | $-883.8M | ||
| Q1 24 | $-133.3M | $-713.7M |
自由现金流率APLSWOLF
| Q4 25 | -7.1% | -43.1% | ||
| Q3 25 | 23.6% | -49.9% | ||
| Q2 25 | 2.5% | -230.7% | ||
| Q1 25 | -32.0% | -195.7% | ||
| Q4 24 | 9.1% | -330.7% | ||
| Q3 24 | — | -292.2% | ||
| Q2 24 | -4.2% | -440.4% | ||
| Q1 24 | -77.3% | -355.6% |
资本支出强度APLSWOLF
| Q4 25 | 0.1% | 17.8% | ||
| Q3 25 | 0.0% | 52.8% | ||
| Q2 25 | 0.0% | 107.6% | ||
| Q1 25 | 0.0% | 119.0% | ||
| Q4 24 | 0.0% | 222.6% | ||
| Q3 24 | 0.0% | 224.4% | ||
| Q2 24 | 0.0% | 321.0% | ||
| Q1 24 | 0.2% | 287.7% |
现金转化率APLSWOLF
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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% |
WOLF
| Power Products | $118.3M | 70% |
| Materials Products | $50.2M | 30% |
