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Apellis Pharmaceuticals, Inc.（APLS）与XPEL, Inc.（XPEL）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XPEL, Inc.的1.6倍（$199.9M vs $122.3M），XPEL, Inc.净利率更高（11.0% vs -29.5%，领先40.5%），XPEL, Inc.同比增速更快（13.7% vs -5.9%），XPEL, Inc.自由现金流更多（$1.6M vs $-14.3M），过去两年XPEL, Inc.的营收复合增速更高（16.5% 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。
XPEL是全球知名的高性能表面保护膜解决方案供应商，核心产品涵盖汽车漆面保护膜、车窗隔热膜、陶瓷涂层等，业务覆盖北美、欧洲、亚太等主要市场，服务对象包括普通车主、汽车经销商及专业安装服务商。
APLS vs XPEL — 直观对比
营收规模更大
APLS
是对方的1.6倍
$122.3M
营收增速更快
XPEL
高出19.6%
-5.9%
净利率更高
XPEL
高出40.5%
-29.5%
自由现金流更多
XPEL
多$15.9M
$-14.3M
两年增速更快
XPEL
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $122.3M |
| 净利润 | $-59.0M | $13.4M |
| 毛利率 | — | 41.9% |
| 营业利润率 | -25.6% | 12.7% |
| 净利率 | -29.5% | 11.0% |
| 营收同比 | -5.9% | 13.7% |
| 净利润同比 | -62.2% | 50.7% |
| 每股收益（稀释后） | $-0.40 | $0.48 |
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APLSXPEL
| Q4 25 | $199.9M | $122.3M | ||
| Q3 25 | $458.6M | $125.4M | ||
| Q2 25 | $178.5M | $124.7M | ||
| Q1 25 | $166.8M | $103.8M | ||
| Q4 24 | $212.5M | $107.5M | ||
| Q3 24 | $196.8M | $112.9M | ||
| Q2 24 | $199.7M | $109.9M | ||
| Q1 24 | $172.3M | $90.1M |
净利润APLSXPEL
| Q4 25 | $-59.0M | $13.4M | ||
| Q3 25 | $215.7M | $12.9M | ||
| Q2 25 | $-42.2M | $16.3M | ||
| Q1 25 | $-92.2M | $8.6M | ||
| Q4 24 | $-36.4M | $8.9M | ||
| Q3 24 | $-57.4M | $14.9M | ||
| Q2 24 | $-37.7M | $15.0M | ||
| Q1 24 | $-66.4M | $6.7M |
毛利率APLSXPEL
| Q4 25 | — | 41.9% | ||
| Q3 25 | — | 41.8% | ||
| Q2 25 | — | 42.9% | ||
| Q1 25 | — | 42.3% | ||
| Q4 24 | — | 40.6% | ||
| Q3 24 | — | 42.5% | ||
| Q2 24 | — | 43.5% | ||
| Q1 24 | — | 42.0% |
营业利润率APLSXPEL
| Q4 25 | -25.6% | 12.7% | ||
| Q3 25 | 48.7% | 13.4% | ||
| Q2 25 | -18.6% | 15.5% | ||
| Q1 25 | -50.0% | 10.7% | ||
| Q4 24 | -12.3% | 11.5% | ||
| Q3 24 | -24.0% | 16.3% | ||
| Q2 24 | -14.7% | 17.5% | ||
| Q1 24 | -36.0% | 10.2% |
净利率APLSXPEL
| Q4 25 | -29.5% | 11.0% | ||
| Q3 25 | 47.0% | 10.3% | ||
| Q2 25 | -23.6% | 13.1% | ||
| Q1 25 | -55.3% | 8.3% | ||
| Q4 24 | -17.1% | 8.3% | ||
| Q3 24 | -29.2% | 13.2% | ||
| Q2 24 | -18.9% | 13.7% | ||
| Q1 24 | -38.5% | 7.4% |
每股收益（稀释后）APLSXPEL
| Q4 25 | $-0.40 | $0.48 | ||
| Q3 25 | $1.67 | $0.47 | ||
| Q2 25 | $-0.33 | $0.59 | ||
| Q1 25 | $-0.74 | $0.31 | ||
| Q4 24 | $-0.30 | $0.33 | ||
| Q3 24 | $-0.46 | $0.54 | ||
| Q2 24 | $-0.30 | $0.54 | ||
| Q1 24 | $-0.54 | $0.24 |
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 | $50.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $280.3M |
| 总资产 | $1.1B | $382.5M |
| 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APLSXPEL
| Q4 25 | $466.2M | $50.9M | ||
| Q3 25 | $479.2M | $64.5M | ||
| Q2 25 | $370.0M | $49.6M | ||
| Q1 25 | $358.4M | $23.5M | ||
| Q4 24 | $411.3M | $22.1M | ||
| Q3 24 | $396.9M | $21.0M | ||
| Q2 24 | $360.1M | $15.0M | ||
| Q1 24 | $325.9M | $8.6M |
总债务APLSXPEL
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSXPEL
| Q4 25 | $370.1M | $280.3M | ||
| Q3 25 | $401.2M | $269.3M | ||
| Q2 25 | $156.3M | $255.7M | ||
| Q1 25 | $164.2M | $235.5M | ||
| Q4 24 | $228.5M | $225.5M | ||
| Q3 24 | $237.1M | $218.7M | ||
| Q2 24 | $264.3M | $201.9M | ||
| Q1 24 | $266.7M | $186.4M |
总资产APLSXPEL
| Q4 25 | $1.1B | $382.5M | ||
| Q3 25 | $1.1B | $387.7M | ||
| Q2 25 | $821.4M | $318.1M | ||
| Q1 25 | $807.3M | $294.8M | ||
| Q4 24 | $885.1M | $285.6M | ||
| Q3 24 | $901.9M | $273.0M | ||
| Q2 24 | $904.5M | $261.8M | ||
| Q1 24 | $831.9M | $258.5M |
负债/权益比APLSXPEL
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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 | $2.7M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $1.6M |
| 自由现金流率自由现金流/营收 | -7.1% | 1.3% |
| 资本支出强度资本支出/营收 | 0.1% | 0.9% |
| 现金转化率经营现金流/净利润 | — | 0.20× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $62.9M |
8季度趋势，按日历期对齐
经营现金流APLSXPEL
| Q4 25 | $-14.2M | $2.7M | ||
| Q3 25 | $108.5M | $33.2M | ||
| Q2 25 | $4.4M | $27.9M | ||
| Q1 25 | $-53.4M | $3.2M | ||
| Q4 24 | $19.4M | $6.3M | ||
| Q3 24 | $34.1M | $19.6M | ||
| Q2 24 | $-8.3M | $26.9M | ||
| Q1 24 | $-133.0M | $-5.0M |
自由现金流APLSXPEL
| Q4 25 | $-14.3M | $1.6M | ||
| Q3 25 | $108.3M | $32.2M | ||
| Q2 25 | $4.4M | $26.9M | ||
| Q1 25 | $-53.4M | $2.2M | ||
| Q4 24 | $19.3M | $4.7M | ||
| Q3 24 | — | $18.3M | ||
| Q2 24 | $-8.4M | $25.1M | ||
| Q1 24 | $-133.3M | $-7.0M |
自由现金流率APLSXPEL
| Q4 25 | -7.1% | 1.3% | ||
| Q3 25 | 23.6% | 25.6% | ||
| Q2 25 | 2.5% | 21.6% | ||
| Q1 25 | -32.0% | 2.1% | ||
| Q4 24 | 9.1% | 4.4% | ||
| Q3 24 | — | 16.2% | ||
| Q2 24 | -4.2% | 22.8% | ||
| Q1 24 | -77.3% | -7.7% |
资本支出强度APLSXPEL
| Q4 25 | 0.1% | 0.9% | ||
| Q3 25 | 0.0% | 0.8% | ||
| Q2 25 | 0.0% | 0.8% | ||
| Q1 25 | 0.0% | 1.0% | ||
| Q4 24 | 0.0% | 1.5% | ||
| Q3 24 | 0.0% | 1.1% | ||
| Q2 24 | 0.0% | 1.6% | ||
| Q1 24 | 0.2% | 2.2% |
现金转化率APLSXPEL
| Q4 25 | — | 0.20× | ||
| Q3 25 | 0.50× | 2.56× | ||
| Q2 25 | — | 1.71× | ||
| Q1 25 | — | 0.38× | ||
| Q4 24 | — | 0.71× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | 1.79× | ||
| Q1 24 | — | -0.74× |
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% |
XPEL
| Products | $90.9M | 74% |
| Service Revenue Installation Labor | $23.8M | 19% |
| Service Revenue Cutbank Credits | $4.1M | 3% |
| Service Revenue Software | $2.2M | 2% |
