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美国航空集团（AAL）与ADT Inc.（ADT）财务数据对比。点击上方公司名可切换其他公司
美国航空集团的季度营收约是ADT Inc.的11.0倍（$14.0B vs $1.3B）。ADT Inc.净利率更高（11.4% vs 0.7%，领先10.7%）。ADT Inc.同比增速更快（2.9% vs 2.5%）。ADT Inc.自由现金流更多（$323.5M vs $-1.9B）。过去两年美国航空集团的营收复合增速更高（5.5% vs 2.7%）
美国航空集团是美国头部航司，总部坐落于得克萨斯州沃斯堡的达拉斯-沃斯堡都会区，按客运量、日航班量计算为全球最大航司。集团旗下连同区域子公司及以American Eagle品牌运营的合作航司，每日运营近6800个航班，覆盖48个国家近350个目的地，拥有完善的国内外航线网络。
ADT Inc.是美国头部安防企业，总部位于佛罗里达州博卡拉顿，业务覆盖美国与加拿大，为住宅、小型商户提供电子安防、消防防护及相关报警监控服务。公司2016年被阿波罗全球管理以69亿美元杠杆收购，2018年1月于纽约证券交易所上市。
AAL vs ADT — 直观对比
营收规模更大
AAL
是对方的11.0倍
$1.3B
营收增速更快
ADT
高出0.4%
2.5%
净利率更高
ADT
高出10.7%
0.7%
自由现金流更多
ADT
多$2.2B
$-1.9B
两年增速更快
AAL
近两年复合增速
2.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $14.0B | $1.3B |
| 净利润 | $99.0M | $145.4M |
| 毛利率 | — | — |
| 营业利润率 | 3.2% | 26.1% |
| 净利率 | 0.7% | 11.4% |
| 营收同比 | 2.5% | 2.9% |
| 净利润同比 | -83.2% | -23.5% |
| 每股收益（稀释后） | $0.15 | — |
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AALADT
| Q4 25 | $14.0B | $1.3B | ||
| Q3 25 | $13.7B | $1.3B | ||
| Q2 25 | $14.4B | $1.3B | ||
| Q1 25 | $12.6B | $1.3B | ||
| Q4 24 | $13.7B | $1.2B | ||
| Q3 24 | $13.6B | $1.2B | ||
| Q2 24 | $14.3B | $1.2B | ||
| Q1 24 | $12.6B | $1.2B |
净利润AALADT
| Q4 25 | $99.0M | $145.4M | ||
| Q3 25 | $-114.0M | $145.1M | ||
| Q2 25 | $599.0M | $165.2M | ||
| Q1 25 | $-473.0M | $140.2M | ||
| Q4 24 | $590.0M | $190.0M | ||
| Q3 24 | $-149.0M | $127.2M | ||
| Q2 24 | $717.0M | $92.4M | ||
| Q1 24 | $-312.0M | $91.6M |
营业利润率AALADT
| Q4 25 | 3.2% | 26.1% | ||
| Q3 25 | 1.1% | 24.3% | ||
| Q2 25 | 7.9% | 26.6% | ||
| Q1 25 | -2.2% | 25.2% | ||
| Q4 24 | 8.3% | 32.4% | ||
| Q3 24 | 0.7% | 26.2% | ||
| Q2 24 | 9.7% | 23.6% | ||
| Q1 24 | 0.1% | 16.2% |
净利率AALADT
| Q4 25 | 0.7% | 11.4% | ||
| Q3 25 | -0.8% | 11.2% | ||
| Q2 25 | 4.2% | 12.8% | ||
| Q1 25 | -3.8% | 11.1% | ||
| Q4 24 | 4.3% | 15.3% | ||
| Q3 24 | -1.1% | 10.2% | ||
| Q2 24 | 5.0% | 7.7% | ||
| Q1 24 | -2.5% | 7.6% |
每股收益（稀释后）AALADT
| Q4 25 | $0.15 | — | ||
| Q3 25 | $-0.17 | — | ||
| Q2 25 | $0.91 | — | ||
| Q1 25 | $-0.72 | — | ||
| Q4 24 | $0.94 | — | ||
| Q3 24 | $-0.23 | — | ||
| Q2 24 | $1.01 | — | ||
| Q1 24 | $-0.48 | — |
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 | — | $80.8M |
| 总债务越低越好 | $25.3B | $7.4B |
| 股东权益账面价值 | $-3.7B | $3.8B |
| 总资产 | $61.8B | $15.8B |
| 负债/权益比越低杠杆越低 | — | 1.95× |
8季度趋势，按日历期对齐
现金及短期投资AALADT
| Q4 25 | — | $80.8M | ||
| Q3 25 | — | $62.8M | ||
| Q2 25 | — | $45.2M | ||
| Q1 25 | — | $3.7M | ||
| Q4 24 | — | $96.2M | ||
| Q3 24 | — | $95.3M | ||
| Q2 24 | — | $37.9M | ||
| Q1 24 | — | $4.0M |
总债务AALADT
| Q4 25 | $25.3B | $7.4B | ||
| Q3 25 | $25.1B | $7.3B | ||
| Q2 25 | $25.3B | $6.8B | ||
| Q1 25 | $24.7B | $7.6B | ||
| Q4 24 | $25.2B | $7.5B | ||
| Q3 24 | $26.3B | $7.5B | ||
| Q2 24 | $27.6B | $7.5B | ||
| Q1 24 | $28.2B | $7.6B |
股东权益AALADT
| Q4 25 | $-3.7B | $3.8B | ||
| Q3 25 | $-4.0B | $3.7B | ||
| Q2 25 | $-3.9B | $3.7B | ||
| Q1 25 | $-4.5B | $3.6B | ||
| Q4 24 | $-4.0B | $3.8B | ||
| Q3 24 | $-4.9B | $3.9B | ||
| Q2 24 | $-4.7B | $3.8B | ||
| Q1 24 | $-5.5B | $3.7B |
总资产AALADT
| Q4 25 | $61.8B | $15.8B | ||
| Q3 25 | $62.1B | $16.0B | ||
| Q2 25 | $63.7B | $16.0B | ||
| Q1 25 | $62.6B | $15.8B | ||
| Q4 24 | $61.8B | $16.1B | ||
| Q3 24 | $63.5B | $16.1B | ||
| Q2 24 | $64.1B | $16.0B | ||
| Q1 24 | $64.4B | $15.9B |
负债/权益比AALADT
| Q4 25 | — | 1.95× | ||
| Q3 25 | — | 1.99× | ||
| Q2 25 | — | 1.84× | ||
| Q1 25 | — | 2.10× | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | — | 1.93× | ||
| Q2 24 | — | 1.98× | ||
| Q1 24 | — | 2.03× |
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 | $-274.0M | $373.6M |
| 自由现金流经营现金流 - 资本支出 | $-1.9B | $323.5M |
| 自由现金流率自由现金流/营收 | -13.6% | 25.4% |
| 资本支出强度资本支出/营收 | 11.6% | 3.9% |
| 现金转化率经营现金流/净利润 | -2.77× | 2.57× |
| 过去12个月自由现金流最近4个季度 | $-680.0M | $1.7B |
8季度趋势，按日历期对齐
经营现金流AALADT
| Q4 25 | $-274.0M | $373.6M | ||
| Q3 25 | $-46.0M | $480.1M | ||
| Q2 25 | $963.0M | $563.9M | ||
| Q1 25 | $2.5B | $466.6M | ||
| Q4 24 | $398.0M | $459.7M | ||
| Q3 24 | $277.0M | $498.2M | ||
| Q2 24 | $1.1B | $563.2M | ||
| Q1 24 | $2.2B | $363.8M |
自由现金流AALADT
| Q4 25 | $-1.9B | $323.5M | ||
| Q3 25 | $-872.0M | $437.4M | ||
| Q2 25 | $464.0M | $526.3M | ||
| Q1 25 | $1.6B | $421.2M | ||
| Q4 24 | $-342.0M | $426.0M | ||
| Q3 24 | $-191.0M | $455.5M | ||
| Q2 24 | $477.0M | $516.5M | ||
| Q1 24 | $1.4B | $323.1M |
自由现金流率AALADT
| Q4 25 | -13.6% | 25.4% | ||
| Q3 25 | -6.4% | 33.7% | ||
| Q2 25 | 3.2% | 40.9% | ||
| Q1 25 | 13.0% | 33.2% | ||
| Q4 24 | -2.5% | 34.3% | ||
| Q3 24 | -1.4% | 36.6% | ||
| Q2 24 | 3.3% | 42.9% | ||
| Q1 24 | 10.8% | 26.7% |
资本支出强度AALADT
| Q4 25 | 11.6% | 3.9% | ||
| Q3 25 | 6.0% | 3.3% | ||
| Q2 25 | 3.5% | 2.9% | ||
| Q1 25 | 6.6% | 3.6% | ||
| Q4 24 | 5.4% | 2.7% | ||
| Q3 24 | 3.4% | 3.4% | ||
| Q2 24 | 4.5% | 3.9% | ||
| Q1 24 | 6.6% | 3.4% |
现金转化率AALADT
| Q4 25 | -2.77× | 2.57× | ||
| Q3 25 | — | 3.31× | ||
| Q2 25 | 1.61× | 3.41× | ||
| Q1 25 | — | 3.33× | ||
| Q4 24 | 0.67× | 2.42× | ||
| Q3 24 | — | 3.92× | ||
| Q2 24 | 1.57× | 6.10× | ||
| Q1 24 | — | 3.97× |
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
AAL
| Passenger Travel | $11.6B | 83% |
| Loyalty Program Travel Redemptions | $1.1B | 8% |
| Loyalty Program Marketing Services | $945.0M | 7% |
| Cargo And Freight | $227.0M | 2% |
| Other Revenue | $169.0M | 1% |
ADT
| Recurring Monthly Revenue | $1.0B | 82% |
| Installation Revenue | $103.0M | 8% |
| Amortization Of Deferred Subscriber Acquisition Revenue | $89.9M | 7% |
| Other Related Services | $36.0M | 3% |
