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ADT Inc.（ADT）与Arlo Technologies, Inc.（ARLO）财务数据对比。点击上方公司名可切换其他公司
ADT Inc.的季度营收约是Arlo Technologies, Inc.的9.0倍（$1.3B vs $141.3M）。ADT Inc.净利率更高（11.4% vs 4.1%，领先7.3%）。Arlo Technologies, Inc.同比增速更快（16.2% vs 2.9%）。过去两年Arlo Technologies, Inc.的营收复合增速更高（6.7% vs 2.7%）
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。
Arlo Technologies是一家专注于无线监控摄像头研发生产的美国企业。在2018年8月于纽交所完成首次公开募股之前，Arlo一直是网件（Netgear）旗下的监控产品品牌，IPO之后网件仍持有该公司多数控制权。
ADT vs ARLO — 直观对比
营收规模更大
ADT
是对方的9.0倍
$141.3M
营收增速更快
ARLO
高出13.4%
2.9%
净利率更高
ADT
高出7.3%
4.1%
两年增速更快
ARLO
近两年复合增速
2.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $141.3M |
| 净利润 | $145.4M | $5.8M |
| 毛利率 | — | 46.4% |
| 营业利润率 | 26.1% | 3.3% |
| 净利率 | 11.4% | 4.1% |
| 营收同比 | 2.9% | 16.2% |
| 净利润同比 | -23.5% | 218.6% |
| 每股收益（稀释后） | — | $0.06 |
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ADTARLO
| Q4 25 | $1.3B | $141.3M | ||
| Q3 25 | $1.3B | $139.5M | ||
| Q2 25 | $1.3B | $129.4M | ||
| Q1 25 | $1.3B | $119.1M | ||
| Q4 24 | $1.2B | $121.6M | ||
| Q3 24 | $1.2B | $137.7M | ||
| Q2 24 | $1.2B | $127.4M | ||
| Q1 24 | $1.2B | $124.2M |
净利润ADTARLO
| Q4 25 | $145.4M | $5.8M | ||
| Q3 25 | $145.1M | $6.9M | ||
| Q2 25 | $165.2M | $3.1M | ||
| Q1 25 | $140.2M | $-835.0K | ||
| Q4 24 | $190.0M | $-4.9M | ||
| Q3 24 | $127.2M | $-4.4M | ||
| Q2 24 | $92.4M | $-11.6M | ||
| Q1 24 | $91.6M | $-9.6M |
毛利率ADTARLO
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 40.5% | ||
| Q2 25 | — | 44.9% | ||
| Q1 25 | — | 44.3% | ||
| Q4 24 | — | 36.9% | ||
| Q3 24 | — | 35.2% | ||
| Q2 24 | — | 36.8% | ||
| Q1 24 | — | 38.1% |
营业利润率ADTARLO
| Q4 25 | 26.1% | 3.3% | ||
| Q3 25 | 24.3% | 0.6% | ||
| Q2 25 | 26.6% | 1.5% | ||
| Q1 25 | 25.2% | -1.2% | ||
| Q4 24 | 32.4% | -5.0% | ||
| Q3 24 | 26.2% | -4.0% | ||
| Q2 24 | 23.6% | -10.0% | ||
| Q1 24 | 16.2% | -8.5% |
净利率ADTARLO
| Q4 25 | 11.4% | 4.1% | ||
| Q3 25 | 11.2% | 4.9% | ||
| Q2 25 | 12.8% | 2.4% | ||
| Q1 25 | 11.1% | -0.7% | ||
| Q4 24 | 15.3% | -4.0% | ||
| Q3 24 | 10.2% | -3.2% | ||
| Q2 24 | 7.7% | -9.1% | ||
| Q1 24 | 7.6% | -7.8% |
每股收益（稀释后）ADTARLO
| Q4 25 | — | $0.06 | ||
| Q3 25 | — | $0.06 | ||
| Q2 25 | — | $0.03 | ||
| Q1 25 | — | $-0.01 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $-0.12 | ||
| Q1 24 | — | $-0.10 |
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 | $146.4M |
| 总债务越低越好 | $7.4B | — |
| 股东权益账面价值 | $3.8B | $127.8M |
| 总资产 | $15.8B | $310.5M |
| 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ADTARLO
| Q4 25 | $80.8M | $146.4M | ||
| Q3 25 | $62.8M | $86.0M | ||
| Q2 25 | $45.2M | $71.2M | ||
| Q1 25 | $3.7M | $84.0M | ||
| Q4 24 | $96.2M | $82.0M | ||
| Q3 24 | $95.3M | $77.0M | ||
| Q2 24 | $37.9M | $62.9M | ||
| Q1 24 | $4.0M | $62.1M |
总债务ADTARLO
| Q4 25 | $7.4B | — | ||
| Q3 25 | $7.3B | — | ||
| Q2 25 | $6.8B | — | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $7.5B | — | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.5B | — | ||
| Q1 24 | $7.6B | — |
股东权益ADTARLO
| Q4 25 | $3.8B | $127.8M | ||
| Q3 25 | $3.7B | $129.2M | ||
| Q2 25 | $3.7B | $118.3M | ||
| Q1 25 | $3.6B | $103.4M | ||
| Q4 24 | $3.8B | $100.9M | ||
| Q3 24 | $3.9B | $96.9M | ||
| Q2 24 | $3.8B | $99.3M | ||
| Q1 24 | $3.7B | $99.9M |
总资产ADTARLO
| Q4 25 | $15.8B | $310.5M | ||
| Q3 25 | $16.0B | $350.9M | ||
| Q2 25 | $16.0B | $319.7M | ||
| Q1 25 | $15.8B | $296.6M | ||
| Q4 24 | $16.1B | $298.4M | ||
| Q3 24 | $16.1B | $312.4M | ||
| Q2 24 | $16.0B | $295.8M | ||
| Q1 24 | $15.9B | $289.8M |
负债/权益比ADTARLO
| 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 | $373.6M | $19.8M |
| 自由现金流经营现金流 - 资本支出 | $323.5M | — |
| 自由现金流率自由现金流/营收 | 25.4% | — |
| 资本支出强度资本支出/营收 | 3.9% | — |
| 现金转化率经营现金流/净利润 | 2.57× | 3.43× |
| 过去12个月自由现金流最近4个季度 | $1.7B | — |
8季度趋势，按日历期对齐
经营现金流ADTARLO
| Q4 25 | $373.6M | $19.8M | ||
| Q3 25 | $480.1M | $19.2M | ||
| Q2 25 | $563.9M | $8.8M | ||
| Q1 25 | $466.6M | $30.9M | ||
| Q4 24 | $459.7M | $6.7M | ||
| Q3 24 | $498.2M | $18.4M | ||
| Q2 24 | $563.2M | $6.5M | ||
| Q1 24 | $363.8M | $19.8M |
自由现金流ADTARLO
| Q4 25 | $323.5M | — | ||
| Q3 25 | $437.4M | — | ||
| Q2 25 | $526.3M | — | ||
| Q1 25 | $421.2M | $28.1M | ||
| Q4 24 | $426.0M | $5.6M | ||
| Q3 24 | $455.5M | $17.4M | ||
| Q2 24 | $516.5M | $6.2M | ||
| Q1 24 | $323.1M | $19.4M |
自由现金流率ADTARLO
| Q4 25 | 25.4% | — | ||
| Q3 25 | 33.7% | — | ||
| Q2 25 | 40.9% | — | ||
| Q1 25 | 33.2% | 23.6% | ||
| Q4 24 | 34.3% | 4.6% | ||
| Q3 24 | 36.6% | 12.6% | ||
| Q2 24 | 42.9% | 4.8% | ||
| Q1 24 | 26.7% | 15.7% |
资本支出强度ADTARLO
| Q4 25 | 3.9% | — | ||
| Q3 25 | 3.3% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 3.6% | 2.4% | ||
| Q4 24 | 2.7% | 0.9% | ||
| Q3 24 | 3.4% | 0.7% | ||
| Q2 24 | 3.9% | 0.2% | ||
| Q1 24 | 3.4% | 0.3% |
现金转化率ADTARLO
| Q4 25 | 2.57× | 3.43× | ||
| Q3 25 | 3.31× | 2.79× | ||
| Q2 25 | 3.41× | 2.83× | ||
| Q1 25 | 3.33× | — | ||
| Q4 24 | 2.42× | — | ||
| Q3 24 | 3.92× | — | ||
| Q2 24 | 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
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% |
ARLO
| Subscriptions And Services | $89.4M | 63% |
| Products | $51.9M | 37% |
