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ADT Inc.（ADT）与Academy Sports & Outdoors, Inc.（ASO）财务数据对比。点击上方公司名可切换其他公司
Academy Sports & Outdoors, Inc.的季度营收约是ADT Inc.的1.1倍（$1.4B vs $1.3B），ADT Inc.净利率更高（11.4% vs 5.2%，领先6.2%），Academy Sports & Outdoors, Inc.同比增速更快（3.0% vs 2.9%），ADT Inc.自由现金流更多（$323.5M vs $-13.6M），过去两年ADT Inc.的营收复合增速更高（2.7% vs -12.2%）
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。
Academy Sports & Outdoors是美国知名的运动户外用品连锁零售商，总部位于得克萨斯州哈里斯县，临近休斯顿。品牌曾由戈奇曼家族私有运营74年，2011年被私募机构KKR收购，2020年10月于纳斯达克挂牌上市，旗下门店主营各类运动装备、户外休闲用品等品类。
ADT vs ASO — 直观对比
营收规模更大
ASO
是对方的1.1倍
$1.3B
营收增速更快
ASO
高出0.2%
2.9%
净利率更高
ADT
高出6.2%
5.2%
自由现金流更多
ADT
多$337.1M
$-13.6M
两年增速更快
ADT
近两年复合增速
-12.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.4B |
| 净利润 | $145.4M | $71.6M |
| 毛利率 | — | 35.7% |
| 营业利润率 | 26.1% | 7.3% |
| 净利率 | 11.4% | 5.2% |
| 营收同比 | 2.9% | 3.0% |
| 净利润同比 | -23.5% | 8.8% |
| 每股收益（稀释后） | — | $1.05 |
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ADTASO
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.3B | $1.6B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.3B | $1.7B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.2B | $1.4B | ||
| Q1 24 | $1.2B | $1.8B |
净利润ADTASO
| Q4 25 | $145.4M | $71.6M | ||
| Q3 25 | $145.1M | $125.4M | ||
| Q2 25 | $165.2M | $46.1M | ||
| Q1 25 | $140.2M | $133.6M | ||
| Q4 24 | $190.0M | $65.8M | ||
| Q3 24 | $127.2M | $142.6M | ||
| Q2 24 | $92.4M | $76.5M | ||
| Q1 24 | $91.6M | $168.2M |
毛利率ADTASO
| Q4 25 | — | 35.7% | ||
| Q3 25 | — | 36.0% | ||
| Q2 25 | — | 34.0% | ||
| Q1 25 | — | 32.2% | ||
| Q4 24 | — | 34.0% | ||
| Q3 24 | — | 36.1% | ||
| Q2 24 | — | 33.4% | ||
| Q1 24 | — | 33.3% |
营业利润率ADTASO
| Q4 25 | 26.1% | 7.3% | ||
| Q3 25 | 24.3% | 10.8% | ||
| Q2 25 | 26.6% | 5.1% | ||
| Q1 25 | 25.2% | 9.2% | ||
| Q4 24 | 32.4% | 6.8% | ||
| Q3 24 | 26.2% | 12.3% | ||
| Q2 24 | 23.6% | 7.5% | ||
| Q1 24 | 16.2% | 11.4% |
净利率ADTASO
| Q4 25 | 11.4% | 5.2% | ||
| Q3 25 | 11.2% | 7.8% | ||
| Q2 25 | 12.8% | 3.4% | ||
| Q1 25 | 11.1% | 8.0% | ||
| Q4 24 | 15.3% | 4.9% | ||
| Q3 24 | 10.2% | 9.2% | ||
| Q2 24 | 7.7% | 5.6% | ||
| Q1 24 | 7.6% | 9.4% |
每股收益（稀释后）ADTASO
| Q4 25 | — | $1.05 | ||
| Q3 25 | — | $1.85 | ||
| Q2 25 | — | $0.68 | ||
| Q1 25 | — | $1.85 | ||
| Q4 24 | — | $0.92 | ||
| Q3 24 | — | $1.95 | ||
| Q2 24 | — | $1.01 | ||
| Q1 24 | — | $2.19 |
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 | $289.5M |
| 总债务越低越好 | $7.4B | — |
| 股东权益账面价值 | $3.8B | $2.1B |
| 总资产 | $15.8B | $5.4B |
| 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ADTASO
| Q4 25 | $80.8M | $289.5M | ||
| Q3 25 | $62.8M | $300.9M | ||
| Q2 25 | $45.2M | $285.1M | ||
| Q1 25 | $3.7M | $288.9M | ||
| Q4 24 | $96.2M | $296.0M | ||
| Q3 24 | $95.3M | $324.6M | ||
| Q2 24 | $37.9M | $378.1M | ||
| Q1 24 | $4.0M | $347.9M |
总债务ADTASO
| 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ADTASO
| Q4 25 | $3.8B | $2.1B | ||
| Q3 25 | $3.7B | $2.1B | ||
| Q2 25 | $3.7B | $1.9B | ||
| Q1 25 | $3.6B | $2.0B | ||
| Q4 24 | $3.8B | $2.0B | ||
| Q3 24 | $3.9B | $2.0B | ||
| Q2 24 | $3.8B | $1.9B | ||
| Q1 24 | $3.7B | $2.0B |
总资产ADTASO
| Q4 25 | $15.8B | $5.4B | ||
| Q3 25 | $16.0B | $5.3B | ||
| Q2 25 | $16.0B | $5.2B | ||
| Q1 25 | $15.8B | $4.9B | ||
| Q4 24 | $16.1B | $5.1B | ||
| Q3 24 | $16.1B | $4.9B | ||
| Q2 24 | $16.0B | $4.9B | ||
| Q1 24 | $15.9B | $4.7B |
负债/权益比ADTASO
| 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 | $49.0M |
| 自由现金流经营现金流 - 资本支出 | $323.5M | $-13.6M |
| 自由现金流率自由现金流/营收 | 25.4% | -1.0% |
| 资本支出强度资本支出/营收 | 3.9% | 4.5% |
| 现金转化率经营现金流/净利润 | 2.57× | 0.68× |
| 过去12个月自由现金流最近4个季度 | $1.7B | $191.4M |
8季度趋势，按日历期对齐
经营现金流ADTASO
| Q4 25 | $373.6M | $49.0M | ||
| Q3 25 | $480.1M | $78.6M | ||
| Q2 25 | $563.9M | $157.5M | ||
| Q1 25 | $466.6M | $140.2M | ||
| Q4 24 | $459.7M | $96.9M | ||
| Q3 24 | $498.2M | $91.3M | ||
| Q2 24 | $563.2M | $199.7M | ||
| Q1 24 | $363.8M | $234.7M |
自由现金流ADTASO
| Q4 25 | $323.5M | $-13.6M | ||
| Q3 25 | $437.4M | $21.8M | ||
| Q2 25 | $526.3M | $106.6M | ||
| Q1 25 | $421.2M | $76.4M | ||
| Q4 24 | $426.0M | $34.4M | ||
| Q3 24 | $455.5M | $50.1M | ||
| Q2 24 | $516.5M | $167.4M | ||
| Q1 24 | $323.1M | $178.9M |
自由现金流率ADTASO
| Q4 25 | 25.4% | -1.0% | ||
| Q3 25 | 33.7% | 1.4% | ||
| Q2 25 | 40.9% | 7.9% | ||
| Q1 25 | 33.2% | 4.6% | ||
| Q4 24 | 34.3% | 2.6% | ||
| Q3 24 | 36.6% | 3.2% | ||
| Q2 24 | 42.9% | 12.3% | ||
| Q1 24 | 26.7% | 10.0% |
资本支出强度ADTASO
| Q4 25 | 3.9% | 4.5% | ||
| Q3 25 | 3.3% | 3.5% | ||
| Q2 25 | 2.9% | 3.8% | ||
| Q1 25 | 3.6% | 3.8% | ||
| Q4 24 | 2.7% | 4.6% | ||
| Q3 24 | 3.4% | 2.7% | ||
| Q2 24 | 3.9% | 2.4% | ||
| Q1 24 | 3.4% | 3.1% |
现金转化率ADTASO
| Q4 25 | 2.57× | 0.68× | ||
| Q3 25 | 3.31× | 0.63× | ||
| Q2 25 | 3.41× | 3.42× | ||
| Q1 25 | 3.33× | 1.05× | ||
| Q4 24 | 2.42× | 1.47× | ||
| Q3 24 | 3.92× | 0.64× | ||
| Q2 24 | 6.10× | 2.61× | ||
| Q1 24 | 3.97× | 1.40× |
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% |
| Other | $89.9M | 7% |
| Other Related Services | $36.0M | 3% |
ASO
| Outdoors | $445.1M | 32% |
| Apparel | $349.8M | 25% |
| Footwear | $292.4M | 21% |
| Sports And Recreation | $288.7M | 21% |
| Other | $7.6M | 1% |
