vs
ADT Inc.（ADT）与Axon Enterprise（AXON）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Axon Enterprise的1.6倍（$1.3B vs $796.7M）。ADT Inc.净利率更高（11.4% vs 0.3%，领先11.0%）。Axon Enterprise同比增速更快（38.9% vs 2.9%）。ADT Inc.自由现金流更多（$323.5M vs $155.4M）。过去两年Axon Enterprise的营收复合增速更高（31.5% 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。
Axon Enterprise是总部位于美国亚利桑那州斯科茨代尔的企业，面向军队、执法部门及民用市场开发各类武器装备与相关技术产品，业务覆盖公共安全、国防及民用消费等多个领域，为不同用户群体提供适配的产品解决方案。
ADT vs AXON — 直观对比
营收规模更大
ADT
是对方的1.6倍
$796.7M
营收增速更快
AXON
高出36.1%
2.9%
净利率更高
ADT
高出11.0%
0.3%
自由现金流更多
ADT
多$168.1M
$155.4M
两年增速更快
AXON
近两年复合增速
2.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $796.7M |
| 净利润 | $145.4M | $2.7M |
| 毛利率 | — | 57.9% |
| 营业利润率 | 26.1% | -6.3% |
| 净利率 | 11.4% | 0.3% |
| 营收同比 | 2.9% | 38.9% |
| 净利润同比 | -23.5% | -98.0% |
| 每股收益（稀释后） | — | $0.02 |
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ADTAXON
| Q4 25 | $1.3B | $796.7M | ||
| Q3 25 | $1.3B | $710.6M | ||
| Q2 25 | $1.3B | $668.5M | ||
| Q1 25 | $1.3B | $603.6M | ||
| Q4 24 | $1.2B | $573.4M | ||
| Q3 24 | $1.2B | $544.3M | ||
| Q2 24 | $1.2B | $504.1M | ||
| Q1 24 | $1.2B | $460.7M |
净利润ADTAXON
| Q4 25 | $145.4M | $2.7M | ||
| Q3 25 | $145.1M | $-2.2M | ||
| Q2 25 | $165.2M | $36.1M | ||
| Q1 25 | $140.2M | $88.0M | ||
| Q4 24 | $190.0M | $136.0M | ||
| Q3 24 | $127.2M | $67.0M | ||
| Q2 24 | $92.4M | $40.8M | ||
| Q1 24 | $91.6M | $133.2M |
毛利率ADTAXON
| Q4 25 | — | 57.9% | ||
| Q3 25 | — | 60.1% | ||
| Q2 25 | — | 60.4% | ||
| Q1 25 | — | 60.6% | ||
| Q4 24 | — | 60.5% | ||
| Q3 24 | — | 60.8% | ||
| Q2 24 | — | 60.3% | ||
| Q1 24 | — | 56.4% |
营业利润率ADTAXON
| Q4 25 | 26.1% | -6.3% | ||
| Q3 25 | 24.3% | -0.3% | ||
| Q2 25 | 26.6% | -0.2% | ||
| Q1 25 | 25.2% | -1.5% | ||
| Q4 24 | 32.4% | -2.6% | ||
| Q3 24 | 26.2% | 4.4% | ||
| Q2 24 | 23.6% | 6.5% | ||
| Q1 24 | 16.2% | 3.5% |
净利率ADTAXON
| Q4 25 | 11.4% | 0.3% | ||
| Q3 25 | 11.2% | -0.3% | ||
| Q2 25 | 12.8% | 5.4% | ||
| Q1 25 | 11.1% | 14.6% | ||
| Q4 24 | 15.3% | 23.7% | ||
| Q3 24 | 10.2% | 12.3% | ||
| Q2 24 | 7.7% | 8.1% | ||
| Q1 24 | 7.6% | 28.9% |
每股收益（稀释后）ADTAXON
| Q4 25 | — | $0.02 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | — | $0.44 | ||
| Q1 25 | — | $1.08 | ||
| Q4 24 | — | $1.68 | ||
| Q3 24 | — | $0.86 | ||
| Q2 24 | — | $0.53 | ||
| Q1 24 | — | $1.73 |
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 | $1.7B |
| 总债务越低越好 | $7.4B | $1.8B |
| 股东权益账面价值 | $3.8B | $3.2B |
| 总资产 | $15.8B | $7.0B |
| 负债/权益比越低杠杆越低 | 1.95× | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资ADTAXON
| Q4 25 | $80.8M | $1.7B | ||
| Q3 25 | $62.8M | $2.4B | ||
| Q2 25 | $45.2M | $2.1B | ||
| Q1 25 | $3.7M | $2.2B | ||
| Q4 24 | $96.2M | $788.1M | ||
| Q3 24 | $95.3M | $1.0B | ||
| Q2 24 | $37.9M | $968.9M | ||
| Q1 24 | $4.0M | $964.1M |
总债务ADTAXON
| Q4 25 | $7.4B | $1.8B | ||
| Q3 25 | $7.3B | $2.0B | ||
| Q2 25 | $6.8B | $2.0B | ||
| Q1 25 | $7.6B | $2.0B | ||
| Q4 24 | $7.5B | $680.3M | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.5B | — | ||
| Q1 24 | $7.6B | — |
股东权益ADTAXON
| Q4 25 | $3.8B | $3.2B | ||
| Q3 25 | $3.7B | $3.0B | ||
| Q2 25 | $3.7B | $2.7B | ||
| Q1 25 | $3.6B | $2.6B | ||
| Q4 24 | $3.8B | $2.3B | ||
| Q3 24 | $3.9B | $2.1B | ||
| Q2 24 | $3.8B | $1.9B | ||
| Q1 24 | $3.7B | $1.8B |
总资产ADTAXON
| Q4 25 | $15.8B | $7.0B | ||
| Q3 25 | $16.0B | $6.7B | ||
| Q2 25 | $16.0B | $6.2B | ||
| Q1 25 | $15.8B | $6.1B | ||
| Q4 24 | $16.1B | $4.5B | ||
| Q3 24 | $16.1B | $4.0B | ||
| Q2 24 | $16.0B | $3.7B | ||
| Q1 24 | $15.9B | $3.6B |
负债/权益比ADTAXON
| Q4 25 | 1.95× | 0.56× | ||
| Q3 25 | 1.99× | 0.66× | ||
| Q2 25 | 1.84× | 0.73× | ||
| Q1 25 | 2.10× | 0.79× | ||
| Q4 24 | 1.98× | 0.29× | ||
| 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 | $217.2M |
| 自由现金流经营现金流 - 资本支出 | $323.5M | $155.4M |
| 自由现金流率自由现金流/营收 | 25.4% | 19.5% |
| 资本支出强度资本支出/营收 | 3.9% | 7.8% |
| 现金转化率经营现金流/净利润 | 2.57× | 79.14× |
| 过去12个月自由现金流最近4个季度 | $1.7B | $75.1M |
8季度趋势，按日历期对齐
经营现金流ADTAXON
| Q4 25 | $373.6M | $217.2M | ||
| Q3 25 | $480.1M | $60.0M | ||
| Q2 25 | $563.9M | $-91.7M | ||
| Q1 25 | $466.6M | $25.8M | ||
| Q4 24 | $459.7M | $250.2M | ||
| Q3 24 | $498.2M | $91.3M | ||
| Q2 24 | $563.2M | $82.8M | ||
| Q1 24 | $363.8M | $-15.9M |
自由现金流ADTAXON
| Q4 25 | $323.5M | $155.4M | ||
| Q3 25 | $437.4M | $33.4M | ||
| Q2 25 | $526.3M | $-114.7M | ||
| Q1 25 | $421.2M | $932.0K | ||
| Q4 24 | $426.0M | $225.4M | ||
| Q3 24 | $455.5M | $64.8M | ||
| Q2 24 | $516.5M | $71.4M | ||
| Q1 24 | $323.1M | $-32.1M |
自由现金流率ADTAXON
| Q4 25 | 25.4% | 19.5% | ||
| Q3 25 | 33.7% | 4.7% | ||
| Q2 25 | 40.9% | -17.2% | ||
| Q1 25 | 33.2% | 0.2% | ||
| Q4 24 | 34.3% | 39.3% | ||
| Q3 24 | 36.6% | 11.9% | ||
| Q2 24 | 42.9% | 14.2% | ||
| Q1 24 | 26.7% | -7.0% |
资本支出强度ADTAXON
| Q4 25 | 3.9% | 7.8% | ||
| Q3 25 | 3.3% | 3.7% | ||
| Q2 25 | 2.9% | 3.4% | ||
| Q1 25 | 3.6% | 4.1% | ||
| Q4 24 | 2.7% | 4.3% | ||
| Q3 24 | 3.4% | 4.9% | ||
| Q2 24 | 3.9% | 2.2% | ||
| Q1 24 | 3.4% | 3.5% |
现金转化率ADTAXON
| Q4 25 | 2.57× | 79.14× | ||
| Q3 25 | 3.31× | — | ||
| Q2 25 | 3.41× | -2.54× | ||
| Q1 25 | 3.33× | 0.29× | ||
| Q4 24 | 2.42× | 1.84× | ||
| Q3 24 | 3.92× | 1.36× | ||
| Q2 24 | 6.10× | 2.03× | ||
| Q1 24 | 3.97× | -0.12× |
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% |
AXON
| Software And Sensors Segment | $342.5M | 43% |
| TASER Devices Professional | $264.2M | 33% |
| Personal Sensors | $109.1M | 14% |
| Platform Solutions | $80.9M | 10% |
