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ADT Inc.（ADT）与Builders FirstSource（BLDR）财务数据对比。点击上方公司名可切换其他公司
Builders FirstSource的季度营收约是ADT Inc.的2.6倍（$3.4B vs $1.3B）。ADT Inc.净利率更高（11.4% vs 0.9%，领先10.5%）。ADT Inc.同比增速更快（2.9% vs -12.1%）。ADT Inc.自由现金流更多（$323.5M vs $106.7M）。过去两年ADT Inc.的营收复合增速更高（2.7% vs -7.1%）
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。
Builders FirstSource是财富500强企业，成立于1998年3月，总部位于美国得克萨斯州欧文，是美国规模最大的建筑产品、预制构件及增值服务供应商，同时生产制造建筑材料。公司在全美拥有超1.5万名员工，服务于新建住宅施工、维修及翻新领域的专业客户。
ADT vs BLDR — 直观对比
营收规模更大
BLDR
是对方的2.6倍
$1.3B
营收增速更快
ADT
高出15.0%
-12.1%
净利率更高
ADT
高出10.5%
0.9%
自由现金流更多
ADT
多$216.8M
$106.7M
两年增速更快
ADT
近两年复合增速
-7.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $3.4B |
| 净利润 | $145.4M | $31.5M |
| 毛利率 | — | 29.8% |
| 营业利润率 | 26.1% | 1.8% |
| 净利率 | 11.4% | 0.9% |
| 营收同比 | 2.9% | -12.1% |
| 净利润同比 | -23.5% | -83.5% |
| 每股收益（稀释后） | — | $0.29 |
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ADTBLDR
| Q4 25 | $1.3B | $3.4B | ||
| Q3 25 | $1.3B | $3.9B | ||
| Q2 25 | $1.3B | $4.2B | ||
| Q1 25 | $1.3B | $3.7B | ||
| Q4 24 | $1.2B | $3.8B | ||
| Q3 24 | $1.2B | $4.2B | ||
| Q2 24 | $1.2B | $4.5B | ||
| Q1 24 | $1.2B | $3.9B |
净利润ADTBLDR
| Q4 25 | $145.4M | $31.5M | ||
| Q3 25 | $145.1M | $122.4M | ||
| Q2 25 | $165.2M | $185.0M | ||
| Q1 25 | $140.2M | $96.3M | ||
| Q4 24 | $190.0M | $190.2M | ||
| Q3 24 | $127.2M | $284.8M | ||
| Q2 24 | $92.4M | $344.1M | ||
| Q1 24 | $91.6M | $258.8M |
毛利率ADTBLDR
| Q4 25 | — | 29.8% | ||
| Q3 25 | — | 30.4% | ||
| Q2 25 | — | 30.7% | ||
| Q1 25 | — | 30.5% | ||
| Q4 24 | — | 32.3% | ||
| Q3 24 | — | 32.8% | ||
| Q2 24 | — | 32.8% | ||
| Q1 24 | — | 33.4% |
营业利润率ADTBLDR
| Q4 25 | 26.1% | 1.8% | ||
| Q3 25 | 24.3% | 5.8% | ||
| Q2 25 | 26.6% | 7.4% | ||
| Q1 25 | 25.2% | 5.0% | ||
| Q4 24 | 32.4% | 8.0% | ||
| Q3 24 | 26.2% | 10.1% | ||
| Q2 24 | 23.6% | 11.0% | ||
| Q1 24 | 16.2% | 9.6% |
净利率ADTBLDR
| Q4 25 | 11.4% | 0.9% | ||
| Q3 25 | 11.2% | 3.1% | ||
| Q2 25 | 12.8% | 4.4% | ||
| Q1 25 | 11.1% | 2.6% | ||
| Q4 24 | 15.3% | 5.0% | ||
| Q3 24 | 10.2% | 6.7% | ||
| Q2 24 | 7.7% | 7.7% | ||
| Q1 24 | 7.6% | 6.7% |
每股收益（稀释后）ADTBLDR
| Q4 25 | — | $0.29 | ||
| Q3 25 | — | $1.10 | ||
| Q2 25 | — | $1.66 | ||
| Q1 25 | — | $0.84 | ||
| Q4 24 | — | $1.65 | ||
| Q3 24 | — | $2.44 | ||
| Q2 24 | — | $2.87 | ||
| Q1 24 | — | $2.10 |
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 | $181.8M |
| 总债务越低越好 | $7.4B | $4.4B |
| 股东权益账面价值 | $3.8B | $4.4B |
| 总资产 | $15.8B | $11.2B |
| 负债/权益比越低杠杆越低 | 1.95× | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资ADTBLDR
| Q4 25 | $80.8M | $181.8M | ||
| Q3 25 | $62.8M | $296.2M | ||
| Q2 25 | $45.2M | $87.0M | ||
| Q1 25 | $3.7M | $115.4M | ||
| Q4 24 | $96.2M | $153.6M | ||
| Q3 24 | $95.3M | $328.1M | ||
| Q2 24 | $37.9M | $75.6M | ||
| Q1 24 | $4.0M | $697.5M |
总债务ADTBLDR
| Q4 25 | $7.4B | $4.4B | ||
| Q3 25 | $7.3B | $4.4B | ||
| Q2 25 | $6.8B | $4.7B | ||
| Q1 25 | $7.6B | $4.5B | ||
| Q4 24 | $7.5B | $3.7B | ||
| Q3 24 | $7.5B | $3.7B | ||
| Q2 24 | $7.5B | $3.8B | ||
| Q1 24 | $7.6B | $3.7B |
股东权益ADTBLDR
| Q4 25 | $3.8B | $4.4B | ||
| Q3 25 | $3.7B | $4.3B | ||
| Q2 25 | $3.7B | $4.2B | ||
| Q1 25 | $3.6B | $4.4B | ||
| Q4 24 | $3.8B | $4.3B | ||
| Q3 24 | $3.9B | $4.4B | ||
| Q2 24 | $3.8B | $4.3B | ||
| Q1 24 | $3.7B | $5.0B |
总资产ADTBLDR
| Q4 25 | $15.8B | $11.2B | ||
| Q3 25 | $16.0B | $11.4B | ||
| Q2 25 | $16.0B | $11.5B | ||
| Q1 25 | $15.8B | $11.4B | ||
| Q4 24 | $16.1B | $10.6B | ||
| Q3 24 | $16.1B | $10.9B | ||
| Q2 24 | $16.0B | $10.7B | ||
| Q1 24 | $15.9B | $11.2B |
负债/权益比ADTBLDR
| Q4 25 | 1.95× | 1.02× | ||
| Q3 25 | 1.99× | 1.03× | ||
| Q2 25 | 1.84× | 1.12× | ||
| Q1 25 | 2.10× | 1.02× | ||
| Q4 24 | 1.98× | 0.86× | ||
| Q3 24 | 1.93× | 0.83× | ||
| Q2 24 | 1.98× | 0.88× | ||
| Q1 24 | 2.03× | 0.75× |
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 | $194.8M |
| 自由现金流经营现金流 - 资本支出 | $323.5M | $106.7M |
| 自由现金流率自由现金流/营收 | 25.4% | 3.2% |
| 资本支出强度资本支出/营收 | 3.9% | 2.6% |
| 现金转化率经营现金流/净利润 | 2.57× | 6.19× |
| 过去12个月自由现金流最近4个季度 | $1.7B | $853.3M |
8季度趋势，按日历期对齐
经营现金流ADTBLDR
| Q4 25 | $373.6M | $194.8M | ||
| Q3 25 | $480.1M | $547.7M | ||
| Q2 25 | $563.9M | $341.0M | ||
| Q1 25 | $466.6M | $132.3M | ||
| Q4 24 | $459.7M | $373.5M | ||
| Q3 24 | $498.2M | $730.0M | ||
| Q2 24 | $563.2M | $452.1M | ||
| Q1 24 | $363.8M | $317.2M |
自由现金流ADTBLDR
| Q4 25 | $323.5M | $106.7M | ||
| Q3 25 | $437.4M | $461.9M | ||
| Q2 25 | $526.3M | $252.3M | ||
| Q1 25 | $421.2M | $32.4M | ||
| Q4 24 | $426.0M | $273.8M | ||
| Q3 24 | $455.5M | $630.4M | ||
| Q2 24 | $516.5M | $364.0M | ||
| Q1 24 | $323.1M | $224.0M |
自由现金流率ADTBLDR
| Q4 25 | 25.4% | 3.2% | ||
| Q3 25 | 33.7% | 11.7% | ||
| Q2 25 | 40.9% | 6.0% | ||
| Q1 25 | 33.2% | 0.9% | ||
| Q4 24 | 34.3% | 7.2% | ||
| Q3 24 | 36.6% | 14.9% | ||
| Q2 24 | 42.9% | 8.2% | ||
| Q1 24 | 26.7% | 5.8% |
资本支出强度ADTBLDR
| Q4 25 | 3.9% | 2.6% | ||
| Q3 25 | 3.3% | 2.2% | ||
| Q2 25 | 2.9% | 2.1% | ||
| Q1 25 | 3.6% | 2.7% | ||
| Q4 24 | 2.7% | 2.6% | ||
| Q3 24 | 3.4% | 2.4% | ||
| Q2 24 | 3.9% | 2.0% | ||
| Q1 24 | 3.4% | 2.4% |
现金转化率ADTBLDR
| Q4 25 | 2.57× | 6.19× | ||
| Q3 25 | 3.31× | 4.48× | ||
| Q2 25 | 3.41× | 1.84× | ||
| Q1 25 | 3.33× | 1.37× | ||
| Q4 24 | 2.42× | 1.96× | ||
| Q3 24 | 3.92× | 2.56× | ||
| Q2 24 | 6.10× | 1.31× | ||
| Q1 24 | 3.97× | 1.23× |
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% |
BLDR
| Specialty Building Products And Services | $949.0M | 28% |
| Windows Doors And Millwork | $893.5M | 27% |
| Lumber And Lumber Sheet Goods | $772.6M | 23% |
| Manufactured Products | $742.8M | 22% |
