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ADT Inc.（ADT）与CoStar Group（CSGP）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CoStar Group的1.4倍（$1.3B vs $899.9M），ADT Inc.净利率更高（11.4% vs 5.2%，领先6.2%），CoStar Group同比增速更快（26.9% vs 2.9%），ADT Inc.自由现金流更多（$323.5M vs $101.3M），过去两年CoStar Group的营收复合增速更高（17.1% 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。
CoStar Group是1987年成立的美国商业地产服务商，总部位于弗吉尼亚州阿灵顿，业务覆盖北美、欧洲地区，为商业地产行业提供信息、分析及营销解决方案，旗下运营CoStar线上数据库、新闻网站及Apartments.com、Homes.com等多个线上平台。
ADT vs CSGP — 直观对比
营收规模更大
ADT
是对方的1.4倍
$899.9M
营收增速更快
CSGP
高出24.0%
2.9%
净利率更高
ADT
高出6.2%
5.2%
自由现金流更多
ADT
多$222.2M
$101.3M
两年增速更快
CSGP
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $899.9M |
| 净利润 | $145.4M | $46.5M |
| 毛利率 | — | 78.6% |
| 营业利润率 | 26.1% | 5.5% |
| 净利率 | 11.4% | 5.2% |
| 营收同比 | 2.9% | 26.9% |
| 净利润同比 | -23.5% | -22.2% |
| 每股收益（稀释后） | — | $0.12 |
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ADTCSGP
| Q4 25 | $1.3B | $899.9M | ||
| Q3 25 | $1.3B | $833.6M | ||
| Q2 25 | $1.3B | $781.3M | ||
| Q1 25 | $1.3B | $732.2M | ||
| Q4 24 | $1.2B | $709.4M | ||
| Q3 24 | $1.2B | $692.6M | ||
| Q2 24 | $1.2B | $677.8M | ||
| Q1 24 | $1.2B | $656.4M |
净利润ADTCSGP
| Q4 25 | $145.4M | $46.5M | ||
| Q3 25 | $145.1M | $-30.9M | ||
| Q2 25 | $165.2M | $6.2M | ||
| Q1 25 | $140.2M | $-14.8M | ||
| Q4 24 | $190.0M | $59.8M | ||
| Q3 24 | $127.2M | $53.0M | ||
| Q2 24 | $92.4M | $19.2M | ||
| Q1 24 | $91.6M | $6.7M |
毛利率ADTCSGP
| Q4 25 | — | 78.6% | ||
| Q3 25 | — | 79.3% | ||
| Q2 25 | — | 78.5% | ||
| Q1 25 | — | 79.1% | ||
| Q4 24 | — | 80.1% | ||
| Q3 24 | — | 79.7% | ||
| Q2 24 | — | 80.0% | ||
| Q1 24 | — | 78.5% |
营业利润率ADTCSGP
| Q4 25 | 26.1% | 5.5% | ||
| Q3 25 | 24.3% | -6.1% | ||
| Q2 25 | 26.6% | -3.5% | ||
| Q1 25 | 25.2% | -5.8% | ||
| Q4 24 | 32.4% | 5.6% | ||
| Q3 24 | 26.2% | 3.4% | ||
| Q2 24 | 23.6% | -2.4% | ||
| Q1 24 | 16.2% | -6.5% |
净利率ADTCSGP
| Q4 25 | 11.4% | 5.2% | ||
| Q3 25 | 11.2% | -3.7% | ||
| Q2 25 | 12.8% | 0.8% | ||
| Q1 25 | 11.1% | -2.0% | ||
| Q4 24 | 15.3% | 8.4% | ||
| Q3 24 | 10.2% | 7.7% | ||
| Q2 24 | 7.7% | 2.8% | ||
| Q1 24 | 7.6% | 1.0% |
每股收益（稀释后）ADTCSGP
| Q4 25 | — | $0.12 | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | — | $0.01 | ||
| Q1 25 | — | $-0.04 | ||
| Q4 24 | — | $0.14 | ||
| Q3 24 | — | $0.13 | ||
| Q2 24 | — | $0.05 | ||
| Q1 24 | — | $0.02 |
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 | $1.6B |
| 总债务越低越好 | $7.4B | $140.0M |
| 股东权益账面价值 | $3.8B | $8.3B |
| 总资产 | $15.8B | $10.5B |
| 负债/权益比越低杠杆越低 | 1.95× | 0.02× |
8季度趋势，按日历期对齐
现金及短期投资ADTCSGP
| Q4 25 | $80.8M | $1.6B | ||
| Q3 25 | $62.8M | $1.9B | ||
| Q2 25 | $45.2M | $3.6B | ||
| Q1 25 | $3.7M | $3.7B | ||
| Q4 24 | $96.2M | $4.7B | ||
| Q3 24 | $95.3M | — | ||
| Q2 24 | $37.9M | — | ||
| Q1 24 | $4.0M | — |
总债务ADTCSGP
| Q4 25 | $7.4B | $140.0M | ||
| Q3 25 | $7.3B | $1.0B | ||
| Q2 25 | $6.8B | $1.0B | ||
| Q1 25 | $7.6B | $1.0B | ||
| Q4 24 | $7.5B | $1.0B | ||
| Q3 24 | $7.5B | $1.0B | ||
| Q2 24 | $7.5B | $1.0B | ||
| Q1 24 | $7.6B | $1.0B |
股东权益ADTCSGP
| Q4 25 | $3.8B | $8.3B | ||
| Q3 25 | $3.7B | $8.6B | ||
| Q2 25 | $3.7B | $8.6B | ||
| Q1 25 | $3.6B | $8.6B | ||
| Q4 24 | $3.8B | $7.6B | ||
| Q3 24 | $3.9B | $7.5B | ||
| Q2 24 | $3.8B | $7.4B | ||
| Q1 24 | $3.7B | $7.3B |
总资产ADTCSGP
| Q4 25 | $15.8B | $10.5B | ||
| Q3 25 | $16.0B | $10.8B | ||
| Q2 25 | $16.0B | $10.5B | ||
| Q1 25 | $15.8B | $10.4B | ||
| Q4 24 | $16.1B | $9.3B | ||
| Q3 24 | $16.1B | $9.1B | ||
| Q2 24 | $16.0B | $9.1B | ||
| Q1 24 | $15.9B | $9.0B |
负债/权益比ADTCSGP
| Q4 25 | 1.95× | 0.02× | ||
| Q3 25 | 1.99× | 0.12× | ||
| Q2 25 | 1.84× | 0.12× | ||
| Q1 25 | 2.10× | 0.12× | ||
| Q4 24 | 1.98× | 0.13× | ||
| Q3 24 | 1.93× | 0.13× | ||
| Q2 24 | 1.98× | 0.14× | ||
| Q1 24 | 2.03× | 0.14× |
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 | $162.1M |
| 自由现金流经营现金流 - 资本支出 | $323.5M | $101.3M |
| 自由现金流率自由现金流/营收 | 25.4% | 11.3% |
| 资本支出强度资本支出/营收 | 3.9% | 6.8% |
| 现金转化率经营现金流/净利润 | 2.57× | 3.49× |
| 过去12个月自由现金流最近4个季度 | $1.7B | $123.0M |
8季度趋势，按日历期对齐
经营现金流ADTCSGP
| Q4 25 | $373.6M | $162.1M | ||
| Q3 25 | $480.1M | $68.2M | ||
| Q2 25 | $563.9M | $146.5M | ||
| Q1 25 | $466.6M | $53.2M | ||
| Q4 24 | $459.7M | $94.6M | ||
| Q3 24 | $498.2M | $100.3M | ||
| Q2 24 | $563.2M | $58.1M | ||
| Q1 24 | $363.8M | $139.6M |
自由现金流ADTCSGP
| Q4 25 | $323.5M | $101.3M | ||
| Q3 25 | $437.4M | $-5.5M | ||
| Q2 25 | $526.3M | $27.7M | ||
| Q1 25 | $421.2M | $-500.0K | ||
| Q4 24 | $426.0M | $25.2M | ||
| Q3 24 | $455.5M | $40.2M | ||
| Q2 24 | $516.5M | $-14.7M | ||
| Q1 24 | $323.1M | $-237.1M |
自由现金流率ADTCSGP
| Q4 25 | 25.4% | 11.3% | ||
| Q3 25 | 33.7% | -0.7% | ||
| Q2 25 | 40.9% | 3.5% | ||
| Q1 25 | 33.2% | -0.1% | ||
| Q4 24 | 34.3% | 3.6% | ||
| Q3 24 | 36.6% | 5.8% | ||
| Q2 24 | 42.9% | -2.2% | ||
| Q1 24 | 26.7% | -36.1% |
资本支出强度ADTCSGP
| Q4 25 | 3.9% | 6.8% | ||
| Q3 25 | 3.3% | 8.8% | ||
| Q2 25 | 2.9% | 15.2% | ||
| Q1 25 | 3.6% | 7.3% | ||
| Q4 24 | 2.7% | 9.8% | ||
| Q3 24 | 3.4% | 8.7% | ||
| Q2 24 | 3.9% | 10.7% | ||
| Q1 24 | 3.4% | 57.4% |
现金转化率ADTCSGP
| Q4 25 | 2.57× | 3.49× | ||
| Q3 25 | 3.31× | — | ||
| Q2 25 | 3.41× | 23.63× | ||
| Q1 25 | 3.33× | — | ||
| Q4 24 | 2.42× | 1.58× | ||
| Q3 24 | 3.92× | 1.89× | ||
| Q2 24 | 6.10× | 3.03× | ||
| Q1 24 | 3.97× | 20.84× |
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% |
CSGP
| Co Star | $503.8M | 56% |
| Other | $283.0M | 31% |
| Loop Net | $94.7M | 11% |
