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ADT Inc.（ADT）与GRAY MEDIA, INC（GTN）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GRAY MEDIA, INC的1.6倍（$1.3B vs $792.0M），ADT Inc.净利率更高（11.4% vs -1.3%，领先12.7%），ADT Inc.同比增速更快（2.9% vs -24.2%），ADT Inc.自由现金流更多（$323.5M vs $69.0M），过去两年ADT Inc.的营收复合增速更高（2.7% vs -1.9%）
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。
格雷传媒是总部位于美国亚特兰大的上市电视广播企业，1946年由詹姆斯·哈里森·格雷创立，按电视台数量计算目前是美国第三大电视台运营商，在美国113个传媒市场拥有或运营180家电视台，覆盖范围从亚特兰大这样的大型市场到内布拉斯加州北普拉特这类小型市场。
ADT vs GTN — 直观对比
营收规模更大
ADT
是对方的1.6倍
$792.0M
营收增速更快
ADT
高出27.1%
-24.2%
净利率更高
ADT
高出12.7%
-1.3%
自由现金流更多
ADT
多$254.5M
$69.0M
两年增速更快
ADT
近两年复合增速
-1.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $792.0M |
| 净利润 | $145.4M | $-10.0M |
| 毛利率 | — | — |
| 营业利润率 | 26.1% | 14.6% |
| 净利率 | 11.4% | -1.3% |
| 营收同比 | 2.9% | -24.2% |
| 净利润同比 | -23.5% | -105.9% |
| 每股收益（稀释后） | — | $-0.23 |
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ADTGTN
| Q4 25 | $1.3B | $792.0M | ||
| Q3 25 | $1.3B | $749.0M | ||
| Q2 25 | $1.3B | $772.0M | ||
| Q1 25 | $1.3B | $782.0M | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $1.2B | $950.0M | ||
| Q2 24 | $1.2B | $826.0M | ||
| Q1 24 | $1.2B | $823.0M |
净利润ADTGTN
| Q4 25 | $145.4M | $-10.0M | ||
| Q3 25 | $145.1M | $-10.0M | ||
| Q2 25 | $165.2M | $-56.0M | ||
| Q1 25 | $140.2M | $-9.0M | ||
| Q4 24 | $190.0M | $169.0M | ||
| Q3 24 | $127.2M | $96.0M | ||
| Q2 24 | $92.4M | $22.0M | ||
| Q1 24 | $91.6M | $88.0M |
营业利润率ADTGTN
| Q4 25 | 26.1% | 14.6% | ||
| Q3 25 | 24.3% | 13.6% | ||
| Q2 25 | 26.6% | 10.6% | ||
| Q1 25 | 25.2% | 11.8% | ||
| Q4 24 | 32.4% | 31.1% | ||
| Q3 24 | 26.2% | 26.3% | ||
| Q2 24 | 23.6% | 18.4% | ||
| Q1 24 | 16.2% | 15.1% |
净利率ADTGTN
| Q4 25 | 11.4% | -1.3% | ||
| Q3 25 | 11.2% | -1.3% | ||
| Q2 25 | 12.8% | -7.3% | ||
| Q1 25 | 11.1% | -1.2% | ||
| Q4 24 | 15.3% | 16.2% | ||
| Q3 24 | 10.2% | 10.1% | ||
| Q2 24 | 7.7% | 2.7% | ||
| Q1 24 | 7.6% | 10.7% |
每股收益（稀释后）ADTGTN
| Q4 25 | — | $-0.23 | ||
| Q3 25 | — | $-0.24 | ||
| Q2 25 | — | $-0.71 | ||
| Q1 25 | — | $-0.23 | ||
| Q4 24 | — | $1.62 | ||
| Q3 24 | — | $0.86 | ||
| Q2 24 | — | $0.09 | ||
| Q1 24 | — | $0.79 |
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 | $368.0M |
| 总债务越低越好 | $7.4B | $5.7B |
| 股东权益账面价值 | $3.8B | $2.2B |
| 总资产 | $15.8B | $10.4B |
| 负债/权益比越低杠杆越低 | 1.95× | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资ADTGTN
| Q4 25 | $80.8M | $368.0M | ||
| Q3 25 | $62.8M | $182.0M | ||
| Q2 25 | $45.2M | $199.0M | ||
| Q1 25 | $3.7M | $210.0M | ||
| Q4 24 | $96.2M | $135.0M | ||
| Q3 24 | $95.3M | $69.0M | ||
| Q2 24 | $37.9M | $75.0M | ||
| Q1 24 | $4.0M | $134.0M |
总债务ADTGTN
| Q4 25 | $7.4B | $5.7B | ||
| Q3 25 | $7.3B | $5.6B | ||
| Q2 25 | $6.8B | $5.6B | ||
| Q1 25 | $7.6B | $5.6B | ||
| Q4 24 | $7.5B | $5.5B | ||
| Q3 24 | $7.5B | $5.9B | ||
| Q2 24 | $7.5B | $6.1B | ||
| Q1 24 | $7.6B | $6.2B |
股东权益ADTGTN
| Q4 25 | $3.8B | $2.2B | ||
| Q3 25 | $3.7B | $2.2B | ||
| Q2 25 | $3.7B | $2.2B | ||
| Q1 25 | $3.6B | $2.3B | ||
| Q4 24 | $3.8B | $2.3B | ||
| Q3 24 | $3.9B | $2.1B | ||
| Q2 24 | $3.8B | $2.1B | ||
| Q1 24 | $3.7B | $2.0B |
总资产ADTGTN
| Q4 25 | $15.8B | $10.4B | ||
| Q3 25 | $16.0B | $10.3B | ||
| Q2 25 | $16.0B | $10.4B | ||
| Q1 25 | $15.8B | $10.4B | ||
| Q4 24 | $16.1B | $10.5B | ||
| Q3 24 | $16.1B | $10.6B | ||
| Q2 24 | $16.0B | $10.6B | ||
| Q1 24 | $15.9B | $10.7B |
负债/权益比ADTGTN
| Q4 25 | 1.95× | 2.65× | ||
| Q3 25 | 1.99× | 2.59× | ||
| Q2 25 | 1.84× | 2.57× | ||
| Q1 25 | 2.10× | 2.48× | ||
| Q4 24 | 1.98× | 2.41× | ||
| Q3 24 | 1.93× | 2.77× | ||
| Q2 24 | 1.98× | 2.97× | ||
| Q1 24 | 2.03× | 3.02× |
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 | $112.0M |
| 自由现金流经营现金流 - 资本支出 | $323.5M | $69.0M |
| 自由现金流率自由现金流/营收 | 25.4% | 8.7% |
| 资本支出强度资本支出/营收 | 3.9% | 5.4% |
| 现金转化率经营现金流/净利润 | 2.57× | — |
| 过去12个月自由现金流最近4个季度 | $1.7B | $181.0M |
8季度趋势，按日历期对齐
经营现金流ADTGTN
| Q4 25 | $373.6M | $112.0M | ||
| Q3 25 | $480.1M | $14.0M | ||
| Q2 25 | $563.9M | $31.0M | ||
| Q1 25 | $466.6M | $132.0M | ||
| Q4 24 | $459.7M | $368.0M | ||
| Q3 24 | $498.2M | $297.0M | ||
| Q2 24 | $563.2M | $18.0M | ||
| Q1 24 | $363.8M | $68.0M |
自由现金流ADTGTN
| Q4 25 | $323.5M | $69.0M | ||
| Q3 25 | $437.4M | $-11.0M | ||
| Q2 25 | $526.3M | $6.0M | ||
| Q1 25 | $421.2M | $117.0M | ||
| Q4 24 | $426.0M | $328.0M | ||
| Q3 24 | $455.5M | $257.0M | ||
| Q2 24 | $516.5M | $-11.0M | ||
| Q1 24 | $323.1M | $34.0M |
自由现金流率ADTGTN
| Q4 25 | 25.4% | 8.7% | ||
| Q3 25 | 33.7% | -1.5% | ||
| Q2 25 | 40.9% | 0.8% | ||
| Q1 25 | 33.2% | 15.0% | ||
| Q4 24 | 34.3% | 31.4% | ||
| Q3 24 | 36.6% | 27.1% | ||
| Q2 24 | 42.9% | -1.3% | ||
| Q1 24 | 26.7% | 4.1% |
资本支出强度ADTGTN
| Q4 25 | 3.9% | 5.4% | ||
| Q3 25 | 3.3% | 3.3% | ||
| Q2 25 | 2.9% | 3.2% | ||
| Q1 25 | 3.6% | 1.9% | ||
| Q4 24 | 2.7% | 3.8% | ||
| Q3 24 | 3.4% | 4.2% | ||
| Q2 24 | 3.9% | 3.5% | ||
| Q1 24 | 3.4% | 4.1% |
现金转化率ADTGTN
| Q4 25 | 2.57× | — | ||
| Q3 25 | 3.31× | — | ||
| Q2 25 | 3.41× | — | ||
| Q1 25 | 3.33× | — | ||
| Q4 24 | 2.42× | 2.18× | ||
| Q3 24 | 3.92× | 3.09× | ||
| Q2 24 | 6.10× | 0.82× | ||
| Q1 24 | 3.97× | 0.77× |
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% |
GTN
| Core Advertising | $392.0M | 49% |
| Retransmission Consent | $335.0M | 42% |
| Production Companies Segment | $37.0M | 5% |
| Service Other | $16.0M | 2% |
| Political Advertising | $12.0M | 2% |
