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ADT Inc.（ADT）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
ADT Inc.的季度营收约是利氏兄弟拍卖行的1.0倍（$1.3B vs $1.2B），ADT Inc.净利率更高（11.4% vs 11.0%，领先0.4%），利氏兄弟拍卖行同比增速更快（11.4% vs 2.9%），过去两年利氏兄弟拍卖行的营收复合增速更高（6.1% 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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
ADT vs RBA — 直观对比
营收规模更大
ADT
是对方的1.0倍
$1.2B
营收增速更快
RBA
高出8.5%
2.9%
净利率更高
ADT
高出0.4%
11.0%
两年增速更快
RBA
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $145.4M | $135.6M |
| 毛利率 | — | — |
| 营业利润率 | 26.1% | 17.6% |
| 净利率 | 11.4% | 11.0% |
| 营收同比 | 2.9% | 11.4% |
| 净利润同比 | -23.5% | 19.7% |
| 每股收益（稀释后） | — | $0.66 |
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ADTRBA
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.2B | $981.8M | ||
| Q2 24 | $1.2B | $1.1B |
净利润ADTRBA
| Q1 26 | — | $135.6M | ||
| Q4 25 | $145.4M | $109.7M | ||
| Q3 25 | $145.1M | $95.5M | ||
| Q2 25 | $165.2M | $109.8M | ||
| Q1 25 | $140.2M | $113.4M | ||
| Q4 24 | $190.0M | $118.5M | ||
| Q3 24 | $127.2M | $76.1M | ||
| Q2 24 | $92.4M | $111.1M |
营业利润率ADTRBA
| Q1 26 | — | 17.6% | ||
| Q4 25 | 26.1% | 14.7% | ||
| Q3 25 | 24.3% | 14.5% | ||
| Q2 25 | 26.6% | 15.9% | ||
| Q1 25 | 25.2% | 17.1% | ||
| Q4 24 | 32.4% | 18.1% | ||
| Q3 24 | 26.2% | 15.6% | ||
| Q2 24 | 23.6% | 18.4% |
净利率ADTRBA
| Q1 26 | — | 11.0% | ||
| Q4 25 | 11.4% | 9.1% | ||
| Q3 25 | 11.2% | 8.7% | ||
| Q2 25 | 12.8% | 9.3% | ||
| Q1 25 | 11.1% | 10.2% | ||
| Q4 24 | 15.3% | 10.4% | ||
| Q3 24 | 10.2% | 7.8% | ||
| Q2 24 | 7.7% | 10.1% |
每股收益（稀释后）ADTRBA
| Q1 26 | — | $0.66 | ||
| Q4 25 | — | $0.53 | ||
| Q3 25 | — | $0.43 | ||
| Q2 25 | — | $0.53 | ||
| Q1 25 | — | $0.55 | ||
| Q4 24 | — | $0.58 | ||
| Q3 24 | — | $0.36 | ||
| Q2 24 | — | $0.54 |
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 | $667.2M |
| 总债务越低越好 | $7.4B | $2.6B |
| 股东权益账面价值 | $3.8B | $5.6B |
| 总资产 | $15.8B | $12.4B |
| 负债/权益比越低杠杆越低 | 1.95× | 0.45× |
8季度趋势，按日历期对齐
现金及短期投资ADTRBA
| Q1 26 | — | $667.2M | ||
| Q4 25 | $80.8M | $531.5M | ||
| Q3 25 | $62.8M | $674.7M | ||
| Q2 25 | $45.2M | $710.2M | ||
| Q1 25 | $3.7M | $578.1M | ||
| Q4 24 | $96.2M | $533.9M | ||
| Q3 24 | $95.3M | $650.7M | ||
| Q2 24 | $37.9M | $599.5M |
总债务ADTRBA
| Q1 26 | — | $2.6B | ||
| Q4 25 | $7.4B | $2.3B | ||
| Q3 25 | $7.3B | $2.6B | ||
| Q2 25 | $6.8B | $2.6B | ||
| Q1 25 | $7.6B | $2.6B | ||
| Q4 24 | $7.5B | $2.6B | ||
| Q3 24 | $7.5B | $2.7B | ||
| Q2 24 | $7.5B | $2.8B |
股东权益ADTRBA
| Q1 26 | — | $5.6B | ||
| Q4 25 | $3.8B | $5.6B | ||
| Q3 25 | $3.7B | $5.5B | ||
| Q2 25 | $3.7B | $5.5B | ||
| Q1 25 | $3.6B | $5.3B | ||
| Q4 24 | $3.8B | $5.2B | ||
| Q3 24 | $3.9B | $5.2B | ||
| Q2 24 | $3.8B | $5.2B |
总资产ADTRBA
| Q1 26 | — | $12.4B | ||
| Q4 25 | $15.8B | $12.1B | ||
| Q3 25 | $16.0B | $12.2B | ||
| Q2 25 | $16.0B | $12.2B | ||
| Q1 25 | $15.8B | $11.9B | ||
| Q4 24 | $16.1B | $11.8B | ||
| Q3 24 | $16.1B | $11.9B | ||
| Q2 24 | $16.0B | $12.1B |
负债/权益比ADTRBA
| Q1 26 | — | 0.45× | ||
| Q4 25 | 1.95× | 0.42× | ||
| Q3 25 | 1.99× | 0.47× | ||
| Q2 25 | 1.84× | 0.47× | ||
| Q1 25 | 2.10× | 0.50× | ||
| Q4 24 | 1.98× | 0.50× | ||
| Q3 24 | 1.93× | 0.52× | ||
| Q2 24 | 1.98× | 0.55× |
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 | $224.1M |
| 自由现金流经营现金流 - 资本支出 | $323.5M | — |
| 自由现金流率自由现金流/营收 | 25.4% | — |
| 资本支出强度资本支出/营收 | 3.9% | — |
| 现金转化率经营现金流/净利润 | 2.57× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $1.7B | — |
8季度趋势，按日历期对齐
经营现金流ADTRBA
| Q1 26 | — | $224.1M | ||
| Q4 25 | $373.6M | $255.2M | ||
| Q3 25 | $480.1M | $239.7M | ||
| Q2 25 | $563.9M | $326.5M | ||
| Q1 25 | $466.6M | $156.8M | ||
| Q4 24 | $459.7M | $184.5M | ||
| Q3 24 | $498.2M | $285.4M | ||
| Q2 24 | $563.2M | $337.3M |
自由现金流ADTRBA
| Q1 26 | — | — | ||
| Q4 25 | $323.5M | $186.5M | ||
| Q3 25 | $437.4M | $188.5M | ||
| Q2 25 | $526.3M | $241.7M | ||
| Q1 25 | $421.2M | $102.5M | ||
| Q4 24 | $426.0M | $127.9M | ||
| Q3 24 | $455.5M | $248.5M | ||
| Q2 24 | $516.5M | $308.6M |
自由现金流率ADTRBA
| Q1 26 | — | — | ||
| Q4 25 | 25.4% | 15.5% | ||
| Q3 25 | 33.7% | 17.3% | ||
| Q2 25 | 40.9% | 20.4% | ||
| Q1 25 | 33.2% | 9.2% | ||
| Q4 24 | 34.3% | 11.2% | ||
| Q3 24 | 36.6% | 25.3% | ||
| Q2 24 | 42.9% | 28.2% |
资本支出强度ADTRBA
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 5.7% | ||
| Q3 25 | 3.3% | 4.7% | ||
| Q2 25 | 2.9% | 7.2% | ||
| Q1 25 | 3.6% | 4.9% | ||
| Q4 24 | 2.7% | 5.0% | ||
| Q3 24 | 3.4% | 3.8% | ||
| Q2 24 | 3.9% | 2.6% |
现金转化率ADTRBA
| Q1 26 | — | 1.65× | ||
| Q4 25 | 2.57× | 2.33× | ||
| Q3 25 | 3.31× | 2.51× | ||
| Q2 25 | 3.41× | 2.97× | ||
| Q1 25 | 3.33× | 1.38× | ||
| Q4 24 | 2.42× | 1.56× | ||
| Q3 24 | 3.92× | 3.75× | ||
| Q2 24 | 6.10× | 3.04× |
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% |
RBA
| Transactional buyer revenue | $577.5M | 47% |
| Inventory sales revenue | $336.9M | 27% |
| Transactional seller revenue | $241.3M | 20% |
| Marketplace services revenue | $78.9M | 6% |
