vs
ADT Inc.（ADT）与ROKU, INC（ROKU）财务数据对比。点击上方公司名可切换其他公司
ROKU, INC的季度营收约是ADT Inc.的1.1倍（$1.4B vs $1.3B），ADT Inc.净利率更高（11.4% vs 5.8%，领先5.6%），ROKU, INC同比增速更快（16.1% vs 2.9%），ADT Inc.自由现金流更多（$323.5M vs $106.6M），过去两年ROKU, INC的营收复合增速更高（25.8% 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。
Roku是美国流媒体技术企业，2002年由安东尼·伍德创立，主营数字媒体播放器、电视硬件生产，流媒体内容分发及平台广告运营。截至2024年覆盖用户达1.45亿，是美国流媒体视频分发领域的市场领导者，业务覆盖澳、加、法、德、英及拉美多国。
ADT vs ROKU — 直观对比
营收规模更大
ROKU
是对方的1.1倍
$1.3B
营收增速更快
ROKU
高出13.3%
2.9%
净利率更高
ADT
高出5.6%
5.8%
自由现金流更多
ADT
多$217.0M
$106.6M
两年增速更快
ROKU
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.4B |
| 净利润 | $145.4M | $80.5M |
| 毛利率 | — | 43.5% |
| 营业利润率 | 26.1% | 4.7% |
| 净利率 | 11.4% | 5.8% |
| 营收同比 | 2.9% | 16.1% |
| 净利润同比 | -23.5% | 326.4% |
| 每股收益（稀释后） | — | $0.55 |
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ADTROKU
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | $1.3B | $1.0B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.2B | $1.1B | ||
| Q2 24 | $1.2B | $968.2M | ||
| Q1 24 | $1.2B | $881.5M |
净利润ADTROKU
| Q4 25 | $145.4M | $80.5M | ||
| Q3 25 | $145.1M | $24.8M | ||
| Q2 25 | $165.2M | $10.5M | ||
| Q1 25 | $140.2M | $-27.4M | ||
| Q4 24 | $190.0M | $-35.5M | ||
| Q3 24 | $127.2M | $-9.0M | ||
| Q2 24 | $92.4M | $-34.0M | ||
| Q1 24 | $91.6M | $-50.9M |
毛利率ADTROKU
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 43.4% | ||
| Q2 25 | — | 44.8% | ||
| Q1 25 | — | 43.6% | ||
| Q4 24 | — | 42.7% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 43.9% | ||
| Q1 24 | — | 44.1% |
营业利润率ADTROKU
| Q4 25 | 26.1% | 4.7% | ||
| Q3 25 | 24.3% | 0.8% | ||
| Q2 25 | 26.6% | -2.1% | ||
| Q1 25 | 25.2% | -5.7% | ||
| Q4 24 | 32.4% | -3.3% | ||
| Q3 24 | 26.2% | -3.4% | ||
| Q2 24 | 23.6% | -7.4% | ||
| Q1 24 | 16.2% | -8.2% |
净利率ADTROKU
| Q4 25 | 11.4% | 5.8% | ||
| Q3 25 | 11.2% | 2.0% | ||
| Q2 25 | 12.8% | 0.9% | ||
| Q1 25 | 11.1% | -2.7% | ||
| Q4 24 | 15.3% | -3.0% | ||
| Q3 24 | 10.2% | -0.9% | ||
| Q2 24 | 7.7% | -3.5% | ||
| Q1 24 | 7.6% | -5.8% |
每股收益（稀释后）ADTROKU
| Q4 25 | — | $0.55 | ||
| Q3 25 | — | $0.16 | ||
| Q2 25 | — | $0.07 | ||
| Q1 25 | — | $-0.19 | ||
| Q4 24 | — | $-0.24 | ||
| Q3 24 | — | $-0.06 | ||
| Q2 24 | — | $-0.24 | ||
| Q1 24 | — | $-0.35 |
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 | $2.3B |
| 总债务越低越好 | $7.4B | — |
| 股东权益账面价值 | $3.8B | $2.7B |
| 总资产 | $15.8B | $4.4B |
| 负债/权益比越低杠杆越低 | 1.95× | — |
8季度趋势，按日历期对齐
现金及短期投资ADTROKU
| Q4 25 | $80.8M | $2.3B | ||
| Q3 25 | $62.8M | $2.3B | ||
| Q2 25 | $45.2M | $2.3B | ||
| Q1 25 | $3.7M | $2.3B | ||
| Q4 24 | $96.2M | $2.2B | ||
| Q3 24 | $95.3M | $2.1B | ||
| Q2 24 | $37.9M | $2.1B | ||
| Q1 24 | $4.0M | $2.1B |
总债务ADTROKU
| Q4 25 | $7.4B | — | ||
| Q3 25 | $7.3B | — | ||
| Q2 25 | $6.8B | — | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $7.5B | — | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.5B | — | ||
| Q1 24 | $7.6B | — |
股东权益ADTROKU
| Q4 25 | $3.8B | $2.7B | ||
| Q3 25 | $3.7B | $2.6B | ||
| Q2 25 | $3.7B | $2.6B | ||
| Q1 25 | $3.6B | $2.5B | ||
| Q4 24 | $3.8B | $2.5B | ||
| Q3 24 | $3.9B | $2.5B | ||
| Q2 24 | $3.8B | $2.4B | ||
| Q1 24 | $3.7B | $2.4B |
总资产ADTROKU
| Q4 25 | $15.8B | $4.4B | ||
| Q3 25 | $16.0B | $4.4B | ||
| Q2 25 | $16.0B | $4.3B | ||
| Q1 25 | $15.8B | $4.2B | ||
| Q4 24 | $16.1B | $4.3B | ||
| Q3 24 | $16.1B | $4.3B | ||
| Q2 24 | $16.0B | $4.1B | ||
| Q1 24 | $15.9B | $4.2B |
负债/权益比ADTROKU
| Q4 25 | 1.95× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.84× | — | ||
| Q1 25 | 2.10× | — | ||
| Q4 24 | 1.98× | — | ||
| 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 | $107.7M |
| 自由现金流经营现金流 - 资本支出 | $323.5M | $106.6M |
| 自由现金流率自由现金流/营收 | 25.4% | 7.6% |
| 资本支出强度资本支出/营收 | 3.9% | 0.1% |
| 现金转化率经营现金流/净利润 | 2.57× | 1.34× |
| 过去12个月自由现金流最近4个季度 | $1.7B | $478.4M |
8季度趋势，按日历期对齐
经营现金流ADTROKU
| Q4 25 | $373.6M | $107.7M | ||
| Q3 25 | $480.1M | $127.6M | ||
| Q2 25 | $563.9M | $109.7M | ||
| Q1 25 | $466.6M | $138.7M | ||
| Q4 24 | $459.7M | $79.3M | ||
| Q3 24 | $498.2M | $68.7M | ||
| Q2 24 | $563.2M | $23.4M | ||
| Q1 24 | $363.8M | $46.7M |
自由现金流ADTROKU
| Q4 25 | $323.5M | $106.6M | ||
| Q3 25 | $437.4M | $126.5M | ||
| Q2 25 | $526.3M | $108.6M | ||
| Q1 25 | $421.2M | $136.8M | ||
| Q4 24 | $426.0M | $76.8M | ||
| Q3 24 | $455.5M | $67.6M | ||
| Q2 24 | $516.5M | $22.5M | ||
| Q1 24 | $323.1M | $46.0M |
自由现金流率ADTROKU
| Q4 25 | 25.4% | 7.6% | ||
| Q3 25 | 33.7% | 10.4% | ||
| Q2 25 | 40.9% | 9.8% | ||
| Q1 25 | 33.2% | 13.4% | ||
| Q4 24 | 34.3% | 6.4% | ||
| Q3 24 | 36.6% | 6.4% | ||
| Q2 24 | 42.9% | 2.3% | ||
| Q1 24 | 26.7% | 5.2% |
资本支出强度ADTROKU
| Q4 25 | 3.9% | 0.1% | ||
| Q3 25 | 3.3% | 0.1% | ||
| Q2 25 | 2.9% | 0.1% | ||
| Q1 25 | 3.6% | 0.2% | ||
| Q4 24 | 2.7% | 0.2% | ||
| Q3 24 | 3.4% | 0.1% | ||
| Q2 24 | 3.9% | 0.1% | ||
| Q1 24 | 3.4% | 0.1% |
现金转化率ADTROKU
| Q4 25 | 2.57× | 1.34× | ||
| Q3 25 | 3.31× | 5.14× | ||
| Q2 25 | 3.41× | 10.45× | ||
| Q1 25 | 3.33× | — | ||
| Q4 24 | 2.42× | — | ||
| Q3 24 | 3.92× | — | ||
| Q2 24 | 6.10× | — | ||
| Q1 24 | 3.97× | — |
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% |
ROKU
| Services | $1.2B | 88% |
| Products | $170.9M | 12% |
