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ADT Inc.（ADT）与Ubiquiti Inc.（UI）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Ubiquiti Inc.的1.6倍（$1.3B vs $814.9M），Ubiquiti Inc.净利率更高（28.7% vs 11.4%，领先17.3%），Ubiquiti Inc.同比增速更快（35.8% vs 2.9%），ADT Inc.自由现金流更多（$323.5M vs $260.3M），过去两年Ubiquiti Inc.的营收复合增速更高（28.6% 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。
Ubiquiti Inc.是一家美国科技企业，2003年于加利福尼亚州圣何塞成立，目前总部位于纽约。公司旗下拥有多个品牌，主营面向企业及家庭用户的有线、无线数据通信产品的研发、生产与销售。
ADT vs UI — 直观对比
营收规模更大
ADT
是对方的1.6倍
$814.9M
营收增速更快
UI
高出33.0%
2.9%
净利率更高
UI
高出17.3%
11.4%
自由现金流更多
ADT
多$63.3M
$260.3M
两年增速更快
UI
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $814.9M |
| 净利润 | $145.4M | $233.6M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 26.1% | 35.9% |
| 净利率 | 11.4% | 28.7% |
| 营收同比 | 2.9% | 35.8% |
| 净利润同比 | -23.5% | 70.8% |
| 每股收益（稀释后） | — | $3.86 |
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ADTUI
| Q4 25 | $1.3B | $814.9M | ||
| Q3 25 | $1.3B | $733.8M | ||
| Q2 25 | $1.3B | $759.2M | ||
| Q1 25 | $1.3B | $664.2M | ||
| Q4 24 | $1.2B | $599.9M | ||
| Q3 24 | $1.2B | $550.3M | ||
| Q2 24 | $1.2B | $507.5M | ||
| Q1 24 | $1.2B | $493.0M |
净利润ADTUI
| Q4 25 | $145.4M | $233.6M | ||
| Q3 25 | $145.1M | $207.9M | ||
| Q2 25 | $165.2M | $266.7M | ||
| Q1 25 | $140.2M | $180.4M | ||
| Q4 24 | $190.0M | $136.8M | ||
| Q3 24 | $127.2M | $128.0M | ||
| Q2 24 | $92.4M | $103.8M | ||
| Q1 24 | $91.6M | $76.3M |
毛利率ADTUI
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 46.0% | ||
| Q2 25 | — | 45.1% | ||
| Q1 25 | — | 44.5% | ||
| Q4 24 | — | 41.2% | ||
| Q3 24 | — | 42.1% | ||
| Q2 24 | — | 40.2% | ||
| Q1 24 | — | 35.3% |
营业利润率ADTUI
| Q4 25 | 26.1% | 35.9% | ||
| Q3 25 | 24.3% | 35.7% | ||
| Q2 25 | 26.6% | 34.4% | ||
| Q1 25 | 25.2% | 34.2% | ||
| Q4 24 | 32.4% | 29.8% | ||
| Q3 24 | 26.2% | 30.7% | ||
| Q2 24 | 23.6% | 27.3% | ||
| Q1 24 | 16.2% | 22.6% |
净利率ADTUI
| Q4 25 | 11.4% | 28.7% | ||
| Q3 25 | 11.2% | 28.3% | ||
| Q2 25 | 12.8% | 35.1% | ||
| Q1 25 | 11.1% | 27.2% | ||
| Q4 24 | 15.3% | 22.8% | ||
| Q3 24 | 10.2% | 23.3% | ||
| Q2 24 | 7.7% | 20.5% | ||
| Q1 24 | 7.6% | 15.5% |
每股收益（稀释后）ADTUI
| Q4 25 | — | $3.86 | ||
| Q3 25 | — | $3.43 | ||
| Q2 25 | — | $4.40 | ||
| Q1 25 | — | $2.98 | ||
| Q4 24 | — | $2.26 | ||
| Q3 24 | — | $2.12 | ||
| Q2 24 | — | $1.72 | ||
| Q1 24 | — | $1.26 |
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 | $302.8M |
| 总债务越低越好 | $7.4B | $47.5M |
| 股东权益账面价值 | $3.8B | $1.0B |
| 总资产 | $15.8B | $1.6B |
| 负债/权益比越低杠杆越低 | 1.95× | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资ADTUI
| Q4 25 | $80.8M | $302.8M | ||
| Q3 25 | $62.8M | $177.2M | ||
| Q2 25 | $45.2M | $149.7M | ||
| Q1 25 | $3.7M | $151.0M | ||
| Q4 24 | $96.2M | $133.1M | ||
| Q3 24 | $95.3M | $165.2M | ||
| Q2 24 | $37.9M | $126.3M | ||
| Q1 24 | $4.0M | $102.5M |
总债务ADTUI
| Q4 25 | $7.4B | $47.5M | ||
| Q3 25 | $7.3B | $133.8M | ||
| Q2 25 | $6.8B | $250.0M | ||
| Q1 25 | $7.6B | $340.0M | ||
| Q4 24 | $7.5B | $406.3M | ||
| Q3 24 | $7.5B | $552.5M | ||
| Q2 24 | $7.5B | $708.1M | ||
| Q1 24 | $7.6B | $877.5M |
股东权益ADTUI
| Q4 25 | $3.8B | $1.0B | ||
| Q3 25 | $3.7B | $828.4M | ||
| Q2 25 | $3.7B | $668.3M | ||
| Q1 25 | $3.6B | $436.1M | ||
| Q4 24 | $3.8B | $290.4M | ||
| Q3 24 | $3.9B | $188.1M | ||
| Q2 24 | $3.8B | $95.1M | ||
| Q1 24 | $3.7B | $25.9M |
总资产ADTUI
| Q4 25 | $15.8B | $1.6B | ||
| Q3 25 | $16.0B | $1.5B | ||
| Q2 25 | $16.0B | $1.5B | ||
| Q1 25 | $15.8B | $1.3B | ||
| Q4 24 | $16.1B | $1.2B | ||
| Q3 24 | $16.1B | $1.2B | ||
| Q2 24 | $16.0B | $1.2B | ||
| Q1 24 | $15.9B | $1.2B |
负债/权益比ADTUI
| Q4 25 | 1.95× | 0.05× | ||
| Q3 25 | 1.99× | 0.16× | ||
| Q2 25 | 1.84× | 0.37× | ||
| Q1 25 | 2.10× | 0.78× | ||
| Q4 24 | 1.98× | 1.40× | ||
| Q3 24 | 1.93× | 2.94× | ||
| Q2 24 | 1.98× | 7.45× | ||
| Q1 24 | 2.03× | 33.92× |
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 | $263.9M |
| 自由现金流经营现金流 - 资本支出 | $323.5M | $260.3M |
| 自由现金流率自由现金流/营收 | 25.4% | 31.9% |
| 资本支出强度资本支出/营收 | 3.9% | 0.4% |
| 现金转化率经营现金流/净利润 | 2.57× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $1.7B | $699.5M |
8季度趋势，按日历期对齐
经营现金流ADTUI
| Q4 25 | $373.6M | $263.9M | ||
| Q3 25 | $480.1M | $198.5M | ||
| Q2 25 | $563.9M | $130.4M | ||
| Q1 25 | $466.6M | $123.6M | ||
| Q4 24 | $459.7M | $152.4M | ||
| Q3 24 | $498.2M | $233.7M | ||
| Q2 24 | $563.2M | $231.4M | ||
| Q1 24 | $363.8M | $163.9M |
自由现金流ADTUI
| Q4 25 | $323.5M | $260.3M | ||
| Q3 25 | $437.4M | $193.3M | ||
| Q2 25 | $526.3M | $125.2M | ||
| Q1 25 | $421.2M | $120.7M | ||
| Q4 24 | $426.0M | $150.4M | ||
| Q3 24 | $455.5M | $231.1M | ||
| Q2 24 | $516.5M | $229.5M | ||
| Q1 24 | $323.1M | $160.6M |
自由现金流率ADTUI
| Q4 25 | 25.4% | 31.9% | ||
| Q3 25 | 33.7% | 26.3% | ||
| Q2 25 | 40.9% | 16.5% | ||
| Q1 25 | 33.2% | 18.2% | ||
| Q4 24 | 34.3% | 25.1% | ||
| Q3 24 | 36.6% | 42.0% | ||
| Q2 24 | 42.9% | 45.2% | ||
| Q1 24 | 26.7% | 32.6% |
资本支出强度ADTUI
| Q4 25 | 3.9% | 0.4% | ||
| Q3 25 | 3.3% | 0.7% | ||
| Q2 25 | 2.9% | 0.7% | ||
| Q1 25 | 3.6% | 0.4% | ||
| Q4 24 | 2.7% | 0.3% | ||
| Q3 24 | 3.4% | 0.5% | ||
| Q2 24 | 3.9% | 0.4% | ||
| Q1 24 | 3.4% | 0.7% |
现金转化率ADTUI
| Q4 25 | 2.57× | 1.13× | ||
| Q3 25 | 3.31× | 0.95× | ||
| Q2 25 | 3.41× | 0.49× | ||
| Q1 25 | 3.33× | 0.68× | ||
| Q4 24 | 2.42× | 1.11× | ||
| Q3 24 | 3.92× | 1.83× | ||
| Q2 24 | 6.10× | 2.23× | ||
| Q1 24 | 3.97× | 2.15× |
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% |
UI
| Enterprise Technology | $729.0M | 89% |
| Service Provider Technology | $85.9M | 11% |
