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ADT Inc.（ADT）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
斑马技术的季度营收约是ADT Inc.的1.2倍（$1.5B vs $1.3B），ADT Inc.净利率更高（11.4% vs 4.7%，领先6.6%），斑马技术同比增速更快（10.6% vs 2.9%），斑马技术自由现金流更多（$327.0M vs $323.5M），过去两年斑马技术的营收复合增速更高（12.0% 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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
ADT vs ZBRA — 直观对比
营收规模更大
ZBRA
是对方的1.2倍
$1.3B
营收增速更快
ZBRA
高出7.7%
2.9%
净利率更高
ADT
高出6.6%
4.7%
自由现金流更多
ZBRA
多$3.5M
$323.5M
两年增速更快
ZBRA
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.5B |
| 净利润 | $145.4M | $70.0M |
| 毛利率 | — | 47.3% |
| 营业利润率 | 26.1% | 9.4% |
| 净利率 | 11.4% | 4.7% |
| 营收同比 | 2.9% | 10.6% |
| 净利润同比 | -23.5% | -57.1% |
| 每股收益（稀释后） | — | $1.40 |
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ADTZBRA
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.3B | $1.3B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $1.2B | $1.2B |
净利润ADTZBRA
| Q4 25 | $145.4M | $70.0M | ||
| Q3 25 | $145.1M | $101.0M | ||
| Q2 25 | $165.2M | $112.0M | ||
| Q1 25 | $140.2M | $136.0M | ||
| Q4 24 | $190.0M | $163.0M | ||
| Q3 24 | $127.2M | $137.0M | ||
| Q2 24 | $92.4M | $113.0M | ||
| Q1 24 | $91.6M | $115.0M |
毛利率ADTZBRA
| Q4 25 | — | 47.3% | ||
| Q3 25 | — | 48.0% | ||
| Q2 25 | — | 47.6% | ||
| Q1 25 | — | 49.3% | ||
| Q4 24 | — | 48.6% | ||
| Q3 24 | — | 48.8% | ||
| Q2 24 | — | 48.4% | ||
| Q1 24 | — | 47.9% |
营业利润率ADTZBRA
| Q4 25 | 26.1% | 9.4% | ||
| Q3 25 | 24.3% | 13.9% | ||
| Q2 25 | 26.6% | 14.2% | ||
| Q1 25 | 25.2% | 14.9% | ||
| Q4 24 | 32.4% | 16.9% | ||
| Q3 24 | 26.2% | 15.2% | ||
| Q2 24 | 23.6% | 13.7% | ||
| Q1 24 | 16.2% | 13.5% |
净利率ADTZBRA
| Q4 25 | 11.4% | 4.7% | ||
| Q3 25 | 11.2% | 7.7% | ||
| Q2 25 | 12.8% | 8.7% | ||
| Q1 25 | 11.1% | 10.4% | ||
| Q4 24 | 15.3% | 12.2% | ||
| Q3 24 | 10.2% | 10.9% | ||
| Q2 24 | 7.7% | 9.3% | ||
| Q1 24 | 7.6% | 9.8% |
每股收益（稀释后）ADTZBRA
| Q4 25 | — | $1.40 | ||
| Q3 25 | — | $1.97 | ||
| Q2 25 | — | $2.19 | ||
| Q1 25 | — | $2.62 | ||
| Q4 24 | — | $3.14 | ||
| Q3 24 | — | $2.64 | ||
| Q2 24 | — | $2.17 | ||
| Q1 24 | — | $2.23 |
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 | $125.0M |
| 总债务越低越好 | $7.4B | — |
| 股东权益账面价值 | $3.8B | $3.6B |
| 总资产 | $15.8B | $8.5B |
| 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ADTZBRA
| Q4 25 | $80.8M | $125.0M | ||
| Q3 25 | $62.8M | $1.1B | ||
| Q2 25 | $45.2M | $872.0M | ||
| Q1 25 | $3.7M | $879.0M | ||
| Q4 24 | $96.2M | $901.0M | ||
| Q3 24 | $95.3M | $676.0M | ||
| Q2 24 | $37.9M | $411.0M | ||
| Q1 24 | $4.0M | $127.0M |
总债务ADTZBRA
| Q4 25 | $7.4B | — | ||
| Q3 25 | $7.3B | $2.2B | ||
| Q2 25 | $6.8B | $2.2B | ||
| Q1 25 | $7.6B | $2.2B | ||
| Q4 24 | $7.5B | — | ||
| Q3 24 | $7.5B | $2.2B | ||
| Q2 24 | $7.5B | $2.2B | ||
| Q1 24 | $7.6B | $2.1B |
股东权益ADTZBRA
| Q4 25 | $3.8B | $3.6B | ||
| Q3 25 | $3.7B | $3.7B | ||
| Q2 25 | $3.7B | $3.6B | ||
| Q1 25 | $3.6B | $3.6B | ||
| Q4 24 | $3.8B | $3.6B | ||
| Q3 24 | $3.9B | $3.4B | ||
| Q2 24 | $3.8B | $3.3B | ||
| Q1 24 | $3.7B | $3.2B |
总资产ADTZBRA
| Q4 25 | $15.8B | $8.5B | ||
| Q3 25 | $16.0B | $8.1B | ||
| Q2 25 | $16.0B | $7.9B | ||
| Q1 25 | $15.8B | $7.9B | ||
| Q4 24 | $16.1B | $8.0B | ||
| Q3 24 | $16.1B | $7.7B | ||
| Q2 24 | $16.0B | $7.5B | ||
| Q1 24 | $15.9B | $7.3B |
负债/权益比ADTZBRA
| Q4 25 | 1.95× | — | ||
| Q3 25 | 1.99× | 0.58× | ||
| Q2 25 | 1.84× | 0.60× | ||
| Q1 25 | 2.10× | 0.60× | ||
| Q4 24 | 1.98× | — | ||
| Q3 24 | 1.93× | 0.64× | ||
| Q2 24 | 1.98× | 0.66× | ||
| Q1 24 | 2.03× | 0.66× |
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 | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $323.5M | $327.0M |
| 自由现金流率自由现金流/营收 | 25.4% | 22.2% |
| 资本支出强度资本支出/营收 | 3.9% | 2.0% |
| 现金转化率经营现金流/净利润 | 2.57× | 5.10× |
| 过去12个月自由现金流最近4个季度 | $1.7B | $831.0M |
8季度趋势，按日历期对齐
经营现金流ADTZBRA
| Q4 25 | $373.6M | $357.0M | ||
| Q3 25 | $480.1M | $235.0M | ||
| Q2 25 | $563.9M | $147.0M | ||
| Q1 25 | $466.6M | $178.0M | ||
| Q4 24 | $459.7M | $306.0M | ||
| Q3 24 | $498.2M | $294.0M | ||
| Q2 24 | $563.2M | $288.0M | ||
| Q1 24 | $363.8M | $125.0M |
自由现金流ADTZBRA
| Q4 25 | $323.5M | $327.0M | ||
| Q3 25 | $437.4M | $216.0M | ||
| Q2 25 | $526.3M | $130.0M | ||
| Q1 25 | $421.2M | $158.0M | ||
| Q4 24 | $426.0M | $288.0M | ||
| Q3 24 | $455.5M | $277.0M | ||
| Q2 24 | $516.5M | $278.0M | ||
| Q1 24 | $323.1M | $111.0M |
自由现金流率ADTZBRA
| Q4 25 | 25.4% | 22.2% | ||
| Q3 25 | 33.7% | 16.4% | ||
| Q2 25 | 40.9% | 10.1% | ||
| Q1 25 | 33.2% | 12.1% | ||
| Q4 24 | 34.3% | 21.6% | ||
| Q3 24 | 36.6% | 22.1% | ||
| Q2 24 | 42.9% | 22.8% | ||
| Q1 24 | 26.7% | 9.4% |
资本支出强度ADTZBRA
| Q4 25 | 3.9% | 2.0% | ||
| Q3 25 | 3.3% | 1.4% | ||
| Q2 25 | 2.9% | 1.3% | ||
| Q1 25 | 3.6% | 1.5% | ||
| Q4 24 | 2.7% | 1.3% | ||
| Q3 24 | 3.4% | 1.4% | ||
| Q2 24 | 3.9% | 0.8% | ||
| Q1 24 | 3.4% | 1.2% |
现金转化率ADTZBRA
| Q4 25 | 2.57× | 5.10× | ||
| Q3 25 | 3.31× | 2.33× | ||
| Q2 25 | 3.41× | 1.31× | ||
| Q1 25 | 3.33× | 1.31× | ||
| Q4 24 | 2.42× | 1.88× | ||
| Q3 24 | 3.92× | 2.15× | ||
| Q2 24 | 6.10× | 2.55× | ||
| Q1 24 | 3.97× | 1.09× |
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% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
