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Alignment Healthcare, Inc.（ALHC）与AppLovin Corp（APP）财务数据对比。点击上方公司名可切换其他公司
AppLovin Corp的季度营收约是Alignment Healthcare, Inc.的1.3倍（$1.3B vs $1.0B），AppLovin Corp净利率更高（82.7% vs -1.1%，领先83.8%），Alignment Healthcare, Inc.同比增速更快（44.4% vs -2.9%），过去两年Alignment Healthcare, Inc.的营收复合增速更高（26.9% vs 12.2%）
Alignment Healthcare是总部位于美国的医疗保健企业，主打联邦医疗保险优势计划，为老年群体提供协调医疗服务、处方药保障及补充福利，采用价值导向医疗模式，与本土医疗机构合作，业务覆盖美国多个州，致力提升患者健康水平。
AppLovin是总部位于美国加利福尼亚州帕洛阿尔托的移动科技公司，成立于2012年，旗下拥有SSP MAX、DSP AppDiscovery营销平台及SparkLabs创意工作室，可为开发者提供应用推广、变现、分析及发行服务，同时也对多家移动游戏发行商开展投资。
ALHC vs APP — 直观对比
营收规模更大
APP
是对方的1.3倍
$1.0B
营收增速更快
ALHC
高出47.3%
-2.9%
净利率更高
APP
高出83.8%
-1.1%
两年增速更快
ALHC
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.3B |
| 净利润 | $-11.0M | $1.1B |
| 毛利率 | — | 95.2% |
| 营业利润率 | -1.0% | — |
| 净利率 | -1.1% | 82.7% |
| 营收同比 | 44.4% | -2.9% |
| 净利润同比 | 64.6% | 84.0% |
| 每股收益（稀释后） | $-0.04 | $3.24 |
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ALHCAPP
| Q4 25 | $1.0B | $1.3B | ||
| Q3 25 | $993.7M | $1.4B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $926.9M | $1.5B | ||
| Q4 24 | $701.2M | $1.4B | ||
| Q3 24 | $692.4M | $1.2B | ||
| Q2 24 | $681.3M | $1.1B | ||
| Q1 24 | $628.6M | $1.1B |
净利润ALHCAPP
| Q4 25 | $-11.0M | $1.1B | ||
| Q3 25 | $3.7M | $835.5M | ||
| Q2 25 | $15.7M | $819.5M | ||
| Q1 25 | $-9.1M | $576.4M | ||
| Q4 24 | $-31.1M | $599.2M | ||
| Q3 24 | $-26.4M | $434.4M | ||
| Q2 24 | $-24.0M | $310.0M | ||
| Q1 24 | $-46.5M | $236.2M |
毛利率ALHCAPP
| Q4 25 | — | 95.2% | ||
| Q3 25 | — | 87.6% | ||
| Q2 25 | — | 87.7% | ||
| Q1 25 | — | 81.7% | ||
| Q4 24 | — | 76.7% | ||
| Q3 24 | — | 77.5% | ||
| Q2 24 | — | 73.8% | ||
| Q1 24 | — | 72.2% |
营业利润率ALHCAPP
| Q4 25 | -1.0% | — | ||
| Q3 25 | 0.8% | 76.8% | ||
| Q2 25 | 2.2% | 76.1% | ||
| Q1 25 | -0.6% | 44.7% | ||
| Q4 24 | -3.2% | 44.3% | ||
| Q3 24 | -2.8% | 44.6% | ||
| Q2 24 | -2.7% | 36.2% | ||
| Q1 24 | -6.5% | 32.1% |
净利率ALHCAPP
| Q4 25 | -1.1% | 82.7% | ||
| Q3 25 | 0.4% | 59.5% | ||
| Q2 25 | 1.5% | 65.1% | ||
| Q1 25 | -1.0% | 38.8% | ||
| Q4 24 | -4.4% | 43.6% | ||
| Q3 24 | -3.8% | 36.3% | ||
| Q2 24 | -3.5% | 28.7% | ||
| Q1 24 | -7.4% | 22.3% |
每股收益（稀释后）ALHCAPP
| Q4 25 | $-0.04 | $3.24 | ||
| Q3 25 | $0.02 | $2.45 | ||
| Q2 25 | $0.07 | $2.39 | ||
| Q1 25 | $-0.05 | $1.67 | ||
| Q4 24 | $-0.15 | $1.72 | ||
| Q3 24 | $-0.14 | $1.25 | ||
| Q2 24 | $-0.13 | $0.89 | ||
| Q1 24 | $-0.25 | $0.67 |
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 | $604.2M | $2.5B |
| 总债务越低越好 | $323.2M | $3.5B |
| 股东权益账面价值 | $179.3M | $2.1B |
| 总资产 | $1.1B | $7.3B |
| 负债/权益比越低杠杆越低 | 1.80× | 1.65× |
8季度趋势，按日历期对齐
现金及短期投资ALHCAPP
| Q4 25 | $604.2M | $2.5B | ||
| Q3 25 | $644.1M | $1.7B | ||
| Q2 25 | $503.8M | $1.2B | ||
| Q1 25 | $479.5M | $551.0M | ||
| Q4 24 | $470.6M | $741.4M | ||
| Q3 24 | $381.0M | $567.6M | ||
| Q2 24 | $363.7M | $460.4M | ||
| Q1 24 | $301.7M | $436.3M |
总债务ALHCAPP
| Q4 25 | $323.2M | $3.5B | ||
| Q3 25 | $322.7M | — | ||
| Q2 25 | $322.3M | — | ||
| Q1 25 | $321.9M | — | ||
| Q4 24 | $321.4M | $3.5B | ||
| Q3 24 | $212.0M | — | ||
| Q2 24 | $211.7M | — | ||
| Q1 24 | $162.0M | — |
股东权益ALHCAPP
| Q4 25 | $179.3M | $2.1B | ||
| Q3 25 | $161.9M | $1.5B | ||
| Q2 25 | $141.0M | $1.2B | ||
| Q1 25 | $108.1M | $575.4M | ||
| Q4 24 | $99.9M | $1.1B | ||
| Q3 24 | $114.5M | $938.2M | ||
| Q2 24 | $123.7M | $814.8M | ||
| Q1 24 | $130.9M | $760.2M |
总资产ALHCAPP
| Q4 25 | $1.1B | $7.3B | ||
| Q3 25 | $1.1B | $6.3B | ||
| Q2 25 | $1.0B | $6.0B | ||
| Q1 25 | $895.6M | $5.7B | ||
| Q4 24 | $782.1M | $5.9B | ||
| Q3 24 | $692.3M | $5.4B | ||
| Q2 24 | $716.3M | $5.3B | ||
| Q1 24 | $633.2M | $5.3B |
负债/权益比ALHCAPP
| Q4 25 | 1.80× | 1.65× | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 2.29× | — | ||
| Q1 25 | 2.98× | — | ||
| Q4 24 | 3.22× | 3.22× | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.71× | — | ||
| Q1 24 | 1.24× | — |
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 | $-50.4M | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $-55.4M | — |
| 自由现金流率自由现金流/营收 | -5.5% | — |
| 资本支出强度资本支出/营收 | 0.5% | — |
| 现金转化率经营现金流/净利润 | — | 1.19× |
| 过去12个月自由现金流最近4个季度 | $113.1M | — |
8季度趋势，按日历期对齐
经营现金流ALHCAPP
| Q4 25 | $-50.4M | $1.3B | ||
| Q3 25 | $144.6M | $1.1B | ||
| Q2 25 | $29.1M | $772.2M | ||
| Q1 25 | $16.6M | $831.7M | ||
| Q4 24 | $-8.7M | $701.0M | ||
| Q3 24 | $26.2M | $550.7M | ||
| Q2 24 | $23.5M | $454.5M | ||
| Q1 24 | $-6.2M | $392.8M |
自由现金流ALHCAPP
| Q4 25 | $-55.4M | — | ||
| Q3 25 | $139.1M | — | ||
| Q2 25 | $21.1M | — | ||
| Q1 25 | $8.4M | — | ||
| Q4 24 | $-18.0M | — | ||
| Q3 24 | $16.9M | — | ||
| Q2 24 | $11.8M | — | ||
| Q1 24 | $-17.4M | — |
自由现金流率ALHCAPP
| Q4 25 | -5.5% | — | ||
| Q3 25 | 14.0% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | -2.6% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | -2.8% | — |
资本支出强度ALHCAPP
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 1.3% | — | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | 1.8% | — |
现金转化率ALHCAPP
| Q4 25 | — | 1.19× | ||
| Q3 25 | 38.77× | 1.26× | ||
| Q2 25 | 1.86× | 0.94× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 1.17× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 1.66× |
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
ALHC
暂无分部数据
APP
| Other | $673.9M | 51% |
| US | $659.0M | 49% |
