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AppLovin Corp（APP）与Academy Sports & Outdoors, Inc.（ASO）财务数据对比。点击上方公司名可切换其他公司
Academy Sports & Outdoors, Inc.的季度营收约是AppLovin Corp的1.0倍（$1.4B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 5.2%，领先77.5%），Academy Sports & Outdoors, Inc.同比增速更快（3.0% vs -2.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs -12.2%）
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。
Academy Sports & Outdoors是美国知名的运动户外用品连锁零售商，总部位于得克萨斯州哈里斯县，临近休斯顿。品牌曾由戈奇曼家族私有运营74年，2011年被私募机构KKR收购，2020年10月于纳斯达克挂牌上市，旗下门店主营各类运动装备、户外休闲用品等品类。
APP vs ASO — 直观对比
营收规模更大
ASO
是对方的1.0倍
$1.3B
营收增速更快
ASO
高出5.9%
-2.9%
净利率更高
APP
高出77.5%
5.2%
两年增速更快
APP
近两年复合增速
-12.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.4B |
| 净利润 | $1.1B | $71.6M |
| 毛利率 | 95.2% | 35.7% |
| 营业利润率 | — | 7.3% |
| 净利率 | 82.7% | 5.2% |
| 营收同比 | -2.9% | 3.0% |
| 净利润同比 | 84.0% | 8.8% |
| 每股收益（稀释后） | $3.24 | $1.05 |
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APPASO
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.4B | $1.6B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.5B | $1.7B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.1B | $1.4B | ||
| Q1 24 | $1.1B | $1.8B |
净利润APPASO
| Q4 25 | $1.1B | $71.6M | ||
| Q3 25 | $835.5M | $125.4M | ||
| Q2 25 | $819.5M | $46.1M | ||
| Q1 25 | $576.4M | $133.6M | ||
| Q4 24 | $599.2M | $65.8M | ||
| Q3 24 | $434.4M | $142.6M | ||
| Q2 24 | $310.0M | $76.5M | ||
| Q1 24 | $236.2M | $168.2M |
毛利率APPASO
| Q4 25 | 95.2% | 35.7% | ||
| Q3 25 | 87.6% | 36.0% | ||
| Q2 25 | 87.7% | 34.0% | ||
| Q1 25 | 81.7% | 32.2% | ||
| Q4 24 | 76.7% | 34.0% | ||
| Q3 24 | 77.5% | 36.1% | ||
| Q2 24 | 73.8% | 33.4% | ||
| Q1 24 | 72.2% | 33.3% |
营业利润率APPASO
| Q4 25 | — | 7.3% | ||
| Q3 25 | 76.8% | 10.8% | ||
| Q2 25 | 76.1% | 5.1% | ||
| Q1 25 | 44.7% | 9.2% | ||
| Q4 24 | 44.3% | 6.8% | ||
| Q3 24 | 44.6% | 12.3% | ||
| Q2 24 | 36.2% | 7.5% | ||
| Q1 24 | 32.1% | 11.4% |
净利率APPASO
| Q4 25 | 82.7% | 5.2% | ||
| Q3 25 | 59.5% | 7.8% | ||
| Q2 25 | 65.1% | 3.4% | ||
| Q1 25 | 38.8% | 8.0% | ||
| Q4 24 | 43.6% | 4.9% | ||
| Q3 24 | 36.3% | 9.2% | ||
| Q2 24 | 28.7% | 5.6% | ||
| Q1 24 | 22.3% | 9.4% |
每股收益（稀释后）APPASO
| Q4 25 | $3.24 | $1.05 | ||
| Q3 25 | $2.45 | $1.85 | ||
| Q2 25 | $2.39 | $0.68 | ||
| Q1 25 | $1.67 | $1.85 | ||
| Q4 24 | $1.72 | $0.92 | ||
| Q3 24 | $1.25 | $1.95 | ||
| Q2 24 | $0.89 | $1.01 | ||
| Q1 24 | $0.67 | $2.19 |
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 | $2.5B | $289.5M |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.1B | $2.1B |
| 总资产 | $7.3B | $5.4B |
| 负债/权益比越低杠杆越低 | 1.65× | — |
8季度趋势，按日历期对齐
现金及短期投资APPASO
| Q4 25 | $2.5B | $289.5M | ||
| Q3 25 | $1.7B | $300.9M | ||
| Q2 25 | $1.2B | $285.1M | ||
| Q1 25 | $551.0M | $288.9M | ||
| Q4 24 | $741.4M | $296.0M | ||
| Q3 24 | $567.6M | $324.6M | ||
| Q2 24 | $460.4M | $378.1M | ||
| Q1 24 | $436.3M | $347.9M |
总债务APPASO
| Q4 25 | $3.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益APPASO
| Q4 25 | $2.1B | $2.1B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.2B | $1.9B | ||
| Q1 25 | $575.4M | $2.0B | ||
| Q4 24 | $1.1B | $2.0B | ||
| Q3 24 | $938.2M | $2.0B | ||
| Q2 24 | $814.8M | $1.9B | ||
| Q1 24 | $760.2M | $2.0B |
总资产APPASO
| Q4 25 | $7.3B | $5.4B | ||
| Q3 25 | $6.3B | $5.3B | ||
| Q2 25 | $6.0B | $5.2B | ||
| Q1 25 | $5.7B | $4.9B | ||
| Q4 24 | $5.9B | $5.1B | ||
| Q3 24 | $5.4B | $4.9B | ||
| Q2 24 | $5.3B | $4.9B | ||
| Q1 24 | $5.3B | $4.7B |
负债/权益比APPASO
| Q4 25 | 1.65× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $1.3B | $49.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-13.6M |
| 自由现金流率自由现金流/营收 | — | -1.0% |
| 资本支出强度资本支出/营收 | — | 4.5% |
| 现金转化率经营现金流/净利润 | 1.19× | 0.68× |
| 过去12个月自由现金流最近4个季度 | — | $191.4M |
8季度趋势，按日历期对齐
经营现金流APPASO
| Q4 25 | $1.3B | $49.0M | ||
| Q3 25 | $1.1B | $78.6M | ||
| Q2 25 | $772.2M | $157.5M | ||
| Q1 25 | $831.7M | $140.2M | ||
| Q4 24 | $701.0M | $96.9M | ||
| Q3 24 | $550.7M | $91.3M | ||
| Q2 24 | $454.5M | $199.7M | ||
| Q1 24 | $392.8M | $234.7M |
自由现金流APPASO
| Q4 25 | — | $-13.6M | ||
| Q3 25 | — | $21.8M | ||
| Q2 25 | — | $106.6M | ||
| Q1 25 | — | $76.4M | ||
| Q4 24 | — | $34.4M | ||
| Q3 24 | — | $50.1M | ||
| Q2 24 | — | $167.4M | ||
| Q1 24 | — | $178.9M |
自由现金流率APPASO
| Q4 25 | — | -1.0% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 7.9% | ||
| Q1 25 | — | 4.6% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 12.3% | ||
| Q1 24 | — | 10.0% |
资本支出强度APPASO
| Q4 25 | — | 4.5% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | — | 3.8% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 3.1% |
现金转化率APPASO
| Q4 25 | 1.19× | 0.68× | ||
| Q3 25 | 1.26× | 0.63× | ||
| Q2 25 | 0.94× | 3.42× | ||
| Q1 25 | 1.44× | 1.05× | ||
| Q4 24 | 1.17× | 1.47× | ||
| Q3 24 | 1.27× | 0.64× | ||
| Q2 24 | 1.47× | 2.61× | ||
| Q1 24 | 1.66× | 1.40× |
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
APP
| Other | $673.9M | 51% |
| US | $659.0M | 49% |
ASO
| Outdoors | $445.1M | 32% |
| Apparel | $349.8M | 25% |
| Footwear | $292.4M | 21% |
| Sports And Recreation | $288.7M | 21% |
| Other | $7.6M | 1% |
