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AppLovin Corp（APP）与Astrana Health, Inc.（ASTH）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Astrana Health, Inc.的1.4倍（$1.3B vs $950.5M），AppLovin Corp净利率更高（82.7% vs 0.7%，领先82.0%），Astrana Health, Inc.同比增速更快（42.9% vs -2.9%），过去两年Astrana Health, Inc.的营收复合增速更高（53.3% 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。
Astrana Health是一家总部位于美国的价值导向型医疗服务提供商，主要服务全美符合联邦医保资格的老年群体，提供上门初级护理、慢性病管理及护理协调服务，致力于提升患者健康水平、降低不必要的医疗支出。
APP vs ASTH — 直观对比
营收规模更大
APP
是对方的1.4倍
$950.5M
营收增速更快
ASTH
高出45.8%
-2.9%
净利率更高
APP
高出82.0%
0.7%
两年增速更快
ASTH
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $950.5M |
| 净利润 | $1.1B | $6.6M |
| 毛利率 | 95.2% | — |
| 营业利润率 | — | 1.9% |
| 净利率 | 82.7% | 0.7% |
| 营收同比 | -2.9% | 42.9% |
| 净利润同比 | 84.0% | 184.4% |
| 每股收益（稀释后） | $3.24 | $0.12 |
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APPASTH
| Q4 25 | $1.3B | $950.5M | ||
| Q3 25 | $1.4B | $956.0M | ||
| Q2 25 | $1.3B | $654.8M | ||
| Q1 25 | $1.5B | $620.4M | ||
| Q4 24 | $1.4B | $665.2M | ||
| Q3 24 | $1.2B | $478.7M | ||
| Q2 24 | $1.1B | $486.3M | ||
| Q1 24 | $1.1B | $404.4M |
净利润APPASTH
| Q4 25 | $1.1B | $6.6M | ||
| Q3 25 | $835.5M | $373.0K | ||
| Q2 25 | $819.5M | $9.4M | ||
| Q1 25 | $576.4M | $6.7M | ||
| Q4 24 | $599.2M | $-7.8M | ||
| Q3 24 | $434.4M | $16.1M | ||
| Q2 24 | $310.0M | $19.2M | ||
| Q1 24 | $236.2M | $14.8M |
毛利率APPASTH
| 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APPASTH
| Q4 25 | — | 1.9% | ||
| Q3 25 | 76.8% | 2.0% | ||
| Q2 25 | 76.1% | 3.1% | ||
| Q1 25 | 44.7% | 3.3% | ||
| Q4 24 | 44.3% | 0.1% | ||
| Q3 24 | 44.6% | 5.9% | ||
| Q2 24 | 36.2% | 6.2% | ||
| Q1 24 | 32.1% | 7.5% |
净利率APPASTH
| Q4 25 | 82.7% | 0.7% | ||
| Q3 25 | 59.5% | 0.0% | ||
| Q2 25 | 65.1% | 1.4% | ||
| Q1 25 | 38.8% | 1.1% | ||
| Q4 24 | 43.6% | -1.2% | ||
| Q3 24 | 36.3% | 3.4% | ||
| Q2 24 | 28.7% | 3.9% | ||
| Q1 24 | 22.3% | 3.7% |
每股收益（稀释后）APPASTH
| Q4 25 | $3.24 | $0.12 | ||
| Q3 25 | $2.45 | $0.01 | ||
| Q2 25 | $2.39 | $0.19 | ||
| Q1 25 | $1.67 | $0.14 | ||
| Q4 24 | $1.72 | $-0.14 | ||
| Q3 24 | $1.25 | $0.33 | ||
| Q2 24 | $0.89 | $0.40 | ||
| Q1 24 | $0.67 | $0.31 |
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 | $429.5M |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.1B | $779.3M |
| 总资产 | $7.3B | $2.2B |
| 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APPASTH
| Q4 25 | $2.5B | $429.5M | ||
| Q3 25 | $1.7B | $463.4M | ||
| Q2 25 | $1.2B | $342.1M | ||
| Q1 25 | $551.0M | $260.9M | ||
| Q4 24 | $741.4M | $290.8M | ||
| Q3 24 | $567.6M | $350.3M | ||
| Q2 24 | $460.4M | $327.7M | ||
| Q1 24 | $436.3M | $337.3M |
总债务APPASTH
| Q4 25 | $3.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益APPASTH
| Q4 25 | $2.1B | $779.3M | ||
| Q3 25 | $1.5B | $775.5M | ||
| Q2 25 | $1.2B | $765.5M | ||
| Q1 25 | $575.4M | $745.4M | ||
| Q4 24 | $1.1B | $712.7M | ||
| Q3 24 | $938.2M | $704.6M | ||
| Q2 24 | $814.8M | $678.9M | ||
| Q1 24 | $760.2M | $653.5M |
总资产APPASTH
| Q4 25 | $7.3B | $2.2B | ||
| Q3 25 | $6.3B | $2.2B | ||
| Q2 25 | $6.0B | $1.4B | ||
| Q1 25 | $5.7B | $1.3B | ||
| Q4 24 | $5.9B | $1.4B | ||
| Q3 24 | $5.4B | $1.3B | ||
| Q2 24 | $5.3B | $1.3B | ||
| Q1 24 | $5.3B | $1.2B |
负债/权益比APPASTH
| 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 | $-2.9M |
| 自由现金流经营现金流 - 资本支出 | — | $-6.0M |
| 自由现金流率自由现金流/营收 | — | -0.6% |
| 资本支出强度资本支出/营收 | — | 0.3% |
| 现金转化率经营现金流/净利润 | 1.19× | -0.44× |
| 过去12个月自由现金流最近4个季度 | — | $104.5M |
8季度趋势，按日历期对齐
经营现金流APPASTH
| Q4 25 | $1.3B | $-2.9M | ||
| Q3 25 | $1.1B | $10.0M | ||
| Q2 25 | $772.2M | $90.9M | ||
| Q1 25 | $831.7M | $16.6M | ||
| Q4 24 | $701.0M | $-10.9M | ||
| Q3 24 | $550.7M | $34.0M | ||
| Q2 24 | $454.5M | $23.2M | ||
| Q1 24 | $392.8M | $6.0M |
自由现金流APPASTH
| Q4 25 | — | $-6.0M | ||
| Q3 25 | — | $7.4M | ||
| Q2 25 | — | $89.5M | ||
| Q1 25 | — | $13.6M | ||
| Q4 24 | — | $-13.5M | ||
| Q3 24 | — | $31.7M | ||
| Q2 24 | — | $20.4M | ||
| Q1 24 | — | $5.6M |
自由现金流率APPASTH
| Q4 25 | — | -0.6% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | -2.0% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | 1.4% |
资本支出强度APPASTH
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 0.1% |
现金转化率APPASTH
| Q4 25 | 1.19× | -0.44× | ||
| Q3 25 | 1.26× | 26.69× | ||
| Q2 25 | 0.94× | 9.65× | ||
| Q1 25 | 1.44× | 2.48× | ||
| Q4 24 | 1.17× | — | ||
| Q3 24 | 1.27× | 2.11× | ||
| Q2 24 | 1.47× | 1.21× | ||
| Q1 24 | 1.66× | 0.40× |
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% |
ASTH
| Medicare | $542.4M | 57% |
| Commercial | $99.1M | 10% |
| Care Delivery | $92.1M | 10% |
| Care Enablement | $78.9M | 8% |
| Other Third Parties | $58.0M | 6% |
| Health Care Patient Service | $39.8M | 4% |
| Health Care Other | $25.5M | 3% |
| Other | $12.1M | 1% |
| Management Service | $10.3M | 1% |
