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AppLovin Corp（APP）与博思艾伦汉密尔顿（BAH）财务数据对比。点击上方公司名可切换其他公司
博思艾伦汉密尔顿的季度营收约是AppLovin Corp的2.0倍（$2.6B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 7.6%，领先75.1%），AppLovin Corp同比增速更快（-2.9% vs -10.2%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs -2.8%）
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。
博思艾伦汉密尔顿控股集团是美国知名专业服务企业，深耕数字化转型与人工智能领域，为公共部门、私营机构及非营利组织提供咨询、分析与工程服务，总部位于弗吉尼亚州麦克莱恩，属华盛顿大都会区，在全球另设有80个办事处。
APP vs BAH — 直观对比
营收规模更大
BAH
是对方的2.0倍
$1.3B
营收增速更快
APP
高出7.3%
-10.2%
净利率更高
APP
高出75.1%
7.6%
两年增速更快
APP
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.6B |
| 净利润 | $1.1B | $200.0M |
| 毛利率 | 95.2% | 51.9% |
| 营业利润率 | — | 8.8% |
| 净利率 | 82.7% | 7.6% |
| 营收同比 | -2.9% | -10.2% |
| 净利润同比 | 84.0% | 7.0% |
| 每股收益（稀释后） | $3.24 | $1.63 |
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APPBAH
| Q4 25 | $1.3B | $2.6B | ||
| Q3 25 | $1.4B | $2.9B | ||
| Q2 25 | $1.3B | $2.9B | ||
| Q1 25 | $1.5B | $3.0B | ||
| Q4 24 | $1.4B | $2.9B | ||
| Q3 24 | $1.2B | $3.1B | ||
| Q2 24 | $1.1B | $2.9B | ||
| Q1 24 | $1.1B | $2.8B |
净利润APPBAH
| Q4 25 | $1.1B | $200.0M | ||
| Q3 25 | $835.5M | $175.0M | ||
| Q2 25 | $819.5M | $271.0M | ||
| Q1 25 | $576.4M | $192.7M | ||
| Q4 24 | $599.2M | $186.9M | ||
| Q3 24 | $434.4M | $390.1M | ||
| Q2 24 | $310.0M | $165.2M | ||
| Q1 24 | $236.2M | $128.0M |
毛利率APPBAH
| Q4 25 | 95.2% | 51.9% | ||
| Q3 25 | 87.6% | 53.6% | ||
| Q2 25 | 87.7% | 51.3% | ||
| Q1 25 | 81.7% | 53.6% | ||
| Q4 24 | 76.7% | 55.2% | ||
| Q3 24 | 77.5% | 56.7% | ||
| Q2 24 | 73.8% | 53.4% | ||
| Q1 24 | 72.2% | 54.7% |
营业利润率APPBAH
| Q4 25 | — | 8.8% | ||
| Q3 25 | 76.8% | 9.8% | ||
| Q2 25 | 76.1% | 8.8% | ||
| Q1 25 | 44.7% | 9.2% | ||
| Q4 24 | 44.3% | 10.0% | ||
| Q3 24 | 44.6% | 17.4% | ||
| Q2 24 | 36.2% | 8.7% | ||
| Q1 24 | 32.1% | 9.5% |
净利率APPBAH
| Q4 25 | 82.7% | 7.6% | ||
| Q3 25 | 59.5% | 6.1% | ||
| Q2 25 | 65.1% | 9.3% | ||
| Q1 25 | 38.8% | 6.5% | ||
| Q4 24 | 43.6% | 6.4% | ||
| Q3 24 | 36.3% | 12.4% | ||
| Q2 24 | 28.7% | 5.6% | ||
| Q1 24 | 22.3% | 4.6% |
每股收益（稀释后）APPBAH
| Q4 25 | $3.24 | $1.63 | ||
| Q3 25 | $2.45 | $1.42 | ||
| Q2 25 | $2.39 | $2.16 | ||
| Q1 25 | $1.67 | $1.52 | ||
| Q4 24 | $1.72 | $1.45 | ||
| Q3 24 | $1.25 | $3.01 | ||
| Q2 24 | $0.89 | $1.27 | ||
| Q1 24 | $0.67 | $0.97 |
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 | $882.0M |
| 总债务越低越好 | $3.5B | $3.9B |
| 股东权益账面价值 | $2.1B | $1.0B |
| 总资产 | $7.3B | $7.1B |
| 负债/权益比越低杠杆越低 | 1.65× | 3.84× |
8季度趋势，按日历期对齐
现金及短期投资APPBAH
| Q4 25 | $2.5B | $882.0M | ||
| Q3 25 | $1.7B | $816.0M | ||
| Q2 25 | $1.2B | $711.0M | ||
| Q1 25 | $551.0M | $885.0M | ||
| Q4 24 | $741.4M | $453.5M | ||
| Q3 24 | $567.6M | $558.7M | ||
| Q2 24 | $460.4M | $297.7M | ||
| Q1 24 | $436.3M | $554.3M |
总债务APPBAH
| Q4 25 | $3.5B | $3.9B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | $3.5B | $3.4B | ||
| Q3 24 | — | $3.4B | ||
| Q2 24 | — | $3.4B | ||
| Q1 24 | — | $3.4B |
股东权益APPBAH
| Q4 25 | $2.1B | $1.0B | ||
| Q3 25 | $1.5B | $996.0M | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $575.4M | $1.0B | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $938.2M | $1.2B | ||
| Q2 24 | $814.8M | $1.1B | ||
| Q1 24 | $760.2M | $1.0B |
总资产APPBAH
| Q4 25 | $7.3B | $7.1B | ||
| Q3 25 | $6.3B | $7.2B | ||
| Q2 25 | $6.0B | $7.2B | ||
| Q1 25 | $5.7B | $7.3B | ||
| Q4 24 | $5.9B | $6.8B | ||
| Q3 24 | $5.4B | $6.9B | ||
| Q2 24 | $5.3B | $6.6B | ||
| Q1 24 | $5.3B | $6.6B |
负债/权益比APPBAH
| Q4 25 | 1.65× | 3.84× | ||
| Q3 25 | — | 3.98× | ||
| Q2 25 | — | 3.74× | ||
| Q1 25 | — | 3.99× | ||
| Q4 24 | 3.22× | 2.79× | ||
| Q3 24 | — | 2.83× | ||
| Q2 24 | — | 3.14× | ||
| Q1 24 | — | 3.26× |
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 | $261.0M |
| 自由现金流经营现金流 - 资本支出 | — | $248.0M |
| 自由现金流率自由现金流/营收 | — | 9.5% |
| 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× | 1.30× |
| 过去12个月自由现金流最近4个季度 | — | $933.4M |
8季度趋势，按日历期对齐
经营现金流APPBAH
| Q4 25 | $1.3B | $261.0M | ||
| Q3 25 | $1.1B | $421.0M | ||
| Q2 25 | $772.2M | $119.0M | ||
| Q1 25 | $831.7M | $219.0M | ||
| Q4 24 | $701.0M | $150.8M | ||
| Q3 24 | $550.7M | $587.1M | ||
| Q2 24 | $454.5M | $52.1M | ||
| Q1 24 | $392.8M | $143.8M |
自由现金流APPBAH
| Q4 25 | — | $248.0M | ||
| Q3 25 | — | $395.0M | ||
| Q2 25 | — | $96.0M | ||
| Q1 25 | — | $194.4M | ||
| Q4 24 | — | $133.6M | ||
| Q3 24 | — | $563.3M | ||
| Q2 24 | — | $19.7M | ||
| Q1 24 | — | $127.6M |
自由现金流率APPBAH
| Q4 25 | — | 9.5% | ||
| Q3 25 | — | 13.7% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 6.5% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 17.9% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 4.6% |
资本支出强度APPBAH
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 1.1% | ||
| Q1 24 | — | 0.6% |
现金转化率APPBAH
| Q4 25 | 1.19× | 1.30× | ||
| Q3 25 | 1.26× | 2.41× | ||
| Q2 25 | 0.94× | 0.44× | ||
| Q1 25 | 1.44× | 1.14× | ||
| Q4 24 | 1.17× | 0.81× | ||
| Q3 24 | 1.27× | 1.50× | ||
| Q2 24 | 1.47× | 0.32× | ||
| Q1 24 | 1.66× | 1.12× |
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% |
BAH
| Defense Clients | $1.5B | 55% |
| Civil Clients | $732.0M | 28% |
| Intelligence Clients | $434.0M | 17% |
