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AppLovin Corp（APP）与Salesforce（CRM）财务数据对比。点击上方公司名可切换其他公司
Salesforce的季度营收约是AppLovin Corp的7.7倍（$10.3B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 20.3%，领先62.4%），Salesforce同比增速更快（8.6% vs -2.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs 5.1%）
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。
Salesforce是总部位于美国加利福尼亚州旧金山的云软件企业，提供销售管理、客户服务、营销自动化、电子商务、数据分析、人工智能、代理式AI及应用开发等领域的企业级数字化解决方案，助力企业提升运营效率、优化客户关系管理。
APP vs CRM — 直观对比
营收规模更大
CRM
是对方的7.7倍
$1.3B
营收增速更快
CRM
高出11.5%
-2.9%
净利率更高
APP
高出62.4%
20.3%
两年增速更快
APP
近两年复合增速
5.1%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $10.3B |
| 净利润 | $1.1B | $2.1B |
| 毛利率 | 95.2% | 78.0% |
| 营业利润率 | — | 21.3% |
| 净利率 | 82.7% | 20.3% |
| 营收同比 | -2.9% | 8.6% |
| 净利润同比 | 84.0% | 36.6% |
| 每股收益（稀释后） | $3.24 | $2.19 |
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APPCRM
| Q4 25 | $1.3B | $10.3B | ||
| Q3 25 | $1.4B | $10.2B | ||
| Q2 25 | $1.3B | $9.8B | ||
| Q1 25 | $1.5B | $10.0B | ||
| Q4 24 | $1.4B | $9.4B | ||
| Q3 24 | $1.2B | $9.3B | ||
| Q2 24 | $1.1B | $9.1B | ||
| Q1 24 | $1.1B | $9.3B |
净利润APPCRM
| Q4 25 | $1.1B | $2.1B | ||
| Q3 25 | $835.5M | $1.9B | ||
| Q2 25 | $819.5M | $1.5B | ||
| Q1 25 | $576.4M | $1.7B | ||
| Q4 24 | $599.2M | $1.5B | ||
| Q3 24 | $434.4M | $1.4B | ||
| Q2 24 | $310.0M | $1.5B | ||
| Q1 24 | $236.2M | $1.4B |
毛利率APPCRM
| Q4 25 | 95.2% | 78.0% | ||
| Q3 25 | 87.6% | 78.1% | ||
| Q2 25 | 87.7% | 77.0% | ||
| Q1 25 | 81.7% | 77.8% | ||
| Q4 24 | 76.7% | 77.7% | ||
| Q3 24 | 77.5% | 76.8% | ||
| Q2 24 | 73.8% | 76.3% | ||
| Q1 24 | 72.2% | 76.9% |
营业利润率APPCRM
| Q4 25 | — | 21.3% | ||
| Q3 25 | 76.8% | 22.8% | ||
| Q2 25 | 76.1% | 19.8% | ||
| Q1 25 | 44.7% | 18.2% | ||
| Q4 24 | 44.3% | 20.0% | ||
| Q3 24 | 44.6% | 19.1% | ||
| Q2 24 | 36.2% | 18.7% | ||
| Q1 24 | 32.1% | 17.5% |
净利率APPCRM
| Q4 25 | 82.7% | 20.3% | ||
| Q3 25 | 59.5% | 18.4% | ||
| Q2 25 | 65.1% | 15.7% | ||
| Q1 25 | 38.8% | 17.1% | ||
| Q4 24 | 43.6% | 16.2% | ||
| Q3 24 | 36.3% | 15.3% | ||
| Q2 24 | 28.7% | 16.8% | ||
| Q1 24 | 22.3% | 15.6% |
每股收益（稀释后）APPCRM
| Q4 25 | $3.24 | $2.19 | ||
| Q3 25 | $2.45 | $1.96 | ||
| Q2 25 | $2.39 | $1.59 | ||
| Q1 25 | $1.67 | $1.75 | ||
| Q4 24 | $1.72 | $1.58 | ||
| Q3 24 | $1.25 | $1.47 | ||
| Q2 24 | $0.89 | $1.56 | ||
| Q1 24 | $0.67 | $1.47 |
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 | $9.0B |
| 总债务越低越好 | $3.5B | $8.4B |
| 股东权益账面价值 | $2.1B | $60.0B |
| 总资产 | $7.3B | $95.1B |
| 负债/权益比越低杠杆越低 | 1.65× | 0.14× |
8季度趋势，按日历期对齐
现金及短期投资APPCRM
| Q4 25 | $2.5B | $9.0B | ||
| Q3 25 | $1.7B | $10.4B | ||
| Q2 25 | $1.2B | $10.9B | ||
| Q1 25 | $551.0M | $8.8B | ||
| Q4 24 | $741.4M | $8.0B | ||
| Q3 24 | $567.6M | $7.7B | ||
| Q2 24 | $460.4M | $10.0B | ||
| Q1 24 | $436.3M | $8.5B |
总债务APPCRM
| Q4 25 | $3.5B | $8.4B | ||
| Q3 25 | — | $8.4B | ||
| Q2 25 | — | $8.4B | ||
| Q1 25 | — | $8.4B | ||
| Q4 24 | $3.5B | $8.4B | ||
| Q3 24 | — | $8.4B | ||
| Q2 24 | — | $9.4B | ||
| Q1 24 | — | $9.4B |
股东权益APPCRM
| Q4 25 | $2.1B | $60.0B | ||
| Q3 25 | $1.5B | $61.3B | ||
| Q2 25 | $1.2B | $60.7B | ||
| Q1 25 | $575.4M | $61.2B | ||
| Q4 24 | $1.1B | $58.5B | ||
| Q3 24 | $938.2M | $57.6B | ||
| Q2 24 | $814.8M | $59.7B | ||
| Q1 24 | $760.2M | $59.6B |
总资产APPCRM
| Q4 25 | $7.3B | $95.1B | ||
| Q3 25 | $6.3B | $97.6B | ||
| Q2 25 | $6.0B | $98.6B | ||
| Q1 25 | $5.7B | $102.9B | ||
| Q4 24 | $5.9B | $91.4B | ||
| Q3 24 | $5.4B | $92.2B | ||
| Q2 24 | $5.3B | $96.2B | ||
| Q1 24 | $5.3B | $99.8B |
负债/权益比APPCRM
| Q4 25 | 1.65× | 0.14× | ||
| Q3 25 | — | 0.14× | ||
| Q2 25 | — | 0.14× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | 3.22× | 0.14× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | 0.16× | ||
| Q1 24 | — | 0.16× |
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 | $2.3B |
| 自由现金流经营现金流 - 资本支出 | — | $2.2B |
| 自由现金流率自由现金流/营收 | — | 21.2% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | 1.19× | 1.11× |
| 过去12个月自由现金流最近4个季度 | — | $12.9B |
8季度趋势，按日历期对齐
经营现金流APPCRM
| Q4 25 | $1.3B | $2.3B | ||
| Q3 25 | $1.1B | $740.0M | ||
| Q2 25 | $772.2M | $6.5B | ||
| Q1 25 | $831.7M | $4.0B | ||
| Q4 24 | $701.0M | $2.0B | ||
| Q3 24 | $550.7M | $892.0M | ||
| Q2 24 | $454.5M | $6.2B | ||
| Q1 24 | $392.8M | $3.4B |
自由现金流APPCRM
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $605.0M | ||
| Q2 25 | — | $6.3B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $755.0M | ||
| Q2 24 | — | $6.1B | ||
| Q1 24 | — | $3.3B |
自由现金流率APPCRM
| Q4 25 | — | 21.2% | ||
| Q3 25 | — | 5.9% | ||
| Q2 25 | — | 64.1% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 18.8% | ||
| Q3 24 | — | 8.1% | ||
| Q2 24 | — | 66.6% | ||
| Q1 24 | — | 35.1% |
资本支出强度APPCRM
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 1.6% |
现金转化率APPCRM
| Q4 25 | 1.19× | 1.11× | ||
| Q3 25 | 1.26× | 0.39× | ||
| Q2 25 | 0.94× | 4.20× | ||
| Q1 25 | 1.44× | 2.32× | ||
| Q4 24 | 1.17× | 1.30× | ||
| Q3 24 | 1.27× | 0.62× | ||
| Q2 24 | 1.47× | 4.08× | ||
| Q1 24 | 1.66× | 2.35× |
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% |
CRM
| Agentforce Service | $2.5B | 24% |
| Agentforce Sales | $2.3B | 22% |
| Agentforce360Platform Slack And Other | $2.2B | 21% |
| Agentforce Integration And Agentforce Analytics | $1.4B | 14% |
| Agentforce Marketing And Agentforce Commerce | $1.4B | 13% |
| Professional Servicesand Other | $533.0M | 5% |
