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AppLovin Corp（APP）与CoStar Group（CSGP）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CoStar Group的1.5倍（$1.3B vs $899.9M），AppLovin Corp净利率更高（82.7% vs 5.2%，领先77.5%），CoStar Group同比增速更快（26.9% vs -2.9%），过去两年CoStar Group的营收复合增速更高（17.1% 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。
CoStar Group是1987年成立的美国商业地产服务商，总部位于弗吉尼亚州阿灵顿，业务覆盖北美、欧洲地区，为商业地产行业提供信息、分析及营销解决方案，旗下运营CoStar线上数据库、新闻网站及Apartments.com、Homes.com等多个线上平台。
APP vs CSGP — 直观对比
营收规模更大
APP
是对方的1.5倍
$899.9M
营收增速更快
CSGP
高出29.8%
-2.9%
净利率更高
APP
高出77.5%
5.2%
两年增速更快
CSGP
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $899.9M |
| 净利润 | $1.1B | $46.5M |
| 毛利率 | 95.2% | 78.6% |
| 营业利润率 | — | 5.5% |
| 净利率 | 82.7% | 5.2% |
| 营收同比 | -2.9% | 26.9% |
| 净利润同比 | 84.0% | -22.2% |
| 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APPCSGP
| Q4 25 | $1.3B | $899.9M | ||
| Q3 25 | $1.4B | $833.6M | ||
| Q2 25 | $1.3B | $781.3M | ||
| Q1 25 | $1.5B | $732.2M | ||
| Q4 24 | $1.4B | $709.4M | ||
| Q3 24 | $1.2B | $692.6M | ||
| Q2 24 | $1.1B | $677.8M | ||
| Q1 24 | $1.1B | $656.4M |
净利润APPCSGP
| Q4 25 | $1.1B | $46.5M | ||
| Q3 25 | $835.5M | $-30.9M | ||
| Q2 25 | $819.5M | $6.2M | ||
| Q1 25 | $576.4M | $-14.8M | ||
| Q4 24 | $599.2M | $59.8M | ||
| Q3 24 | $434.4M | $53.0M | ||
| Q2 24 | $310.0M | $19.2M | ||
| Q1 24 | $236.2M | $6.7M |
毛利率APPCSGP
| Q4 25 | 95.2% | 78.6% | ||
| Q3 25 | 87.6% | 79.3% | ||
| Q2 25 | 87.7% | 78.5% | ||
| Q1 25 | 81.7% | 79.1% | ||
| Q4 24 | 76.7% | 80.1% | ||
| Q3 24 | 77.5% | 79.7% | ||
| Q2 24 | 73.8% | 80.0% | ||
| Q1 24 | 72.2% | 78.5% |
营业利润率APPCSGP
| Q4 25 | — | 5.5% | ||
| Q3 25 | 76.8% | -6.1% | ||
| Q2 25 | 76.1% | -3.5% | ||
| Q1 25 | 44.7% | -5.8% | ||
| Q4 24 | 44.3% | 5.6% | ||
| Q3 24 | 44.6% | 3.4% | ||
| Q2 24 | 36.2% | -2.4% | ||
| Q1 24 | 32.1% | -6.5% |
净利率APPCSGP
| Q4 25 | 82.7% | 5.2% | ||
| Q3 25 | 59.5% | -3.7% | ||
| Q2 25 | 65.1% | 0.8% | ||
| Q1 25 | 38.8% | -2.0% | ||
| Q4 24 | 43.6% | 8.4% | ||
| Q3 24 | 36.3% | 7.7% | ||
| Q2 24 | 28.7% | 2.8% | ||
| Q1 24 | 22.3% | 1.0% |
每股收益（稀释后）APPCSGP
| Q4 25 | $3.24 | $0.12 | ||
| Q3 25 | $2.45 | $-0.07 | ||
| Q2 25 | $2.39 | $0.01 | ||
| Q1 25 | $1.67 | $-0.04 | ||
| Q4 24 | $1.72 | $0.14 | ||
| Q3 24 | $1.25 | $0.13 | ||
| Q2 24 | $0.89 | $0.05 | ||
| Q1 24 | $0.67 | $0.02 |
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 | $1.6B |
| 总债务越低越好 | $3.5B | $140.0M |
| 股东权益账面价值 | $2.1B | $8.3B |
| 总资产 | $7.3B | $10.5B |
| 负债/权益比越低杠杆越低 | 1.65× | 0.02× |
8季度趋势，按日历期对齐
现金及短期投资APPCSGP
| Q4 25 | $2.5B | $1.6B | ||
| Q3 25 | $1.7B | $1.9B | ||
| Q2 25 | $1.2B | $3.6B | ||
| Q1 25 | $551.0M | $3.7B | ||
| Q4 24 | $741.4M | $4.7B | ||
| Q3 24 | $567.6M | — | ||
| Q2 24 | $460.4M | — | ||
| Q1 24 | $436.3M | — |
总债务APPCSGP
| Q4 25 | $3.5B | $140.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | $3.5B | $1.0B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $1.0B |
股东权益APPCSGP
| Q4 25 | $2.1B | $8.3B | ||
| Q3 25 | $1.5B | $8.6B | ||
| Q2 25 | $1.2B | $8.6B | ||
| Q1 25 | $575.4M | $8.6B | ||
| Q4 24 | $1.1B | $7.6B | ||
| Q3 24 | $938.2M | $7.5B | ||
| Q2 24 | $814.8M | $7.4B | ||
| Q1 24 | $760.2M | $7.3B |
总资产APPCSGP
| Q4 25 | $7.3B | $10.5B | ||
| Q3 25 | $6.3B | $10.8B | ||
| Q2 25 | $6.0B | $10.5B | ||
| Q1 25 | $5.7B | $10.4B | ||
| Q4 24 | $5.9B | $9.3B | ||
| Q3 24 | $5.4B | $9.1B | ||
| Q2 24 | $5.3B | $9.1B | ||
| Q1 24 | $5.3B | $9.0B |
负债/权益比APPCSGP
| Q4 25 | 1.65× | 0.02× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | 3.22× | 0.13× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.14× |
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 | $162.1M |
| 自由现金流经营现金流 - 资本支出 | — | $101.3M |
| 自由现金流率自由现金流/营收 | — | 11.3% |
| 资本支出强度资本支出/营收 | — | 6.8% |
| 现金转化率经营现金流/净利润 | 1.19× | 3.49× |
| 过去12个月自由现金流最近4个季度 | — | $123.0M |
8季度趋势，按日历期对齐
经营现金流APPCSGP
| Q4 25 | $1.3B | $162.1M | ||
| Q3 25 | $1.1B | $68.2M | ||
| Q2 25 | $772.2M | $146.5M | ||
| Q1 25 | $831.7M | $53.2M | ||
| Q4 24 | $701.0M | $94.6M | ||
| Q3 24 | $550.7M | $100.3M | ||
| Q2 24 | $454.5M | $58.1M | ||
| Q1 24 | $392.8M | $139.6M |
自由现金流APPCSGP
| Q4 25 | — | $101.3M | ||
| Q3 25 | — | $-5.5M | ||
| Q2 25 | — | $27.7M | ||
| Q1 25 | — | $-500.0K | ||
| Q4 24 | — | $25.2M | ||
| Q3 24 | — | $40.2M | ||
| Q2 24 | — | $-14.7M | ||
| Q1 24 | — | $-237.1M |
自由现金流率APPCSGP
| Q4 25 | — | 11.3% | ||
| Q3 25 | — | -0.7% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | -0.1% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | — | -2.2% | ||
| Q1 24 | — | -36.1% |
资本支出强度APPCSGP
| Q4 25 | — | 6.8% | ||
| Q3 25 | — | 8.8% | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | — | 7.3% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | 8.7% | ||
| Q2 24 | — | 10.7% | ||
| Q1 24 | — | 57.4% |
现金转化率APPCSGP
| Q4 25 | 1.19× | 3.49× | ||
| Q3 25 | 1.26× | — | ||
| Q2 25 | 0.94× | 23.63× | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.17× | 1.58× | ||
| Q3 24 | 1.27× | 1.89× | ||
| Q2 24 | 1.47× | 3.03× | ||
| Q1 24 | 1.66× | 20.84× |
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% |
CSGP
| Co Star | $503.8M | 56% |
| Other | $283.0M | 31% |
| Loop Net | $94.7M | 11% |
