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AppLovin Corp（APP）与Deckers Brands（DECK）财务数据对比。点击上方公司名可切换其他公司
Deckers Brands的季度营收约是AppLovin Corp的1.5倍（$2.0B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 24.6%，领先58.1%），Deckers Brands同比增速更快（7.1% vs -2.9%），过去两年Deckers Brands的营收复合增速更高（42.8% 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。
Deckers Brands是1973年成立的美国鞋履设计与分销企业，总部位于加利福尼亚州戈利塔，由道格·奥托与卡尔·F·洛普克共同创立。公司旗下拥有UGG、Teva、Hoka等全球知名鞋履品牌，产品覆盖休闲、户外等多个领域，销往世界多地。
APP vs DECK — 直观对比
营收规模更大
DECK
是对方的1.5倍
$1.3B
营收增速更快
DECK
高出10.0%
-2.9%
净利率更高
APP
高出58.1%
24.6%
两年增速更快
DECK
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.0B |
| 净利润 | $1.1B | $481.1M |
| 毛利率 | 95.2% | 59.8% |
| 营业利润率 | — | 31.4% |
| 净利率 | 82.7% | 24.6% |
| 营收同比 | -2.9% | 7.1% |
| 净利润同比 | 84.0% | 5.3% |
| 每股收益（稀释后） | $3.24 | $3.33 |
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APPDECK
| Q4 25 | $1.3B | $2.0B | ||
| Q3 25 | $1.4B | $1.4B | ||
| Q2 25 | $1.3B | $964.5M | ||
| Q1 25 | $1.5B | $1.0B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.1B | $825.3M | ||
| Q1 24 | $1.1B | $959.8M |
净利润APPDECK
| Q4 25 | $1.1B | $481.1M | ||
| Q3 25 | $835.5M | $268.2M | ||
| Q2 25 | $819.5M | $139.2M | ||
| Q1 25 | $576.4M | $151.4M | ||
| Q4 24 | $599.2M | $456.7M | ||
| Q3 24 | $434.4M | $242.3M | ||
| Q2 24 | $310.0M | $115.6M | ||
| Q1 24 | $236.2M | $127.5M |
毛利率APPDECK
| Q4 25 | 95.2% | 59.8% | ||
| Q3 25 | 87.6% | 56.2% | ||
| Q2 25 | 87.7% | 55.8% | ||
| Q1 25 | 81.7% | 56.7% | ||
| Q4 24 | 76.7% | 60.3% | ||
| Q3 24 | 77.5% | 55.9% | ||
| Q2 24 | 73.8% | 56.9% | ||
| Q1 24 | 72.2% | 56.2% |
营业利润率APPDECK
| Q4 25 | — | 31.4% | ||
| Q3 25 | 76.8% | 22.8% | ||
| Q2 25 | 76.1% | 17.1% | ||
| Q1 25 | 44.7% | 17.0% | ||
| Q4 24 | 44.3% | 31.0% | ||
| Q3 24 | 44.6% | 23.3% | ||
| Q2 24 | 36.2% | 16.1% | ||
| Q1 24 | 32.1% | 15.0% |
净利率APPDECK
| Q4 25 | 82.7% | 24.6% | ||
| Q3 25 | 59.5% | 18.7% | ||
| Q2 25 | 65.1% | 14.4% | ||
| Q1 25 | 38.8% | 14.8% | ||
| Q4 24 | 43.6% | 25.0% | ||
| Q3 24 | 36.3% | 18.5% | ||
| Q2 24 | 28.7% | 14.0% | ||
| Q1 24 | 22.3% | 13.3% |
每股收益（稀释后）APPDECK
| Q4 25 | $3.24 | $3.33 | ||
| Q3 25 | $2.45 | $1.82 | ||
| Q2 25 | $2.39 | $0.93 | ||
| Q1 25 | $1.67 | $-2.78 | ||
| Q4 24 | $1.72 | $3.00 | ||
| Q3 24 | $1.25 | $1.59 | ||
| Q2 24 | $0.89 | $4.52 | ||
| Q1 24 | $0.67 | $4.82 |
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 | $2.1B |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.1B | $2.6B |
| 总资产 | $7.3B | $4.1B |
| 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APPDECK
| Q4 25 | $2.5B | $2.1B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $551.0M | $1.9B | ||
| Q4 24 | $741.4M | $2.2B | ||
| Q3 24 | $567.6M | $1.2B | ||
| Q2 24 | $460.4M | $1.4B | ||
| Q1 24 | $436.3M | $1.5B |
总债务APPDECK
| Q4 25 | $3.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益APPDECK
| Q4 25 | $2.1B | $2.6B | ||
| Q3 25 | $1.5B | $2.5B | ||
| Q2 25 | $1.2B | $2.5B | ||
| Q1 25 | $575.4M | $2.5B | ||
| Q4 24 | $1.1B | $2.6B | ||
| Q3 24 | $938.2M | $2.2B | ||
| Q2 24 | $814.8M | $2.1B | ||
| Q1 24 | $760.2M | $2.1B |
总资产APPDECK
| Q4 25 | $7.3B | $4.1B | ||
| Q3 25 | $6.3B | $3.8B | ||
| Q2 25 | $6.0B | $3.8B | ||
| Q1 25 | $5.7B | $3.6B | ||
| Q4 24 | $5.9B | $4.0B | ||
| Q3 24 | $5.4B | $3.4B | ||
| Q2 24 | $5.3B | $3.3B | ||
| Q1 24 | $5.3B | $3.1B |
负债/权益比APPDECK
| 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 | $1.0B |
| 自由现金流经营现金流 - 资本支出 | — | $1.0B |
| 自由现金流率自由现金流/营收 | — | 52.1% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 现金转化率经营现金流/净利润 | 1.19× | 2.17× |
| 过去12个月自由现金流最近4个季度 | — | $929.1M |
8季度趋势，按日历期对齐
经营现金流APPDECK
| Q4 25 | $1.3B | $1.0B | ||
| Q3 25 | $1.1B | $8.1M | ||
| Q2 25 | $772.2M | $36.1M | ||
| Q1 25 | $831.7M | $-73.0M | ||
| Q4 24 | $701.0M | $1.1B | ||
| Q3 24 | $550.7M | $-90.5M | ||
| Q2 24 | $454.5M | $112.7M | ||
| Q1 24 | $392.8M | $-28.7M |
自由现金流APPDECK
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $-13.9M | ||
| Q2 25 | — | $12.2M | ||
| Q1 25 | — | $-89.4M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $-113.4M | ||
| Q2 24 | — | $90.1M | ||
| Q1 24 | — | $-44.0M |
自由现金流率APPDECK
| Q4 25 | — | 52.1% | ||
| Q3 25 | — | -1.0% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | -8.8% | ||
| Q4 24 | — | 58.6% | ||
| Q3 24 | — | -8.6% | ||
| Q2 24 | — | 10.9% | ||
| Q1 24 | — | -4.6% |
资本支出强度APPDECK
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | 1.6% |
现金转化率APPDECK
| Q4 25 | 1.19× | 2.17× | ||
| Q3 25 | 1.26× | 0.03× | ||
| Q2 25 | 0.94× | 0.26× | ||
| Q1 25 | 1.44× | -0.48× | ||
| Q4 24 | 1.17× | 2.40× | ||
| Q3 24 | 1.27× | -0.37× | ||
| Q2 24 | 1.47× | 0.97× | ||
| Q1 24 | 1.66× | -0.22× |
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% |
DECK
| UGG Brand Segment | $1.3B | 67% |
| Hoka Brand Segment | $628.9M | 32% |
| Other Brands Segment | $23.2M | 1% |
