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AppLovin Corp（APP）与游戏驿站（GME）财务数据对比。点击上方公司名可切换其他公司
AppLovin Corp的季度营收约是游戏驿站的1.6倍（$1.3B vs $821.0M），AppLovin Corp净利率更高（82.7% vs 9.4%，领先73.3%），AppLovin Corp同比增速更快（-2.9% vs -4.6%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs -32.3%）
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。
游戏驿站（GameStop Corp.）是美国知名电子游戏、消费电子及游戏周边零售企业，总部位于得克萨斯州格雷普韦恩，是全球规模最大的电子游戏零售商。截至2025年2月，公司在美、加、澳及欧洲地区共运营3203家门店，旗下拥有EB Games、ThinkGeek等多个零售品牌，前身为1984年于达拉斯成立的Babbage's。
APP vs GME — 直观对比
营收规模更大
APP
是对方的1.6倍
$821.0M
营收增速更快
APP
高出1.7%
-4.6%
净利率更高
APP
高出73.3%
9.4%
两年增速更快
APP
近两年复合增速
-32.3%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $821.0M |
| 净利润 | $1.1B | $77.1M |
| 毛利率 | 95.2% | 33.3% |
| 营业利润率 | — | 5.0% |
| 净利率 | 82.7% | 9.4% |
| 营收同比 | -2.9% | -4.6% |
| 净利润同比 | 84.0% | 343.1% |
| 每股收益（稀释后） | $3.24 | $0.13 |
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APPGME
| Q4 25 | $1.3B | $821.0M | ||
| Q3 25 | $1.4B | $972.2M | ||
| Q2 25 | $1.3B | $732.4M | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.4B | $860.3M | ||
| Q3 24 | $1.2B | $798.3M | ||
| Q2 24 | $1.1B | $881.8M | ||
| Q1 24 | $1.1B | $1.8B |
净利润APPGME
| Q4 25 | $1.1B | $77.1M | ||
| Q3 25 | $835.5M | $168.6M | ||
| Q2 25 | $819.5M | $44.8M | ||
| Q1 25 | $576.4M | $131.4M | ||
| Q4 24 | $599.2M | $17.4M | ||
| Q3 24 | $434.4M | $14.8M | ||
| Q2 24 | $310.0M | $-32.3M | ||
| Q1 24 | $236.2M | $63.1M |
毛利率APPGME
| Q4 25 | 95.2% | 33.3% | ||
| Q3 25 | 87.6% | 29.1% | ||
| Q2 25 | 87.7% | 34.5% | ||
| Q1 25 | 81.7% | 28.3% | ||
| Q4 24 | 76.7% | 29.9% | ||
| Q3 24 | 77.5% | 31.2% | ||
| Q2 24 | 73.8% | 27.7% | ||
| Q1 24 | 72.2% | 23.4% |
营业利润率APPGME
| Q4 25 | — | 5.0% | ||
| Q3 25 | 76.8% | 6.8% | ||
| Q2 25 | 76.1% | -1.5% | ||
| Q1 25 | 44.7% | 6.2% | ||
| Q4 24 | 44.3% | -3.9% | ||
| Q3 24 | 44.6% | -2.8% | ||
| Q2 24 | 36.2% | -5.7% | ||
| Q1 24 | 32.1% | 3.1% |
净利率APPGME
| Q4 25 | 82.7% | 9.4% | ||
| Q3 25 | 59.5% | 17.3% | ||
| Q2 25 | 65.1% | 6.1% | ||
| Q1 25 | 38.8% | 10.2% | ||
| Q4 24 | 43.6% | 2.0% | ||
| Q3 24 | 36.3% | 1.9% | ||
| Q2 24 | 28.7% | -3.7% | ||
| Q1 24 | 22.3% | 3.5% |
每股收益（稀释后）APPGME
| Q4 25 | $3.24 | $0.13 | ||
| Q3 25 | $2.45 | $0.31 | ||
| Q2 25 | $2.39 | $0.09 | ||
| Q1 25 | $1.67 | $0.36 | ||
| Q4 24 | $1.72 | $0.04 | ||
| Q3 24 | $1.25 | $0.04 | ||
| Q2 24 | $0.89 | $-0.11 | ||
| Q1 24 | $0.67 | $0.21 |
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 | $8.8B |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.1B | $5.3B |
| 总资产 | $7.3B | $10.6B |
| 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APPGME
| Q4 25 | $2.5B | $8.8B | ||
| Q3 25 | $1.7B | $8.7B | ||
| Q2 25 | $1.2B | $6.4B | ||
| Q1 25 | $551.0M | $4.8B | ||
| Q4 24 | $741.4M | $4.6B | ||
| Q3 24 | $567.6M | $4.2B | ||
| Q2 24 | $460.4M | $1.1B | ||
| Q1 24 | $436.3M | $1.2B |
总债务APPGME
| Q4 25 | $3.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $16.9M | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $28.5M |
股东权益APPGME
| Q4 25 | $2.1B | $5.3B | ||
| Q3 25 | $1.5B | $5.2B | ||
| Q2 25 | $1.2B | $5.0B | ||
| Q1 25 | $575.4M | $4.9B | ||
| Q4 24 | $1.1B | $4.8B | ||
| Q3 24 | $938.2M | $4.4B | ||
| Q2 24 | $814.8M | $1.3B | ||
| Q1 24 | $760.2M | $1.3B |
总资产APPGME
| Q4 25 | $7.3B | $10.6B | ||
| Q3 25 | $6.3B | $10.3B | ||
| Q2 25 | $6.0B | $7.5B | ||
| Q1 25 | $5.7B | $5.9B | ||
| Q4 24 | $5.9B | $6.2B | ||
| Q3 24 | $5.4B | $5.5B | ||
| Q2 24 | $5.3B | $2.6B | ||
| Q1 24 | $5.3B | $2.7B |
负债/权益比APPGME
| Q4 25 | 1.65× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.02× |
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 | $111.3M |
| 自由现金流经营现金流 - 资本支出 | — | $107.0M |
| 自由现金流率自由现金流/营收 | — | 13.0% |
| 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× | 1.44× |
| 过去12个月自由现金流最近4个季度 | — | $568.7M |
8季度趋势，按日历期对齐
经营现金流APPGME
| Q4 25 | $1.3B | $111.3M | ||
| Q3 25 | $1.1B | $117.4M | ||
| Q2 25 | $772.2M | $192.5M | ||
| Q1 25 | $831.7M | $162.3M | ||
| Q4 24 | $701.0M | $24.6M | ||
| Q3 24 | $550.7M | $68.6M | ||
| Q2 24 | $454.5M | $-109.8M | ||
| Q1 24 | $392.8M | $-11.0M |
自由现金流APPGME
| Q4 25 | — | $107.0M | ||
| Q3 25 | — | $113.3M | ||
| Q2 25 | — | $189.6M | ||
| Q1 25 | — | $158.8M | ||
| Q4 24 | — | $20.0M | ||
| Q3 24 | — | $65.5M | ||
| Q2 24 | — | $-114.7M | ||
| Q1 24 | — | $-18.7M |
自由现金流率APPGME
| Q4 25 | — | 13.0% | ||
| Q3 25 | — | 11.7% | ||
| Q2 25 | — | 25.9% | ||
| Q1 25 | — | 12.4% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | — | 8.2% | ||
| Q2 24 | — | -13.0% | ||
| Q1 24 | — | -1.0% |
资本支出强度APPGME
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 0.4% |
现金转化率APPGME
| Q4 25 | 1.19× | 1.44× | ||
| Q3 25 | 1.26× | 0.70× | ||
| Q2 25 | 0.94× | 4.30× | ||
| Q1 25 | 1.44× | 1.24× | ||
| Q4 24 | 1.17× | 1.41× | ||
| Q3 24 | 1.27× | 4.64× | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 1.66× | -0.17× |
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% |
GME
| Hardware And Accessories | $367.4M | 45% |
| Collectibles | $256.1M | 31% |
| Software | $197.5M | 24% |
