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AppLovin Corp（APP）与罗技（LOGI）财务数据对比。点击上方公司名可切换其他公司
罗技的季度营收约是AppLovin Corp的1.1倍（$1.4B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 17.7%，领先65.0%），罗技同比增速更快（6.1% vs -2.9%），过去两年罗技的营收复合增速更高（18.5% 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。
罗技国际是总部位于瑞士洛桑的跨国企业，专注于计算机外设及相关软件的研发与生产，在欧洲、亚洲、大洋洲、美洲均设有分支机构，为瑞士市场指数成分股，同时在纳斯达克交易所挂牌上市。
APP vs LOGI — 直观对比
营收规模更大
LOGI
是对方的1.1倍
$1.3B
营收增速更快
LOGI
高出9.0%
-2.9%
净利率更高
APP
高出65.0%
17.7%
两年增速更快
LOGI
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.4B |
| 净利润 | $1.1B | $251.0M |
| 毛利率 | 95.2% | 43.2% |
| 营业利润率 | — | 20.1% |
| 净利率 | 82.7% | 17.7% |
| 营收同比 | -2.9% | 6.1% |
| 净利润同比 | 84.0% | 25.4% |
| 每股收益（稀释后） | $3.24 | $1.69 |
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APPLOGI
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | $1.5B | $1.0B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.2B | $1.1B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $1.1B | $1.0B |
净利润APPLOGI
| Q4 25 | $1.1B | $251.0M | ||
| Q3 25 | $835.5M | $170.7M | ||
| Q2 25 | $819.5M | $146.0M | ||
| Q1 25 | $576.4M | $144.1M | ||
| Q4 24 | $599.2M | $200.1M | ||
| Q3 24 | $434.4M | $145.5M | ||
| Q2 24 | $310.0M | $141.8M | ||
| Q1 24 | $236.2M | $167.6M |
毛利率APPLOGI
| Q4 25 | 95.2% | 43.2% | ||
| Q3 25 | 87.6% | 43.4% | ||
| Q2 25 | 87.7% | 41.7% | ||
| Q1 25 | 81.7% | 43.1% | ||
| Q4 24 | 76.7% | 42.9% | ||
| Q3 24 | 77.5% | 43.6% | ||
| Q2 24 | 73.8% | 42.8% | ||
| Q1 24 | 72.2% | 43.2% |
营业利润率APPLOGI
| Q4 25 | — | 20.1% | ||
| Q3 25 | 76.8% | 16.1% | ||
| Q2 25 | 76.1% | 14.1% | ||
| Q1 25 | 44.7% | 10.5% | ||
| Q4 24 | 44.3% | 17.5% | ||
| Q3 24 | 44.6% | 14.4% | ||
| Q2 24 | 36.2% | 14.1% | ||
| Q1 24 | 32.1% | 12.9% |
净利率APPLOGI
| Q4 25 | 82.7% | 17.7% | ||
| Q3 25 | 59.5% | 14.4% | ||
| Q2 25 | 65.1% | 12.7% | ||
| Q1 25 | 38.8% | 14.3% | ||
| Q4 24 | 43.6% | 14.9% | ||
| Q3 24 | 36.3% | 13.0% | ||
| Q2 24 | 28.7% | 13.0% | ||
| Q1 24 | 22.3% | 16.6% |
每股收益（稀释后）APPLOGI
| Q4 25 | $3.24 | $1.69 | ||
| Q3 25 | $2.45 | $1.15 | ||
| Q2 25 | $2.39 | $0.98 | ||
| Q1 25 | $1.67 | $0.94 | ||
| Q4 24 | $1.72 | $1.32 | ||
| Q3 24 | $1.25 | $0.95 | ||
| Q2 24 | $0.89 | $0.92 | ||
| Q1 24 | $0.67 | $1.07 |
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 | $1.8B |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.1B | $2.3B |
| 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APPLOGI
| Q4 25 | $2.5B | $1.8B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $551.0M | $1.5B | ||
| Q4 24 | $741.4M | $1.5B | ||
| Q3 24 | $567.6M | $1.4B | ||
| Q2 24 | $460.4M | $1.5B | ||
| Q1 24 | $436.3M | $1.5B |
总债务APPLOGI
| Q4 25 | $3.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益APPLOGI
| Q4 25 | $2.1B | $2.3B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.2B | $2.2B | ||
| Q1 25 | $575.4M | $2.1B | ||
| Q4 24 | $1.1B | $2.1B | ||
| Q3 24 | $938.2M | $2.1B | ||
| Q2 24 | $814.8M | $2.2B | ||
| Q1 24 | $760.2M | $2.2B |
总资产APPLOGI
| Q4 25 | $7.3B | $4.1B | ||
| Q3 25 | $6.3B | $3.7B | ||
| Q2 25 | $6.0B | $3.7B | ||
| Q1 25 | $5.7B | $3.5B | ||
| Q4 24 | $5.9B | $3.7B | ||
| Q3 24 | $5.4B | $3.6B | ||
| Q2 24 | $5.3B | $3.7B | ||
| Q1 24 | $5.3B | $3.6B |
负债/权益比APPLOGI
| 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 | $480.5M |
| 自由现金流经营现金流 - 资本支出 | — | $465.6M |
| 自由现金流率自由现金流/营收 | — | 32.8% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | 1.19× | 1.91× |
| 过去12个月自由现金流最近4个季度 | — | $903.6M |
8季度趋势，按日历期对齐
经营现金流APPLOGI
| Q4 25 | $1.3B | $480.5M | ||
| Q3 25 | $1.1B | $228.8M | ||
| Q2 25 | $772.2M | $125.0M | ||
| Q1 25 | $831.7M | $129.7M | ||
| Q4 24 | $701.0M | $370.9M | ||
| Q3 24 | $550.7M | $166.0M | ||
| Q2 24 | $454.5M | $176.0M | ||
| Q1 24 | $392.8M | $239.1M |
自由现金流APPLOGI
| Q4 25 | — | $465.6M | ||
| Q3 25 | — | $212.3M | ||
| Q2 25 | — | $108.8M | ||
| Q1 25 | — | $116.9M | ||
| Q4 24 | — | $356.6M | ||
| Q3 24 | — | $151.5M | ||
| Q2 24 | — | $161.4M | ||
| Q1 24 | — | $228.8M |
自由现金流率APPLOGI
| Q4 25 | — | 32.8% | ||
| Q3 25 | — | 17.9% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | — | 11.6% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | — | 13.6% | ||
| Q2 24 | — | 14.8% | ||
| Q1 24 | — | 22.6% |
资本支出强度APPLOGI
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.0% |
现金转化率APPLOGI
| Q4 25 | 1.19× | 1.91× | ||
| Q3 25 | 1.26× | 1.34× | ||
| Q2 25 | 0.94× | 0.86× | ||
| Q1 25 | 1.44× | 0.90× | ||
| Q4 24 | 1.17× | 1.85× | ||
| Q3 24 | 1.27× | 1.14× | ||
| Q2 24 | 1.47× | 1.24× | ||
| Q1 24 | 1.66× | 1.43× |
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% |
LOGI
| Retail Gaming | $482.7M | 34% |
| Retail Keyboards Desktops | $254.6M | 18% |
| Retail Pointing Devices | $241.2M | 17% |
| Retail Video Collaboration | $193.3M | 14% |
| Retail Tablet And Other Accessories | $93.6M | 7% |
| Retail Webcams | $82.3M | 6% |
| Retail Headsets | $45.9M | 3% |
| Other Retail Products | $28.0M | 2% |
