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AppLovin Corp（APP）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
美泰的季度营收约是AppLovin Corp的1.3倍（$1.8B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 6.0%，领先76.7%），美泰同比增速更快（7.3% vs -2.9%），过去两年美泰的营收复合增速更高（47.7% 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。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
APP vs MAT — 直观对比
营收规模更大
MAT
是对方的1.3倍
$1.3B
营收增速更快
MAT
高出10.2%
-2.9%
净利率更高
APP
高出76.7%
6.0%
两年增速更快
MAT
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.8B |
| 净利润 | $1.1B | $106.2M |
| 毛利率 | 95.2% | 45.9% |
| 营业利润率 | — | 8.0% |
| 净利率 | 82.7% | 6.0% |
| 营收同比 | -2.9% | 7.3% |
| 净利润同比 | 84.0% | -24.6% |
| 每股收益（稀释后） | $3.24 | $0.32 |
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APPMAT
| Q4 25 | $1.3B | $1.8B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $1.3B | $1.0B | ||
| Q1 25 | $1.5B | $826.6M | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.2B | $1.8B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $1.1B | $809.5M |
净利润APPMAT
| Q4 25 | $1.1B | $106.2M | ||
| Q3 25 | $835.5M | $278.4M | ||
| Q2 25 | $819.5M | $53.4M | ||
| Q1 25 | $576.4M | $-40.3M | ||
| Q4 24 | $599.2M | $140.9M | ||
| Q3 24 | $434.4M | $372.4M | ||
| Q2 24 | $310.0M | $56.9M | ||
| Q1 24 | $236.2M | $-28.3M |
毛利率APPMAT
| Q4 25 | 95.2% | 45.9% | ||
| Q3 25 | 87.6% | 50.0% | ||
| Q2 25 | 87.7% | 50.9% | ||
| Q1 25 | 81.7% | 49.4% | ||
| Q4 24 | 76.7% | 50.7% | ||
| Q3 24 | 77.5% | 53.1% | ||
| Q2 24 | 73.8% | 49.2% | ||
| Q1 24 | 72.2% | 48.0% |
营业利润率APPMAT
| Q4 25 | — | 8.0% | ||
| Q3 25 | 76.8% | 21.9% | ||
| Q2 25 | 76.1% | 7.7% | ||
| Q1 25 | 44.7% | -6.4% | ||
| Q4 24 | 44.3% | 9.6% | ||
| Q3 24 | 44.6% | 26.5% | ||
| Q2 24 | 36.2% | 7.7% | ||
| Q1 24 | 32.1% | -4.4% |
净利率APPMAT
| Q4 25 | 82.7% | 6.0% | ||
| Q3 25 | 59.5% | 16.0% | ||
| Q2 25 | 65.1% | 5.2% | ||
| Q1 25 | 38.8% | -4.9% | ||
| Q4 24 | 43.6% | 8.6% | ||
| Q3 24 | 36.3% | 20.2% | ||
| Q2 24 | 28.7% | 5.3% | ||
| Q1 24 | 22.3% | -3.5% |
每股收益（稀释后）APPMAT
| Q4 25 | $3.24 | $0.32 | ||
| Q3 25 | $2.45 | $0.88 | ||
| Q2 25 | $2.39 | $0.16 | ||
| Q1 25 | $1.67 | $-0.12 | ||
| Q4 24 | $1.72 | $0.40 | ||
| Q3 24 | $1.25 | $1.09 | ||
| Q2 24 | $0.89 | $0.17 | ||
| Q1 24 | $0.67 | $-0.08 |
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 | $1.2B |
| 总债务越低越好 | $3.5B | $2.3B |
| 股东权益账面价值 | $2.1B | $2.2B |
| 总资产 | $7.3B | $6.6B |
| 负债/权益比越低杠杆越低 | 1.65× | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资APPMAT
| Q4 25 | $2.5B | $1.2B | ||
| Q3 25 | $1.7B | $691.9M | ||
| Q2 25 | $1.2B | $870.5M | ||
| Q1 25 | $551.0M | $1.2B | ||
| Q4 24 | $741.4M | $1.4B | ||
| Q3 24 | $567.6M | $723.5M | ||
| Q2 24 | $460.4M | $722.4M | ||
| Q1 24 | $436.3M | $1.1B |
总债务APPMAT
| Q4 25 | $3.5B | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $3.5B | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
股东权益APPMAT
| Q4 25 | $2.1B | $2.2B | ||
| Q3 25 | $1.5B | $2.3B | ||
| Q2 25 | $1.2B | $2.2B | ||
| Q1 25 | $575.4M | $2.1B | ||
| Q4 24 | $1.1B | $2.3B | ||
| Q3 24 | $938.2M | $2.3B | ||
| Q2 24 | $814.8M | $2.0B | ||
| Q1 24 | $760.2M | $2.0B |
总资产APPMAT
| Q4 25 | $7.3B | $6.6B | ||
| Q3 25 | $6.3B | $6.6B | ||
| Q2 25 | $6.0B | $6.2B | ||
| Q1 25 | $5.7B | $6.2B | ||
| Q4 24 | $5.9B | $6.5B | ||
| Q3 24 | $5.4B | $6.5B | ||
| Q2 24 | $5.3B | $5.9B | ||
| Q1 24 | $5.3B | $6.1B |
负债/权益比APPMAT
| Q4 25 | 1.65× | 1.04× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | 3.22× | 1.03× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 1.18× | ||
| Q1 24 | — | 1.15× |
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 | $796.6M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.19× | 7.50× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流APPMAT
| Q4 25 | $1.3B | $796.6M | ||
| Q3 25 | $1.1B | $72.0M | ||
| Q2 25 | $772.2M | $-300.1M | ||
| Q1 25 | $831.7M | $24.8M | ||
| Q4 24 | $701.0M | $862.1M | ||
| Q3 24 | $550.7M | $155.8M | ||
| Q2 24 | $454.5M | $-252.9M | ||
| Q1 24 | $392.8M | $35.5M |
现金转化率APPMAT
| Q4 25 | 1.19× | 7.50× | ||
| Q3 25 | 1.26× | 0.26× | ||
| Q2 25 | 0.94× | -5.62× | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.17× | 6.12× | ||
| Q3 24 | 1.27× | 0.42× | ||
| Q2 24 | 1.47× | -4.45× | ||
| Q1 24 | 1.66× | — |
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% |
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
