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AppLovin Corp（APP）与Martin Marietta Materials（MLM）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Martin Marietta Materials的1.2倍（$1.3B vs $1.1B），AppLovin Corp净利率更高（82.7% vs 24.5%，领先58.2%），AppLovin Corp同比增速更快（-2.9% vs -30.1%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs -4.5%）
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。
马丁·玛丽埃塔材料公司是美国大型集料及重型建筑材料供应商，业务覆盖美国26个州、加拿大及加勒比地区，主要为道路、人行道、地基等各类基建项目提供所需原材料。
APP vs MLM — 直观对比
营收规模更大
APP
是对方的1.2倍
$1.1B
营收增速更快
APP
高出27.2%
-30.1%
净利率更高
APP
高出58.2%
24.5%
两年增速更快
APP
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.1B |
| 净利润 | $1.1B | $279.0M |
| 毛利率 | 95.2% | 35.0% |
| 营业利润率 | — | 24.6% |
| 净利率 | 82.7% | 24.5% |
| 营收同比 | -2.9% | -30.1% |
| 净利润同比 | 84.0% | -4.8% |
| 每股收益（稀释后） | $3.24 | $4.59 |
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APPMLM
| Q4 25 | $1.3B | $1.1B | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $1.3B | $1.8B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.2B | $1.9B | ||
| Q2 24 | $1.1B | $1.8B | ||
| Q1 24 | $1.1B | $1.3B |
净利润APPMLM
| Q4 25 | $1.1B | $279.0M | ||
| Q3 25 | $835.5M | $414.0M | ||
| Q2 25 | $819.5M | $328.0M | ||
| Q1 25 | $576.4M | $116.0M | ||
| Q4 24 | $599.2M | $293.0M | ||
| Q3 24 | $434.4M | $363.0M | ||
| Q2 24 | $310.0M | $294.0M | ||
| Q1 24 | $236.2M | $1.0B |
毛利率APPMLM
| Q4 25 | 95.2% | 35.0% | ||
| Q3 25 | 87.6% | 33.1% | ||
| Q2 25 | 87.7% | 30.0% | ||
| Q1 25 | 81.7% | 24.8% | ||
| Q4 24 | 76.7% | 30.0% | ||
| Q3 24 | 77.5% | 31.7% | ||
| Q2 24 | 73.8% | 29.3% | ||
| Q1 24 | 72.2% | 21.7% |
营业利润率APPMLM
| Q4 25 | — | 24.6% | ||
| Q3 25 | 76.8% | 27.4% | ||
| Q2 25 | 76.1% | 25.3% | ||
| Q1 25 | 44.7% | 14.3% | ||
| Q4 24 | 44.3% | 24.4% | ||
| Q3 24 | 44.6% | 25.9% | ||
| Q2 24 | 36.2% | 22.6% | ||
| Q1 24 | 32.1% | — |
净利率APPMLM
| Q4 25 | 82.7% | 24.5% | ||
| Q3 25 | 59.5% | 22.4% | ||
| Q2 25 | 65.1% | 18.1% | ||
| Q1 25 | 38.8% | 8.6% | ||
| Q4 24 | 43.6% | 18.0% | ||
| Q3 24 | 36.3% | 19.2% | ||
| Q2 24 | 28.7% | 16.7% | ||
| Q1 24 | 22.3% | 83.5% |
每股收益（稀释后）APPMLM
| Q4 25 | $3.24 | $4.59 | ||
| Q3 25 | $2.45 | $6.85 | ||
| Q2 25 | $2.39 | $5.43 | ||
| Q1 25 | $1.67 | $1.90 | ||
| Q4 24 | $1.72 | $4.87 | ||
| Q3 24 | $1.25 | $5.91 | ||
| Q2 24 | $0.89 | $4.76 | ||
| Q1 24 | $0.67 | $16.87 |
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 | $67.0M |
| 总债务越低越好 | $3.5B | $5.3B |
| 股东权益账面价值 | $2.1B | $10.0B |
| 总资产 | $7.3B | $18.7B |
| 负债/权益比越低杠杆越低 | 1.65× | 0.53× |
8季度趋势，按日历期对齐
现金及短期投资APPMLM
| Q4 25 | $2.5B | $67.0M | ||
| Q3 25 | $1.7B | $57.0M | ||
| Q2 25 | $1.2B | $225.0M | ||
| Q1 25 | $551.0M | $101.0M | ||
| Q4 24 | $741.4M | $670.0M | ||
| Q3 24 | $567.6M | $52.0M | ||
| Q2 24 | $460.4M | $109.0M | ||
| Q1 24 | $436.3M | $2.6B |
总债务APPMLM
| Q4 25 | $3.5B | $5.3B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $5.4B | ||
| Q1 25 | — | $5.4B | ||
| Q4 24 | $3.5B | $5.4B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.3B |
股东权益APPMLM
| Q4 25 | $2.1B | $10.0B | ||
| Q3 25 | $1.5B | $9.7B | ||
| Q2 25 | $1.2B | $9.4B | ||
| Q1 25 | $575.4M | $9.1B | ||
| Q4 24 | $1.1B | $9.5B | ||
| Q3 24 | $938.2M | $9.2B | ||
| Q2 24 | $814.8M | $8.8B | ||
| Q1 24 | $760.2M | $8.9B |
总资产APPMLM
| Q4 25 | $7.3B | $18.7B | ||
| Q3 25 | $6.3B | $18.7B | ||
| Q2 25 | $6.0B | $18.1B | ||
| Q1 25 | $5.7B | $17.7B | ||
| Q4 24 | $5.9B | $18.2B | ||
| Q3 24 | $5.4B | $16.5B | ||
| Q2 24 | $5.3B | $16.3B | ||
| Q1 24 | $5.3B | $16.2B |
负债/权益比APPMLM
| Q4 25 | 1.65× | 0.53× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | — | 0.58× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | 3.22× | 0.57× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.49× | ||
| Q1 24 | — | 0.49× |
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 | $629.0M |
| 自由现金流经营现金流 - 资本支出 | — | $424.0M |
| 自由现金流率自由现金流/营收 | — | 37.2% |
| 资本支出强度资本支出/营收 | — | 18.0% |
| 现金转化率经营现金流/净利润 | 1.19× | 2.25× |
| 过去12个月自由现金流最近4个季度 | — | $978.0M |
8季度趋势，按日历期对齐
经营现金流APPMLM
| Q4 25 | $1.3B | $629.0M | ||
| Q3 25 | $1.1B | $551.0M | ||
| Q2 25 | $772.2M | $387.0M | ||
| Q1 25 | $831.7M | $218.0M | ||
| Q4 24 | $701.0M | $686.0M | ||
| Q3 24 | $550.7M | $600.0M | ||
| Q2 24 | $454.5M | $1.0M | ||
| Q1 24 | $392.8M | $172.0M |
自由现金流APPMLM
| Q4 25 | — | $424.0M | ||
| Q3 25 | — | $361.0M | ||
| Q2 25 | — | $208.0M | ||
| Q1 25 | — | $-15.0M | ||
| Q4 24 | — | $453.0M | ||
| Q3 24 | — | $317.0M | ||
| Q2 24 | — | $-138.0M | ||
| Q1 24 | — | $-28.0M |
自由现金流率APPMLM
| Q4 25 | — | 37.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 11.5% | ||
| Q1 25 | — | -1.1% | ||
| Q4 24 | — | 27.8% | ||
| Q3 24 | — | 16.8% | ||
| Q2 24 | — | -7.8% | ||
| Q1 24 | — | -2.2% |
资本支出强度APPMLM
| Q4 25 | — | 18.0% | ||
| Q3 25 | — | 10.3% | ||
| Q2 25 | — | 9.9% | ||
| Q1 25 | — | 17.2% | ||
| Q4 24 | — | 14.3% | ||
| Q3 24 | — | 15.0% | ||
| Q2 24 | — | 7.9% | ||
| Q1 24 | — | 16.0% |
现金转化率APPMLM
| Q4 25 | 1.19× | 2.25× | ||
| Q3 25 | 1.26× | 1.33× | ||
| Q2 25 | 0.94× | 1.18× | ||
| Q1 25 | 1.44× | 1.88× | ||
| Q4 24 | 1.17× | 2.34× | ||
| Q3 24 | 1.27× | 1.65× | ||
| Q2 24 | 1.47× | 0.00× | ||
| Q1 24 | 1.66× | 0.16× |
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% |
MLM
| Building Materials Business East Group | $774.0M | 68% |
| Building Materials Business West Group | $233.0M | 20% |
| Services | $88.0M | 8% |
| Other | $45.0M | 4% |
