vs
AppLovin Corp（APP）与摩丁制造（MOD）财务数据对比。点击上方公司名可切换其他公司
AppLovin Corp的季度营收约是摩丁制造的1.7倍（$1.3B vs $805.0M），AppLovin Corp净利率更高（82.7% vs -5.9%，领先88.6%），摩丁制造同比增速更快（30.5% vs -2.9%），过去两年摩丁制造的营收复合增速更高（15.5% 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。
摩丁制造是1916年成立于美国的热管理企业。创始人亚瑟·B·摩丁获拖拉机Spirex散热器专利后创立公司，曾为福特T型车生产Turbotube散热器，1941年在威斯康星州拉辛建成全球首个车用风洞，二战期间为P-51野马战斗机供应后冷却器。
APP vs MOD — 直观对比
营收规模更大
APP
是对方的1.7倍
$805.0M
营收增速更快
MOD
高出33.4%
-2.9%
净利率更高
APP
高出88.6%
-5.9%
两年增速更快
MOD
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $805.0M |
| 净利润 | $1.1B | $-47.4M |
| 毛利率 | 95.2% | 23.1% |
| 营业利润率 | — | 11.1% |
| 净利率 | 82.7% | -5.9% |
| 营收同比 | -2.9% | 30.5% |
| 净利润同比 | 84.0% | -215.6% |
| 每股收益（稀释后） | $3.24 | $-0.90 |
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APPMOD
| Q4 25 | $1.3B | $805.0M | ||
| Q3 25 | $1.4B | $738.9M | ||
| Q2 25 | $1.3B | $682.8M | ||
| Q1 25 | $1.5B | $647.2M | ||
| Q4 24 | $1.4B | $616.8M | ||
| Q3 24 | $1.2B | $658.0M | ||
| Q2 24 | $1.1B | $661.5M | ||
| Q1 24 | $1.1B | $603.5M |
净利润APPMOD
| Q4 25 | $1.1B | $-47.4M | ||
| Q3 25 | $835.5M | $44.4M | ||
| Q2 25 | $819.5M | $51.2M | ||
| Q1 25 | $576.4M | $49.6M | ||
| Q4 24 | $599.2M | $41.0M | ||
| Q3 24 | $434.4M | $46.1M | ||
| Q2 24 | $310.0M | $47.3M | ||
| Q1 24 | $236.2M | $25.8M |
毛利率APPMOD
| Q4 25 | 95.2% | 23.1% | ||
| Q3 25 | 87.6% | 22.3% | ||
| Q2 25 | 87.7% | 24.2% | ||
| Q1 25 | 81.7% | 25.6% | ||
| Q4 24 | 76.7% | 24.3% | ||
| Q3 24 | 77.5% | 25.2% | ||
| Q2 24 | 73.8% | 24.6% | ||
| Q1 24 | 72.2% | 22.4% |
营业利润率APPMOD
| Q4 25 | — | 11.1% | ||
| Q3 25 | 76.8% | 9.9% | ||
| Q2 25 | 76.1% | 11.1% | ||
| Q1 25 | 44.7% | 11.5% | ||
| Q4 24 | 44.3% | 9.6% | ||
| Q3 24 | 44.6% | 11.4% | ||
| Q2 24 | 36.2% | 11.2% | ||
| Q1 24 | 32.1% | 7.8% |
净利率APPMOD
| Q4 25 | 82.7% | -5.9% | ||
| Q3 25 | 59.5% | 6.0% | ||
| Q2 25 | 65.1% | 7.5% | ||
| Q1 25 | 38.8% | 7.7% | ||
| Q4 24 | 43.6% | 6.6% | ||
| Q3 24 | 36.3% | 7.0% | ||
| Q2 24 | 28.7% | 7.2% | ||
| Q1 24 | 22.3% | 4.3% |
每股收益（稀释后）APPMOD
| Q4 25 | $3.24 | $-0.90 | ||
| Q3 25 | $2.45 | $0.83 | ||
| Q2 25 | $2.39 | $0.95 | ||
| Q1 25 | $1.67 | $0.92 | ||
| Q4 24 | $1.72 | $0.76 | ||
| Q3 24 | $1.25 | $0.86 | ||
| Q2 24 | $0.89 | $0.88 | ||
| Q1 24 | $0.67 | $0.48 |
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 | $98.7M |
| 总债务越低越好 | $3.5B | $570.7M |
| 股东权益账面价值 | $2.1B | $1.1B |
| 总资产 | $7.3B | $2.5B |
| 负债/权益比越低杠杆越低 | 1.65× | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资APPMOD
| Q4 25 | $2.5B | $98.7M | ||
| Q3 25 | $1.7B | $83.8M | ||
| Q2 25 | $1.2B | $124.5M | ||
| Q1 25 | $551.0M | $71.6M | ||
| Q4 24 | $741.4M | $83.8M | ||
| Q3 24 | $567.6M | $78.6M | ||
| Q2 24 | $460.4M | $72.9M | ||
| Q1 24 | $436.3M | $60.1M |
总债务APPMOD
| Q4 25 | $3.5B | $570.7M | ||
| Q3 25 | — | $525.8M | ||
| Q2 25 | — | $482.1M | ||
| Q1 25 | — | $296.7M | ||
| Q4 24 | $3.5B | $330.0M | ||
| Q3 24 | — | $359.1M | ||
| Q2 24 | — | $405.7M | ||
| Q1 24 | — | $399.9M |
股东权益APPMOD
| Q4 25 | $2.1B | $1.1B | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $575.4M | $910.2M | ||
| Q4 24 | $1.1B | $855.1M | ||
| Q3 24 | $938.2M | $858.8M | ||
| Q2 24 | $814.8M | $788.4M | ||
| Q1 24 | $760.2M | $747.6M |
总资产APPMOD
| Q4 25 | $7.3B | $2.5B | ||
| Q3 25 | $6.3B | $2.4B | ||
| Q2 25 | $6.0B | $2.2B | ||
| Q1 25 | $5.7B | $1.9B | ||
| Q4 24 | $5.9B | $1.8B | ||
| Q3 24 | $5.4B | $1.9B | ||
| Q2 24 | $5.3B | $1.9B | ||
| Q1 24 | $5.3B | $1.9B |
负债/权益比APPMOD
| Q4 25 | 1.65× | 0.51× | ||
| Q3 25 | — | 0.50× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 0.33× | ||
| Q4 24 | 3.22× | 0.39× | ||
| Q3 24 | — | 0.42× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 0.53× |
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 | $24.7M |
| 自由现金流经营现金流 - 资本支出 | — | $-17.1M |
| 自由现金流率自由现金流/营收 | — | -2.1% |
| 资本支出强度资本支出/营收 | — | 5.2% |
| 现金转化率经营现金流/净利润 | 1.19× | — |
| 过去12个月自由现金流最近4个季度 | — | $-20.3M |
8季度趋势，按日历期对齐
经营现金流APPMOD
| Q4 25 | $1.3B | $24.7M | ||
| Q3 25 | $1.1B | $1.4M | ||
| Q2 25 | $772.2M | $27.7M | ||
| Q1 25 | $831.7M | $54.8M | ||
| Q4 24 | $701.0M | $60.7M | ||
| Q3 24 | $550.7M | $57.3M | ||
| Q2 24 | $454.5M | $40.5M | ||
| Q1 24 | $392.8M | $39.6M |
自由现金流APPMOD
| Q4 25 | — | $-17.1M | ||
| Q3 25 | — | $-30.5M | ||
| Q2 25 | — | $200.0K | ||
| Q1 25 | — | $27.1M | ||
| Q4 24 | — | $44.7M | ||
| Q3 24 | — | $43.8M | ||
| Q2 24 | — | $13.7M | ||
| Q1 24 | — | $-4.3M |
自由现金流率APPMOD
| Q4 25 | — | -2.1% | ||
| Q3 25 | — | -4.1% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | -0.7% |
资本支出强度APPMOD
| Q4 25 | — | 5.2% | ||
| Q3 25 | — | 4.3% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 4.1% | ||
| Q1 24 | — | 7.3% |
现金转化率APPMOD
| Q4 25 | 1.19× | — | ||
| Q3 25 | 1.26× | 0.03× | ||
| Q2 25 | 0.94× | 0.54× | ||
| Q1 25 | 1.44× | 1.10× | ||
| Q4 24 | 1.17× | 1.48× | ||
| Q3 24 | 1.27× | 1.24× | ||
| Q2 24 | 1.47× | 0.86× | ||
| Q1 24 | 1.66× | 1.53× |
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% |
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 1% |
