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AppLovin Corp（APP）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
MPLX LP的季度营收约是AppLovin Corp的1.8倍（$2.5B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 49.1%，领先33.6%），MPLX LP同比增速更快（1.4% vs -2.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs 6.2%）
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。
MPLX LP旗下子公司MarkWest Energy Partners是美国业主有限合伙企业，主营天然气收集、加工及运输业务。该公司1988年成立于科罗拉多州丹佛市，曾发展为科罗拉多州第13大企业，2015年被马拉松石油旗下的MPLX收购。
APP vs MPLX — 直观对比
营收规模更大
MPLX
是对方的1.8倍
$1.3B
营收增速更快
MPLX
高出4.3%
-2.9%
净利率更高
APP
高出33.6%
49.1%
两年增速更快
APP
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.5B |
| 净利润 | $1.1B | $1.2B |
| 毛利率 | 95.2% | — |
| 营业利润率 | — | 60.5% |
| 净利率 | 82.7% | 49.1% |
| 营收同比 | -2.9% | 1.4% |
| 净利润同比 | 84.0% | 8.5% |
| 每股收益（稀释后） | $3.24 | — |
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APPMPLX
| Q4 25 | $1.3B | $2.5B | ||
| Q3 25 | $1.4B | $2.5B | ||
| Q2 25 | $1.3B | $2.4B | ||
| Q1 25 | $1.5B | $2.5B | ||
| Q4 24 | $1.4B | $2.4B | ||
| Q3 24 | $1.2B | $2.3B | ||
| Q2 24 | $1.1B | $2.3B | ||
| Q1 24 | $1.1B | $2.2B |
净利润APPMPLX
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $835.5M | $1.6B | ||
| Q2 25 | $819.5M | $1.1B | ||
| Q1 25 | $576.4M | $1.1B | ||
| Q4 24 | $599.2M | $1.1B | ||
| Q3 24 | $434.4M | $1.0B | ||
| Q2 24 | $310.0M | $1.2B | ||
| Q1 24 | $236.2M | $1.0B |
毛利率APPMPLX
| Q4 25 | 95.2% | — | ||
| Q3 25 | 87.6% | — | ||
| Q2 25 | 87.7% | — | ||
| Q1 25 | 81.7% | — | ||
| Q4 24 | 76.7% | — | ||
| Q3 24 | 77.5% | — | ||
| Q2 24 | 73.8% | — | ||
| Q1 24 | 72.2% | — |
营业利润率APPMPLX
| Q4 25 | — | 60.5% | ||
| Q3 25 | 76.8% | 73.2% | ||
| Q2 25 | 76.1% | 54.9% | ||
| Q1 25 | 44.7% | 55.5% | ||
| Q4 24 | 44.3% | 55.6% | ||
| Q3 24 | 44.6% | 54.4% | ||
| Q2 24 | 36.2% | 62.9% | ||
| Q1 24 | 32.1% | 57.6% |
净利率APPMPLX
| Q4 25 | 82.7% | 49.1% | ||
| Q3 25 | 59.5% | 63.2% | ||
| Q2 25 | 65.1% | 44.9% | ||
| Q1 25 | 38.8% | 46.2% | ||
| Q4 24 | 43.6% | 45.9% | ||
| Q3 24 | 36.3% | 44.6% | ||
| Q2 24 | 28.7% | 52.6% | ||
| Q1 24 | 22.3% | 46.7% |
每股收益（稀释后）APPMPLX
| Q4 25 | $3.24 | — | ||
| Q3 25 | $2.45 | — | ||
| Q2 25 | $2.39 | — | ||
| Q1 25 | $1.67 | — | ||
| Q4 24 | $1.72 | — | ||
| Q3 24 | $1.25 | — | ||
| Q2 24 | $0.89 | — | ||
| Q1 24 | $0.67 | — |
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 | $2.1B |
| 总债务越低越好 | $3.5B | $24.2B |
| 股东权益账面价值 | $2.1B | — |
| 总资产 | $7.3B | $43.0B |
| 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APPMPLX
| Q4 25 | $2.5B | $2.1B | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $551.0M | $2.5B | ||
| Q4 24 | $741.4M | $1.5B | ||
| Q3 24 | $567.6M | $2.4B | ||
| Q2 24 | $460.4M | $2.5B | ||
| Q1 24 | $436.3M | $385.0M |
总债务APPMPLX
| Q4 25 | $3.5B | $24.2B | ||
| Q3 25 | — | $24.1B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $19.7B | ||
| Q4 24 | $3.5B | $19.3B | ||
| Q3 24 | — | $19.3B | ||
| Q2 24 | — | $19.2B | ||
| Q1 24 | — | $18.8B |
股东权益APPMPLX
| Q4 25 | $2.1B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $575.4M | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $938.2M | — | ||
| Q2 24 | $814.8M | — | ||
| Q1 24 | $760.2M | — |
总资产APPMPLX
| Q4 25 | $7.3B | $43.0B | ||
| Q3 25 | $6.3B | $43.2B | ||
| Q2 25 | $6.0B | $37.8B | ||
| Q1 25 | $5.7B | $39.0B | ||
| Q4 24 | $5.9B | $37.5B | ||
| Q3 24 | $5.4B | $38.5B | ||
| Q2 24 | $5.3B | $38.4B | ||
| Q1 24 | $5.3B | $36.5B |
负债/权益比APPMPLX
| 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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | — | $782.0M |
| 自由现金流率自由现金流/营收 | — | 31.9% |
| 资本支出强度资本支出/营收 | — | 29.1% |
| 现金转化率经营现金流/净利润 | 1.19× | 1.24× |
| 过去12个月自由现金流最近4个季度 | — | $4.1B |
8季度趋势，按日历期对齐
经营现金流APPMPLX
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $772.2M | $1.7B | ||
| Q1 25 | $831.7M | $1.2B | ||
| Q4 24 | $701.0M | $1.7B | ||
| Q3 24 | $550.7M | $1.4B | ||
| Q2 24 | $454.5M | $1.6B | ||
| Q1 24 | $392.8M | $1.3B |
自由现金流APPMPLX
| Q4 25 | — | $782.0M | ||
| Q3 25 | — | $905.0M | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $979.0M | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.0B |
自由现金流率APPMPLX
| Q4 25 | — | 31.9% | ||
| Q3 25 | — | 36.8% | ||
| Q2 25 | — | 60.9% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 56.6% | ||
| Q3 24 | — | 48.4% | ||
| Q2 24 | — | 60.0% | ||
| Q1 24 | — | 47.7% |
资本支出强度APPMPLX
| Q4 25 | — | 29.1% | ||
| Q3 25 | — | 21.4% | ||
| Q2 25 | — | 12.8% | ||
| Q1 25 | — | 10.9% | ||
| Q4 24 | — | 12.7% | ||
| Q3 24 | — | 11.9% | ||
| Q2 24 | — | 9.4% | ||
| Q1 24 | — | 11.7% |
现金转化率APPMPLX
| Q4 25 | 1.19× | 1.24× | ||
| Q3 25 | 1.26× | 0.92× | ||
| Q2 25 | 0.94× | 1.64× | ||
| Q1 25 | 1.44× | 1.10× | ||
| Q4 24 | 1.17× | 1.51× | ||
| Q3 24 | 1.27× | 1.35× | ||
| Q2 24 | 1.47× | 1.32× | ||
| Q1 24 | 1.66× | 1.27× |
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% |
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
