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AppLovin Corp（APP）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
AppLovin Corp的季度营收约是明晟的1.6倍（$1.3B vs $822.5M），AppLovin Corp净利率更高（82.7% vs 34.6%，领先48.1%），明晟同比增速更快（10.6% vs -2.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs 10.0%）
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。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
APP vs MSCI — 直观对比
营收规模更大
APP
是对方的1.6倍
$822.5M
营收增速更快
MSCI
高出13.5%
-2.9%
净利率更高
APP
高出48.1%
34.6%
两年增速更快
APP
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $822.5M |
| 净利润 | $1.1B | $284.7M |
| 毛利率 | 95.2% | — |
| 营业利润率 | — | 56.4% |
| 净利率 | 82.7% | 34.6% |
| 营收同比 | -2.9% | 10.6% |
| 净利润同比 | 84.0% | -6.8% |
| 每股收益（稀释后） | $3.24 | $3.81 |
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APPMSCI
| Q4 25 | $1.3B | $822.5M | ||
| Q3 25 | $1.4B | $793.4M | ||
| Q2 25 | $1.3B | $772.7M | ||
| Q1 25 | $1.5B | $745.8M | ||
| Q4 24 | $1.4B | $743.5M | ||
| Q3 24 | $1.2B | $724.7M | ||
| Q2 24 | $1.1B | $707.9M | ||
| Q1 24 | $1.1B | $680.0M |
净利润APPMSCI
| Q4 25 | $1.1B | $284.7M | ||
| Q3 25 | $835.5M | $325.4M | ||
| Q2 25 | $819.5M | $303.6M | ||
| Q1 25 | $576.4M | $288.6M | ||
| Q4 24 | $599.2M | $305.5M | ||
| Q3 24 | $434.4M | $280.9M | ||
| Q2 24 | $310.0M | $266.8M | ||
| Q1 24 | $236.2M | $256.0M |
毛利率APPMSCI
| 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APPMSCI
| Q4 25 | — | 56.4% | ||
| Q3 25 | 76.8% | 56.4% | ||
| Q2 25 | 76.1% | 55.0% | ||
| Q1 25 | 44.7% | 50.6% | ||
| Q4 24 | 44.3% | 54.5% | ||
| Q3 24 | 44.6% | 55.4% | ||
| Q2 24 | 36.2% | 54.0% | ||
| Q1 24 | 32.1% | 49.9% |
净利率APPMSCI
| Q4 25 | 82.7% | 34.6% | ||
| Q3 25 | 59.5% | 41.0% | ||
| Q2 25 | 65.1% | 39.3% | ||
| Q1 25 | 38.8% | 38.7% | ||
| Q4 24 | 43.6% | 41.1% | ||
| Q3 24 | 36.3% | 38.8% | ||
| Q2 24 | 28.7% | 37.7% | ||
| Q1 24 | 22.3% | 37.6% |
每股收益（稀释后）APPMSCI
| Q4 25 | $3.24 | $3.81 | ||
| Q3 25 | $2.45 | $4.25 | ||
| Q2 25 | $2.39 | $3.92 | ||
| Q1 25 | $1.67 | $3.71 | ||
| Q4 24 | $1.72 | $3.89 | ||
| Q3 24 | $1.25 | $3.57 | ||
| Q2 24 | $0.89 | $3.37 | ||
| Q1 24 | $0.67 | $3.22 |
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 | $515.3M |
| 总债务越低越好 | $3.5B | $6.2B |
| 股东权益账面价值 | $2.1B | $-2.7B |
| 总资产 | $7.3B | $5.7B |
| 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APPMSCI
| Q4 25 | $2.5B | $515.3M | ||
| Q3 25 | $1.7B | $400.1M | ||
| Q2 25 | $1.2B | $347.3M | ||
| Q1 25 | $551.0M | $360.7M | ||
| Q4 24 | $741.4M | $409.4M | ||
| Q3 24 | $567.6M | $501.0M | ||
| Q2 24 | $460.4M | $451.4M | ||
| Q1 24 | $436.3M | $519.3M |
总债务APPMSCI
| Q4 25 | $3.5B | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | $3.5B | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
股东权益APPMSCI
| Q4 25 | $2.1B | $-2.7B | ||
| Q3 25 | $1.5B | $-1.9B | ||
| Q2 25 | $1.2B | $-886.2M | ||
| Q1 25 | $575.4M | $-958.6M | ||
| Q4 24 | $1.1B | $-940.0M | ||
| Q3 24 | $938.2M | $-751.0M | ||
| Q2 24 | $814.8M | $-734.5M | ||
| Q1 24 | $760.2M | $-650.5M |
总资产APPMSCI
| Q4 25 | $7.3B | $5.7B | ||
| Q3 25 | $6.3B | $5.4B | ||
| Q2 25 | $6.0B | $5.4B | ||
| Q1 25 | $5.7B | $5.3B | ||
| Q4 24 | $5.9B | $5.4B | ||
| Q3 24 | $5.4B | $5.4B | ||
| Q2 24 | $5.3B | $5.5B | ||
| Q1 24 | $5.3B | $5.5B |
负债/权益比APPMSCI
| 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 | $501.1M |
| 自由现金流经营现金流 - 资本支出 | — | $488.7M |
| 自由现金流率自由现金流/营收 | — | 59.4% |
| 资本支出强度资本支出/营收 | — | 1.5% |
| 现金转化率经营现金流/净利润 | 1.19× | 1.76× |
| 过去12个月自由现金流最近4个季度 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流APPMSCI
| Q4 25 | $1.3B | $501.1M | ||
| Q3 25 | $1.1B | $449.4M | ||
| Q2 25 | $772.2M | $336.1M | ||
| Q1 25 | $831.7M | $301.7M | ||
| Q4 24 | $701.0M | $430.6M | ||
| Q3 24 | $550.7M | $421.6M | ||
| Q2 24 | $454.5M | $349.2M | ||
| Q1 24 | $392.8M | $300.1M |
自由现金流APPMSCI
| Q4 25 | — | $488.7M | ||
| Q3 25 | — | $445.5M | ||
| Q2 25 | — | $324.7M | ||
| Q1 25 | — | $290.2M | ||
| Q4 24 | — | $416.4M | ||
| Q3 24 | — | $415.0M | ||
| Q2 24 | — | $340.6M | ||
| Q1 24 | — | $295.9M |
自由现金流率APPMSCI
| Q4 25 | — | 59.4% | ||
| Q3 25 | — | 56.2% | ||
| Q2 25 | — | 42.0% | ||
| Q1 25 | — | 38.9% | ||
| Q4 24 | — | 56.0% | ||
| Q3 24 | — | 57.3% | ||
| Q2 24 | — | 48.1% | ||
| Q1 24 | — | 43.5% |
资本支出强度APPMSCI
| Q4 25 | — | 1.5% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 0.6% |
现金转化率APPMSCI
| Q4 25 | 1.19× | 1.76× | ||
| Q3 25 | 1.26× | 1.38× | ||
| Q2 25 | 0.94× | 1.11× | ||
| Q1 25 | 1.44× | 1.05× | ||
| Q4 24 | 1.17× | 1.41× | ||
| Q3 24 | 1.27× | 1.50× | ||
| Q2 24 | 1.47× | 1.31× | ||
| Q1 24 | 1.66× | 1.17× |
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% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
