vs
AppLovin Corp（APP）与北极星（PII）财务数据对比。点击上方公司名可切换其他公司
北极星的季度营收约是AppLovin Corp的1.2倍（$1.7B vs $1.3B），AppLovin Corp净利率更高（82.7% vs -2.8%，领先85.5%），北极星同比增速更快（8.0% vs -2.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs -8.0%）
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。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
APP vs PII — 直观对比
营收规模更大
PII
是对方的1.2倍
$1.3B
营收增速更快
PII
高出10.9%
-2.9%
净利率更高
APP
高出85.5%
-2.8%
两年增速更快
APP
近两年复合增速
-8.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.7B |
| 净利润 | $1.1B | $-47.2M |
| 毛利率 | 95.2% | 20.2% |
| 营业利润率 | — | 76.5% |
| 净利率 | 82.7% | -2.8% |
| 营收同比 | -2.9% | 8.0% |
| 净利润同比 | 84.0% | 29.0% |
| 每股收益（稀释后） | $3.24 | $-0.83 |
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APPPII
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.3B | $1.9B | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $1.3B | $1.9B | ||
| Q1 25 | $1.5B | $1.5B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $1.1B | $2.0B |
净利润APPPII
| Q1 26 | — | $-47.2M | ||
| Q4 25 | $1.1B | $-303.6M | ||
| Q3 25 | $835.5M | $-15.8M | ||
| Q2 25 | $819.5M | $-79.3M | ||
| Q1 25 | $576.4M | $-66.8M | ||
| Q4 24 | $599.2M | $10.6M | ||
| Q3 24 | $434.4M | $27.7M | ||
| Q2 24 | $310.0M | $68.7M |
毛利率APPPII
| Q1 26 | — | 20.2% | ||
| Q4 25 | 95.2% | 20.0% | ||
| Q3 25 | 87.6% | 20.7% | ||
| Q2 25 | 87.7% | 19.4% | ||
| Q1 25 | 81.7% | 16.0% | ||
| Q4 24 | 76.7% | 20.4% | ||
| Q3 24 | 77.5% | 20.6% | ||
| Q2 24 | 73.8% | 21.6% |
营业利润率APPPII
| Q1 26 | — | 76.5% | ||
| Q4 25 | — | -16.7% | ||
| Q3 25 | 76.8% | 1.1% | ||
| Q2 25 | 76.1% | -0.7% | ||
| Q1 25 | 44.7% | -2.4% | ||
| Q4 24 | 44.3% | 3.7% | ||
| Q3 24 | 44.6% | 3.8% | ||
| Q2 24 | 36.2% | 6.1% |
净利率APPPII
| Q1 26 | — | -2.8% | ||
| Q4 25 | 82.7% | -15.8% | ||
| Q3 25 | 59.5% | -0.9% | ||
| Q2 25 | 65.1% | -4.3% | ||
| Q1 25 | 38.8% | -4.3% | ||
| Q4 24 | 43.6% | 0.6% | ||
| Q3 24 | 36.3% | 1.6% | ||
| Q2 24 | 28.7% | 3.5% |
每股收益（稀释后）APPPII
| Q1 26 | — | $-0.83 | ||
| Q4 25 | $3.24 | $-5.34 | ||
| Q3 25 | $2.45 | $-0.28 | ||
| Q2 25 | $2.39 | $-1.39 | ||
| Q1 25 | $1.67 | $-1.17 | ||
| Q4 24 | $1.72 | $0.18 | ||
| Q3 24 | $1.25 | $0.49 | ||
| Q2 24 | $0.89 | $1.21 |
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 | $282.0M |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.1B | $750.4M |
| 总资产 | $7.3B | $5.2B |
| 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APPPII
| Q1 26 | — | $282.0M | ||
| Q4 25 | $2.5B | $138.0M | ||
| Q3 25 | $1.7B | $335.5M | ||
| Q2 25 | $1.2B | $324.3M | ||
| Q1 25 | $551.0M | $291.7M | ||
| Q4 24 | $741.4M | $287.8M | ||
| Q3 24 | $567.6M | $291.3M | ||
| Q2 24 | $460.4M | $322.7M |
总债务APPPII
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $1.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $3.5B | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $2.1B |
股东权益APPPII
| Q1 26 | — | $750.4M | ||
| Q4 25 | $2.1B | $828.4M | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $575.4M | $1.2B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $938.2M | $1.3B | ||
| Q2 24 | $814.8M | $1.3B |
总资产APPPII
| Q1 26 | — | $5.2B | ||
| Q4 25 | $7.3B | $4.9B | ||
| Q3 25 | $6.3B | $5.3B | ||
| Q2 25 | $6.0B | $5.4B | ||
| Q1 25 | $5.7B | $5.5B | ||
| Q4 24 | $5.9B | $5.5B | ||
| Q3 24 | $5.4B | $5.6B | ||
| Q2 24 | $5.3B | $5.7B |
负债/权益比APPPII
| Q1 26 | — | — | ||
| Q4 25 | 1.65× | 1.82× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | 3.22× | 1.27× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 1.56× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | $-342.5M |
| 自由现金流率自由现金流/营收 | — | -20.6% |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | — | $168.0M |
8季度趋势，按日历期对齐
经营现金流APPPII
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $178.7M | ||
| Q3 25 | $1.1B | $158.8M | ||
| Q2 25 | $772.2M | $320.3M | ||
| Q1 25 | $831.7M | $83.2M | ||
| Q4 24 | $701.0M | $206.3M | ||
| Q3 24 | $550.7M | $21.0M | ||
| Q2 24 | $454.5M | $146.3M |
自由现金流APPPII
| Q1 26 | — | $-342.5M | ||
| Q4 25 | — | $114.0M | ||
| Q3 25 | — | $116.7M | ||
| Q2 25 | — | $279.8M | ||
| Q1 25 | — | $47.6M | ||
| Q4 24 | — | $137.3M | ||
| Q3 24 | — | $-32.4M | ||
| Q2 24 | — | $79.1M |
自由现金流率APPPII
| Q1 26 | — | -20.6% | ||
| Q4 25 | — | 5.9% | ||
| Q3 25 | — | 6.3% | ||
| Q2 25 | — | 15.1% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | -1.9% | ||
| Q2 24 | — | 4.0% |
资本支出强度APPPII
| Q1 26 | — | — | ||
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | — | 3.1% | ||
| Q2 24 | — | 3.4% |
现金转化率APPPII
| Q1 26 | — | — | ||
| Q4 25 | 1.19× | — | ||
| Q3 25 | 1.26× | — | ||
| Q2 25 | 0.94× | — | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.17× | 19.46× | ||
| Q3 24 | 1.27× | 0.76× | ||
| Q2 24 | 1.47× | 2.13× |
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% |
PII
暂无分部数据
