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AppLovin Corp（APP）与PIPER SANDLER COMPANIES（PIPR）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PIPER SANDLER COMPANIES的2.8倍（$1.8B vs $667.0M），AppLovin Corp净利率更高（65.5% vs 17.1%，领先48.4%），AppLovin Corp同比增速更快（59.0% vs 37.4%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% vs 30.6%）
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。
Piper Sandler是一家美国跨国投资银行及金融服务提供商，核心业务覆盖并购重组、财务重整、公开募股、公共财政、机构经纪、投资管理、证券研究等领域，通过旗下核心子公司Piper Sandler & Co.为企业、机构投资者及公共组织提供专业金融服务。
APP vs PIPR — 直观对比
营收规模更大
APP
是对方的2.8倍
$667.0M
营收增速更快
APP
高出21.6%
37.4%
净利率更高
APP
高出48.4%
17.1%
两年增速更快
PIPR
近两年复合增速
30.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $667.0M |
| 净利润 | $1.2B | $114.0M |
| 毛利率 | 88.9% | — |
| 营业利润率 | 78.2% | 28.3% |
| 净利率 | 65.5% | 17.1% |
| 营收同比 | 59.0% | 37.4% |
| 净利润同比 | 109.2% | 65.0% |
| 每股收益（稀释后） | $3.56 | $6.41 |
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APPPIPR
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.3B | $667.0M | ||
| Q3 25 | $1.4B | $480.1M | ||
| Q2 25 | $1.3B | $398.6M | ||
| Q1 25 | $1.5B | $358.6M | ||
| Q4 24 | $1.4B | $485.4M | ||
| Q3 24 | $1.2B | $360.9M | ||
| Q2 24 | $1.1B | $340.8M |
净利润APPPIPR
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.1B | $114.0M | ||
| Q3 25 | $835.5M | $60.3M | ||
| Q2 25 | $819.5M | $42.2M | ||
| Q1 25 | $576.4M | $64.9M | ||
| Q4 24 | $599.2M | $69.1M | ||
| Q3 24 | $434.4M | $34.8M | ||
| Q2 24 | $310.0M | $34.8M |
毛利率APPPIPR
| Q1 26 | 88.9% | — | ||
| 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% | — |
营业利润率APPPIPR
| Q1 26 | 78.2% | — | ||
| Q4 25 | — | 28.3% | ||
| Q3 25 | 76.8% | 22.4% | ||
| Q2 25 | 76.1% | 12.3% | ||
| Q1 25 | 44.7% | 8.2% | ||
| Q4 24 | 44.3% | 16.9% | ||
| Q3 24 | 44.6% | 15.4% | ||
| Q2 24 | 36.2% | 8.3% |
净利率APPPIPR
| Q1 26 | 65.5% | — | ||
| Q4 25 | 82.7% | 17.1% | ||
| Q3 25 | 59.5% | 12.6% | ||
| Q2 25 | 65.1% | 10.6% | ||
| Q1 25 | 38.8% | 18.1% | ||
| Q4 24 | 43.6% | 14.2% | ||
| Q3 24 | 36.3% | 9.6% | ||
| Q2 24 | 28.7% | 10.2% |
每股收益（稀释后）APPPIPR
| Q1 26 | $3.56 | — | ||
| Q4 25 | $3.24 | $6.41 | ||
| Q3 25 | $2.45 | $3.38 | ||
| Q2 25 | $2.39 | $2.38 | ||
| Q1 25 | $1.67 | $3.65 | ||
| Q4 24 | $1.72 | $3.88 | ||
| Q3 24 | $1.25 | $1.96 | ||
| Q2 24 | $0.89 | $1.97 |
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 | $2.8B | — |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.4B | $1.4B |
| 总资产 | $7.7B | $2.6B |
| 负债/权益比越低杠杆越低 | 1.49× | — |
8季度趋势，按日历期对齐
现金及短期投资APPPIPR
| Q1 26 | $2.8B | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $551.0M | — | ||
| Q4 24 | $741.4M | — | ||
| Q3 24 | $567.6M | — | ||
| Q2 24 | $460.4M | — |
总债务APPPIPR
| Q1 26 | $3.5B | — | ||
| Q4 25 | $3.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益APPPIPR
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.1B | $1.4B | ||
| Q3 25 | $1.5B | $1.3B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $575.4M | $1.2B | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $938.2M | $1.2B | ||
| Q2 24 | $814.8M | $1.1B |
总资产APPPIPR
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.3B | $2.6B | ||
| Q3 25 | $6.3B | $2.2B | ||
| Q2 25 | $6.0B | $2.0B | ||
| Q1 25 | $5.7B | $1.8B | ||
| Q4 24 | $5.9B | $2.3B | ||
| Q3 24 | $5.4B | $2.0B | ||
| Q2 24 | $5.3B | $1.9B |
负债/权益比APPPIPR
| Q1 26 | 1.49× | — | ||
| Q4 25 | 1.65× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $729.8M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | — |
| 自由现金流率自由现金流/营收 | 69.8% | — |
| 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 | 1.07× | 6.40× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流APPPIPR
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $729.8M | ||
| Q3 25 | $1.1B | $31.9M | ||
| Q2 25 | $772.2M | $32.1M | ||
| Q1 25 | $831.7M | $-207.2M | ||
| Q4 24 | $701.0M | $163.8M | ||
| Q3 24 | $550.7M | $80.1M | ||
| Q2 24 | $454.5M | $266.5M |
自由现金流APPPIPR
| Q1 26 | $1.3B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
自由现金流率APPPIPR
| Q1 26 | 69.8% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金转化率APPPIPR
| Q1 26 | 1.07× | — | ||
| Q4 25 | 1.19× | 6.40× | ||
| Q3 25 | 1.26× | 0.53× | ||
| Q2 25 | 0.94× | 0.76× | ||
| Q1 25 | 1.44× | -3.19× | ||
| Q4 24 | 1.17× | 2.37× | ||
| Q3 24 | 1.27× | 2.30× | ||
| Q2 24 | 1.47× | 7.66× |
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
暂无分部数据
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
