vs
AppLovin Corp（APP）与PORTLAND GENERAL ELECTRIC CO（POR）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PORTLAND GENERAL ELECTRIC CO的1.5倍（$1.3B vs $889.0M），AppLovin Corp净利率更高（82.7% vs 4.6%，领先78.1%），PORTLAND GENERAL ELECTRIC CO同比增速更快（7.9% vs -2.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs -2.2%）
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。
波特兰通用电气（简称PGE）是财富1000强上市能源企业，总部位于美国俄勒冈州波特兰，业务覆盖发电、输电、配电全链路，为俄勒冈州近三分之二的工商业活动提供电力服务，受俄勒冈州公用事业委员会监管，前身为1888年成立的威拉米特瀑布电气公司。
APP vs POR — 直观对比
营收规模更大
APP
是对方的1.5倍
$889.0M
营收增速更快
POR
高出10.8%
-2.9%
净利率更高
APP
高出78.1%
4.6%
两年增速更快
APP
近两年复合增速
-2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $889.0M |
| 净利润 | $1.1B | $41.0M |
| 毛利率 | 95.2% | — |
| 营业利润率 | — | 10.7% |
| 净利率 | 82.7% | 4.6% |
| 营收同比 | -2.9% | 7.9% |
| 净利润同比 | 84.0% | 7.9% |
| 每股收益（稀释后） | $3.24 | $0.36 |
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APPPOR
| Q4 25 | $1.3B | $889.0M | ||
| Q3 25 | $1.4B | $952.0M | ||
| Q2 25 | $1.3B | $807.0M | ||
| Q1 25 | $1.5B | $928.0M | ||
| Q4 24 | $1.4B | $824.0M | ||
| Q3 24 | $1.2B | $929.0M | ||
| Q2 24 | $1.1B | $758.0M | ||
| Q1 24 | $1.1B | $929.0M |
净利润APPPOR
| Q4 25 | $1.1B | $41.0M | ||
| Q3 25 | $835.5M | $103.0M | ||
| Q2 25 | $819.5M | $62.0M | ||
| Q1 25 | $576.4M | $100.0M | ||
| Q4 24 | $599.2M | $38.0M | ||
| Q3 24 | $434.4M | $94.0M | ||
| Q2 24 | $310.0M | $72.0M | ||
| Q1 24 | $236.2M | $109.0M |
毛利率APPPOR
| 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APPPOR
| Q4 25 | — | 10.7% | ||
| Q3 25 | 76.8% | 18.3% | ||
| Q2 25 | 76.1% | 14.6% | ||
| Q1 25 | 44.7% | 18.1% | ||
| Q4 24 | 44.3% | 10.7% | ||
| Q3 24 | 44.6% | 15.7% | ||
| Q2 24 | 36.2% | 15.3% | ||
| Q1 24 | 32.1% | 17.4% |
净利率APPPOR
| Q4 25 | 82.7% | 4.6% | ||
| Q3 25 | 59.5% | 10.8% | ||
| Q2 25 | 65.1% | 7.7% | ||
| Q1 25 | 38.8% | 10.8% | ||
| Q4 24 | 43.6% | 4.6% | ||
| Q3 24 | 36.3% | 10.1% | ||
| Q2 24 | 28.7% | 9.5% | ||
| Q1 24 | 22.3% | 11.7% |
每股收益（稀释后）APPPOR
| Q4 25 | $3.24 | $0.36 | ||
| Q3 25 | $2.45 | $0.94 | ||
| Q2 25 | $2.39 | $0.56 | ||
| Q1 25 | $1.67 | $0.91 | ||
| Q4 24 | $1.72 | $0.34 | ||
| Q3 24 | $1.25 | $0.90 | ||
| Q2 24 | $0.89 | $0.69 | ||
| Q1 24 | $0.67 | $1.08 |
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 | — |
| 总债务越低越好 | $3.5B | $4.7B |
| 股东权益账面价值 | $2.1B | $4.1B |
| 总资产 | $7.3B | $13.2B |
| 负债/权益比越低杠杆越低 | 1.65× | 1.13× |
8季度趋势，按日历期对齐
现金及短期投资APPPOR
| 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 | — | ||
| Q1 24 | $436.3M | — |
总债务APPPOR
| Q4 25 | $3.5B | $4.7B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $4.7B | ||
| Q4 24 | $3.5B | $4.5B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.4B |
股东权益APPPOR
| Q4 25 | $2.1B | $4.1B | ||
| Q3 25 | $1.5B | $4.0B | ||
| Q2 25 | $1.2B | $3.9B | ||
| Q1 25 | $575.4M | $3.8B | ||
| Q4 24 | $1.1B | $3.8B | ||
| Q3 24 | $938.2M | $3.6B | ||
| Q2 24 | $814.8M | $3.5B | ||
| Q1 24 | $760.2M | $3.5B |
总资产APPPOR
| Q4 25 | $7.3B | $13.2B | ||
| Q3 25 | $6.3B | $13.0B | ||
| Q2 25 | $6.0B | $12.7B | ||
| Q1 25 | $5.7B | $12.7B | ||
| Q4 24 | $5.9B | $12.5B | ||
| Q3 24 | $5.4B | $11.9B | ||
| Q2 24 | $5.3B | $11.6B | ||
| Q1 24 | $5.3B | $11.6B |
负债/权益比APPPOR
| Q4 25 | 1.65× | 1.13× | ||
| Q3 25 | — | 1.20× | ||
| Q2 25 | — | 1.23× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | 3.22× | 1.20× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 1.27× | ||
| Q1 24 | — | 1.28× |
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 | $148.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-142.0M |
| 自由现金流率自由现金流/营收 | — | -16.0% |
| 资本支出强度资本支出/营收 | — | 32.6% |
| 现金转化率经营现金流/净利润 | 1.19× | 3.61× |
| 过去12个月自由现金流最近4个季度 | — | $-71.0M |
8季度趋势，按日历期对齐
经营现金流APPPOR
| Q4 25 | $1.3B | $148.0M | ||
| Q3 25 | $1.1B | $403.0M | ||
| Q2 25 | $772.2M | $336.0M | ||
| Q1 25 | $831.7M | $231.0M | ||
| Q4 24 | $701.0M | $170.0M | ||
| Q3 24 | $550.7M | $244.0M | ||
| Q2 24 | $454.5M | $189.0M | ||
| Q1 24 | $392.8M | $175.0M |
自由现金流APPPOR
| Q4 25 | — | $-142.0M | ||
| Q3 25 | — | $100.0M | ||
| Q2 25 | — | $99.0M | ||
| Q1 25 | — | $-128.0M | ||
| Q4 24 | — | $-222.0M | ||
| Q3 24 | — | $-9.0M | ||
| Q2 24 | — | $-109.0M | ||
| Q1 24 | — | $-150.0M |
自由现金流率APPPOR
| Q4 25 | — | -16.0% | ||
| Q3 25 | — | 10.5% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | — | -13.8% | ||
| Q4 24 | — | -26.9% | ||
| Q3 24 | — | -1.0% | ||
| Q2 24 | — | -14.4% | ||
| Q1 24 | — | -16.1% |
资本支出强度APPPOR
| Q4 25 | — | 32.6% | ||
| Q3 25 | — | 31.8% | ||
| Q2 25 | — | 29.4% | ||
| Q1 25 | — | 38.7% | ||
| Q4 24 | — | 47.6% | ||
| Q3 24 | — | 27.2% | ||
| Q2 24 | — | 39.3% | ||
| Q1 24 | — | 35.0% |
现金转化率APPPOR
| Q4 25 | 1.19× | 3.61× | ||
| Q3 25 | 1.26× | 3.91× | ||
| Q2 25 | 0.94× | 5.42× | ||
| Q1 25 | 1.44× | 2.31× | ||
| Q4 24 | 1.17× | 4.47× | ||
| Q3 24 | 1.27× | 2.60× | ||
| Q2 24 | 1.47× | 2.63× | ||
| Q1 24 | 1.66× | 1.61× |
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% |
POR
| Other | $507.0M | 57% |
| Commercial | $231.0M | 26% |
| Industrial | $140.0M | 16% |
| Direct Accesscustomers | $11.0M | 1% |
