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AppLovin Corp（APP）与PPL Corporation（PPL）财务数据对比。点击上方公司名可切换其他公司
PPL Corporation的季度营收约是AppLovin Corp的1.8倍（$2.3B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 11.3%，领先71.4%），PPL Corporation同比增速更快（7.2% vs -2.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs 1.0%）
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。
PPL公司是总部位于美国宾夕法尼亚州的能源公用事业控股企业，为宾州、肯塔基州、罗德岛州约350万居民及工商业用户提供电力与天然气供应服务，核心业务方向包括电网现代化升级、清洁能源转型、高可靠性可持续能源服务供给。
APP vs PPL — 直观对比
营收规模更大
PPL
是对方的1.8倍
$1.3B
营收增速更快
PPL
高出10.1%
-2.9%
净利率更高
APP
高出71.4%
11.3%
两年增速更快
APP
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.3B |
| 净利润 | $1.1B | $266.0M |
| 毛利率 | 95.2% | — |
| 营业利润率 | — | 20.3% |
| 净利率 | 82.7% | 11.3% |
| 营收同比 | -2.9% | 7.2% |
| 净利润同比 | 84.0% | 50.3% |
| 每股收益（稀释后） | $3.24 | $0.35 |
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APPPPL
| Q4 25 | $1.3B | $2.3B | ||
| Q3 25 | $1.4B | $2.2B | ||
| Q2 25 | $1.3B | $2.0B | ||
| Q1 25 | $1.5B | $2.5B | ||
| Q4 24 | $1.4B | $2.2B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.1B | $1.9B | ||
| Q1 24 | $1.1B | $2.3B |
净利润APPPPL
| Q4 25 | $1.1B | $266.0M | ||
| Q3 25 | $835.5M | $318.0M | ||
| Q2 25 | $819.5M | $183.0M | ||
| Q1 25 | $576.4M | $414.0M | ||
| Q4 24 | $599.2M | $177.0M | ||
| Q3 24 | $434.4M | $214.0M | ||
| Q2 24 | $310.0M | $190.0M | ||
| Q1 24 | $236.2M | $307.0M |
毛利率APPPPL
| 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APPPPL
| Q4 25 | — | 20.3% | ||
| Q3 25 | 76.8% | 25.4% | ||
| Q2 25 | 76.1% | 19.9% | ||
| Q1 25 | 44.7% | 26.6% | ||
| Q4 24 | 44.3% | 17.2% | ||
| Q3 24 | 44.6% | 20.6% | ||
| Q2 24 | 36.2% | 20.8% | ||
| Q1 24 | 32.1% | 23.7% |
净利率APPPPL
| Q4 25 | 82.7% | 11.3% | ||
| Q3 25 | 59.5% | 14.2% | ||
| Q2 25 | 65.1% | 9.0% | ||
| Q1 25 | 38.8% | 16.3% | ||
| Q4 24 | 43.6% | 8.1% | ||
| Q3 24 | 36.3% | 10.3% | ||
| Q2 24 | 28.7% | 10.1% | ||
| Q1 24 | 22.3% | 13.3% |
每股收益（稀释后）APPPPL
| Q4 25 | $3.24 | $0.35 | ||
| Q3 25 | $2.45 | $0.43 | ||
| Q2 25 | $2.39 | $0.25 | ||
| Q1 25 | $1.67 | $0.56 | ||
| Q4 24 | $1.72 | $0.23 | ||
| Q3 24 | $1.25 | $0.29 | ||
| Q2 24 | $0.89 | $0.26 | ||
| Q1 24 | $0.67 | $0.42 |
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 | $1.1B |
| 总债务越低越好 | $3.5B | $18.9B |
| 股东权益账面价值 | $2.1B | $14.9B |
| 总资产 | $7.3B | $45.2B |
| 负债/权益比越低杠杆越低 | 1.65× | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资APPPPL
| Q4 25 | $2.5B | $1.1B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.2B | $294.0M | ||
| Q1 25 | $551.0M | $312.0M | ||
| Q4 24 | $741.4M | $306.0M | ||
| Q3 24 | $567.6M | $542.0M | ||
| Q2 24 | $460.4M | $282.0M | ||
| Q1 24 | $436.3M | $276.0M |
总债务APPPPL
| Q4 25 | $3.5B | $18.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | $16.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益APPPPL
| Q4 25 | $2.1B | $14.9B | ||
| Q3 25 | $1.5B | $14.4B | ||
| Q2 25 | $1.2B | $14.3B | ||
| Q1 25 | $575.4M | $14.3B | ||
| Q4 24 | $1.1B | $14.1B | ||
| Q3 24 | $938.2M | $14.1B | ||
| Q2 24 | $814.8M | $14.1B | ||
| Q1 24 | $760.2M | $14.1B |
总资产APPPPL
| Q4 25 | $7.3B | $45.2B | ||
| Q3 25 | $6.3B | $43.9B | ||
| Q2 25 | $6.0B | $42.4B | ||
| Q1 25 | $5.7B | $41.8B | ||
| Q4 24 | $5.9B | $41.1B | ||
| Q3 24 | $5.4B | $40.5B | ||
| Q2 24 | $5.3B | $39.8B | ||
| Q1 24 | $5.3B | $39.6B |
负债/权益比APPPPL
| Q4 25 | 1.65× | 1.27× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.22× | 1.17× | ||
| 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 | $548.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-614.0M |
| 自由现金流率自由现金流/营收 | — | -26.1% |
| 资本支出强度资本支出/营收 | — | 49.5% |
| 现金转化率经营现金流/净利润 | 1.19× | 2.06× |
| 过去12个月自由现金流最近4个季度 | — | $-1.4B |
8季度趋势，按日历期对齐
经营现金流APPPPL
| Q4 25 | $1.3B | $548.0M | ||
| Q3 25 | $1.1B | $966.0M | ||
| Q2 25 | $772.2M | $602.0M | ||
| Q1 25 | $831.7M | $513.0M | ||
| Q4 24 | $701.0M | $511.0M | ||
| Q3 24 | $550.7M | $781.0M | ||
| Q2 24 | $454.5M | $766.0M | ||
| Q1 24 | $392.8M | $282.0M |
自由现金流APPPPL
| Q4 25 | — | $-614.0M | ||
| Q3 25 | — | $-179.0M | ||
| Q2 25 | — | $-328.0M | ||
| Q1 25 | — | $-280.0M | ||
| Q4 24 | — | $-349.0M | ||
| Q3 24 | — | $102.0M | ||
| Q2 24 | — | $96.0M | ||
| Q1 24 | — | $-314.0M |
自由现金流率APPPPL
| Q4 25 | — | -26.1% | ||
| Q3 25 | — | -8.0% | ||
| Q2 25 | — | -16.1% | ||
| Q1 25 | — | -11.0% | ||
| Q4 24 | — | -15.9% | ||
| Q3 24 | — | 4.9% | ||
| Q2 24 | — | 5.1% | ||
| Q1 24 | — | -13.6% |
资本支出强度APPPPL
| Q4 25 | — | 49.5% | ||
| Q3 25 | — | 51.2% | ||
| Q2 25 | — | 45.6% | ||
| Q1 25 | — | 31.2% | ||
| Q4 24 | — | 39.3% | ||
| Q3 24 | — | 32.7% | ||
| Q2 24 | — | 35.8% | ||
| Q1 24 | — | 25.9% |
现金转化率APPPPL
| Q4 25 | 1.19× | 2.06× | ||
| Q3 25 | 1.26× | 3.04× | ||
| Q2 25 | 0.94× | 3.29× | ||
| Q1 25 | 1.44× | 1.24× | ||
| Q4 24 | 1.17× | 2.89× | ||
| Q3 24 | 1.27× | 3.65× | ||
| Q2 24 | 1.47× | 4.03× | ||
| Q1 24 | 1.66× | 0.92× |
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% |
PPL
| Rhode Island Regulated | $539.0M | 23% |
| Other | $532.0M | 23% |
| Residential | $451.0M | 19% |
| Nonrelated Party | $425.0M | 18% |
| Transmission | $228.0M | 10% |
| Commercial | $117.0M | 5% |
| Wholesale Other | $23.0M | 1% |
| Industrial | $14.0M | 1% |
| Related Party | $13.0M | 1% |
| Wholesale Municipal | $6.0M | 0% |
