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AppLovin Corp（APP）与Primoris Services Corp（PRIM）财务数据对比。点击上方公司名可切换其他公司
Primoris Services Corp的季度营收约是AppLovin Corp的1.4倍（$1.9B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 2.8%，领先79.9%），Primoris Services Corp同比增速更快（6.7% vs -2.9%），过去两年Primoris Services Corp的营收复合增速更高（14.7% vs 12.2%）
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。
Primoris Services Corp是总部位于美国的上市专业基建与工程建设企业，核心业务覆盖天然气管道、污水管网及供水管道建设领域，2014年入选《财富》1000强榜单，在北美能源及民生基建领域拥有丰富的项目运营经验。
APP vs PRIM — 直观对比
营收规模更大
PRIM
是对方的1.4倍
$1.3B
营收增速更快
PRIM
高出9.6%
-2.9%
净利率更高
APP
高出79.9%
2.8%
两年增速更快
PRIM
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.9B |
| 净利润 | $1.1B | $51.7M |
| 毛利率 | 95.2% | 9.4% |
| 营业利润率 | — | 4.2% |
| 净利率 | 82.7% | 2.8% |
| 营收同比 | -2.9% | 6.7% |
| 净利润同比 | 84.0% | -4.2% |
| 每股收益（稀释后） | $3.24 | $0.94 |
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APPPRIM
| Q4 25 | $1.3B | $1.9B | ||
| Q3 25 | $1.4B | $2.2B | ||
| Q2 25 | $1.3B | $1.9B | ||
| Q1 25 | $1.5B | $1.6B | ||
| Q4 24 | $1.4B | $1.7B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.1B | $1.6B | ||
| Q1 24 | $1.1B | $1.4B |
净利润APPPRIM
| Q4 25 | $1.1B | $51.7M | ||
| Q3 25 | $835.5M | $94.6M | ||
| Q2 25 | $819.5M | $84.3M | ||
| Q1 25 | $576.4M | $44.2M | ||
| Q4 24 | $599.2M | $54.0M | ||
| Q3 24 | $434.4M | $58.4M | ||
| Q2 24 | $310.0M | $49.5M | ||
| Q1 24 | $236.2M | $18.9M |
毛利率APPPRIM
| Q4 25 | 95.2% | 9.4% | ||
| Q3 25 | 87.6% | 10.8% | ||
| Q2 25 | 87.7% | 12.3% | ||
| Q1 25 | 81.7% | 10.4% | ||
| Q4 24 | 76.7% | 10.6% | ||
| Q3 24 | 77.5% | 12.0% | ||
| Q2 24 | 73.8% | 11.9% | ||
| Q1 24 | 72.2% | 9.4% |
营业利润率APPPRIM
| Q4 25 | — | 4.2% | ||
| Q3 25 | 76.8% | 6.3% | ||
| Q2 25 | 76.1% | 6.7% | ||
| Q1 25 | 44.7% | 4.3% | ||
| Q4 24 | 44.3% | 5.0% | ||
| Q3 24 | 44.6% | 6.0% | ||
| Q2 24 | 36.2% | 5.5% | ||
| Q1 24 | 32.1% | 3.1% |
净利率APPPRIM
| Q4 25 | 82.7% | 2.8% | ||
| Q3 25 | 59.5% | 4.3% | ||
| Q2 25 | 65.1% | 4.5% | ||
| Q1 25 | 38.8% | 2.7% | ||
| Q4 24 | 43.6% | 3.1% | ||
| Q3 24 | 36.3% | 3.5% | ||
| Q2 24 | 28.7% | 3.2% | ||
| Q1 24 | 22.3% | 1.3% |
每股收益（稀释后）APPPRIM
| Q4 25 | $3.24 | $0.94 | ||
| Q3 25 | $2.45 | $1.73 | ||
| Q2 25 | $2.39 | $1.54 | ||
| Q1 25 | $1.67 | $0.81 | ||
| Q4 24 | $1.72 | $0.98 | ||
| Q3 24 | $1.25 | $1.07 | ||
| Q2 24 | $0.89 | $0.91 | ||
| Q1 24 | $0.67 | $0.35 |
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 | $535.5M |
| 总债务越低越好 | $3.5B | $469.9M |
| 股东权益账面价值 | $2.1B | $1.7B |
| 总资产 | $7.3B | $4.4B |
| 负债/权益比越低杠杆越低 | 1.65× | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资APPPRIM
| Q4 25 | $2.5B | $535.5M | ||
| Q3 25 | $1.7B | $431.4M | ||
| Q2 25 | $1.2B | $390.3M | ||
| Q1 25 | $551.0M | $351.6M | ||
| Q4 24 | $741.4M | $455.8M | ||
| Q3 24 | $567.6M | $352.7M | ||
| Q2 24 | $460.4M | $207.4M | ||
| Q1 24 | $436.3M | $177.6M |
总债务APPPRIM
| Q4 25 | $3.5B | $469.9M | ||
| Q3 25 | — | $486.0M | ||
| Q2 25 | — | $603.1M | ||
| Q1 25 | — | $612.0M | ||
| Q4 24 | $3.5B | $734.8M | ||
| Q3 24 | — | $903.7M | ||
| Q2 24 | — | $933.0M | ||
| Q1 24 | — | $951.7M |
股东权益APPPRIM
| Q4 25 | $2.1B | $1.7B | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $575.4M | $1.4B | ||
| Q4 24 | $1.1B | $1.4B | ||
| Q3 24 | $938.2M | $1.4B | ||
| Q2 24 | $814.8M | $1.3B | ||
| Q1 24 | $760.2M | $1.2B |
总资产APPPRIM
| Q4 25 | $7.3B | $4.4B | ||
| Q3 25 | $6.3B | $4.6B | ||
| Q2 25 | $6.0B | $4.5B | ||
| Q1 25 | $5.7B | $4.2B | ||
| Q4 24 | $5.9B | $4.2B | ||
| Q3 24 | $5.4B | $4.2B | ||
| Q2 24 | $5.3B | $4.0B | ||
| Q1 24 | $5.3B | $4.0B |
负债/权益比APPPRIM
| Q4 25 | 1.65× | 0.28× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | 3.22× | 0.52× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.76× |
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 | $142.9M |
| 自由现金流经营现金流 - 资本支出 | — | $121.1M |
| 自由现金流率自由现金流/营收 | — | 6.5% |
| 资本支出强度资本支出/营收 | — | 1.2% |
| 现金转化率经营现金流/净利润 | 1.19× | 2.76× |
| 过去12个月自由现金流最近4个季度 | — | $340.5M |
8季度趋势，按日历期对齐
经营现金流APPPRIM
| Q4 25 | $1.3B | $142.9M | ||
| Q3 25 | $1.1B | $182.9M | ||
| Q2 25 | $772.2M | $78.5M | ||
| Q1 25 | $831.7M | $66.2M | ||
| Q4 24 | $701.0M | $298.3M | ||
| Q3 24 | $550.7M | $222.5M | ||
| Q2 24 | $454.5M | $16.1M | ||
| Q1 24 | $392.8M | $-28.5M |
自由现金流APPPRIM
| Q4 25 | — | $121.1M | ||
| Q3 25 | — | $148.4M | ||
| Q2 25 | — | $45.3M | ||
| Q1 25 | — | $25.6M | ||
| Q4 24 | — | $270.0M | ||
| Q3 24 | — | $158.8M | ||
| Q2 24 | — | $-8.1M | ||
| Q1 24 | — | $-38.9M |
自由现金流率APPPRIM
| Q4 25 | — | 6.5% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 15.5% | ||
| Q3 24 | — | 9.6% | ||
| Q2 24 | — | -0.5% | ||
| Q1 24 | — | -2.8% |
资本支出强度APPPRIM
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 3.9% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | — | 0.7% |
现金转化率APPPRIM
| Q4 25 | 1.19× | 2.76× | ||
| Q3 25 | 1.26× | 1.93× | ||
| Q2 25 | 0.94× | 0.93× | ||
| Q1 25 | 1.44× | 1.50× | ||
| Q4 24 | 1.17× | 5.53× | ||
| Q3 24 | 1.27× | 3.81× | ||
| Q2 24 | 1.47× | 0.32× | ||
| Q1 24 | 1.66× | -1.50× |
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% |
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
