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AppLovin Corp（APP）与QVC INC（QVCD）财务数据对比。点击上方公司名可切换其他公司
QVC INC的季度营收约是AppLovin Corp的1.8倍（$2.4B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 1.5%，领先81.2%），AppLovin Corp同比增速更快（-2.9% vs -8.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs 7.1%）
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。
QVC集团是一家美国媒体 conglomerate，由公司董事长约翰·C·马龙控股，马龙持有该集团多数有表决权股份，业务覆盖媒体相关领域，是美国颇具影响力的传媒企业集团。
APP vs QVCD — 直观对比
营收规模更大
QVCD
是对方的1.8倍
$1.3B
营收增速更快
APP
高出6.0%
-8.9%
净利率更高
APP
高出81.2%
1.5%
两年增速更快
APP
近两年复合增速
7.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.4B |
| 净利润 | $1.1B | $37.0M |
| 毛利率 | 95.2% | 32.5% |
| 营业利润率 | — | 5.6% |
| 净利率 | 82.7% | 1.5% |
| 营收同比 | -2.9% | -8.9% |
| 净利润同比 | 84.0% | 103.0% |
| 每股收益（稀释后） | $3.24 | — |
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APPQVCD
| Q4 25 | $1.3B | $2.4B | ||
| Q3 25 | $1.4B | $2.0B | ||
| Q2 25 | $1.3B | $2.0B | ||
| Q1 25 | $1.5B | $1.9B | ||
| Q4 24 | $1.4B | $2.7B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.1B | $2.1B | ||
| Q1 24 | $1.1B | $2.1B |
净利润APPQVCD
| Q4 25 | $1.1B | $37.0M | ||
| Q3 25 | $835.5M | $2.0M | ||
| Q2 25 | $819.5M | $-2.2B | ||
| Q1 25 | $576.4M | $-42.0M | ||
| Q4 24 | $599.2M | $-1.2B | ||
| Q3 24 | $434.4M | $51.0M | ||
| Q2 24 | $310.0M | $53.0M | ||
| Q1 24 | $236.2M | $51.0M |
毛利率APPQVCD
| Q4 25 | 95.2% | 32.5% | ||
| Q3 25 | 87.6% | 33.6% | ||
| Q2 25 | 87.7% | 35.4% | ||
| Q1 25 | 81.7% | 33.3% | ||
| Q4 24 | 76.7% | 32.6% | ||
| Q3 24 | 77.5% | 34.7% | ||
| Q2 24 | 73.8% | 35.6% | ||
| Q1 24 | 72.2% | 35.0% |
营业利润率APPQVCD
| Q4 25 | — | 5.6% | ||
| Q3 25 | 76.8% | 4.6% | ||
| Q2 25 | 76.1% | -114.5% | ||
| Q1 25 | 44.7% | 1.5% | ||
| Q4 24 | 44.3% | -47.1% | ||
| Q3 24 | 44.6% | 7.8% | ||
| Q2 24 | 36.2% | 7.6% | ||
| Q1 24 | 32.1% | 7.4% |
净利率APPQVCD
| Q4 25 | 82.7% | 1.5% | ||
| Q3 25 | 59.5% | 0.1% | ||
| Q2 25 | 65.1% | -109.1% | ||
| Q1 25 | 38.8% | -2.2% | ||
| Q4 24 | 43.6% | -46.0% | ||
| Q3 24 | 36.3% | 2.4% | ||
| Q2 24 | 28.7% | 2.5% | ||
| Q1 24 | 22.3% | 2.4% |
每股收益（稀释后）APPQVCD
| Q4 25 | $3.24 | — | ||
| Q3 25 | $2.45 | — | ||
| Q2 25 | $2.39 | — | ||
| Q1 25 | $1.67 | — | ||
| Q4 24 | $1.72 | — | ||
| Q3 24 | $1.25 | — | ||
| Q2 24 | $0.89 | — | ||
| Q1 24 | $0.67 | — |
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 | $1.5B |
| 总债务越低越好 | $3.5B | $1.0M |
| 股东权益账面价值 | $2.1B | $1.2B |
| 总资产 | $7.3B | $8.5B |
| 负债/权益比越低杠杆越低 | 1.65× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资APPQVCD
| Q4 25 | $2.5B | $1.5B | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $551.0M | — | ||
| Q4 24 | $741.4M | $297.0M | ||
| Q3 24 | $567.6M | $297.0M | ||
| Q2 24 | $460.4M | $315.0M | ||
| Q1 24 | $436.3M | $311.0M |
总债务APPQVCD
| Q4 25 | $3.5B | $1.0M | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | $3.5B | $3.3B | ||
| Q3 24 | — | $3.4B | ||
| Q2 24 | — | $3.7B | ||
| Q1 24 | — | $3.8B |
股东权益APPQVCD
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $575.4M | $3.3B | ||
| Q4 24 | $1.1B | $3.3B | ||
| Q3 24 | $938.2M | $4.6B | ||
| Q2 24 | $814.8M | $4.3B | ||
| Q1 24 | $760.2M | $4.2B |
总资产APPQVCD
| Q4 25 | $7.3B | $8.5B | ||
| Q3 25 | $6.3B | $8.3B | ||
| Q2 25 | $6.0B | $7.4B | ||
| Q1 25 | $5.7B | $9.7B | ||
| Q4 24 | $5.9B | $9.9B | ||
| Q3 24 | $5.4B | $9.9B | ||
| Q2 24 | $5.3B | $11.2B | ||
| Q1 24 | $5.3B | $11.4B |
负债/权益比APPQVCD
| Q4 25 | 1.65× | 0.00× | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | 3.22× | 1.01× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | 0.87× | ||
| Q1 24 | — | 0.89× |
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 | $245.0M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 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× | 6.62× |
| 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APPQVCD
| Q4 25 | $1.3B | $245.0M | ||
| Q3 25 | $1.1B | $76.0M | ||
| Q2 25 | $772.2M | $52.0M | ||
| Q1 25 | $831.7M | $46.0M | ||
| Q4 24 | $701.0M | $189.0M | ||
| Q3 24 | $550.7M | $98.0M | ||
| Q2 24 | $454.5M | $164.0M | ||
| Q1 24 | $392.8M | $84.0M |
现金转化率APPQVCD
| Q4 25 | 1.19× | 6.62× | ||
| Q3 25 | 1.26× | 38.00× | ||
| Q2 25 | 0.94× | — | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.17× | — | ||
| Q3 24 | 1.27× | 1.92× | ||
| Q2 24 | 1.47× | 3.09× | ||
| Q1 24 | 1.66× | 1.65× |
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% |
QVCD
| Home | $754.0M | 31% |
| QVC International | $661.0M | 27% |
| Beauty | $260.0M | 11% |
| Apparel | $254.0M | 10% |
| Electronics | $187.0M | 8% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 4% |
| Otherrevenue | $38.0M | 2% |
