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AppLovin Corp（APP）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
AppLovin Corp的季度营收约是利氏兄弟拍卖行的1.1倍（$1.3B vs $1.2B），AppLovin Corp净利率更高（82.7% vs 9.1%，领先73.6%），利氏兄弟拍卖行同比增速更快（5.4% vs -2.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
APP vs RBA — 直观对比
营收规模更大
APP
是对方的1.1倍
$1.2B
营收增速更快
RBA
高出8.3%
-2.9%
净利率更高
APP
高出73.6%
9.1%
两年增速更快
APP
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $1.1B | $109.7M |
| 毛利率 | 95.2% | — |
| 营业利润率 | — | 14.7% |
| 净利率 | 82.7% | 9.1% |
| 营收同比 | -2.9% | 5.4% |
| 净利润同比 | 84.0% | -7.4% |
| 每股收益（稀释后） | $3.24 | $0.53 |
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APPRBA
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.5B | $1.1B | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.2B | $981.8M | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $1.1B | $1.1B |
净利润APPRBA
| Q4 25 | $1.1B | $109.7M | ||
| Q3 25 | $835.5M | $95.5M | ||
| Q2 25 | $819.5M | $109.8M | ||
| Q1 25 | $576.4M | $113.4M | ||
| Q4 24 | $599.2M | $118.5M | ||
| Q3 24 | $434.4M | $76.1M | ||
| Q2 24 | $310.0M | $111.1M | ||
| Q1 24 | $236.2M | $107.4M |
毛利率APPRBA
| 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APPRBA
| Q4 25 | — | 14.7% | ||
| Q3 25 | 76.8% | 14.5% | ||
| Q2 25 | 76.1% | 15.9% | ||
| Q1 25 | 44.7% | 17.1% | ||
| Q4 24 | 44.3% | 18.1% | ||
| Q3 24 | 44.6% | 15.6% | ||
| Q2 24 | 36.2% | 18.4% | ||
| Q1 24 | 32.1% | 18.7% |
净利率APPRBA
| Q4 25 | 82.7% | 9.1% | ||
| Q3 25 | 59.5% | 8.7% | ||
| Q2 25 | 65.1% | 9.3% | ||
| Q1 25 | 38.8% | 10.2% | ||
| Q4 24 | 43.6% | 10.4% | ||
| Q3 24 | 36.3% | 7.8% | ||
| Q2 24 | 28.7% | 10.1% | ||
| Q1 24 | 22.3% | 10.1% |
每股收益（稀释后）APPRBA
| Q4 25 | $3.24 | $0.53 | ||
| Q3 25 | $2.45 | $0.43 | ||
| Q2 25 | $2.39 | $0.53 | ||
| Q1 25 | $1.67 | $0.55 | ||
| Q4 24 | $1.72 | $0.58 | ||
| Q3 24 | $1.25 | $0.36 | ||
| Q2 24 | $0.89 | $0.54 | ||
| Q1 24 | $0.67 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | $3.5B | $2.3B |
| 股东权益账面价值 | $2.1B | $5.6B |
| 总资产 | $7.3B | $12.1B |
| 负债/权益比越低杠杆越低 | 1.65× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资APPRBA
| Q4 25 | $2.5B | $531.5M | ||
| Q3 25 | $1.7B | $674.7M | ||
| Q2 25 | $1.2B | $710.2M | ||
| Q1 25 | $551.0M | $578.1M | ||
| Q4 24 | $741.4M | $533.9M | ||
| Q3 24 | $567.6M | $650.7M | ||
| Q2 24 | $460.4M | $599.5M | ||
| Q1 24 | $436.3M | $462.8M |
总债务APPRBA
| Q4 25 | $3.5B | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | $3.5B | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益APPRBA
| Q4 25 | $2.1B | $5.6B | ||
| Q3 25 | $1.5B | $5.5B | ||
| Q2 25 | $1.2B | $5.5B | ||
| Q1 25 | $575.4M | $5.3B | ||
| Q4 24 | $1.1B | $5.2B | ||
| Q3 24 | $938.2M | $5.2B | ||
| Q2 24 | $814.8M | $5.2B | ||
| Q1 24 | $760.2M | $5.1B |
总资产APPRBA
| Q4 25 | $7.3B | $12.1B | ||
| Q3 25 | $6.3B | $12.2B | ||
| Q2 25 | $6.0B | $12.2B | ||
| Q1 25 | $5.7B | $11.9B | ||
| Q4 24 | $5.9B | $11.8B | ||
| Q3 24 | $5.4B | $11.9B | ||
| Q2 24 | $5.3B | $12.1B | ||
| Q1 24 | $5.3B | $12.0B |
负债/权益比APPRBA
| Q4 25 | 1.65× | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | 3.22× | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | — | $186.5M |
| 自由现金流率自由现金流/营收 | — | 15.5% |
| 资本支出强度资本支出/营收 | — | 5.7% |
| 现金转化率经营现金流/净利润 | 1.19× | 2.33× |
| 过去12个月自由现金流最近4个季度 | — | $719.2M |
8季度趋势，按日历期对齐
经营现金流APPRBA
| Q4 25 | $1.3B | $255.2M | ||
| Q3 25 | $1.1B | $239.7M | ||
| Q2 25 | $772.2M | $326.5M | ||
| Q1 25 | $831.7M | $156.8M | ||
| Q4 24 | $701.0M | $184.5M | ||
| Q3 24 | $550.7M | $285.4M | ||
| Q2 24 | $454.5M | $337.3M | ||
| Q1 24 | $392.8M | $124.8M |
自由现金流APPRBA
| Q4 25 | — | $186.5M | ||
| Q3 25 | — | $188.5M | ||
| Q2 25 | — | $241.7M | ||
| Q1 25 | — | $102.5M | ||
| Q4 24 | — | $127.9M | ||
| Q3 24 | — | $248.5M | ||
| Q2 24 | — | $308.6M | ||
| Q1 24 | — | $79.6M |
自由现金流率APPRBA
| Q4 25 | — | 15.5% | ||
| Q3 25 | — | 17.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | 25.3% | ||
| Q2 24 | — | 28.2% | ||
| Q1 24 | — | 7.5% |
资本支出强度APPRBA
| Q4 25 | — | 5.7% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 7.2% | ||
| Q1 25 | — | 4.9% | ||
| Q4 24 | — | 5.0% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 4.2% |
现金转化率APPRBA
| Q4 25 | 1.19× | 2.33× | ||
| Q3 25 | 1.26× | 2.51× | ||
| Q2 25 | 0.94× | 2.97× | ||
| Q1 25 | 1.44× | 1.38× | ||
| Q4 24 | 1.17× | 1.56× | ||
| Q3 24 | 1.27× | 3.75× | ||
| Q2 24 | 1.47× | 3.04× | ||
| Q1 24 | 1.66× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
