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AppLovin Corp（APP）与Rithm Capital Corp.（RITM）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Rithm Capital Corp.的1.6倍（$1.3B vs $828.2M），AppLovin Corp净利率更高（82.7% vs 13.2%，领先69.5%），AppLovin Corp同比增速更快（-2.9% vs -40.0%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs -17.9%）
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。
Rithm Capital Corp.是总部位于美国纽约的投资管理机构，核心业务聚焦房地产投资与另类资产投资，依托专业的投研团队和成熟的市场运营经验，为合作伙伴及投资者提供优质的资产配置解决方案与长期收益回报。
APP vs RITM — 直观对比
营收规模更大
APP
是对方的1.6倍
$828.2M
营收增速更快
APP
高出37.1%
-40.0%
净利率更高
APP
高出69.5%
13.2%
两年增速更快
APP
近两年复合增速
-17.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $828.2M |
| 净利润 | $1.1B | $109.5M |
| 毛利率 | 95.2% | — |
| 营业利润率 | — | — |
| 净利率 | 82.7% | 13.2% |
| 营收同比 | -2.9% | -40.0% |
| 净利润同比 | 84.0% | 20.9% |
| 每股收益（稀释后） | $3.24 | $0.12 |
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APPRITM
| Q1 26 | — | $828.2M | ||
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.5B | $768.4M | ||
| Q4 24 | $1.4B | $2.1B | ||
| Q3 24 | $1.2B | $619.5M | ||
| Q2 24 | $1.1B | $1.2B |
净利润APPRITM
| Q1 26 | — | $109.5M | ||
| Q4 25 | $1.1B | $85.0M | ||
| Q3 25 | $835.5M | $221.5M | ||
| Q2 25 | $819.5M | $311.7M | ||
| Q1 25 | $576.4M | $78.8M | ||
| Q4 24 | $599.2M | $290.2M | ||
| Q3 24 | $434.4M | $121.7M | ||
| Q2 24 | $310.0M | $235.6M |
毛利率APPRITM
| Q1 26 | — | — | ||
| 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% | — |
营业利润率APPRITM
| Q1 26 | — | — | ||
| Q4 25 | — | 13.8% | ||
| Q3 25 | 76.8% | 21.4% | ||
| Q2 25 | 76.1% | 25.2% | ||
| Q1 25 | 44.7% | 7.4% | ||
| Q4 24 | 44.3% | 23.8% | ||
| Q3 24 | 44.6% | 7.3% | ||
| Q2 24 | 36.2% | 23.6% |
净利率APPRITM
| Q1 26 | — | 13.2% | ||
| Q4 25 | 82.7% | 5.7% | ||
| Q3 25 | 59.5% | 20.0% | ||
| Q2 25 | 65.1% | 25.6% | ||
| Q1 25 | 38.8% | 10.3% | ||
| Q4 24 | 43.6% | 14.0% | ||
| Q3 24 | 36.3% | 19.7% | ||
| Q2 24 | 28.7% | 19.2% |
每股收益（稀释后）APPRITM
| Q1 26 | — | $0.12 | ||
| Q4 25 | $3.24 | $0.09 | ||
| Q3 25 | $2.45 | $0.35 | ||
| Q2 25 | $2.39 | $0.53 | ||
| Q1 25 | $1.67 | $0.07 | ||
| Q4 24 | $1.72 | $0.50 | ||
| Q3 24 | $1.25 | $0.20 | ||
| Q2 24 | $0.89 | $0.43 |
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 | — |
| 股东权益账面价值 | $2.1B | $9.1B |
| 总资产 | $7.3B | $53.4B |
| 负债/权益比越低杠杆越低 | 1.65× | — |
8季度趋势，按日历期对齐
现金及短期投资APPRITM
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $1.8B | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $1.2B | $1.6B | ||
| Q1 25 | $551.0M | $1.5B | ||
| Q4 24 | $741.4M | $1.5B | ||
| Q3 24 | $567.6M | $1.6B | ||
| Q2 24 | $460.4M | $1.2B |
总债务APPRITM
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $35.4B | ||
| Q3 25 | — | $32.2B | ||
| Q2 25 | — | $31.2B | ||
| Q1 25 | — | $32.2B | ||
| Q4 24 | $3.5B | $32.6B | ||
| Q3 24 | — | $29.6B | ||
| Q2 24 | — | $30.1B |
股东权益APPRITM
| Q1 26 | — | $9.1B | ||
| Q4 25 | $2.1B | $8.4B | ||
| Q3 25 | $1.5B | $8.5B | ||
| Q2 25 | $1.2B | $7.9B | ||
| Q1 25 | $575.4M | $7.8B | ||
| Q4 24 | $1.1B | $7.8B | ||
| Q3 24 | $938.2M | $7.7B | ||
| Q2 24 | $814.8M | $7.3B |
总资产APPRITM
| Q1 26 | — | $53.4B | ||
| Q4 25 | $7.3B | $53.1B | ||
| Q3 25 | $6.3B | $47.2B | ||
| Q2 25 | $6.0B | $44.3B | ||
| Q1 25 | $5.7B | $45.3B | ||
| Q4 24 | $5.9B | $46.0B | ||
| Q3 24 | $5.4B | $42.3B | ||
| Q2 24 | $5.3B | $42.0B |
负债/权益比APPRITM
| Q1 26 | — | — | ||
| Q4 25 | 1.65× | 4.20× | ||
| Q3 25 | — | 3.79× | ||
| Q2 25 | — | 3.92× | ||
| Q1 25 | — | 4.14× | ||
| Q4 24 | 3.22× | 4.18× | ||
| Q3 24 | — | 3.87× | ||
| Q2 24 | — | 4.10× |
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 | — |
| 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× | — |
| 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APPRITM
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $-114.6M | ||
| Q3 25 | $1.1B | $-2.0B | ||
| Q2 25 | $772.2M | $-557.1M | ||
| Q1 25 | $831.7M | $1.4B | ||
| Q4 24 | $701.0M | $-1.8B | ||
| Q3 24 | $550.7M | $768.1M | ||
| Q2 24 | $454.5M | $-55.7M |
现金转化率APPRITM
| Q1 26 | — | — | ||
| Q4 25 | 1.19× | -1.35× | ||
| Q3 25 | 1.26× | -9.22× | ||
| Q2 25 | 0.94× | -1.79× | ||
| Q1 25 | 1.44× | 18.03× | ||
| Q4 24 | 1.17× | -6.04× | ||
| Q3 24 | 1.27× | 6.31× | ||
| Q2 24 | 1.47× | -0.24× |
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% |
RITM
| Servicing revenue, net | $375.1M | 45% |
| Other | $234.9M | 28% |
| Gain on originated residential mortgage loans, held-for-sale, net | $195.0M | 24% |
| Other revenue | $23.3M | 3% |
