vs
AppLovin Corp（APP）与瑞思迈（RMD）财务数据对比。点击上方公司名可切换其他公司
瑞思迈的季度营收约是AppLovin Corp的1.1倍（$1.4B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 27.6%，领先55.1%），瑞思迈同比增速更快（11.0% vs -2.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs 9.0%）
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。
瑞思迈是一家起源于澳大利亚、总部位于美国加利福尼亚州圣迭戈的医疗设备企业，主打可接入云端的呼吸类医疗设备，用于治疗睡眠呼吸暂停、慢性阻塞性肺病等呼吸道疾病，新冠疫情期间曾大量生产呼吸机等设备助力患者救治。
APP vs RMD — 直观对比
营收规模更大
RMD
是对方的1.1倍
$1.3B
营收增速更快
RMD
高出13.9%
-2.9%
净利率更高
APP
高出55.1%
27.6%
两年增速更快
APP
近两年复合增速
9.0%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.4B |
| 净利润 | $1.1B | $392.6M |
| 毛利率 | 95.2% | 61.8% |
| 营业利润率 | — | 34.6% |
| 净利率 | 82.7% | 27.6% |
| 营收同比 | -2.9% | 11.0% |
| 净利润同比 | 84.0% | 13.9% |
| 每股收益（稀释后） | $3.24 | $2.68 |
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APPRMD
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.4B | $1.3B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.1B | $1.2B |
净利润APPRMD
| Q4 25 | $1.1B | $392.6M | ||
| Q3 25 | $835.5M | $348.5M | ||
| Q2 25 | $819.5M | $379.7M | ||
| Q1 25 | $576.4M | $365.0M | ||
| Q4 24 | $599.2M | $344.6M | ||
| Q3 24 | $434.4M | $311.4M | ||
| Q2 24 | $310.0M | $292.2M | ||
| Q1 24 | $236.2M | $300.5M |
毛利率APPRMD
| Q4 25 | 95.2% | 61.8% | ||
| Q3 25 | 87.6% | 61.5% | ||
| Q2 25 | 87.7% | 60.8% | ||
| Q1 25 | 81.7% | 59.3% | ||
| Q4 24 | 76.7% | 58.6% | ||
| Q3 24 | 77.5% | 58.6% | ||
| Q2 24 | 73.8% | 58.5% | ||
| Q1 24 | 72.2% | 57.9% |
营业利润率APPRMD
| Q4 25 | — | 34.6% | ||
| Q3 25 | 76.8% | 33.4% | ||
| Q2 25 | 76.1% | 33.7% | ||
| Q1 25 | 44.7% | 33.0% | ||
| Q4 24 | 44.3% | 32.5% | ||
| Q3 24 | 44.6% | 31.6% | ||
| Q2 24 | 36.2% | 31.2% | ||
| Q1 24 | 32.1% | 31.3% |
净利率APPRMD
| Q4 25 | 82.7% | 27.6% | ||
| Q3 25 | 59.5% | 26.1% | ||
| Q2 25 | 65.1% | 28.2% | ||
| Q1 25 | 38.8% | 28.3% | ||
| Q4 24 | 43.6% | 26.9% | ||
| Q3 24 | 36.3% | 25.4% | ||
| Q2 24 | 28.7% | 23.9% | ||
| Q1 24 | 22.3% | 25.1% |
每股收益（稀释后）APPRMD
| Q4 25 | $3.24 | $2.68 | ||
| Q3 25 | $2.45 | $2.37 | ||
| Q2 25 | $2.39 | $2.58 | ||
| Q1 25 | $1.67 | $2.48 | ||
| Q4 24 | $1.72 | $2.34 | ||
| Q3 24 | $1.25 | $2.11 | ||
| Q2 24 | $0.89 | $1.97 | ||
| Q1 24 | $0.67 | $2.04 |
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 | $1.4B |
| 总债务越低越好 | $3.5B | $403.9M |
| 股东权益账面价值 | $2.1B | $6.3B |
| 总资产 | $7.3B | $8.5B |
| 负债/权益比越低杠杆越低 | 1.65× | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资APPRMD
| Q4 25 | $2.5B | $1.4B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $551.0M | $932.7M | ||
| Q4 24 | $741.4M | $521.9M | ||
| Q3 24 | $567.6M | $426.4M | ||
| Q2 24 | $460.4M | $238.4M | ||
| Q1 24 | $436.3M | $237.9M |
总债务APPRMD
| Q4 25 | $3.5B | $403.9M | ||
| Q3 25 | — | $408.7M | ||
| Q2 25 | — | $658.4M | ||
| Q1 25 | — | $663.1M | ||
| Q4 24 | $3.5B | $662.9M | ||
| Q3 24 | — | $667.6M | ||
| Q2 24 | — | $697.3M | ||
| Q1 24 | — | $997.0M |
股东权益APPRMD
| Q4 25 | $2.1B | $6.3B | ||
| Q3 25 | $1.5B | $6.1B | ||
| Q2 25 | $1.2B | $6.0B | ||
| Q1 25 | $575.4M | $5.5B | ||
| Q4 24 | $1.1B | $5.3B | ||
| Q3 24 | $938.2M | $5.2B | ||
| Q2 24 | $814.8M | $4.9B | ||
| Q1 24 | $760.2M | $4.6B |
总资产APPRMD
| Q4 25 | $7.3B | $8.5B | ||
| Q3 25 | $6.3B | $8.3B | ||
| Q2 25 | $6.0B | $8.2B | ||
| Q1 25 | $5.7B | $7.6B | ||
| Q4 24 | $5.9B | $7.1B | ||
| Q3 24 | $5.4B | $7.2B | ||
| Q2 24 | $5.3B | $6.9B | ||
| Q1 24 | $5.3B | $6.8B |
负债/权益比APPRMD
| Q4 25 | 1.65× | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | 3.22× | 0.13× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.22× |
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 | $339.7M |
| 自由现金流经营现金流 - 资本支出 | — | $311.2M |
| 自由现金流率自由现金流/营收 | — | 21.9% |
| 资本支出强度资本支出/营收 | — | 2.0% |
| 现金转化率经营现金流/净利润 | 1.19× | 0.87× |
| 过去12个月自由现金流最近4个季度 | — | $1.8B |
8季度趋势，按日历期对齐
经营现金流APPRMD
| Q4 25 | $1.3B | $339.7M | ||
| Q3 25 | $1.1B | $457.3M | ||
| Q2 25 | $772.2M | $538.8M | ||
| Q1 25 | $831.7M | $578.7M | ||
| Q4 24 | $701.0M | $308.6M | ||
| Q3 24 | $550.7M | $325.5M | ||
| Q2 24 | $454.5M | $440.1M | ||
| Q1 24 | $392.8M | $402.0M |
自由现金流APPRMD
| Q4 25 | — | $311.2M | ||
| Q3 25 | — | $414.4M | ||
| Q2 25 | — | $508.2M | ||
| Q1 25 | — | $557.9M | ||
| Q4 24 | — | $288.0M | ||
| Q3 24 | — | $307.7M | ||
| Q2 24 | — | $415.2M | ||
| Q1 24 | — | $380.8M |
自由现金流率APPRMD
| Q4 25 | — | 21.9% | ||
| Q3 25 | — | 31.0% | ||
| Q2 25 | — | 37.7% | ||
| Q1 25 | — | 43.2% | ||
| Q4 24 | — | 22.5% | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | — | 33.9% | ||
| Q1 24 | — | 31.8% |
资本支出强度APPRMD
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 1.8% |
现金转化率APPRMD
| Q4 25 | 1.19× | 0.87× | ||
| Q3 25 | 1.26× | 1.31× | ||
| Q2 25 | 0.94× | 1.42× | ||
| Q1 25 | 1.44× | 1.59× | ||
| Q4 24 | 1.17× | 0.90× | ||
| Q3 24 | 1.27× | 1.05× | ||
| Q2 24 | 1.47× | 1.51× | ||
| Q1 24 | 1.66× | 1.34× |
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% |
RMD
| Sleep And Breathing Health | $1.3B | 88% |
| Residential Care Software | $166.9M | 12% |
