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AppLovin Corp（APP）与Sunrun Inc.（RUN）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Sunrun Inc.的1.2倍（$1.3B vs $1.2B），AppLovin Corp净利率更高（82.7% vs 8.9%，领先73.8%），Sunrun Inc.同比增速更快（123.5% vs -2.9%），过去两年Sunrun Inc.的营收复合增速更高（59.0% 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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
APP vs RUN — 直观对比
营收规模更大
APP
是对方的1.2倍
$1.2B
营收增速更快
RUN
高出126.4%
-2.9%
净利率更高
APP
高出73.8%
8.9%
两年增速更快
RUN
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $1.1B | $103.6M |
| 毛利率 | 95.2% | — |
| 营业利润率 | — | 8.4% |
| 净利率 | 82.7% | 8.9% |
| 营收同比 | -2.9% | 123.5% |
| 净利润同比 | 84.0% | 103.7% |
| 每股收益（稀释后） | $3.24 | $0.38 |
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APPRUN
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.4B | $724.6M | ||
| Q2 25 | $1.3B | $569.3M | ||
| Q1 25 | $1.5B | $504.3M | ||
| Q4 24 | $1.4B | $518.5M | ||
| Q3 24 | $1.2B | $537.2M | ||
| Q2 24 | $1.1B | $523.9M | ||
| Q1 24 | $1.1B | $458.2M |
净利润APPRUN
| Q4 25 | $1.1B | $103.6M | ||
| Q3 25 | $835.5M | $16.6M | ||
| Q2 25 | $819.5M | $279.8M | ||
| Q1 25 | $576.4M | $50.0M | ||
| Q4 24 | $599.2M | $-2.8B | ||
| Q3 24 | $434.4M | $-83.8M | ||
| Q2 24 | $310.0M | $139.1M | ||
| Q1 24 | $236.2M | $-87.8M |
毛利率APPRUN
| 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APPRUN
| Q4 25 | — | 8.4% | ||
| Q3 25 | 76.8% | 0.5% | ||
| Q2 25 | 76.1% | -19.7% | ||
| Q1 25 | 44.7% | -22.8% | ||
| Q4 24 | 44.3% | -628.0% | ||
| Q3 24 | 44.6% | -23.8% | ||
| Q2 24 | 36.2% | -24.4% | ||
| Q1 24 | 32.1% | -40.0% |
净利率APPRUN
| Q4 25 | 82.7% | 8.9% | ||
| Q3 25 | 59.5% | 2.3% | ||
| Q2 25 | 65.1% | 49.1% | ||
| Q1 25 | 38.8% | 9.9% | ||
| Q4 24 | 43.6% | -542.7% | ||
| Q3 24 | 36.3% | -15.6% | ||
| Q2 24 | 28.7% | 26.5% | ||
| Q1 24 | 22.3% | -19.2% |
每股收益（稀释后）APPRUN
| Q4 25 | $3.24 | $0.38 | ||
| Q3 25 | $2.45 | $0.06 | ||
| Q2 25 | $2.39 | $1.07 | ||
| Q1 25 | $1.67 | $0.20 | ||
| Q4 24 | $1.72 | $-12.59 | ||
| Q3 24 | $1.25 | $-0.37 | ||
| Q2 24 | $0.89 | $0.55 | ||
| Q1 24 | $0.67 | $-0.40 |
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 | $14.7B |
| 股东权益账面价值 | $2.1B | $3.1B |
| 总资产 | $7.3B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.65× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资APPRUN
| Q4 25 | $2.5B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $551.0M | — | ||
| Q4 24 | $741.4M | — | ||
| Q3 24 | $567.6M | — | ||
| Q2 24 | $460.4M | — | ||
| Q1 24 | $436.3M | — |
总债务APPRUN
| Q4 25 | $3.5B | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | $3.5B | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益APPRUN
| Q4 25 | $2.1B | $3.1B | ||
| Q3 25 | $1.5B | $3.0B | ||
| Q2 25 | $1.2B | $2.9B | ||
| Q1 25 | $575.4M | $2.6B | ||
| Q4 24 | $1.1B | $2.6B | ||
| Q3 24 | $938.2M | $5.3B | ||
| Q2 24 | $814.8M | $5.4B | ||
| Q1 24 | $760.2M | $5.2B |
总资产APPRUN
| Q4 25 | $7.3B | $22.6B | ||
| Q3 25 | $6.3B | $22.2B | ||
| Q2 25 | $6.0B | $21.2B | ||
| Q1 25 | $5.7B | $20.4B | ||
| Q4 24 | $5.9B | $19.9B | ||
| Q3 24 | $5.4B | $22.1B | ||
| Q2 24 | $5.3B | $21.4B | ||
| Q1 24 | $5.3B | $20.8B |
负债/权益比APPRUN
| Q4 25 | 1.65× | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | 3.22× | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 2.15× |
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 | $96.9M |
| 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× | 0.94× |
| 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APPRUN
| Q4 25 | $1.3B | $96.9M | ||
| Q3 25 | $1.1B | $-121.5M | ||
| Q2 25 | $772.2M | $-292.7M | ||
| Q1 25 | $831.7M | $-104.2M | ||
| Q4 24 | $701.0M | $-258.4M | ||
| Q3 24 | $550.7M | $-156.2M | ||
| Q2 24 | $454.5M | $-208.5M | ||
| Q1 24 | $392.8M | $-143.1M |
自由现金流APPRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率APPRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度APPRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率APPRUN
| Q4 25 | 1.19× | 0.94× | ||
| Q3 25 | 1.26× | -7.33× | ||
| Q2 25 | 0.94× | -1.05× | ||
| Q1 25 | 1.44× | -2.08× | ||
| Q4 24 | 1.17× | — | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 1.47× | -1.50× | ||
| Q1 24 | 1.66× | — |
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% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
