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AppLovin Corp（APP）与SCANSOURCE, INC.（SCSC）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SCANSOURCE, INC.的1.7倍（$1.3B vs $766.5M），AppLovin Corp净利率更高（82.7% vs 2.2%，领先80.5%），SCANSOURCE, INC.同比增速更快（2.5% vs -2.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs 0.9%）
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。
ScanSource是全球领先的专业技术分销商，主营销售点系统、条码扫描设备、网络安全产品、云服务及通信解决方案，面向北美、拉美、欧洲的增值经销商、服务提供商及企业客户，覆盖零售、医疗、工业、公共部门等领域。
APP vs SCSC — 直观对比
营收规模更大
APP
是对方的1.7倍
$766.5M
营收增速更快
SCSC
高出5.4%
-2.9%
净利率更高
APP
高出80.5%
2.2%
两年增速更快
APP
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $766.5M |
| 净利润 | $1.1B | $16.5M |
| 毛利率 | 95.2% | 13.4% |
| 营业利润率 | — | 2.3% |
| 净利率 | 82.7% | 2.2% |
| 营收同比 | -2.9% | 2.5% |
| 净利润同比 | 84.0% | -3.3% |
| 每股收益（稀释后） | $3.24 | $0.75 |
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APPSCSC
| Q4 25 | $1.3B | $766.5M | ||
| Q3 25 | $1.4B | $739.6M | ||
| Q2 25 | $1.3B | $812.9M | ||
| Q1 25 | $1.5B | $704.8M | ||
| Q4 24 | $1.4B | $747.5M | ||
| Q3 24 | $1.2B | $775.6M | ||
| Q2 24 | $1.1B | $746.1M | ||
| Q1 24 | $1.1B | $752.6M |
净利润APPSCSC
| Q4 25 | $1.1B | $16.5M | ||
| Q3 25 | $835.5M | $19.9M | ||
| Q2 25 | $819.5M | $20.1M | ||
| Q1 25 | $576.4M | $17.4M | ||
| Q4 24 | $599.2M | $17.1M | ||
| Q3 24 | $434.4M | $17.0M | ||
| Q2 24 | $310.0M | $16.1M | ||
| Q1 24 | $236.2M | $12.8M |
毛利率APPSCSC
| Q4 25 | 95.2% | 13.4% | ||
| Q3 25 | 87.6% | 14.5% | ||
| Q2 25 | 87.7% | 12.9% | ||
| Q1 25 | 81.7% | 14.2% | ||
| Q4 24 | 76.7% | 13.6% | ||
| Q3 24 | 77.5% | 13.1% | ||
| Q2 24 | 73.8% | 13.0% | ||
| Q1 24 | 72.2% | 12.6% |
营业利润率APPSCSC
| Q4 25 | — | 2.3% | ||
| Q3 25 | 76.8% | 3.5% | ||
| Q2 25 | 76.1% | 3.3% | ||
| Q1 25 | 44.7% | 3.2% | ||
| Q4 24 | 44.3% | 2.5% | ||
| Q3 24 | 44.6% | 2.3% | ||
| Q2 24 | 36.2% | 2.9% | ||
| Q1 24 | 32.1% | 2.3% |
净利率APPSCSC
| Q4 25 | 82.7% | 2.2% | ||
| Q3 25 | 59.5% | 2.7% | ||
| Q2 25 | 65.1% | 2.5% | ||
| Q1 25 | 38.8% | 2.5% | ||
| Q4 24 | 43.6% | 2.3% | ||
| Q3 24 | 36.3% | 2.2% | ||
| Q2 24 | 28.7% | 2.2% | ||
| Q1 24 | 22.3% | 1.7% |
每股收益（稀释后）APPSCSC
| Q4 25 | $3.24 | $0.75 | ||
| Q3 25 | $2.45 | $0.89 | ||
| Q2 25 | $2.39 | $0.87 | ||
| Q1 25 | $1.67 | $0.74 | ||
| Q4 24 | $1.72 | $0.70 | ||
| Q3 24 | $1.25 | $0.69 | ||
| Q2 24 | $0.89 | $0.66 | ||
| Q1 24 | $0.67 | $0.50 |
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 | $83.5M |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.1B | $910.9M |
| 总资产 | $7.3B | $1.7B |
| 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APPSCSC
| Q4 25 | $2.5B | $83.5M | ||
| Q3 25 | $1.7B | $124.9M | ||
| Q2 25 | $1.2B | $126.2M | ||
| Q1 25 | $551.0M | $146.3M | ||
| Q4 24 | $741.4M | $110.5M | ||
| Q3 24 | $567.6M | $145.0M | ||
| Q2 24 | $460.4M | $185.5M | ||
| Q1 24 | $436.3M | $159.1M |
总债务APPSCSC
| Q4 25 | $3.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益APPSCSC
| Q4 25 | $2.1B | $910.9M | ||
| Q3 25 | $1.5B | $914.0M | ||
| Q2 25 | $1.2B | $906.4M | ||
| Q1 25 | $575.4M | $901.7M | ||
| Q4 24 | $1.1B | $900.7M | ||
| Q3 24 | $938.2M | $920.9M | ||
| Q2 24 | $814.8M | $924.3M | ||
| Q1 24 | $760.2M | $944.1M |
总资产APPSCSC
| Q4 25 | $7.3B | $1.7B | ||
| Q3 25 | $6.3B | $1.7B | ||
| Q2 25 | $6.0B | $1.8B | ||
| Q1 25 | $5.7B | $1.7B | ||
| Q4 24 | $5.9B | $1.7B | ||
| Q3 24 | $5.4B | $1.8B | ||
| Q2 24 | $5.3B | $1.8B | ||
| Q1 24 | $5.3B | $1.8B |
负债/权益比APPSCSC
| Q4 25 | 1.65× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $30.8M |
| 自由现金流经营现金流 - 资本支出 | — | $28.9M |
| 自由现金流率自由现金流/营收 | — | 3.8% |
| 资本支出强度资本支出/营收 | — | 0.3% |
| 现金转化率经营现金流/净利润 | 1.19× | 1.87× |
| 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APPSCSC
| Q4 25 | $1.3B | $30.8M | ||
| Q3 25 | $1.1B | $23.2M | ||
| Q2 25 | $772.2M | — | ||
| Q1 25 | $831.7M | $66.1M | ||
| Q4 24 | $701.0M | $-6.2M | ||
| Q3 24 | $550.7M | $44.8M | ||
| Q2 24 | $454.5M | — | ||
| Q1 24 | $392.8M | $160.2M |
自由现金流APPSCSC
| Q4 25 | — | $28.9M | ||
| Q3 25 | — | $20.8M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $64.6M | ||
| Q4 24 | — | $-8.2M | ||
| Q3 24 | — | $42.5M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $157.7M |
自由现金流率APPSCSC
| Q4 25 | — | 3.8% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | 5.5% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 21.0% |
资本支出强度APPSCSC
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.3% |
现金转化率APPSCSC
| Q4 25 | 1.19× | 1.87× | ||
| Q3 25 | 1.26× | 1.17× | ||
| Q2 25 | 0.94× | — | ||
| Q1 25 | 1.44× | 3.79× | ||
| Q4 24 | 1.17× | -0.36× | ||
| Q3 24 | 1.27× | 2.64× | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 1.66× | 12.51× |
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
