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AppLovin Corp（APP）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
Snap Inc的季度营收约是AppLovin Corp的1.3倍（$1.7B vs $1.3B）。AppLovin Corp净利率更高（82.7% vs 2.6%，领先80.1%）。Snap Inc同比增速更快（10.2% vs -2.9%）。过去两年Snap Inc的营收复合增速更高（19.9% 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。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
APP vs SNAP — 直观对比
营收规模更大
SNAP
是对方的1.3倍
$1.3B
营收增速更快
SNAP
高出13.1%
-2.9%
净利率更高
APP
高出80.1%
2.6%
两年增速更快
SNAP
近两年复合增速
12.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.7B |
| 净利润 | $1.1B | $45.2M |
| 毛利率 | 95.2% | 59.1% |
| 营业利润率 | — | 2.9% |
| 净利率 | 82.7% | 2.6% |
| 营收同比 | -2.9% | 10.2% |
| 净利润同比 | 84.0% | 396.7% |
| 每股收益（稀释后） | $3.24 | $0.03 |
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APPSNAP
| Q4 25 | $1.3B | $1.7B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.1B | $1.2B |
净利润APPSNAP
| Q4 25 | $1.1B | $45.2M | ||
| Q3 25 | $835.5M | $-103.5M | ||
| Q2 25 | $819.5M | $-262.6M | ||
| Q1 25 | $576.4M | $-139.6M | ||
| Q4 24 | $599.2M | $9.1M | ||
| Q3 24 | $434.4M | $-153.2M | ||
| Q2 24 | $310.0M | $-248.6M | ||
| Q1 24 | $236.2M | $-305.1M |
毛利率APPSNAP
| Q4 25 | 95.2% | 59.1% | ||
| Q3 25 | 87.6% | 55.3% | ||
| Q2 25 | 87.7% | 51.4% | ||
| Q1 25 | 81.7% | 53.1% | ||
| Q4 24 | 76.7% | 56.9% | ||
| Q3 24 | 77.5% | 53.5% | ||
| Q2 24 | 73.8% | 52.4% | ||
| Q1 24 | 72.2% | 51.9% |
营业利润率APPSNAP
| Q4 25 | — | 2.9% | ||
| Q3 25 | 76.8% | -8.5% | ||
| Q2 25 | 76.1% | -19.3% | ||
| Q1 25 | 44.7% | -14.2% | ||
| Q4 24 | 44.3% | -1.7% | ||
| Q3 24 | 44.6% | -12.6% | ||
| Q2 24 | 36.2% | -20.5% | ||
| Q1 24 | 32.1% | -27.9% |
净利率APPSNAP
| Q4 25 | 82.7% | 2.6% | ||
| Q3 25 | 59.5% | -6.9% | ||
| Q2 25 | 65.1% | -19.5% | ||
| Q1 25 | 38.8% | -10.2% | ||
| Q4 24 | 43.6% | 0.6% | ||
| Q3 24 | 36.3% | -11.2% | ||
| Q2 24 | 28.7% | -20.1% | ||
| Q1 24 | 22.3% | -25.5% |
每股收益（稀释后）APPSNAP
| Q4 25 | $3.24 | $0.03 | ||
| Q3 25 | $2.45 | $-0.06 | ||
| Q2 25 | $2.39 | $-0.16 | ||
| Q1 25 | $1.67 | $-0.08 | ||
| Q4 24 | $1.72 | $0.01 | ||
| Q3 24 | $1.25 | $-0.09 | ||
| Q2 24 | $0.89 | $-0.15 | ||
| Q1 24 | $0.67 | $-0.19 |
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 | $2.9B |
| 总债务越低越好 | $3.5B | $3.5B |
| 股东权益账面价值 | $2.1B | $2.3B |
| 总资产 | $7.3B | $7.7B |
| 负债/权益比越低杠杆越低 | 1.65× | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资APPSNAP
| Q4 25 | $2.5B | $2.9B | ||
| Q3 25 | $1.7B | $3.0B | ||
| Q2 25 | $1.2B | $2.9B | ||
| Q1 25 | $551.0M | $3.2B | ||
| Q4 24 | $741.4M | $3.4B | ||
| Q3 24 | $567.6M | $3.2B | ||
| Q2 24 | $460.4M | $3.1B | ||
| Q1 24 | $436.3M | $2.9B |
总债务APPSNAP
| Q4 25 | $3.5B | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | $3.5B | $3.6B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.3B |
股东权益APPSNAP
| Q4 25 | $2.1B | $2.3B | ||
| Q3 25 | $1.5B | $2.2B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $575.4M | $2.3B | ||
| Q4 24 | $1.1B | $2.5B | ||
| Q3 24 | $938.2M | $2.2B | ||
| Q2 24 | $814.8M | $2.1B | ||
| Q1 24 | $760.2M | $2.1B |
总资产APPSNAP
| Q4 25 | $7.3B | $7.7B | ||
| Q3 25 | $6.3B | $7.6B | ||
| Q2 25 | $6.0B | $7.4B | ||
| Q1 25 | $5.7B | $7.6B | ||
| Q4 24 | $5.9B | $7.9B | ||
| Q3 24 | $5.4B | $7.6B | ||
| Q2 24 | $5.3B | $7.4B | ||
| Q1 24 | $5.3B | $7.2B |
负债/权益比APPSNAP
| Q4 25 | 1.65× | 1.55× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | 3.22× | 1.49× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | — | 1.55× |
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 | $269.6M |
| 自由现金流经营现金流 - 资本支出 | — | $205.6M |
| 自由现金流率自由现金流/营收 | — | 12.0% |
| 资本支出强度资本支出/营收 | — | 3.7% |
| 现金转化率经营现金流/净利润 | 1.19× | 5.96× |
| 过去12个月自由现金流最近4个季度 | — | $437.2M |
8季度趋势，按日历期对齐
经营现金流APPSNAP
| Q4 25 | $1.3B | $269.6M | ||
| Q3 25 | $1.1B | $146.5M | ||
| Q2 25 | $772.2M | $88.5M | ||
| Q1 25 | $831.7M | $151.6M | ||
| Q4 24 | $701.0M | $230.6M | ||
| Q3 24 | $550.7M | $115.9M | ||
| Q2 24 | $454.5M | $-21.4M | ||
| Q1 24 | $392.8M | $88.4M |
自由现金流APPSNAP
| Q4 25 | — | $205.6M | ||
| Q3 25 | — | $93.4M | ||
| Q2 25 | — | $23.8M | ||
| Q1 25 | — | $114.4M | ||
| Q4 24 | — | $182.4M | ||
| Q3 24 | — | $71.8M | ||
| Q2 24 | — | $-73.4M | ||
| Q1 24 | — | $37.9M |
自由现金流率APPSNAP
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 6.2% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 8.4% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 5.2% | ||
| Q2 24 | — | -5.9% | ||
| Q1 24 | — | 3.2% |
资本支出强度APPSNAP
| Q4 25 | — | 3.7% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 4.8% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | 4.2% |
现金转化率APPSNAP
| Q4 25 | 1.19× | 5.96× | ||
| Q3 25 | 1.26× | — | ||
| Q2 25 | 0.94× | — | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.17× | 25.34× | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 1.47× | — | ||
| 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
暂无分部数据
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
