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AppLovin Corp（APP）与TRINET GROUP, INC.（TNET）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TRINET GROUP, INC.的1.1倍（$1.3B vs $1.2B），TRINET GROUP, INC.同比增速更快（-2.2% vs -2.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs -0.6%）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
APP vs TNET — 直观对比
营收规模更大
APP
是对方的1.1倍
$1.2B
营收增速更快
TNET
高出0.7%
-2.9%
两年增速更快
APP
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $1.1B | — |
| 毛利率 | 95.2% | — |
| 营业利润率 | — | 0.1% |
| 净利率 | 82.7% | — |
| 营收同比 | -2.9% | -2.2% |
| 净利润同比 | 84.0% | — |
| 每股收益（稀释后） | $3.24 | $0.02 |
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APPTNET
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| 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 | $1.3B |
净利润APPTNET
| Q4 25 | $1.1B | — | ||
| Q3 25 | $835.5M | $34.0M | ||
| Q2 25 | $819.5M | $37.0M | ||
| Q1 25 | $576.4M | $85.0M | ||
| Q4 24 | $599.2M | — | ||
| Q3 24 | $434.4M | $45.0M | ||
| Q2 24 | $310.0M | $60.0M | ||
| Q1 24 | $236.2M | $91.0M |
毛利率APPTNET
| 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APPTNET
| Q4 25 | — | 0.1% | ||
| Q3 25 | 76.8% | 4.1% | ||
| Q2 25 | 76.1% | 4.1% | ||
| Q1 25 | 44.7% | 8.9% | ||
| Q4 24 | 44.3% | -2.9% | ||
| Q3 24 | 44.6% | 4.7% | ||
| Q2 24 | 36.2% | 6.5% | ||
| Q1 24 | 32.1% | 9.7% |
净利率APPTNET
| Q4 25 | 82.7% | — | ||
| Q3 25 | 59.5% | 2.8% | ||
| Q2 25 | 65.1% | 3.0% | ||
| Q1 25 | 38.8% | 6.6% | ||
| Q4 24 | 43.6% | — | ||
| Q3 24 | 36.3% | 3.6% | ||
| Q2 24 | 28.7% | 4.9% | ||
| Q1 24 | 22.3% | 7.2% |
每股收益（稀释后）APPTNET
| Q4 25 | $3.24 | $0.02 | ||
| Q3 25 | $2.45 | $0.70 | ||
| Q2 25 | $2.39 | $0.77 | ||
| Q1 25 | $1.67 | $1.71 | ||
| Q4 24 | $1.72 | $-0.44 | ||
| Q3 24 | $1.25 | $0.89 | ||
| Q2 24 | $0.89 | $1.20 | ||
| Q1 24 | $0.67 | $1.78 |
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 | $287.0M |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.1B | $54.0M |
| 总资产 | $7.3B | $3.8B |
| 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APPTNET
| Q4 25 | $2.5B | $287.0M | ||
| Q3 25 | $1.7B | $321.0M | ||
| Q2 25 | $1.2B | $407.0M | ||
| Q1 25 | $551.0M | $349.0M | ||
| Q4 24 | $741.4M | $360.0M | ||
| Q3 24 | $567.6M | $301.0M | ||
| Q2 24 | $460.4M | $249.0M | ||
| Q1 24 | $436.3M | $383.0M |
总债务APPTNET
| Q4 25 | $3.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益APPTNET
| Q4 25 | $2.1B | $54.0M | ||
| Q3 25 | $1.5B | $110.0M | ||
| Q2 25 | $1.2B | $107.0M | ||
| Q1 25 | $575.4M | $63.0M | ||
| Q4 24 | $1.1B | $69.0M | ||
| Q3 24 | $938.2M | $129.0M | ||
| Q2 24 | $814.8M | $100.0M | ||
| Q1 24 | $760.2M | $143.0M |
总资产APPTNET
| Q4 25 | $7.3B | $3.8B | ||
| Q3 25 | $6.3B | $3.4B | ||
| Q2 25 | $6.0B | $3.7B | ||
| Q1 25 | $5.7B | $3.8B | ||
| Q4 24 | $5.9B | $4.1B | ||
| Q3 24 | $5.4B | $3.7B | ||
| Q2 24 | $5.3B | $3.7B | ||
| Q1 24 | $5.3B | $4.0B |
负债/权益比APPTNET
| 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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | — | $43.0M |
| 自由现金流率自由现金流/营收 | — | 3.4% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 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 | — | $234.0M |
8季度趋势，按日历期对齐
经营现金流APPTNET
| Q4 25 | $1.3B | $61.0M | ||
| Q3 25 | $1.1B | $72.0M | ||
| Q2 25 | $772.2M | $75.0M | ||
| Q1 25 | $831.7M | $95.0M | ||
| Q4 24 | $701.0M | $65.0M | ||
| Q3 24 | $550.7M | $84.0M | ||
| Q2 24 | $454.5M | $39.0M | ||
| Q1 24 | $392.8M | $91.0M |
自由现金流APPTNET
| Q4 25 | — | $43.0M | ||
| Q3 25 | — | $55.0M | ||
| Q2 25 | — | $57.0M | ||
| Q1 25 | — | $79.0M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | — | $22.0M | ||
| Q1 24 | — | $73.0M |
自由现金流率APPTNET
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 5.8% |
资本支出强度APPTNET
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.4% |
现金转化率APPTNET
| Q4 25 | 1.19× | — | ||
| Q3 25 | 1.26× | 2.12× | ||
| Q2 25 | 0.94× | 2.03× | ||
| Q1 25 | 1.44× | 1.12× | ||
| Q4 24 | 1.17× | — | ||
| Q3 24 | 1.27× | 1.87× | ||
| Q2 24 | 1.47× | 0.65× | ||
| Q1 24 | 1.66× | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
