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AppLovin Corp（APP）与泰佩思琦（TPR）财务数据对比。点击上方公司名可切换其他公司
泰佩思琦的季度营收约是AppLovin Corp的1.9倍（$2.5B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 22.4%，领先60.3%），泰佩思琦同比增速更快（14.0% vs -2.9%），过去两年泰佩思琦的营收复合增速更高（29.9% 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。
Tapestry, Inc.是美国知名跨国奢侈品时尚控股企业，旗下拥有Coach、Kate Spade New York、Stuart Weitzman三大标志性生活方式品牌，主营高端手袋、服饰、鞋履、配饰及香水产品，销售渠道覆盖全球线下门店与线上电商平台。
APP vs TPR — 直观对比
营收规模更大
TPR
是对方的1.9倍
$1.3B
营收增速更快
TPR
高出16.9%
-2.9%
净利率更高
APP
高出60.3%
22.4%
两年增速更快
TPR
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.5B |
| 净利润 | $1.1B | $561.3M |
| 毛利率 | 95.2% | 75.5% |
| 营业利润率 | — | 28.6% |
| 净利率 | 82.7% | 22.4% |
| 营收同比 | -2.9% | 14.0% |
| 净利润同比 | 84.0% | 80.8% |
| 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APPTPR
| Q4 25 | $1.3B | $2.5B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $1.3B | $1.7B | ||
| Q1 25 | $1.5B | $1.6B | ||
| Q4 24 | $1.4B | $2.2B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.1B | $1.6B | ||
| Q1 24 | $1.1B | $1.5B |
净利润APPTPR
| Q4 25 | $1.1B | $561.3M | ||
| Q3 25 | $835.5M | $274.8M | ||
| Q2 25 | $819.5M | $-517.1M | ||
| Q1 25 | $576.4M | $203.3M | ||
| Q4 24 | $599.2M | $310.4M | ||
| Q3 24 | $434.4M | $186.6M | ||
| Q2 24 | $310.0M | $159.3M | ||
| Q1 24 | $236.2M | $139.4M |
毛利率APPTPR
| Q4 25 | 95.2% | 75.5% | ||
| Q3 25 | 87.6% | 76.3% | ||
| Q2 25 | 87.7% | 76.3% | ||
| Q1 25 | 81.7% | 76.1% | ||
| Q4 24 | 76.7% | 74.4% | ||
| Q3 24 | 77.5% | 75.3% | ||
| Q2 24 | 73.8% | 74.9% | ||
| Q1 24 | 72.2% | 74.7% |
营业利润率APPTPR
| Q4 25 | — | 28.6% | ||
| Q3 25 | 76.8% | 19.3% | ||
| Q2 25 | 76.1% | -33.9% | ||
| Q1 25 | 44.7% | 16.0% | ||
| Q4 24 | 44.3% | 22.4% | ||
| Q3 24 | 44.6% | 16.7% | ||
| Q2 24 | 36.2% | 14.8% | ||
| Q1 24 | 32.1% | 13.8% |
净利率APPTPR
| Q4 25 | 82.7% | 22.4% | ||
| Q3 25 | 59.5% | 16.1% | ||
| Q2 25 | 65.1% | -30.0% | ||
| Q1 25 | 38.8% | 12.8% | ||
| Q4 24 | 43.6% | 14.1% | ||
| Q3 24 | 36.3% | 12.4% | ||
| Q2 24 | 28.7% | 10.0% | ||
| Q1 24 | 22.3% | 9.4% |
每股收益（稀释后）APPTPR
| Q4 25 | $3.24 | $2.68 | ||
| Q3 25 | $2.45 | $1.28 | ||
| Q2 25 | $2.39 | $-2.30 | ||
| Q1 25 | $1.67 | $0.95 | ||
| Q4 24 | $1.72 | $1.38 | ||
| Q3 24 | $1.25 | $0.79 | ||
| Q2 24 | $0.89 | $0.67 | ||
| Q1 24 | $0.67 | $0.60 |
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 | $1.1B |
| 总债务越低越好 | $3.5B | $2.4B |
| 股东权益账面价值 | $2.1B | $551.2M |
| 总资产 | $7.3B | $6.5B |
| 负债/权益比越低杠杆越低 | 1.65× | 4.32× |
8季度趋势，按日历期对齐
现金及短期投资APPTPR
| Q4 25 | $2.5B | $1.1B | ||
| Q3 25 | $1.7B | $743.2M | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $551.0M | $1.1B | ||
| Q4 24 | $741.4M | $1.0B | ||
| Q3 24 | $567.6M | $7.3B | ||
| Q2 24 | $460.4M | $7.2B | ||
| Q1 24 | $436.3M | $7.4B |
总债务APPTPR
| Q4 25 | $3.5B | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | $3.5B | $2.4B | ||
| Q3 24 | — | $7.0B | ||
| Q2 24 | — | $6.9B | ||
| Q1 24 | — | $7.7B |
股东权益APPTPR
| Q4 25 | $2.1B | $551.2M | ||
| Q3 25 | $1.5B | $399.5M | ||
| Q2 25 | $1.2B | $857.8M | ||
| Q1 25 | $575.4M | $1.5B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $938.2M | $3.0B | ||
| Q2 24 | $814.8M | $2.9B | ||
| Q1 24 | $760.2M | $2.8B |
总资产APPTPR
| Q4 25 | $7.3B | $6.5B | ||
| Q3 25 | $6.3B | $6.4B | ||
| Q2 25 | $6.0B | $6.6B | ||
| Q1 25 | $5.7B | $7.3B | ||
| Q4 24 | $5.9B | $7.3B | ||
| Q3 24 | $5.4B | $13.7B | ||
| Q2 24 | $5.3B | $13.4B | ||
| Q1 24 | $5.3B | $13.7B |
负债/权益比APPTPR
| Q4 25 | 1.65× | 4.32× | ||
| Q3 25 | — | 5.95× | ||
| Q2 25 | — | 2.77× | ||
| Q1 25 | — | 1.59× | ||
| Q4 24 | 3.22× | 1.78× | ||
| Q3 24 | — | 2.35× | ||
| Q2 24 | — | 2.39× | ||
| Q1 24 | — | 2.77× |
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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | — | $1.0B |
| 自由现金流率自由现金流/营收 | — | 41.5% |
| 资本支出强度资本支出/营收 | — | 1.7% |
| 现金转化率经营现金流/净利润 | 1.19× | 1.93× |
| 过去12个月自由现金流最近4个季度 | — | $1.6B |
8季度趋势，按日历期对齐
经营现金流APPTPR
| Q4 25 | $1.3B | $1.1B | ||
| Q3 25 | $1.1B | $112.6M | ||
| Q2 25 | $772.2M | $446.8M | ||
| Q1 25 | $831.7M | $144.3M | ||
| Q4 24 | $701.0M | $506.0M | ||
| Q3 24 | $550.7M | $119.5M | ||
| Q2 24 | $454.5M | $256.0M | ||
| Q1 24 | $392.8M | $97.8M |
自由现金流APPTPR
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $80.2M | ||
| Q2 25 | — | $411.5M | ||
| Q1 25 | — | $113.4M | ||
| Q4 24 | — | $475.1M | ||
| Q3 24 | — | $93.9M | ||
| Q2 24 | — | $209.8M | ||
| Q1 24 | — | $78.8M |
自由现金流率APPTPR
| Q4 25 | — | 41.5% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 23.9% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | 13.2% | ||
| Q1 24 | — | 5.3% |
资本支出强度APPTPR
| Q4 25 | — | 1.7% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 1.3% |
现金转化率APPTPR
| Q4 25 | 1.19× | 1.93× | ||
| Q3 25 | 1.26× | 0.41× | ||
| Q2 25 | 0.94× | — | ||
| Q1 25 | 1.44× | 0.71× | ||
| Q4 24 | 1.17× | 1.63× | ||
| Q3 24 | 1.27× | 0.64× | ||
| Q2 24 | 1.47× | 1.61× | ||
| Q1 24 | 1.66× | 0.70× |
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% |
TPR
| Coach | $1.4B | 57% |
| Other | $787.0M | 31% |
| Kate Spade Company | $290.0M | 12% |
