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AppLovin Corp（APP）与普信集团（TROW）财务数据对比。点击上方公司名可切换其他公司
普信集团的季度营收约是AppLovin Corp的1.5倍（$1.9B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 23.0%，领先59.7%），普信集团同比增速更快（6.0% vs -2.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs 5.1%）
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。
普信集团（T. Rowe Price）是美国上市的全球性资产管理机构，面向个人、机构及金融中介提供基金、次咨询服务、独立账户管理、退休规划等多元金融服务。截至2023年，公司管理资产规模超1.51万亿美元，年营收64.8亿美元，位列美国财富1000强第537位。
APP vs TROW — 直观对比
营收规模更大
TROW
是对方的1.5倍
$1.3B
营收增速更快
TROW
高出8.9%
-2.9%
净利率更高
APP
高出59.7%
23.0%
两年增速更快
APP
近两年复合增速
5.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.9B |
| 净利润 | $1.1B | $445.3M |
| 毛利率 | 95.2% | — |
| 营业利润率 | — | 24.4% |
| 净利率 | 82.7% | 23.0% |
| 营收同比 | -2.9% | 6.0% |
| 净利润同比 | 84.0% | 1.2% |
| 每股收益（稀释后） | $3.24 | $1.98 |
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APPTROW
| Q4 25 | $1.3B | $1.9B | ||
| Q3 25 | $1.4B | $1.9B | ||
| Q2 25 | $1.3B | $1.7B | ||
| Q1 25 | $1.5B | $1.8B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.2B | $1.8B | ||
| Q2 24 | $1.1B | $1.7B | ||
| Q1 24 | $1.1B | $1.8B |
净利润APPTROW
| Q4 25 | $1.1B | $445.3M | ||
| Q3 25 | $835.5M | $646.1M | ||
| Q2 25 | $819.5M | $505.2M | ||
| Q1 25 | $576.4M | $490.5M | ||
| Q4 24 | $599.2M | $439.9M | ||
| Q3 24 | $434.4M | $603.0M | ||
| Q2 24 | $310.0M | $483.4M | ||
| Q1 24 | $236.2M | $573.8M |
毛利率APPTROW
| 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APPTROW
| Q4 25 | — | 24.4% | ||
| Q3 25 | 76.8% | 34.0% | ||
| Q2 25 | 76.1% | 27.8% | ||
| Q1 25 | 44.7% | 33.8% | ||
| Q4 24 | 44.3% | 31.2% | ||
| Q3 24 | 44.6% | 34.4% | ||
| Q2 24 | 36.2% | 32.6% | ||
| Q1 24 | 32.1% | 33.5% |
净利率APPTROW
| Q4 25 | 82.7% | 23.0% | ||
| Q3 25 | 59.5% | 34.1% | ||
| Q2 25 | 65.1% | 29.3% | ||
| Q1 25 | 38.8% | 27.8% | ||
| Q4 24 | 43.6% | 24.1% | ||
| Q3 24 | 36.3% | 33.8% | ||
| Q2 24 | 28.7% | 27.9% | ||
| Q1 24 | 22.3% | 32.8% |
每股收益（稀释后）APPTROW
| Q4 25 | $3.24 | $1.98 | ||
| Q3 25 | $2.45 | $2.87 | ||
| Q2 25 | $2.39 | $2.24 | ||
| Q1 25 | $1.67 | $2.15 | ||
| Q4 24 | $1.72 | $1.91 | ||
| Q3 24 | $1.25 | $2.64 | ||
| Q2 24 | $0.89 | $2.11 | ||
| Q1 24 | $0.67 | $2.49 |
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 | $3.4B |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.1B | $10.9B |
| 总资产 | $7.3B | $14.3B |
| 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APPTROW
| Q4 25 | $2.5B | $3.4B | ||
| Q3 25 | $1.7B | $3.6B | ||
| Q2 25 | $1.2B | $3.1B | ||
| Q1 25 | $551.0M | $2.8B | ||
| Q4 24 | $741.4M | $2.6B | ||
| Q3 24 | $567.6M | $3.2B | ||
| Q2 24 | $460.4M | $2.7B | ||
| Q1 24 | $436.3M | $2.4B |
总债务APPTROW
| Q4 25 | $3.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益APPTROW
| Q4 25 | $2.1B | $10.9B | ||
| Q3 25 | $1.5B | $10.8B | ||
| Q2 25 | $1.2B | $10.6B | ||
| Q1 25 | $575.4M | $10.4B | ||
| Q4 24 | $1.1B | $10.3B | ||
| Q3 24 | $938.2M | $10.2B | ||
| Q2 24 | $814.8M | $9.9B | ||
| Q1 24 | $760.2M | $9.8B |
总资产APPTROW
| Q4 25 | $7.3B | $14.3B | ||
| Q3 25 | $6.3B | $14.7B | ||
| Q2 25 | $6.0B | $14.3B | ||
| Q1 25 | $5.7B | $14.0B | ||
| Q4 24 | $5.9B | $13.5B | ||
| Q3 24 | $5.4B | $13.7B | ||
| Q2 24 | $5.3B | $13.1B | ||
| Q1 24 | $5.3B | $12.9B |
负债/权益比APPTROW
| 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 | $-18.7M |
| 自由现金流经营现金流 - 资本支出 | — | $-85.4M |
| 自由现金流率自由现金流/营收 | — | -4.4% |
| 资本支出强度资本支出/营收 | — | 3.4% |
| 现金转化率经营现金流/净利润 | 1.19× | -0.04× |
| 过去12个月自由现金流最近4个季度 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流APPTROW
| Q4 25 | $1.3B | $-18.7M | ||
| Q3 25 | $1.1B | $609.3M | ||
| Q2 25 | $772.2M | $529.9M | ||
| Q1 25 | $831.7M | $632.9M | ||
| Q4 24 | $701.0M | $-281.9M | ||
| Q3 24 | $550.7M | $652.5M | ||
| Q2 24 | $454.5M | $677.7M | ||
| Q1 24 | $392.8M | $637.3M |
自由现金流APPTROW
| Q4 25 | — | $-85.4M | ||
| Q3 25 | — | $546.0M | ||
| Q2 25 | — | $467.7M | ||
| Q1 25 | — | $550.9M | ||
| Q4 24 | — | $-394.9M | ||
| Q3 24 | — | $547.9M | ||
| Q2 24 | — | $574.4M | ||
| Q1 24 | — | $534.8M |
自由现金流率APPTROW
| Q4 25 | — | -4.4% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 27.1% | ||
| Q1 25 | — | 31.2% | ||
| Q4 24 | — | -21.6% | ||
| Q3 24 | — | 30.7% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 30.6% |
资本支出强度APPTROW
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 3.3% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 4.6% | ||
| Q4 24 | — | 6.2% | ||
| Q3 24 | — | 5.9% | ||
| Q2 24 | — | 6.0% | ||
| Q1 24 | — | 5.9% |
现金转化率APPTROW
| Q4 25 | 1.19× | -0.04× | ||
| Q3 25 | 1.26× | 0.94× | ||
| Q2 25 | 0.94× | 1.05× | ||
| Q1 25 | 1.44× | 1.29× | ||
| Q4 24 | 1.17× | -0.64× | ||
| Q3 24 | 1.27× | 1.08× | ||
| Q2 24 | 1.47× | 1.40× | ||
| Q1 24 | 1.66× | 1.11× |
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% |
TROW
| Asset Management1 | $1.7B | 90% |
| Administrative Distribution Servicing And Other Fee Revenue | $141.5M | 7% |
| Other | $40.8M | 2% |
| Performance Based Advisory Fees | $14.2M | 1% |
