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AppLovin Corp（APP）与Trade Desk (The)（TTD）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Trade Desk (The)的1.6倍（$1.3B vs $846.8M）。AppLovin Corp净利率更高（82.7% vs 22.1%，领先60.6%）。Trade Desk (The)同比增速更快（14.3% vs -2.9%）。过去两年Trade Desk (The)的营收复合增速更高（31.3% 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。
The Trade Desk是来自美国的跨国科技企业，专注于实时程序化营销自动化领域的技术、产品与服务研发，可实现面向用户的个性化数字内容分发，为全球广告营销行业客户提供专业解决方案。
APP vs TTD — 直观对比
营收规模更大
APP
是对方的1.6倍
$846.8M
营收增速更快
TTD
高出17.2%
-2.9%
净利率更高
APP
高出60.6%
22.1%
两年增速更快
TTD
近两年复合增速
12.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $846.8M |
| 净利润 | $1.1B | $186.9M |
| 毛利率 | 95.2% | 80.7% |
| 营业利润率 | — | 30.3% |
| 净利率 | 82.7% | 22.1% |
| 营收同比 | -2.9% | 14.3% |
| 净利润同比 | 84.0% | 2.6% |
| 每股收益（稀释后） | $3.24 | $0.39 |
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APPTTD
| Q4 25 | $1.3B | $846.8M | ||
| Q3 25 | $1.4B | $739.4M | ||
| Q2 25 | $1.3B | $694.0M | ||
| Q1 25 | $1.5B | $616.0M | ||
| Q4 24 | $1.4B | $741.0M | ||
| Q3 24 | $1.2B | $628.0M | ||
| Q2 24 | $1.1B | $584.5M | ||
| Q1 24 | $1.1B | $491.3M |
净利润APPTTD
| Q4 25 | $1.1B | $186.9M | ||
| Q3 25 | $835.5M | $115.5M | ||
| Q2 25 | $819.5M | $90.1M | ||
| Q1 25 | $576.4M | $50.7M | ||
| Q4 24 | $599.2M | $182.2M | ||
| Q3 24 | $434.4M | $94.2M | ||
| Q2 24 | $310.0M | $85.0M | ||
| Q1 24 | $236.2M | $31.7M |
毛利率APPTTD
| Q4 25 | 95.2% | 80.7% | ||
| Q3 25 | 87.6% | 78.1% | ||
| Q2 25 | 87.7% | 78.2% | ||
| Q1 25 | 81.7% | 76.8% | ||
| Q4 24 | 76.7% | 81.7% | ||
| Q3 24 | 77.5% | 80.5% | ||
| Q2 24 | 73.8% | 81.1% | ||
| Q1 24 | 72.2% | 78.9% |
营业利润率APPTTD
| Q4 25 | — | 30.3% | ||
| Q3 25 | 76.8% | 21.8% | ||
| Q2 25 | 76.1% | 16.8% | ||
| Q1 25 | 44.7% | 8.8% | ||
| Q4 24 | 44.3% | 26.4% | ||
| Q3 24 | 44.6% | 17.3% | ||
| Q2 24 | 36.2% | 16.2% | ||
| Q1 24 | 32.1% | 5.8% |
净利率APPTTD
| Q4 25 | 82.7% | 22.1% | ||
| Q3 25 | 59.5% | 15.6% | ||
| Q2 25 | 65.1% | 13.0% | ||
| Q1 25 | 38.8% | 8.2% | ||
| Q4 24 | 43.6% | 24.6% | ||
| Q3 24 | 36.3% | 15.0% | ||
| Q2 24 | 28.7% | 14.5% | ||
| Q1 24 | 22.3% | 6.4% |
每股收益（稀释后）APPTTD
| Q4 25 | $3.24 | $0.39 | ||
| Q3 25 | $2.45 | $0.23 | ||
| Q2 25 | $2.39 | $0.18 | ||
| Q1 25 | $1.67 | $0.10 | ||
| Q4 24 | $1.72 | $0.36 | ||
| Q3 24 | $1.25 | $0.19 | ||
| Q2 24 | $0.89 | $0.17 | ||
| Q1 24 | $0.67 | $0.06 |
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 | $1.3B |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.1B | $2.5B |
| 总资产 | $7.3B | $6.2B |
| 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APPTTD
| Q4 25 | $2.5B | $1.3B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $551.0M | $1.7B | ||
| Q4 24 | $741.4M | $1.9B | ||
| Q3 24 | $567.6M | $1.7B | ||
| Q2 24 | $460.4M | $1.5B | ||
| Q1 24 | $436.3M | $1.4B |
总债务APPTTD
| Q4 25 | $3.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益APPTTD
| Q4 25 | $2.1B | $2.5B | ||
| Q3 25 | $1.5B | $2.6B | ||
| Q2 25 | $1.2B | $2.7B | ||
| Q1 25 | $575.4M | $2.7B | ||
| Q4 24 | $1.1B | $2.9B | ||
| Q3 24 | $938.2M | $2.6B | ||
| Q2 24 | $814.8M | $2.4B | ||
| Q1 24 | $760.2M | $2.2B |
总资产APPTTD
| Q4 25 | $7.3B | $6.2B | ||
| Q3 25 | $6.3B | $5.9B | ||
| Q2 25 | $6.0B | $6.0B | ||
| Q1 25 | $5.7B | $5.7B | ||
| Q4 24 | $5.9B | $6.1B | ||
| Q3 24 | $5.4B | $5.5B | ||
| Q2 24 | $5.3B | $5.2B | ||
| Q1 24 | $5.3B | $4.7B |
负债/权益比APPTTD
| 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 | $311.6M |
| 自由现金流经营现金流 - 资本支出 | — | $285.3M |
| 自由现金流率自由现金流/营收 | — | 33.7% |
| 资本支出强度资本支出/营收 | — | 3.1% |
| 现金转化率经营现金流/净利润 | 1.19× | 1.67× |
| 过去12个月自由现金流最近4个季度 | — | $795.7M |
8季度趋势，按日历期对齐
经营现金流APPTTD
| Q4 25 | $1.3B | $311.6M | ||
| Q3 25 | $1.1B | $224.7M | ||
| Q2 25 | $772.2M | $165.0M | ||
| Q1 25 | $831.7M | $291.4M | ||
| Q4 24 | $701.0M | $199.4M | ||
| Q3 24 | $550.7M | $273.3M | ||
| Q2 24 | $454.5M | $81.3M | ||
| Q1 24 | $392.8M | $185.5M |
自由现金流APPTTD
| Q4 25 | — | $285.3M | ||
| Q3 25 | — | $158.3M | ||
| Q2 25 | — | $119.8M | ||
| Q1 25 | — | $232.3M | ||
| Q4 24 | — | $179.2M | ||
| Q3 24 | — | $224.6M | ||
| Q2 24 | — | $59.1M | ||
| Q1 24 | — | $178.2M |
自由现金流率APPTTD
| Q4 25 | — | 33.7% | ||
| Q3 25 | — | 21.4% | ||
| Q2 25 | — | 17.3% | ||
| Q1 25 | — | 37.7% | ||
| Q4 24 | — | 24.2% | ||
| Q3 24 | — | 35.8% | ||
| Q2 24 | — | 10.1% | ||
| Q1 24 | — | 36.3% |
资本支出强度APPTTD
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 9.0% | ||
| Q2 25 | — | 6.5% | ||
| Q1 25 | — | 9.6% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | — | 3.8% | ||
| Q1 24 | — | 1.5% |
现金转化率APPTTD
| Q4 25 | 1.19× | 1.67× | ||
| Q3 25 | 1.26× | 1.94× | ||
| Q2 25 | 0.94× | 1.83× | ||
| Q1 25 | 1.44× | 5.75× | ||
| Q4 24 | 1.17× | 1.09× | ||
| Q3 24 | 1.27× | 2.90× | ||
| Q2 24 | 1.47× | 0.96× | ||
| Q1 24 | 1.66× | 5.86× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
