vs
AppLovin Corp（APP）与Unity Software Inc.（U）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Unity Software Inc.的2.6倍（$1.3B vs $503.1M），AppLovin Corp净利率更高（82.7% vs -17.9%，领先100.6%），Unity Software Inc.同比增速更快（10.1% vs -2.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs 4.5%）
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。
Unity Software Inc.是总部位于美国旧金山的游戏软件开发企业，2004年于丹麦成立时原名为Over the Edge Entertainment，2007年更为现名。公司核心产品Unity游戏引擎全球应用广泛，可用于开发各类电子游戏及其他互动应用，商业化授权服务覆盖全球客户。
APP vs U — 直观对比
营收规模更大
APP
是对方的2.6倍
$503.1M
营收增速更快
U
高出13.0%
-2.9%
净利率更高
APP
高出100.6%
-17.9%
两年增速更快
APP
近两年复合增速
4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $503.1M |
| 净利润 | $1.1B | $-90.0M |
| 毛利率 | 95.2% | 74.3% |
| 营业利润率 | — | -21.2% |
| 净利率 | 82.7% | -17.9% |
| 营收同比 | -2.9% | 10.1% |
| 净利润同比 | 84.0% | 26.7% |
| 每股收益（稀释后） | $3.24 | $-0.21 |
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APPU
| Q4 25 | $1.3B | $503.1M | ||
| Q3 25 | $1.4B | $470.6M | ||
| Q2 25 | $1.3B | $440.9M | ||
| Q1 25 | $1.5B | $435.0M | ||
| Q4 24 | $1.4B | $457.1M | ||
| Q3 24 | $1.2B | $446.5M | ||
| Q2 24 | $1.1B | $449.3M | ||
| Q1 24 | $1.1B | $460.4M |
净利润APPU
| Q4 25 | $1.1B | $-90.0M | ||
| Q3 25 | $835.5M | $-126.4M | ||
| Q2 25 | $819.5M | $-108.8M | ||
| Q1 25 | $576.4M | $-77.6M | ||
| Q4 24 | $599.2M | $-122.7M | ||
| Q3 24 | $434.4M | $-124.7M | ||
| Q2 24 | $310.0M | $-125.6M | ||
| Q1 24 | $236.2M | $-291.1M |
毛利率APPU
| Q4 25 | 95.2% | 74.3% | ||
| Q3 25 | 87.6% | 74.4% | ||
| Q2 25 | 87.7% | 74.1% | ||
| Q1 25 | 81.7% | 73.8% | ||
| Q4 24 | 76.7% | 74.7% | ||
| Q3 24 | 77.5% | 74.9% | ||
| Q2 24 | 73.8% | 75.8% | ||
| Q1 24 | 72.2% | 68.6% |
营业利润率APPU
| Q4 25 | — | -21.2% | ||
| Q3 25 | 76.8% | -26.7% | ||
| Q2 25 | 76.1% | -26.9% | ||
| Q1 25 | 44.7% | -29.4% | ||
| Q4 24 | 44.3% | -27.1% | ||
| Q3 24 | 44.6% | -28.5% | ||
| Q2 24 | 36.2% | -28.8% | ||
| Q1 24 | 32.1% | -81.4% |
净利率APPU
| Q4 25 | 82.7% | -17.9% | ||
| Q3 25 | 59.5% | -26.9% | ||
| Q2 25 | 65.1% | -24.7% | ||
| Q1 25 | 38.8% | -17.8% | ||
| Q4 24 | 43.6% | -26.8% | ||
| Q3 24 | 36.3% | -27.9% | ||
| Q2 24 | 28.7% | -28.0% | ||
| Q1 24 | 22.3% | -63.2% |
每股收益（稀释后）APPU
| Q4 25 | $3.24 | $-0.21 | ||
| Q3 25 | $2.45 | $-0.30 | ||
| Q2 25 | $2.39 | $-0.26 | ||
| Q1 25 | $1.67 | $-0.19 | ||
| Q4 24 | $1.72 | $-0.30 | ||
| Q3 24 | $1.25 | $-0.31 | ||
| Q2 24 | $0.89 | $-0.32 | ||
| Q1 24 | $0.67 | $-0.75 |
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 | $2.1B |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.1B | $3.2B |
| 总资产 | $7.3B | $6.8B |
| 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APPU
| Q4 25 | $2.5B | $2.1B | ||
| Q3 25 | $1.7B | $1.9B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $551.0M | $1.5B | ||
| Q4 24 | $741.4M | $1.5B | ||
| Q3 24 | $567.6M | $1.4B | ||
| Q2 24 | $460.4M | $1.3B | ||
| Q1 24 | $436.3M | $1.2B |
总债务APPU
| Q4 25 | $3.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益APPU
| Q4 25 | $2.1B | $3.2B | ||
| Q3 25 | $1.5B | $3.2B | ||
| Q2 25 | $1.2B | $3.2B | ||
| Q1 25 | $575.4M | $3.2B | ||
| Q4 24 | $1.1B | $3.2B | ||
| Q3 24 | $938.2M | $3.2B | ||
| Q2 24 | $814.8M | $3.2B | ||
| Q1 24 | $760.2M | $3.2B |
总资产APPU
| Q4 25 | $7.3B | $6.8B | ||
| Q3 25 | $6.3B | $6.8B | ||
| Q2 25 | $6.0B | $6.7B | ||
| Q1 25 | $5.7B | $6.6B | ||
| Q4 24 | $5.9B | $6.7B | ||
| Q3 24 | $5.4B | $6.7B | ||
| Q2 24 | $5.3B | $6.7B | ||
| Q1 24 | $5.3B | $6.8B |
负债/权益比APPU
| 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 | $121.4M |
| 自由现金流经营现金流 - 资本支出 | — | $118.7M |
| 自由现金流率自由现金流/营收 | — | 23.6% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 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 | — | $403.9M |
8季度趋势，按日历期对齐
经营现金流APPU
| Q4 25 | $1.3B | $121.4M | ||
| Q3 25 | $1.1B | $155.4M | ||
| Q2 25 | $772.2M | $133.1M | ||
| Q1 25 | $831.7M | $13.0M | ||
| Q4 24 | $701.0M | $112.2M | ||
| Q3 24 | $550.7M | $122.4M | ||
| Q2 24 | $454.5M | $88.4M | ||
| Q1 24 | $392.8M | $-7.4M |
自由现金流APPU
| Q4 25 | — | $118.7M | ||
| Q3 25 | — | $151.3M | ||
| Q2 25 | — | $126.7M | ||
| Q1 25 | — | $7.3M | ||
| Q4 24 | — | $105.8M | ||
| Q3 24 | — | $115.2M | ||
| Q2 24 | — | $79.6M | ||
| Q1 24 | — | $-14.6M |
自由现金流率APPU
| Q4 25 | — | 23.6% | ||
| Q3 25 | — | 32.1% | ||
| Q2 25 | — | 28.7% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 23.1% | ||
| Q3 24 | — | 25.8% | ||
| Q2 24 | — | 17.7% | ||
| Q1 24 | — | -3.2% |
资本支出强度APPU
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 1.6% |
现金转化率APPU
| Q4 25 | 1.19× | — | ||
| Q3 25 | 1.26× | — | ||
| Q2 25 | 0.94× | — | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.17× | — | ||
| 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
| Other | $673.9M | 51% |
| US | $659.0M | 49% |
U
| Grow Solutions | $338.2M | 67% |
| Create Solutions | $164.9M | 33% |
