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AppLovin Corp（APP）与Ubiquiti Inc.（UI）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Ubiquiti Inc.的1.6倍（$1.3B vs $814.9M），AppLovin Corp净利率更高（82.7% vs 28.7%，领先54.0%），Ubiquiti Inc.同比增速更快（35.8% vs -2.9%），过去两年Ubiquiti Inc.的营收复合增速更高（28.6% 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。
Ubiquiti Inc.是一家美国科技企业，2003年于加利福尼亚州圣何塞成立，目前总部位于纽约。公司旗下拥有多个品牌，主营面向企业及家庭用户的有线、无线数据通信产品的研发、生产与销售。
APP vs UI — 直观对比
营收规模更大
APP
是对方的1.6倍
$814.9M
营收增速更快
UI
高出38.7%
-2.9%
净利率更高
APP
高出54.0%
28.7%
两年增速更快
UI
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $814.9M |
| 净利润 | $1.1B | $233.6M |
| 毛利率 | 95.2% | 45.9% |
| 营业利润率 | — | 35.9% |
| 净利率 | 82.7% | 28.7% |
| 营收同比 | -2.9% | 35.8% |
| 净利润同比 | 84.0% | 70.8% |
| 每股收益（稀释后） | $3.24 | $3.86 |
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APPUI
| Q4 25 | $1.3B | $814.9M | ||
| Q3 25 | $1.4B | $733.8M | ||
| Q2 25 | $1.3B | $759.2M | ||
| Q1 25 | $1.5B | $664.2M | ||
| Q4 24 | $1.4B | $599.9M | ||
| Q3 24 | $1.2B | $550.3M | ||
| Q2 24 | $1.1B | $507.5M | ||
| Q1 24 | $1.1B | $493.0M |
净利润APPUI
| Q4 25 | $1.1B | $233.6M | ||
| Q3 25 | $835.5M | $207.9M | ||
| Q2 25 | $819.5M | $266.7M | ||
| Q1 25 | $576.4M | $180.4M | ||
| Q4 24 | $599.2M | $136.8M | ||
| Q3 24 | $434.4M | $128.0M | ||
| Q2 24 | $310.0M | $103.8M | ||
| Q1 24 | $236.2M | $76.3M |
毛利率APPUI
| Q4 25 | 95.2% | 45.9% | ||
| Q3 25 | 87.6% | 46.0% | ||
| Q2 25 | 87.7% | 45.1% | ||
| Q1 25 | 81.7% | 44.5% | ||
| Q4 24 | 76.7% | 41.2% | ||
| Q3 24 | 77.5% | 42.1% | ||
| Q2 24 | 73.8% | 40.2% | ||
| Q1 24 | 72.2% | 35.3% |
营业利润率APPUI
| Q4 25 | — | 35.9% | ||
| Q3 25 | 76.8% | 35.7% | ||
| Q2 25 | 76.1% | 34.4% | ||
| Q1 25 | 44.7% | 34.2% | ||
| Q4 24 | 44.3% | 29.8% | ||
| Q3 24 | 44.6% | 30.7% | ||
| Q2 24 | 36.2% | 27.3% | ||
| Q1 24 | 32.1% | 22.6% |
净利率APPUI
| Q4 25 | 82.7% | 28.7% | ||
| Q3 25 | 59.5% | 28.3% | ||
| Q2 25 | 65.1% | 35.1% | ||
| Q1 25 | 38.8% | 27.2% | ||
| Q4 24 | 43.6% | 22.8% | ||
| Q3 24 | 36.3% | 23.3% | ||
| Q2 24 | 28.7% | 20.5% | ||
| Q1 24 | 22.3% | 15.5% |
每股收益（稀释后）APPUI
| Q4 25 | $3.24 | $3.86 | ||
| Q3 25 | $2.45 | $3.43 | ||
| Q2 25 | $2.39 | $4.40 | ||
| Q1 25 | $1.67 | $2.98 | ||
| Q4 24 | $1.72 | $2.26 | ||
| Q3 24 | $1.25 | $2.12 | ||
| Q2 24 | $0.89 | $1.72 | ||
| Q1 24 | $0.67 | $1.26 |
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 | $302.8M |
| 总债务越低越好 | $3.5B | $47.5M |
| 股东权益账面价值 | $2.1B | $1.0B |
| 总资产 | $7.3B | $1.6B |
| 负债/权益比越低杠杆越低 | 1.65× | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资APPUI
| Q4 25 | $2.5B | $302.8M | ||
| Q3 25 | $1.7B | $177.2M | ||
| Q2 25 | $1.2B | $149.7M | ||
| Q1 25 | $551.0M | $151.0M | ||
| Q4 24 | $741.4M | $133.1M | ||
| Q3 24 | $567.6M | $165.2M | ||
| Q2 24 | $460.4M | $126.3M | ||
| Q1 24 | $436.3M | $102.5M |
总债务APPUI
| Q4 25 | $3.5B | $47.5M | ||
| Q3 25 | — | $133.8M | ||
| Q2 25 | — | $250.0M | ||
| Q1 25 | — | $340.0M | ||
| Q4 24 | $3.5B | $406.3M | ||
| Q3 24 | — | $552.5M | ||
| Q2 24 | — | $708.1M | ||
| Q1 24 | — | $877.5M |
股东权益APPUI
| Q4 25 | $2.1B | $1.0B | ||
| Q3 25 | $1.5B | $828.4M | ||
| Q2 25 | $1.2B | $668.3M | ||
| Q1 25 | $575.4M | $436.1M | ||
| Q4 24 | $1.1B | $290.4M | ||
| Q3 24 | $938.2M | $188.1M | ||
| Q2 24 | $814.8M | $95.1M | ||
| Q1 24 | $760.2M | $25.9M |
总资产APPUI
| Q4 25 | $7.3B | $1.6B | ||
| Q3 25 | $6.3B | $1.5B | ||
| Q2 25 | $6.0B | $1.5B | ||
| Q1 25 | $5.7B | $1.3B | ||
| Q4 24 | $5.9B | $1.2B | ||
| Q3 24 | $5.4B | $1.2B | ||
| Q2 24 | $5.3B | $1.2B | ||
| Q1 24 | $5.3B | $1.2B |
负债/权益比APPUI
| Q4 25 | 1.65× | 0.05× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.37× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | 3.22× | 1.40× | ||
| Q3 24 | — | 2.94× | ||
| Q2 24 | — | 7.45× | ||
| Q1 24 | — | 33.92× |
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 | $263.9M |
| 自由现金流经营现金流 - 资本支出 | — | $260.3M |
| 自由现金流率自由现金流/营收 | — | 31.9% |
| 资本支出强度资本支出/营收 | — | 0.4% |
| 现金转化率经营现金流/净利润 | 1.19× | 1.13× |
| 过去12个月自由现金流最近4个季度 | — | $699.5M |
8季度趋势，按日历期对齐
经营现金流APPUI
| Q4 25 | $1.3B | $263.9M | ||
| Q3 25 | $1.1B | $198.5M | ||
| Q2 25 | $772.2M | $130.4M | ||
| Q1 25 | $831.7M | $123.6M | ||
| Q4 24 | $701.0M | $152.4M | ||
| Q3 24 | $550.7M | $233.7M | ||
| Q2 24 | $454.5M | $231.4M | ||
| Q1 24 | $392.8M | $163.9M |
自由现金流APPUI
| Q4 25 | — | $260.3M | ||
| Q3 25 | — | $193.3M | ||
| Q2 25 | — | $125.2M | ||
| Q1 25 | — | $120.7M | ||
| Q4 24 | — | $150.4M | ||
| Q3 24 | — | $231.1M | ||
| Q2 24 | — | $229.5M | ||
| Q1 24 | — | $160.6M |
自由现金流率APPUI
| Q4 25 | — | 31.9% | ||
| Q3 25 | — | 26.3% | ||
| Q2 25 | — | 16.5% | ||
| Q1 25 | — | 18.2% | ||
| Q4 24 | — | 25.1% | ||
| Q3 24 | — | 42.0% | ||
| Q2 24 | — | 45.2% | ||
| Q1 24 | — | 32.6% |
资本支出强度APPUI
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | 0.7% |
现金转化率APPUI
| Q4 25 | 1.19× | 1.13× | ||
| Q3 25 | 1.26× | 0.95× | ||
| Q2 25 | 0.94× | 0.49× | ||
| Q1 25 | 1.44× | 0.68× | ||
| Q4 24 | 1.17× | 1.11× | ||
| Q3 24 | 1.27× | 1.83× | ||
| Q2 24 | 1.47× | 2.23× | ||
| Q1 24 | 1.66× | 2.15× |
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% |
UI
| Enterprise Technology | $729.0M | 89% |
| Service Provider Technology | $85.9M | 11% |
