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AppLovin Corp（APP）与UWM Holdings Corp（UWMC）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UWM Holdings Corp的1.4倍（$1.3B vs $945.2M），AppLovin Corp净利率更高（82.7% vs 2.1%，领先80.6%），UWM Holdings Corp同比增速更快（68.7% vs -2.9%），过去两年UWM Holdings Corp的营收复合增速更高（28.8% 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。
UWM控股（前身为联合海岸金融服务）是总部位于美国密歇根州庞蒂亚克的批发抵押贷款机构，专门为独立贷款经纪人提供贷款承销服务，据2024年公开数据显示，该公司是目前美国规模最大的抵押贷款放贷机构。
APP vs UWMC — 直观对比
营收规模更大
APP
是对方的1.4倍
$945.2M
营收增速更快
UWMC
高出71.6%
-2.9%
净利率更高
APP
高出80.6%
2.1%
两年增速更快
UWMC
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $945.2M |
| 净利润 | $1.1B | $19.4M |
| 毛利率 | 95.2% | — |
| 营业利润率 | — | 17.9% |
| 净利率 | 82.7% | 2.1% |
| 营收同比 | -2.9% | 68.7% |
| 净利润同比 | 84.0% | 117.6% |
| 每股收益（稀释后） | $3.24 | $0.14 |
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APPUWMC
| Q4 25 | $1.3B | $945.2M | ||
| Q3 25 | $1.4B | $843.3M | ||
| Q2 25 | $1.3B | $758.7M | ||
| Q1 25 | $1.5B | $613.4M | ||
| Q4 24 | $1.4B | $560.2M | ||
| Q3 24 | $1.2B | $526.4M | ||
| Q2 24 | $1.1B | $507.1M | ||
| Q1 24 | $1.1B | $570.0M |
净利润APPUWMC
| Q4 25 | $1.1B | $19.4M | ||
| Q3 25 | $835.5M | $-1.3M | ||
| Q2 25 | $819.5M | $22.9M | ||
| Q1 25 | $576.4M | $-13.7M | ||
| Q4 24 | $599.2M | $8.9M | ||
| Q3 24 | $434.4M | $-6.3M | ||
| Q2 24 | $310.0M | $3.0M | ||
| Q1 24 | $236.2M | $8.7M |
毛利率APPUWMC
| 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APPUWMC
| Q4 25 | — | 17.9% | ||
| Q3 25 | 76.8% | 1.5% | ||
| Q2 25 | 76.1% | 43.4% | ||
| Q1 25 | 44.7% | -42.5% | ||
| Q4 24 | 44.3% | 7.6% | ||
| Q3 24 | 44.6% | 6.1% | ||
| Q2 24 | 36.2% | 15.2% | ||
| Q1 24 | 32.1% | 32.3% |
净利率APPUWMC
| Q4 25 | 82.7% | 2.1% | ||
| Q3 25 | 59.5% | -0.1% | ||
| Q2 25 | 65.1% | 3.0% | ||
| Q1 25 | 38.8% | -2.2% | ||
| Q4 24 | 43.6% | 1.6% | ||
| Q3 24 | 36.3% | -1.2% | ||
| Q2 24 | 28.7% | 0.6% | ||
| Q1 24 | 22.3% | 1.5% |
每股收益（稀释后）APPUWMC
| Q4 25 | $3.24 | $0.14 | ||
| Q3 25 | $2.45 | $-0.01 | ||
| Q2 25 | $2.39 | $0.11 | ||
| Q1 25 | $1.67 | $-0.12 | ||
| Q4 24 | $1.72 | $0.07 | ||
| Q3 24 | $1.25 | $-0.06 | ||
| Q2 24 | $0.89 | $0.03 | ||
| Q1 24 | $0.67 | $0.09 |
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 | $503.4M |
| 总债务越低越好 | $3.5B | $3.0B |
| 股东权益账面价值 | $2.1B | $1.6B |
| 总资产 | $7.3B | $16.9B |
| 负债/权益比越低杠杆越低 | 1.65× | 1.87× |
8季度趋势，按日历期对齐
现金及短期投资APPUWMC
| Q4 25 | $2.5B | $503.4M | ||
| Q3 25 | $1.7B | $870.7M | ||
| Q2 25 | $1.2B | $490.0M | ||
| Q1 25 | $551.0M | $485.0M | ||
| Q4 24 | $741.4M | $507.3M | ||
| Q3 24 | $567.6M | $636.3M | ||
| Q2 24 | $460.4M | $680.2M | ||
| Q1 24 | $436.3M | $605.6M |
总债务APPUWMC
| Q4 25 | $3.5B | $3.0B | ||
| Q3 25 | — | $3.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | $3.5B | $2.8B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $2.0B |
股东权益APPUWMC
| Q4 25 | $2.1B | $1.6B | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $575.4M | $1.6B | ||
| Q4 24 | $1.1B | $2.1B | ||
| Q3 24 | $938.2M | $2.2B | ||
| Q2 24 | $814.8M | $2.3B | ||
| Q1 24 | $760.2M | $2.5B |
总资产APPUWMC
| Q4 25 | $7.3B | $16.9B | ||
| Q3 25 | $6.3B | $17.0B | ||
| Q2 25 | $6.0B | $13.9B | ||
| Q1 25 | $5.7B | $14.0B | ||
| Q4 24 | $5.9B | $15.7B | ||
| Q3 24 | $5.4B | $15.1B | ||
| Q2 24 | $5.3B | $12.9B | ||
| Q1 24 | $5.3B | $12.8B |
负债/权益比APPUWMC
| Q4 25 | 1.65× | 1.87× | ||
| Q3 25 | — | 2.38× | ||
| Q2 25 | — | 1.59× | ||
| Q1 25 | — | 1.70× | ||
| Q4 24 | 3.22× | 1.36× | ||
| Q3 24 | — | 0.92× | ||
| Q2 24 | — | 0.86× | ||
| Q1 24 | — | 0.81× |
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 | $103.8M |
| 自由现金流经营现金流 - 资本支出 | — | $82.0M |
| 自由现金流率自由现金流/营收 | — | 8.7% |
| 资本支出强度资本支出/营收 | — | 2.3% |
| 现金转化率经营现金流/净利润 | 1.19× | 5.34× |
| 过去12个月自由现金流最近4个季度 | — | $-2.7B |
8季度趋势，按日历期对齐
经营现金流APPUWMC
| Q4 25 | $1.3B | $103.8M | ||
| Q3 25 | $1.1B | $-3.1B | ||
| Q2 25 | $772.2M | $-265.9M | ||
| Q1 25 | $831.7M | $593.9M | ||
| Q4 24 | $701.0M | $-543.3M | ||
| Q3 24 | $550.7M | $-2.2B | ||
| Q2 24 | $454.5M | $-1.3B | ||
| Q1 24 | $392.8M | $-2.2B |
自由现金流APPUWMC
| Q4 25 | — | $82.0M | ||
| Q3 25 | — | $-3.1B | ||
| Q2 25 | — | $-290.1M | ||
| Q1 25 | — | $576.1M | ||
| Q4 24 | — | $-551.6M | ||
| Q3 24 | — | $-2.2B | ||
| Q2 24 | — | $-1.3B | ||
| Q1 24 | — | $-2.2B |
自由现金流率APPUWMC
| Q4 25 | — | 8.7% | ||
| Q3 25 | — | -366.4% | ||
| Q2 25 | — | -38.2% | ||
| Q1 25 | — | 93.9% | ||
| Q4 24 | — | -98.5% | ||
| Q3 24 | — | -416.1% | ||
| Q2 24 | — | -262.1% | ||
| Q1 24 | — | -387.7% |
资本支出强度APPUWMC
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 1.2% |
现金转化率APPUWMC
| Q4 25 | 1.19× | 5.34× | ||
| Q3 25 | 1.26× | — | ||
| Q2 25 | 0.94× | -11.61× | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.17× | -60.91× | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 1.47× | -431.86× | ||
| Q1 24 | 1.66× | -252.32× |
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% |
UWMC
暂无分部数据
