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AppLovin Corp（APP）与VinFast Auto Ltd.（VFS）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VinFast Auto Ltd.的2.6倍（$1.8B vs $718.6M），AppLovin Corp净利率更高（65.5% vs -2.8%，领先68.2%）
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。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
APP vs VFS — 直观对比
营收规模更大
APP
是对方的2.6倍
$718.6M
净利率更高
APP
高出68.2%
-2.8%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $718.6M |
| 净利润 | $1.2B | $-20.0M |
| 毛利率 | 88.9% | — |
| 营业利润率 | 78.2% | -96.1% |
| 净利率 | 65.5% | -2.8% |
| 营收同比 | 59.0% | — |
| 净利润同比 | 109.2% | — |
| 每股收益（稀释后） | $3.56 | — |
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APPVFS
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.4B | $718.6M | ||
| Q2 25 | $1.3B | $663.0M | ||
| Q1 25 | $1.5B | $656.5M | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.2B | $511.6M | ||
| Q2 24 | $1.1B | — |
净利润APPVFS
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $835.5M | $-20.0M | ||
| Q2 25 | $819.5M | $-51.8M | ||
| Q1 25 | $576.4M | $-26.1M | ||
| Q4 24 | $599.2M | — | ||
| Q3 24 | $434.4M | $-10.4M | ||
| Q2 24 | $310.0M | — |
毛利率APPVFS
| Q1 26 | 88.9% | — | ||
| 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% | — |
营业利润率APPVFS
| Q1 26 | 78.2% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 76.8% | -96.1% | ||
| Q2 25 | 76.1% | -79.0% | ||
| Q1 25 | 44.7% | -74.0% | ||
| Q4 24 | 44.3% | — | ||
| Q3 24 | 44.6% | -65.9% | ||
| Q2 24 | 36.2% | — |
净利率APPVFS
| Q1 26 | 65.5% | — | ||
| Q4 25 | 82.7% | — | ||
| Q3 25 | 59.5% | -2.8% | ||
| Q2 25 | 65.1% | -7.8% | ||
| Q1 25 | 38.8% | -4.0% | ||
| Q4 24 | 43.6% | — | ||
| Q3 24 | 36.3% | -2.0% | ||
| Q2 24 | 28.7% | — |
每股收益（稀释后）APPVFS
| Q1 26 | $3.56 | — | ||
| Q4 25 | $3.24 | — | ||
| Q3 25 | $2.45 | — | ||
| Q2 25 | $2.39 | — | ||
| Q1 25 | $1.67 | — | ||
| Q4 24 | $1.72 | — | ||
| Q3 24 | $1.25 | — | ||
| Q2 24 | $0.89 | — |
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 | $2.8B | $8.8M |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.4B | — |
| 总资产 | $7.7B | $183.2M |
| 负债/权益比越低杠杆越低 | 1.49× | — |
8季度趋势，按日历期对齐
现金及短期投资APPVFS
| Q1 26 | $2.8B | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $1.7B | $8.8M | ||
| Q2 25 | $1.2B | $650.0M | ||
| Q1 25 | $551.0M | $2.4M | ||
| Q4 24 | $741.4M | — | ||
| Q3 24 | $567.6M | $1.9M | ||
| Q2 24 | $460.4M | — |
总债务APPVFS
| Q1 26 | $3.5B | — | ||
| Q4 25 | $3.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益APPVFS
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.1B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.2B | $-7.2B | ||
| Q1 25 | $575.4M | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $938.2M | — | ||
| Q2 24 | $814.8M | — |
总资产APPVFS
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.3B | — | ||
| Q3 25 | $6.3B | $183.2M | ||
| Q2 25 | $6.0B | $7.2B | ||
| Q1 25 | $5.7B | $158.2M | ||
| Q4 24 | $5.9B | — | ||
| Q3 24 | $5.4B | $151.8M | ||
| Q2 24 | $5.3B | — |
负债/权益比APPVFS
| Q1 26 | 1.49× | — | ||
| Q4 25 | 1.65× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| 自由现金流经营现金流 - 资本支出 | $1.3B | — |
| 自由现金流率自由现金流/营收 | 69.8% | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.07× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流APPVFS
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $772.2M | — | ||
| Q1 25 | $831.7M | — | ||
| Q4 24 | $701.0M | — | ||
| Q3 24 | $550.7M | — | ||
| Q2 24 | $454.5M | — |
自由现金流APPVFS
| Q1 26 | $1.3B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
自由现金流率APPVFS
| Q1 26 | 69.8% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金转化率APPVFS
| Q1 26 | 1.07× | — | ||
| 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× | — |
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
暂无分部数据
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
