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AppLovin Corp（APP）与Workday, Inc.（WDAY）财务数据对比。点击上方公司名可切换其他公司
Workday, Inc.的季度营收约是AppLovin Corp的1.8倍（$2.4B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 10.4%，领先72.3%），Workday, Inc.同比增速更快（12.6% vs -2.9%），过去两年Workday, Inc.的营收复合增速更高（12.5% 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。
Workday是全球领先的企业级云软件供应商，核心产品覆盖人力资本管理、财务管理及企业资源规划解决方案，主要服务教育、医疗、金融、科技等行业的中大型机构，业务遍布北美、欧洲、亚太等全球主要市场。
APP vs WDAY — 直观对比
营收规模更大
WDAY
是对方的1.8倍
$1.3B
营收增速更快
WDAY
高出15.5%
-2.9%
净利率更高
APP
高出72.3%
10.4%
两年增速更快
WDAY
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.4B |
| 净利润 | $1.1B | $252.0M |
| 毛利率 | 95.2% | — |
| 营业利润率 | — | 10.6% |
| 净利率 | 82.7% | 10.4% |
| 营收同比 | -2.9% | 12.6% |
| 净利润同比 | 84.0% | 30.6% |
| 每股收益（稀释后） | $3.24 | $0.94 |
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APPWDAY
| Q4 25 | $1.3B | $2.4B | ||
| Q3 25 | $1.4B | $2.3B | ||
| Q2 25 | $1.3B | $2.2B | ||
| Q1 25 | $1.5B | $2.2B | ||
| Q4 24 | $1.4B | $2.2B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.1B | $2.0B | ||
| Q1 24 | $1.1B | $1.9B |
净利润APPWDAY
| Q4 25 | $1.1B | $252.0M | ||
| Q3 25 | $835.5M | $228.0M | ||
| Q2 25 | $819.5M | $68.0M | ||
| Q1 25 | $576.4M | $94.0M | ||
| Q4 24 | $599.2M | $193.0M | ||
| Q3 24 | $434.4M | $132.0M | ||
| Q2 24 | $310.0M | $107.0M | ||
| Q1 24 | $236.2M | $1.2B |
毛利率APPWDAY
| 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APPWDAY
| Q4 25 | — | 10.6% | ||
| Q3 25 | 76.8% | 10.6% | ||
| Q2 25 | 76.1% | 1.7% | ||
| Q1 25 | 44.7% | 3.4% | ||
| Q4 24 | 44.3% | 7.6% | ||
| Q3 24 | 44.6% | 5.3% | ||
| Q2 24 | 36.2% | 3.2% | ||
| Q1 24 | 32.1% | 4.1% |
净利率APPWDAY
| Q4 25 | 82.7% | 10.4% | ||
| Q3 25 | 59.5% | 9.7% | ||
| Q2 25 | 65.1% | 3.0% | ||
| Q1 25 | 38.8% | 4.3% | ||
| Q4 24 | 43.6% | 8.9% | ||
| Q3 24 | 36.3% | 6.3% | ||
| Q2 24 | 28.7% | 5.4% | ||
| Q1 24 | 22.3% | 61.8% |
每股收益（稀释后）APPWDAY
| Q4 25 | $3.24 | $0.94 | ||
| Q3 25 | $2.45 | $0.84 | ||
| Q2 25 | $2.39 | $0.25 | ||
| Q1 25 | $1.67 | $0.34 | ||
| Q4 24 | $1.72 | $0.72 | ||
| Q3 24 | $1.25 | $0.49 | ||
| Q2 24 | $0.89 | $0.40 | ||
| Q1 24 | $0.67 | $4.48 |
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 | $6.8B |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.1B | $8.9B |
| 总资产 | $7.3B | $17.8B |
| 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APPWDAY
| Q4 25 | $2.5B | $6.8B | ||
| Q3 25 | $1.7B | $8.2B | ||
| Q2 25 | $1.2B | $8.0B | ||
| Q1 25 | $551.0M | $8.0B | ||
| Q4 24 | $741.4M | $7.2B | ||
| Q3 24 | $567.6M | $7.4B | ||
| Q2 24 | $460.4M | $7.2B | ||
| Q1 24 | $436.3M | $7.8B |
总债务APPWDAY
| Q4 25 | $3.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
股东权益APPWDAY
| Q4 25 | $2.1B | $8.9B | ||
| Q3 25 | $1.5B | $9.2B | ||
| Q2 25 | $1.2B | $8.9B | ||
| Q1 25 | $575.4M | $9.0B | ||
| Q4 24 | $1.1B | $8.6B | ||
| Q3 24 | $938.2M | $8.3B | ||
| Q2 24 | $814.8M | $8.2B | ||
| Q1 24 | $760.2M | $8.1B |
总资产APPWDAY
| Q4 25 | $7.3B | $17.8B | ||
| Q3 25 | $6.3B | $18.0B | ||
| Q2 25 | $6.0B | $17.2B | ||
| Q1 25 | $5.7B | $18.0B | ||
| Q4 24 | $5.9B | $16.4B | ||
| Q3 24 | $5.4B | $16.2B | ||
| Q2 24 | $5.3B | $15.9B | ||
| Q1 24 | $5.3B | $16.5B |
负债/权益比APPWDAY
| Q4 25 | 1.65× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.37× |
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 | $588.0M |
| 自由现金流经营现金流 - 资本支出 | — | $550.0M |
| 自由现金流率自由现金流/营收 | — | 22.6% |
| 资本支出强度资本支出/营收 | — | 1.6% |
| 现金转化率经营现金流/净利润 | 1.19× | 2.33× |
| 过去12个月自由现金流最近4个季度 | — | $2.6B |
8季度趋势，按日历期对齐
经营现金流APPWDAY
| Q4 25 | $1.3B | $588.0M | ||
| Q3 25 | $1.1B | $616.0M | ||
| Q2 25 | $772.2M | $457.0M | ||
| Q1 25 | $831.7M | $1.1B | ||
| Q4 24 | $701.0M | $406.0M | ||
| Q3 24 | $550.7M | $571.0M | ||
| Q2 24 | $454.5M | $372.0M | ||
| Q1 24 | $392.8M | $995.6M |
自由现金流APPWDAY
| Q4 25 | — | $550.0M | ||
| Q3 25 | — | $588.0M | ||
| Q2 25 | — | $421.0M | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $359.0M | ||
| Q3 24 | — | $516.0M | ||
| Q2 24 | — | $291.0M | ||
| Q1 24 | — | $947.6M |
自由现金流率APPWDAY
| Q4 25 | — | 22.6% | ||
| Q3 25 | — | 25.0% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 46.4% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 14.6% | ||
| Q1 24 | — | 49.3% |
资本支出强度APPWDAY
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 4.1% | ||
| Q1 24 | — | 2.5% |
现金转化率APPWDAY
| Q4 25 | 1.19× | 2.33× | ||
| Q3 25 | 1.26× | 2.70× | ||
| Q2 25 | 0.94× | 6.72× | ||
| Q1 25 | 1.44× | 11.83× | ||
| Q4 24 | 1.17× | 2.10× | ||
| Q3 24 | 1.27× | 4.33× | ||
| Q2 24 | 1.47× | 3.48× | ||
| Q1 24 | 1.66× | 0.84× |
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% |
WDAY
| Subscription Services | $2.2B | 92% |
| Professional Services | $188.0M | 8% |
