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AppLovin Corp（APP）与WEC Energy Group（WEC）财务数据对比。点击上方公司名可切换其他公司
WEC Energy Group的季度营收约是AppLovin Corp的1.9倍（$2.5B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 12.5%，领先70.2%），WEC Energy Group同比增速更快（11.1% vs -2.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs -2.7%）
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。
WEC能源集团是总部位于美国威斯康星州密尔沃基的知名能源企业，业务覆盖美国四个州，为总计440万用户提供可靠的电力及天然气供应服务，是北美地区颇具规模的区域性能源服务商。
APP vs WEC — 直观对比
营收规模更大
WEC
是对方的1.9倍
$1.3B
营收增速更快
WEC
高出14.0%
-2.9%
净利率更高
APP
高出70.2%
12.5%
两年增速更快
APP
近两年复合增速
-2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.5B |
| 净利润 | $1.1B | $316.8M |
| 毛利率 | 95.2% | 63.7% |
| 营业利润率 | — | 17.9% |
| 净利率 | 82.7% | 12.5% |
| 营收同比 | -2.9% | 11.1% |
| 净利润同比 | 84.0% | -30.1% |
| 每股收益（稀释后） | $3.24 | — |
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APPWEC
| Q4 25 | $1.3B | $2.5B | ||
| Q3 25 | $1.4B | $2.1B | ||
| Q2 25 | $1.3B | $2.0B | ||
| Q1 25 | $1.5B | $3.1B | ||
| Q4 24 | $1.4B | $2.3B | ||
| Q3 24 | $1.2B | $1.9B | ||
| Q2 24 | $1.1B | $1.8B | ||
| Q1 24 | $1.1B | $2.7B |
净利润APPWEC
| Q4 25 | $1.1B | $316.8M | ||
| Q3 25 | $835.5M | $270.2M | ||
| Q2 25 | $819.5M | $243.0M | ||
| Q1 25 | $576.4M | $725.5M | ||
| Q4 24 | $599.2M | $453.1M | ||
| Q3 24 | $434.4M | $238.6M | ||
| Q2 24 | $310.0M | $210.0M | ||
| Q1 24 | $236.2M | $622.6M |
毛利率APPWEC
| Q4 25 | 95.2% | 63.7% | ||
| Q3 25 | 87.6% | 71.1% | ||
| Q2 25 | 87.7% | 71.6% | ||
| Q1 25 | 81.7% | 63.0% | ||
| Q4 24 | 76.7% | 67.7% | ||
| Q3 24 | 77.5% | 72.1% | ||
| Q2 24 | 73.8% | 73.5% | ||
| Q1 24 | 72.2% | 65.4% |
营业利润率APPWEC
| Q4 25 | — | 17.9% | ||
| Q3 25 | 76.8% | 21.4% | ||
| Q2 25 | 76.1% | 20.1% | ||
| Q1 25 | 44.7% | 29.8% | ||
| Q4 24 | 44.3% | 25.9% | ||
| Q3 24 | 44.6% | 20.6% | ||
| Q2 24 | 36.2% | 20.6% | ||
| Q1 24 | 32.1% | 30.3% |
净利率APPWEC
| Q4 25 | 82.7% | 12.5% | ||
| Q3 25 | 59.5% | 12.8% | ||
| Q2 25 | 65.1% | 12.1% | ||
| Q1 25 | 38.8% | 23.0% | ||
| Q4 24 | 43.6% | 19.8% | ||
| Q3 24 | 36.3% | 12.8% | ||
| Q2 24 | 28.7% | 11.9% | ||
| Q1 24 | 22.3% | 23.2% |
每股收益（稀释后）APPWEC
| 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 | — | ||
| Q1 24 | $0.67 | — |
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 | $27.6M |
| 总债务越低越好 | $3.5B | $20.0B |
| 股东权益账面价值 | $2.1B | $14.1B |
| 总资产 | $7.3B | $51.5B |
| 负债/权益比越低杠杆越低 | 1.65× | 1.42× |
8季度趋势，按日历期对齐
现金及短期投资APPWEC
| Q4 25 | $2.5B | $27.6M | ||
| Q3 25 | $1.7B | $51.1M | ||
| Q2 25 | $1.2B | $23.0M | ||
| Q1 25 | $551.0M | $82.2M | ||
| Q4 24 | $741.4M | $9.8M | ||
| Q3 24 | $567.6M | $322.5M | ||
| Q2 24 | $460.4M | $224.0M | ||
| Q1 24 | $436.3M | $38.9M |
总债务APPWEC
| Q4 25 | $3.5B | $20.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | $18.9B | ||
| Q3 24 | — | $16.9B | ||
| Q2 24 | — | $16.9B | ||
| Q1 24 | — | $15.4B |
股东权益APPWEC
| Q4 25 | $2.1B | $14.1B | ||
| Q3 25 | $1.5B | $14.0B | ||
| Q2 25 | $1.2B | $13.7B | ||
| Q1 25 | $575.4M | $13.4B | ||
| Q4 24 | $1.1B | $12.8B | ||
| Q3 24 | $938.2M | $12.4B | ||
| Q2 24 | $814.8M | $12.4B | ||
| Q1 24 | $760.2M | $12.4B |
总资产APPWEC
| Q4 25 | $7.3B | $51.5B | ||
| Q3 25 | $6.3B | $49.8B | ||
| Q2 25 | $6.0B | $48.5B | ||
| Q1 25 | $5.7B | $48.2B | ||
| Q4 24 | $5.9B | $47.4B | ||
| Q3 24 | $5.4B | $45.2B | ||
| Q2 24 | $5.3B | $44.6B | ||
| Q1 24 | $5.3B | $43.9B |
负债/权益比APPWEC
| Q4 25 | 1.65× | 1.42× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.22× | 1.48× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.36× | ||
| Q1 24 | — | 1.24× |
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 | $424.6M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 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 | 1.19× | 1.34× |
| 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APPWEC
| Q4 25 | $1.3B | $424.6M | ||
| Q3 25 | $1.1B | $938.9M | ||
| Q2 25 | $772.2M | $853.3M | ||
| Q1 25 | $831.7M | $1.2B | ||
| Q4 24 | $701.0M | $581.8M | ||
| Q3 24 | $550.7M | $729.0M | ||
| Q2 24 | $454.5M | $1.0B | ||
| Q1 24 | $392.8M | $863.6M |
自由现金流APPWEC
| Q4 25 | — | — | ||
| Q3 25 | — | $-625.7M | ||
| Q2 25 | — | $23.9M | ||
| Q1 25 | — | $461.5M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-67.3M | ||
| Q2 24 | — | $343.5M | ||
| Q1 24 | — | $419.1M |
自由现金流率APPWEC
| Q4 25 | — | — | ||
| Q3 25 | — | -29.7% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | — | 14.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -3.6% | ||
| Q2 24 | — | 19.4% | ||
| Q1 24 | — | 15.6% |
资本支出强度APPWEC
| Q4 25 | — | — | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 41.3% | ||
| Q1 25 | — | 22.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 42.7% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 16.6% |
现金转化率APPWEC
| Q4 25 | 1.19× | 1.34× | ||
| Q3 25 | 1.26× | 3.47× | ||
| Q2 25 | 0.94× | 3.51× | ||
| Q1 25 | 1.44× | 1.60× | ||
| Q4 24 | 1.17× | 1.28× | ||
| Q3 24 | 1.27× | 3.06× | ||
| Q2 24 | 1.47× | 4.94× | ||
| Q1 24 | 1.66× | 1.39× |
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% |
WEC
| Wisconsin | $1.9B | 73% |
| Illinois | $441.2M | 17% |
| Other States | $165.1M | 7% |
| External Revenues | $74.0M | 3% |
| Otheroperatingrevenues | $8.0M | 0% |
