vs
AppLovin Corp（APP）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
斑马技术的季度营收约是AppLovin Corp的1.1倍（$1.5B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 4.7%，领先78.0%），斑马技术同比增速更快（10.6% vs -2.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs 12.0%）
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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
APP vs ZBRA — 直观对比
营收规模更大
ZBRA
是对方的1.1倍
$1.3B
营收增速更快
ZBRA
高出13.5%
-2.9%
净利率更高
APP
高出78.0%
4.7%
两年增速更快
APP
近两年复合增速
12.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.5B |
| 净利润 | $1.1B | $70.0M |
| 毛利率 | 95.2% | 47.3% |
| 营业利润率 | — | 9.4% |
| 净利率 | 82.7% | 4.7% |
| 营收同比 | -2.9% | 10.6% |
| 净利润同比 | 84.0% | -57.1% |
| 每股收益（稀释后） | $3.24 | $1.40 |
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APPZBRA
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.4B | $1.3B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.1B | $1.2B |
净利润APPZBRA
| Q4 25 | $1.1B | $70.0M | ||
| Q3 25 | $835.5M | $101.0M | ||
| Q2 25 | $819.5M | $112.0M | ||
| Q1 25 | $576.4M | $136.0M | ||
| Q4 24 | $599.2M | $163.0M | ||
| Q3 24 | $434.4M | $137.0M | ||
| Q2 24 | $310.0M | $113.0M | ||
| Q1 24 | $236.2M | $115.0M |
毛利率APPZBRA
| Q4 25 | 95.2% | 47.3% | ||
| Q3 25 | 87.6% | 48.0% | ||
| Q2 25 | 87.7% | 47.6% | ||
| Q1 25 | 81.7% | 49.3% | ||
| Q4 24 | 76.7% | 48.6% | ||
| Q3 24 | 77.5% | 48.8% | ||
| Q2 24 | 73.8% | 48.4% | ||
| Q1 24 | 72.2% | 47.9% |
营业利润率APPZBRA
| Q4 25 | — | 9.4% | ||
| Q3 25 | 76.8% | 13.9% | ||
| Q2 25 | 76.1% | 14.2% | ||
| Q1 25 | 44.7% | 14.9% | ||
| Q4 24 | 44.3% | 16.9% | ||
| Q3 24 | 44.6% | 15.2% | ||
| Q2 24 | 36.2% | 13.7% | ||
| Q1 24 | 32.1% | 13.5% |
净利率APPZBRA
| Q4 25 | 82.7% | 4.7% | ||
| Q3 25 | 59.5% | 7.7% | ||
| Q2 25 | 65.1% | 8.7% | ||
| Q1 25 | 38.8% | 10.4% | ||
| Q4 24 | 43.6% | 12.2% | ||
| Q3 24 | 36.3% | 10.9% | ||
| Q2 24 | 28.7% | 9.3% | ||
| Q1 24 | 22.3% | 9.8% |
每股收益（稀释后）APPZBRA
| Q4 25 | $3.24 | $1.40 | ||
| Q3 25 | $2.45 | $1.97 | ||
| Q2 25 | $2.39 | $2.19 | ||
| Q1 25 | $1.67 | $2.62 | ||
| Q4 24 | $1.72 | $3.14 | ||
| Q3 24 | $1.25 | $2.64 | ||
| Q2 24 | $0.89 | $2.17 | ||
| Q1 24 | $0.67 | $2.23 |
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 | $125.0M |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.1B | $3.6B |
| 总资产 | $7.3B | $8.5B |
| 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APPZBRA
| Q4 25 | $2.5B | $125.0M | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.2B | $872.0M | ||
| Q1 25 | $551.0M | $879.0M | ||
| Q4 24 | $741.4M | $901.0M | ||
| Q3 24 | $567.6M | $676.0M | ||
| Q2 24 | $460.4M | $411.0M | ||
| Q1 24 | $436.3M | $127.0M |
总债务APPZBRA
| Q4 25 | $3.5B | — | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
股东权益APPZBRA
| Q4 25 | $2.1B | $3.6B | ||
| Q3 25 | $1.5B | $3.7B | ||
| Q2 25 | $1.2B | $3.6B | ||
| Q1 25 | $575.4M | $3.6B | ||
| Q4 24 | $1.1B | $3.6B | ||
| Q3 24 | $938.2M | $3.4B | ||
| Q2 24 | $814.8M | $3.3B | ||
| Q1 24 | $760.2M | $3.2B |
总资产APPZBRA
| Q4 25 | $7.3B | $8.5B | ||
| Q3 25 | $6.3B | $8.1B | ||
| Q2 25 | $6.0B | $7.9B | ||
| Q1 25 | $5.7B | $7.9B | ||
| Q4 24 | $5.9B | $8.0B | ||
| Q3 24 | $5.4B | $7.7B | ||
| Q2 24 | $5.3B | $7.5B | ||
| Q1 24 | $5.3B | $7.3B |
负债/权益比APPZBRA
| Q4 25 | 1.65× | — | ||
| Q3 25 | — | 0.58× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.66× | ||
| Q1 24 | — | 0.66× |
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 | $357.0M |
| 自由现金流经营现金流 - 资本支出 | — | $327.0M |
| 自由现金流率自由现金流/营收 | — | 22.2% |
| 资本支出强度资本支出/营收 | — | 2.0% |
| 现金转化率经营现金流/净利润 | 1.19× | 5.10× |
| 过去12个月自由现金流最近4个季度 | — | $831.0M |
8季度趋势，按日历期对齐
经营现金流APPZBRA
| Q4 25 | $1.3B | $357.0M | ||
| Q3 25 | $1.1B | $235.0M | ||
| Q2 25 | $772.2M | $147.0M | ||
| Q1 25 | $831.7M | $178.0M | ||
| Q4 24 | $701.0M | $306.0M | ||
| Q3 24 | $550.7M | $294.0M | ||
| Q2 24 | $454.5M | $288.0M | ||
| Q1 24 | $392.8M | $125.0M |
自由现金流APPZBRA
| Q4 25 | — | $327.0M | ||
| Q3 25 | — | $216.0M | ||
| Q2 25 | — | $130.0M | ||
| Q1 25 | — | $158.0M | ||
| Q4 24 | — | $288.0M | ||
| Q3 24 | — | $277.0M | ||
| Q2 24 | — | $278.0M | ||
| Q1 24 | — | $111.0M |
自由现金流率APPZBRA
| Q4 25 | — | 22.2% | ||
| Q3 25 | — | 16.4% | ||
| Q2 25 | — | 10.1% | ||
| Q1 25 | — | 12.1% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 22.8% | ||
| Q1 24 | — | 9.4% |
资本支出强度APPZBRA
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 1.2% |
现金转化率APPZBRA
| Q4 25 | 1.19× | 5.10× | ||
| Q3 25 | 1.26× | 2.33× | ||
| Q2 25 | 0.94× | 1.31× | ||
| Q1 25 | 1.44× | 1.31× | ||
| Q4 24 | 1.17× | 1.88× | ||
| Q3 24 | 1.27× | 2.15× | ||
| Q2 24 | 1.47× | 2.55× | ||
| Q1 24 | 1.66× | 1.09× |
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% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
