vs
艾玛迪斯（GDS）与Match Group（MTCH）财务数据对比。点击上方公司名可切换其他公司
Match Group的季度营收约是艾玛迪斯的2.2倍（$878.0M vs $405.6M）。Match Group净利率更高（23.9% vs -0.1%，领先24.0%）。Match Group自由现金流更多（$308.1M vs $-96.3M）
西班牙跨国科技企业艾玛迪斯是全球领先的旅游技术服务商，面向航空、酒店、旅行社等各类旅游相关企业提供定制化软件解决方案，业务覆盖全球市场，助力旅游行业客户优化运营效率、提升服务体验。
美国互联网科技企业Match Group总部位于得克萨斯州达拉斯，旗下拥有全球规模最大的在线约会服务品牌矩阵，运营Tinder、Hinge、Plenty of Fish等多款全球知名约会产品。2020年7月公司从IAC分拆为独立上市公司，截至2019年全球付费订阅用户达930万，其中近半数来自北美地区。
GDS vs MTCH — 直观对比
营收规模更大
MTCH
是对方的2.2倍
$405.6M
净利率更高
MTCH
高出24.0%
-0.1%
自由现金流更多
MTCH
多$404.4M
$-96.3M
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $405.6M | $878.0M |
| 净利润 | $-373.0K | $209.7M |
| 毛利率 | 22.1% | 74.7% |
| 营业利润率 | — | 32.4% |
| 净利率 | -0.1% | 23.9% |
| 营收同比 | — | 2.1% |
| 净利润同比 | — | 32.5% |
| 每股收益（稀释后） | — | $0.83 |
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GDSMTCH
| Q4 25 | — | $878.0M | ||
| Q3 25 | $405.6M | $914.3M | ||
| Q2 25 | $404.9M | $863.7M | ||
| Q1 25 | $375.3M | $831.2M | ||
| Q4 24 | — | $860.2M | ||
| Q3 24 | $422.6M | $895.5M | ||
| Q2 24 | $388.9M | $864.1M | ||
| Q1 24 | $363.9M | $859.6M |
净利润GDSMTCH
| Q4 25 | — | $209.7M | ||
| Q3 25 | $-373.0K | $160.8M | ||
| Q2 25 | $-240.0K | $125.5M | ||
| Q1 25 | $-145.0K | $117.6M | ||
| Q4 24 | — | $158.3M | ||
| Q3 24 | $-32.9M | $136.5M | ||
| Q2 24 | $-31.9M | $133.3M | ||
| Q1 24 | $-47.8M | $123.2M |
毛利率GDSMTCH
| Q4 25 | — | 74.7% | ||
| Q3 25 | 22.1% | 73.0% | ||
| Q2 25 | 23.8% | 72.0% | ||
| Q1 25 | 23.7% | 71.5% | ||
| Q4 24 | — | 72.5% | ||
| Q3 24 | 22.2% | 71.7% | ||
| Q2 24 | 22.6% | 71.6% | ||
| Q1 24 | 21.8% | 70.1% |
营业利润率GDSMTCH
| Q4 25 | — | 32.4% | ||
| Q3 25 | — | 24.2% | ||
| Q2 25 | — | 22.5% | ||
| Q1 25 | — | 20.8% | ||
| Q4 24 | — | 26.0% | ||
| Q3 24 | 10.8% | 23.5% | ||
| Q2 24 | 11.2% | 23.7% | ||
| Q1 24 | 8.3% | 21.5% |
净利率GDSMTCH
| Q4 25 | — | 23.9% | ||
| Q3 25 | -0.1% | 17.6% | ||
| Q2 25 | -0.1% | 14.5% | ||
| Q1 25 | -0.0% | 14.1% | ||
| Q4 24 | — | 18.4% | ||
| Q3 24 | -7.8% | 15.2% | ||
| Q2 24 | -8.2% | 15.4% | ||
| Q1 24 | -13.1% | 14.3% |
每股收益（稀释后）GDSMTCH
| Q4 25 | — | $0.83 | ||
| Q3 25 | — | $0.62 | ||
| Q2 25 | — | $0.49 | ||
| Q1 25 | — | $0.44 | ||
| Q4 24 | — | $0.59 | ||
| Q3 24 | — | $0.51 | ||
| Q2 24 | — | $0.48 | ||
| Q1 24 | — | $0.44 |
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 | — | $1.0B |
| 总债务越低越好 | — | $3.5B |
| 股东权益账面价值 | $3.6B | $-253.5M |
| 总资产 | $11.0B | $4.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资GDSMTCH
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $340.4M | ||
| Q1 25 | — | $414.2M | ||
| Q4 24 | — | $970.7M | ||
| Q3 24 | — | $860.9M | ||
| Q2 24 | — | $843.6M | ||
| Q1 24 | — | $920.9M |
总债务GDSMTCH
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $3.8B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | — | $3.8B |
股东权益GDSMTCH
| Q4 25 | — | $-253.5M | ||
| Q3 25 | $3.6B | $-223.9M | ||
| Q2 25 | $3.4B | $-230.9M | ||
| Q1 25 | $3.2B | $-182.7M | ||
| Q4 24 | — | $-63.7M | ||
| Q3 24 | $2.7B | $-88.5M | ||
| Q2 24 | $2.6B | $-130.2M | ||
| Q1 24 | $2.6B | $-107.8M |
总资产GDSMTCH
| Q4 25 | — | $4.5B | ||
| Q3 25 | $11.0B | $4.5B | ||
| Q2 25 | $11.1B | $3.9B | ||
| Q1 25 | $10.1B | $3.9B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | $11.7B | $4.4B | ||
| Q2 24 | $10.9B | $4.4B | ||
| Q1 24 | $10.5B | $4.4B |
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 | $103.5M | $322.8M |
| 自由现金流经营现金流 - 资本支出 | $-96.3M | $308.1M |
| 自由现金流率自由现金流/营收 | -23.7% | 35.1% |
| 资本支出强度资本支出/营收 | 49.2% | 1.7% |
| 现金转化率经营现金流/净利润 | — | 1.54× |
| 过去12个月自由现金流最近4个季度 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流GDSMTCH
| Q4 25 | — | $322.8M | ||
| Q3 25 | $103.5M | $320.6M | ||
| Q2 25 | $120.8M | $243.8M | ||
| Q1 25 | — | $193.1M | ||
| Q4 24 | — | $254.7M | ||
| Q3 24 | $91.4M | $264.9M | ||
| Q2 24 | — | $129.0M | ||
| Q1 24 | — | $284.1M |
自由现金流GDSMTCH
| Q4 25 | — | $308.1M | ||
| Q3 25 | $-96.3M | $306.8M | ||
| Q2 25 | $-55.8M | $231.0M | ||
| Q1 25 | — | $177.7M | ||
| Q4 24 | — | $247.1M | ||
| Q3 24 | $-321.7M | $251.8M | ||
| Q2 24 | — | $116.3M | ||
| Q1 24 | — | $266.9M |
自由现金流率GDSMTCH
| Q4 25 | — | 35.1% | ||
| Q3 25 | -23.7% | 33.6% | ||
| Q2 25 | -13.8% | 26.7% | ||
| Q1 25 | — | 21.4% | ||
| Q4 24 | — | 28.7% | ||
| Q3 24 | -76.1% | 28.1% | ||
| Q2 24 | — | 13.5% | ||
| Q1 24 | — | 31.0% |
资本支出强度GDSMTCH
| Q4 25 | — | 1.7% | ||
| Q3 25 | 49.2% | 1.5% | ||
| Q2 25 | 43.6% | 1.5% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | 97.7% | 1.5% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | — | 2.0% |
现金转化率GDSMTCH
| Q4 25 | — | 1.54× | ||
| Q3 25 | — | 1.99× | ||
| Q2 25 | — | 1.94× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | — | 1.94× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 2.31× |
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
GDS
| Service revenue | $405.5M | 100% |
| Equipment sales | $2.8M | 1% |
MTCH
| Tinder Segment | $479.3M | 55% |
| Hinge Segment | $186.5M | 21% |
| Evergreen And Emerging Segment | $148.1M | 17% |
| MG Asia Segment | $65.8M | 7% |
