vs
Match Group（MTCH）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
Snap Inc的季度营收约是Match Group的2.0倍（$1.7B vs $878.0M）。Match Group净利率更高（23.9% vs 2.6%，领先21.2%）。Snap Inc同比增速更快（10.2% vs 2.1%）。Match Group自由现金流更多（$308.1M vs $205.6M）。过去两年Snap Inc的营收复合增速更高（19.9% vs 1.1%）
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。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
MTCH vs SNAP — 直观对比
营收规模更大
SNAP
是对方的2.0倍
$878.0M
营收增速更快
SNAP
高出8.1%
2.1%
净利率更高
MTCH
高出21.2%
2.6%
自由现金流更多
MTCH
多$102.6M
$205.6M
两年增速更快
SNAP
近两年复合增速
1.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $878.0M | $1.7B |
| 净利润 | $209.7M | $45.2M |
| 毛利率 | 74.7% | 59.1% |
| 营业利润率 | 32.4% | 2.9% |
| 净利率 | 23.9% | 2.6% |
| 营收同比 | 2.1% | 10.2% |
| 净利润同比 | 32.5% | 396.7% |
| 每股收益（稀释后） | $0.83 | $0.03 |
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MTCHSNAP
| Q4 25 | $878.0M | $1.7B | ||
| Q3 25 | $914.3M | $1.5B | ||
| Q2 25 | $863.7M | $1.3B | ||
| Q1 25 | $831.2M | $1.4B | ||
| Q4 24 | $860.2M | $1.6B | ||
| Q3 24 | $895.5M | $1.4B | ||
| Q2 24 | $864.1M | $1.2B | ||
| Q1 24 | $859.6M | $1.2B |
净利润MTCHSNAP
| Q4 25 | $209.7M | $45.2M | ||
| Q3 25 | $160.8M | $-103.5M | ||
| Q2 25 | $125.5M | $-262.6M | ||
| Q1 25 | $117.6M | $-139.6M | ||
| Q4 24 | $158.3M | $9.1M | ||
| Q3 24 | $136.5M | $-153.2M | ||
| Q2 24 | $133.3M | $-248.6M | ||
| Q1 24 | $123.2M | $-305.1M |
毛利率MTCHSNAP
| Q4 25 | 74.7% | 59.1% | ||
| Q3 25 | 73.0% | 55.3% | ||
| Q2 25 | 72.0% | 51.4% | ||
| Q1 25 | 71.5% | 53.1% | ||
| Q4 24 | 72.5% | 56.9% | ||
| Q3 24 | 71.7% | 53.5% | ||
| Q2 24 | 71.6% | 52.4% | ||
| Q1 24 | 70.1% | 51.9% |
营业利润率MTCHSNAP
| Q4 25 | 32.4% | 2.9% | ||
| Q3 25 | 24.2% | -8.5% | ||
| Q2 25 | 22.5% | -19.3% | ||
| Q1 25 | 20.8% | -14.2% | ||
| Q4 24 | 26.0% | -1.7% | ||
| Q3 24 | 23.5% | -12.6% | ||
| Q2 24 | 23.7% | -20.5% | ||
| Q1 24 | 21.5% | -27.9% |
净利率MTCHSNAP
| Q4 25 | 23.9% | 2.6% | ||
| Q3 25 | 17.6% | -6.9% | ||
| Q2 25 | 14.5% | -19.5% | ||
| Q1 25 | 14.1% | -10.2% | ||
| Q4 24 | 18.4% | 0.6% | ||
| Q3 24 | 15.2% | -11.2% | ||
| Q2 24 | 15.4% | -20.1% | ||
| Q1 24 | 14.3% | -25.5% |
每股收益（稀释后）MTCHSNAP
| Q4 25 | $0.83 | $0.03 | ||
| Q3 25 | $0.62 | $-0.06 | ||
| Q2 25 | $0.49 | $-0.16 | ||
| Q1 25 | $0.44 | $-0.08 | ||
| Q4 24 | $0.59 | $0.01 | ||
| Q3 24 | $0.51 | $-0.09 | ||
| Q2 24 | $0.48 | $-0.15 | ||
| Q1 24 | $0.44 | $-0.19 |
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 | $2.9B |
| 总债务越低越好 | $3.5B | $3.5B |
| 股东权益账面价值 | $-253.5M | $2.3B |
| 总资产 | $4.5B | $7.7B |
| 负债/权益比越低杠杆越低 | — | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资MTCHSNAP
| Q4 25 | $1.0B | $2.9B | ||
| Q3 25 | $1.1B | $3.0B | ||
| Q2 25 | $340.4M | $2.9B | ||
| Q1 25 | $414.2M | $3.2B | ||
| Q4 24 | $970.7M | $3.4B | ||
| Q3 24 | $860.9M | $3.2B | ||
| Q2 24 | $843.6M | $3.1B | ||
| Q1 24 | $920.9M | $2.9B |
总债务MTCHSNAP
| Q4 25 | $3.5B | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | $3.4B | $3.6B | ||
| Q4 24 | $3.8B | $3.6B | ||
| Q3 24 | $3.8B | $3.6B | ||
| Q2 24 | $3.8B | $3.6B | ||
| Q1 24 | $3.8B | $3.3B |
股东权益MTCHSNAP
| Q4 25 | $-253.5M | $2.3B | ||
| Q3 25 | $-223.9M | $2.2B | ||
| Q2 25 | $-230.9M | $2.1B | ||
| Q1 25 | $-182.7M | $2.3B | ||
| Q4 24 | $-63.7M | $2.5B | ||
| Q3 24 | $-88.5M | $2.2B | ||
| Q2 24 | $-130.2M | $2.1B | ||
| Q1 24 | $-107.8M | $2.1B |
总资产MTCHSNAP
| Q4 25 | $4.5B | $7.7B | ||
| Q3 25 | $4.5B | $7.6B | ||
| Q2 25 | $3.9B | $7.4B | ||
| Q1 25 | $3.9B | $7.6B | ||
| Q4 24 | $4.5B | $7.9B | ||
| Q3 24 | $4.4B | $7.6B | ||
| Q2 24 | $4.4B | $7.4B | ||
| Q1 24 | $4.4B | $7.2B |
负债/权益比MTCHSNAP
| Q4 25 | — | 1.55× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | — | 1.55× |
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 | $322.8M | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $308.1M | $205.6M |
| 自由现金流率自由现金流/营收 | 35.1% | 12.0% |
| 资本支出强度资本支出/营收 | 1.7% | 3.7% |
| 现金转化率经营现金流/净利润 | 1.54× | 5.96× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $437.2M |
8季度趋势，按日历期对齐
经营现金流MTCHSNAP
| Q4 25 | $322.8M | $269.6M | ||
| Q3 25 | $320.6M | $146.5M | ||
| Q2 25 | $243.8M | $88.5M | ||
| Q1 25 | $193.1M | $151.6M | ||
| Q4 24 | $254.7M | $230.6M | ||
| Q3 24 | $264.9M | $115.9M | ||
| Q2 24 | $129.0M | $-21.4M | ||
| Q1 24 | $284.1M | $88.4M |
自由现金流MTCHSNAP
| Q4 25 | $308.1M | $205.6M | ||
| Q3 25 | $306.8M | $93.4M | ||
| Q2 25 | $231.0M | $23.8M | ||
| Q1 25 | $177.7M | $114.4M | ||
| Q4 24 | $247.1M | $182.4M | ||
| Q3 24 | $251.8M | $71.8M | ||
| Q2 24 | $116.3M | $-73.4M | ||
| Q1 24 | $266.9M | $37.9M |
自由现金流率MTCHSNAP
| Q4 25 | 35.1% | 12.0% | ||
| Q3 25 | 33.6% | 6.2% | ||
| Q2 25 | 26.7% | 1.8% | ||
| Q1 25 | 21.4% | 8.4% | ||
| Q4 24 | 28.7% | 11.7% | ||
| Q3 24 | 28.1% | 5.2% | ||
| Q2 24 | 13.5% | -5.9% | ||
| Q1 24 | 31.0% | 3.2% |
资本支出强度MTCHSNAP
| Q4 25 | 1.7% | 3.7% | ||
| Q3 25 | 1.5% | 3.5% | ||
| Q2 25 | 1.5% | 4.8% | ||
| Q1 25 | 1.9% | 2.7% | ||
| Q4 24 | 0.9% | 3.1% | ||
| Q3 24 | 1.5% | 3.2% | ||
| Q2 24 | 1.5% | 4.2% | ||
| Q1 24 | 2.0% | 4.2% |
现金转化率MTCHSNAP
| Q4 25 | 1.54× | 5.96× | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.94× | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 1.61× | 25.34× | ||
| 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
MTCH
| Tinder Segment | $479.3M | 55% |
| Hinge Segment | $186.5M | 21% |
| Evergreen And Emerging Segment | $148.1M | 17% |
| MG Asia Segment | $65.8M | 7% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
