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Trade Desk (The)（TTD）与Vici Properties（VICI）财务数据对比。点击上方公司名可切换其他公司
Vici Properties的季度营收约是Trade Desk (The)的1.2倍（$1.0B vs $846.8M），Vici Properties净利率更高（59.7% vs 22.1%，领先37.6%），Trade Desk (The)同比增速更快（14.3% vs 3.8%），过去两年Trade Desk (The)的营收复合增速更高（31.3% vs 3.2%）
The Trade Desk是来自美国的跨国科技企业，专注于实时程序化营销自动化领域的技术、产品与服务研发，可实现面向用户的个性化数字内容分发，为全球广告营销行业客户提供专业解决方案。
Vici Properties是总部位于美国纽约的房地产投资信托（REIT），专注于博彩及娱乐类物业。公司成立于2017年，由凯撒娱乐集团破产重组时分拆而来，目前在美加两国持有54家赌场、酒店、赛马场，4座高尔夫球场及38个保龄球馆。
TTD vs VICI — 直观对比
营收规模更大
VICI
是对方的1.2倍
$846.8M
营收增速更快
TTD
高出10.5%
3.8%
净利率更高
VICI
高出37.6%
22.1%
两年增速更快
TTD
近两年复合增速
3.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $846.8M | $1.0B |
| 净利润 | $186.9M | $604.8M |
| 毛利率 | 80.7% | 99.3% |
| 营业利润率 | 30.3% | 60.2% |
| 净利率 | 22.1% | 59.7% |
| 营收同比 | 14.3% | 3.8% |
| 净利润同比 | 2.6% | -1.6% |
| 每股收益（稀释后） | $0.39 | $0.57 |
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TTDVICI
| Q4 25 | $846.8M | $1.0B | ||
| Q3 25 | $739.4M | $1.0B | ||
| Q2 25 | $694.0M | $1.0B | ||
| Q1 25 | $616.0M | $984.2M | ||
| Q4 24 | $741.0M | $976.1M | ||
| Q3 24 | $628.0M | $964.7M | ||
| Q2 24 | $584.5M | $957.0M | ||
| Q1 24 | $491.3M | $951.5M |
净利润TTDVICI
| Q4 25 | $186.9M | $604.8M | ||
| Q3 25 | $115.5M | $762.0M | ||
| Q2 25 | $90.1M | $865.1M | ||
| Q1 25 | $50.7M | $543.6M | ||
| Q4 24 | $182.2M | $614.6M | ||
| Q3 24 | $94.2M | $732.9M | ||
| Q2 24 | $85.0M | $741.3M | ||
| Q1 24 | $31.7M | $590.0M |
毛利率TTDVICI
| Q4 25 | 80.7% | 99.3% | ||
| Q3 25 | 78.1% | 99.3% | ||
| Q2 25 | 78.2% | 99.3% | ||
| Q1 25 | 76.8% | 99.4% | ||
| Q4 24 | 81.7% | 99.3% | ||
| Q3 24 | 80.5% | 99.3% | ||
| Q2 24 | 81.1% | 99.3% | ||
| Q1 24 | 78.9% | 99.3% |
营业利润率TTDVICI
| Q4 25 | 30.3% | 60.2% | ||
| Q3 25 | 21.8% | 77.2% | ||
| Q2 25 | 16.8% | 88.3% | ||
| Q1 25 | 8.8% | 55.9% | ||
| Q4 24 | 26.4% | 64.2% | ||
| Q3 24 | 17.3% | 77.4% | ||
| Q2 24 | 16.2% | 79.0% | ||
| Q1 24 | 5.8% | 63.2% |
净利率TTDVICI
| Q4 25 | 22.1% | 59.7% | ||
| Q3 25 | 15.6% | 75.6% | ||
| Q2 25 | 13.0% | 86.4% | ||
| Q1 25 | 8.2% | 55.2% | ||
| Q4 24 | 24.6% | 63.0% | ||
| Q3 24 | 15.0% | 76.0% | ||
| Q2 24 | 14.5% | 77.5% | ||
| Q1 24 | 6.4% | 62.0% |
每股收益（稀释后）TTDVICI
| Q4 25 | $0.39 | $0.57 | ||
| Q3 25 | $0.23 | $0.71 | ||
| Q2 25 | $0.18 | $0.82 | ||
| Q1 25 | $0.10 | $0.51 | ||
| Q4 24 | $0.36 | $0.58 | ||
| Q3 24 | $0.19 | $0.70 | ||
| Q2 24 | $0.17 | $0.71 | ||
| Q1 24 | $0.06 | $0.57 |
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 | $1.3B | $608.0M |
| 总债务越低越好 | — | $16.8B |
| 股东权益账面价值 | $2.5B | $27.8B |
| 总资产 | $6.2B | $46.7B |
| 负债/权益比越低杠杆越低 | — | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资TTDVICI
| Q4 25 | $1.3B | $608.0M | ||
| Q3 25 | $1.4B | $507.5M | ||
| Q2 25 | $1.7B | $233.0M | ||
| Q1 25 | $1.7B | $334.3M | ||
| Q4 24 | $1.9B | $524.6M | ||
| Q3 24 | $1.7B | $355.7M | ||
| Q2 24 | $1.5B | $347.2M | ||
| Q1 24 | $1.4B | $514.9M |
总债务TTDVICI
| Q4 25 | — | $16.8B | ||
| Q3 25 | — | $16.8B | ||
| Q2 25 | — | $16.9B | ||
| Q1 25 | — | $16.8B | ||
| Q4 24 | — | $16.7B | ||
| Q3 24 | — | $16.7B | ||
| Q2 24 | — | $16.7B | ||
| Q1 24 | — | $16.7B |
股东权益TTDVICI
| Q4 25 | $2.5B | $27.8B | ||
| Q3 25 | $2.6B | $27.7B | ||
| Q2 25 | $2.7B | $27.0B | ||
| Q1 25 | $2.7B | $26.6B | ||
| Q4 24 | $2.9B | $26.5B | ||
| Q3 24 | $2.6B | $26.1B | ||
| Q2 24 | $2.4B | $25.7B | ||
| Q1 24 | $2.2B | $25.4B |
总资产TTDVICI
| Q4 25 | $6.2B | $46.7B | ||
| Q3 25 | $5.9B | $46.5B | ||
| Q2 25 | $6.0B | $46.1B | ||
| Q1 25 | $5.7B | $45.5B | ||
| Q4 24 | $6.1B | $45.4B | ||
| Q3 24 | $5.5B | $44.9B | ||
| Q2 24 | $5.2B | $44.5B | ||
| Q1 24 | $4.7B | $44.2B |
负债/权益比TTDVICI
| Q4 25 | — | 0.60× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | 0.63× | ||
| Q4 24 | — | 0.63× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.65× | ||
| 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 | $311.6M | $691.9M |
| 自由现金流经营现金流 - 资本支出 | $285.3M | — |
| 自由现金流率自由现金流/营收 | 33.7% | — |
| 资本支出强度资本支出/营收 | 3.1% | — |
| 现金转化率经营现金流/净利润 | 1.67× | 1.14× |
| 过去12个月自由现金流最近4个季度 | $795.7M | — |
8季度趋势，按日历期对齐
经营现金流TTDVICI
| Q4 25 | $311.6M | $691.9M | ||
| Q3 25 | $224.7M | $586.3M | ||
| Q2 25 | $165.0M | $639.9M | ||
| Q1 25 | $291.4M | $591.9M | ||
| Q4 24 | $199.4M | $644.1M | ||
| Q3 24 | $273.3M | $579.1M | ||
| Q2 24 | $81.3M | $614.6M | ||
| Q1 24 | $185.5M | $543.7M |
自由现金流TTDVICI
| Q4 25 | $285.3M | — | ||
| Q3 25 | $158.3M | — | ||
| Q2 25 | $119.8M | — | ||
| Q1 25 | $232.3M | — | ||
| Q4 24 | $179.2M | — | ||
| Q3 24 | $224.6M | — | ||
| Q2 24 | $59.1M | — | ||
| Q1 24 | $178.2M | — |
自由现金流率TTDVICI
| Q4 25 | 33.7% | — | ||
| Q3 25 | 21.4% | — | ||
| Q2 25 | 17.3% | — | ||
| Q1 25 | 37.7% | — | ||
| Q4 24 | 24.2% | — | ||
| Q3 24 | 35.8% | — | ||
| Q2 24 | 10.1% | — | ||
| Q1 24 | 36.3% | — |
资本支出强度TTDVICI
| Q4 25 | 3.1% | — | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 6.5% | — | ||
| Q1 25 | 9.6% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 7.8% | — | ||
| Q2 24 | 3.8% | — | ||
| Q1 24 | 1.5% | — |
现金转化率TTDVICI
| Q4 25 | 1.67× | 1.14× | ||
| Q3 25 | 1.94× | 0.77× | ||
| Q2 25 | 1.83× | 0.74× | ||
| Q1 25 | 5.75× | 1.09× | ||
| Q4 24 | 1.09× | 1.05× | ||
| Q3 24 | 2.90× | 0.79× | ||
| Q2 24 | 0.96× | 0.83× | ||
| Q1 24 | 5.86× | 0.92× |
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
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
VICI
| Fixed Rent | $504.3M | 50% |
| Other | $478.4M | 47% |
| Contingent Rent | $30.4M | 3% |
