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Arcosa, Inc.（ACA）与Affirm Holdings, Inc.（AFRM）财务数据对比。点击上方公司名可切换其他公司
Arcosa, Inc.的季度营收约是Affirm Holdings, Inc.的1.8倍（$716.7M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 7.3%，领先25.0%），Affirm Holdings, Inc.同比增速更快（32.5% vs 7.6%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $55.8M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 9.4%）
Arcosa, Inc.是一家基础设施相关产品及解决方案提供商，业务覆盖建筑、能源、交通三大核心板块，主营公用设施结构件、建筑集料、交通零部件等产品，主要面向北美市场客户，为各类关键基础设施建设项目提供支持。
Affirm Holdings, Inc.是美国知名金融科技企业、领先的先买后付（BNPL）服务商，由PayPal联合创始人马克斯·列夫琴于2012年创立。截至2025年，平台拥有近2600万用户，年支付处理规模达370亿美元，是美国规模最大的本土BNPL金融机构。
ACA vs AFRM — 直观对比
营收规模更大
ACA
是对方的1.8倍
$401.4M
营收增速更快
AFRM
高出24.9%
7.6%
净利率更高
AFRM
高出25.0%
7.3%
自由现金流更多
AFRM
多$62.2M
$55.8M
两年增速更快
AFRM
近两年复合增速
9.4%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $716.7M | $401.4M |
| 净利润 | $52.1M | $129.6M |
| 毛利率 | 22.9% | — |
| 营业利润率 | 11.0% | 29.3% |
| 净利率 | 7.3% | 32.3% |
| 营收同比 | 7.6% | 32.5% |
| 净利润同比 | 776.6% | 61.3% |
| 每股收益（稀释后） | $1.06 | $0.37 |
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ACAAFRM
| Q4 25 | $716.7M | $401.4M | ||
| Q3 25 | $797.8M | $320.5M | ||
| Q2 25 | $736.9M | $306.6M | ||
| Q1 25 | $632.0M | $272.5M | ||
| Q4 24 | $666.2M | $303.0M | ||
| Q3 24 | $640.4M | $231.8M | ||
| Q2 24 | $664.7M | $224.0M | ||
| Q1 24 | $598.6M | $195.0M |
净利润ACAAFRM
| Q4 25 | $52.1M | $129.6M | ||
| Q3 25 | $73.0M | $80.7M | ||
| Q2 25 | $59.7M | $69.2M | ||
| Q1 25 | $23.6M | $2.8M | ||
| Q4 24 | $-7.7M | $80.4M | ||
| Q3 24 | $16.6M | $-100.2M | ||
| Q2 24 | $45.6M | $-45.1M | ||
| Q1 24 | $39.2M | $-133.9M |
毛利率ACAAFRM
| Q4 25 | 22.9% | — | ||
| Q3 25 | 24.1% | — | ||
| Q2 25 | 22.5% | — | ||
| Q1 25 | 19.8% | — | ||
| Q4 24 | 19.3% | — | ||
| Q3 24 | 21.3% | — | ||
| Q2 24 | 20.8% | — | ||
| Q1 24 | 18.6% | — |
营业利润率ACAAFRM
| Q4 25 | 11.0% | 29.3% | ||
| Q3 25 | 14.1% | 19.9% | ||
| Q2 25 | 12.9% | 18.9% | ||
| Q1 25 | 8.8% | -3.1% | ||
| Q4 24 | 6.5% | -1.4% | ||
| Q3 24 | 5.3% | -57.2% | ||
| Q2 24 | 10.1% | -32.8% | ||
| Q1 24 | 8.9% | -82.5% |
净利率ACAAFRM
| Q4 25 | 7.3% | 32.3% | ||
| Q3 25 | 9.2% | 25.2% | ||
| Q2 25 | 8.1% | 22.6% | ||
| Q1 25 | 3.7% | 1.0% | ||
| Q4 24 | -1.2% | 26.5% | ||
| Q3 24 | 2.6% | -43.2% | ||
| Q2 24 | 6.9% | -20.2% | ||
| Q1 24 | 6.5% | -68.7% |
每股收益（稀释后）ACAAFRM
| Q4 25 | $1.06 | $0.37 | ||
| Q3 25 | $1.48 | $0.23 | ||
| Q2 25 | $1.22 | $0.22 | ||
| Q1 25 | $0.48 | $0.01 | ||
| Q4 24 | $-0.16 | $0.23 | ||
| Q3 24 | $0.34 | $-0.31 | ||
| Q2 24 | $0.93 | $-0.13 | ||
| Q1 24 | $0.80 | $-0.43 |
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 | $214.6M | $1.5B |
| 总债务越低越好 | $1.5B | $9.0B |
| 股东权益账面价值 | $2.6B | $3.5B |
| 总资产 | $5.0B | $13.0B |
| 负债/权益比越低杠杆越低 | 0.57× | 2.54× |
8季度趋势，按日历期对齐
现金及短期投资ACAAFRM
| Q4 25 | $214.6M | $1.5B | ||
| Q3 25 | $220.0M | $1.4B | ||
| Q2 25 | $189.7M | $1.4B | ||
| Q1 25 | $167.9M | $1.4B | ||
| Q4 24 | $187.3M | $1.2B | ||
| Q3 24 | $756.8M | $1.0B | ||
| Q2 24 | $103.7M | $1.0B | ||
| Q1 24 | $176.5M | $1.3B |
总债务ACAAFRM
| Q4 25 | $1.5B | $9.0B | ||
| Q3 25 | $1.6B | $7.7B | ||
| Q2 25 | $1.7B | $7.6B | ||
| Q1 25 | $1.7B | $7.1B | ||
| Q4 24 | $1.7B | $7.3B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $699.9M | $1.8B | ||
| Q1 24 | $600.6M | — |
股东权益ACAAFRM
| Q4 25 | $2.6B | $3.5B | ||
| Q3 25 | $2.6B | $3.3B | ||
| Q2 25 | $2.5B | $3.1B | ||
| Q1 25 | $2.5B | $2.9B | ||
| Q4 24 | $2.4B | $2.8B | ||
| Q3 24 | $2.4B | $2.8B | ||
| Q2 24 | $2.4B | $2.7B | ||
| Q1 24 | $2.4B | $2.6B |
总资产ACAAFRM
| Q4 25 | $5.0B | $13.0B | ||
| Q3 25 | $5.1B | $11.5B | ||
| Q2 25 | $5.0B | $11.2B | ||
| Q1 25 | $4.9B | $10.4B | ||
| Q4 24 | $4.9B | $10.5B | ||
| Q3 24 | $4.4B | $10.1B | ||
| Q2 24 | $3.8B | $9.5B | ||
| Q1 24 | $3.7B | $9.2B |
负债/权益比ACAAFRM
| Q4 25 | 0.57× | 2.54× | ||
| Q3 25 | 0.61× | 2.35× | ||
| Q2 25 | 0.67× | 2.48× | ||
| Q1 25 | 0.68× | 2.49× | ||
| Q4 24 | 0.69× | 2.62× | ||
| Q3 24 | 0.51× | — | ||
| Q2 24 | 0.29× | 0.67× | ||
| Q1 24 | 0.25× | — |
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 | $120.0M | $173.7M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $118.0M |
| 自由现金流率自由现金流/营收 | 7.8% | 29.4% |
| 资本支出强度资本支出/营收 | 9.0% | 13.9% |
| 现金转化率经营现金流/净利润 | 2.30× | 1.34× |
| 过去12个月自由现金流最近4个季度 | $175.5M | $619.1M |
8季度趋势，按日历期对齐
经营现金流ACAAFRM
| Q4 25 | $120.0M | $173.7M | ||
| Q3 25 | $160.6M | $374.6M | ||
| Q2 25 | $61.2M | $74.6M | ||
| Q1 25 | $-700.0K | $210.4M | ||
| Q4 24 | $248.2M | $312.0M | ||
| Q3 24 | $135.0M | $196.9M | ||
| Q2 24 | $38.3M | $68.8M | ||
| Q1 24 | $80.5M | $208.2M |
自由现金流ACAAFRM
| Q4 25 | $55.8M | $118.0M | ||
| Q3 25 | $121.0M | $320.2M | ||
| Q2 25 | $33.4M | $23.5M | ||
| Q1 25 | $-34.7M | $157.4M | ||
| Q4 24 | $194.9M | $268.1M | ||
| Q3 24 | $100.6M | $152.7M | ||
| Q2 24 | $-9.3M | $30.5M | ||
| Q1 24 | $26.1M | $161.7M |
自由现金流率ACAAFRM
| Q4 25 | 7.8% | 29.4% | ||
| Q3 25 | 15.2% | 99.9% | ||
| Q2 25 | 4.5% | 7.7% | ||
| Q1 25 | -5.5% | 57.7% | ||
| Q4 24 | 29.3% | 88.5% | ||
| Q3 24 | 15.7% | 65.9% | ||
| Q2 24 | -1.4% | 13.6% | ||
| Q1 24 | 4.4% | 82.9% |
资本支出强度ACAAFRM
| Q4 25 | 9.0% | 13.9% | ||
| Q3 25 | 5.0% | 17.0% | ||
| Q2 25 | 3.8% | 16.7% | ||
| Q1 25 | 5.4% | 19.5% | ||
| Q4 24 | 8.0% | 14.5% | ||
| Q3 24 | 5.4% | 19.0% | ||
| Q2 24 | 7.2% | 17.1% | ||
| Q1 24 | 9.1% | 23.8% |
现金转化率ACAAFRM
| Q4 25 | 2.30× | 1.34× | ||
| Q3 25 | 2.20× | 4.64× | ||
| Q2 25 | 1.03× | 1.08× | ||
| Q1 25 | -0.03× | 75.03× | ||
| Q4 24 | — | 3.88× | ||
| Q3 24 | 8.13× | — | ||
| Q2 24 | 0.84× | — | ||
| Q1 24 | 2.05× | — |
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
ACA
| Engineered Structures | $301.1M | 42% |
| Total Construction Materials | $276.8M | 39% |
| Specialty Materials And Asphalt | $110.2M | 15% |
| Construction Site Support | $28.6M | 4% |
AFRM
| Merchant Network | $328.4M | 82% |
| Virtual Card Network | $73.0M | 18% |
| Commercial Agreement Amazon | $1.9M | 0% |
