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Affirm Holdings, Inc.（AFRM）与APOGEE ENTERPRISES, INC.（APOG）财务数据对比。点击上方公司名可切换其他公司
Affirm Holdings, Inc.的季度营收约是APOGEE ENTERPRISES, INC.的1.1倍（$401.4M vs $351.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 4.7%，领先27.6%），Affirm Holdings, Inc.同比增速更快（32.5% vs 1.6%），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 2.9%）
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。
Apogee Enterprises是一家美国音频设备制造商，主营音频接口、模数与数模转换器、USB及iOS麦克风，同时还开发音频制作相关软件，产品广泛服务于专业录音、音乐创作等音频领域，在全球音频行业拥有较高的认可度。
AFRM vs APOG — 直观对比
营收规模更大
AFRM
是对方的1.1倍
$351.4M
营收增速更快
AFRM
高出30.9%
1.6%
净利率更高
AFRM
高出27.6%
4.7%
两年增速更快
AFRM
近两年复合增速
2.9%
损益表 — Q2 FY2026 vs Q4 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $351.4M |
| 净利润 | $129.6M | $16.6M |
| 毛利率 | — | 22.4% |
| 营业利润率 | 29.3% | 7.3% |
| 净利率 | 32.3% | 4.7% |
| 营收同比 | 32.5% | 1.6% |
| 净利润同比 | 61.3% | 568.8% |
| 每股收益（稀释后） | $0.37 | $0.78 |
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AFRMAPOG
| Q1 26 | — | $351.4M | ||
| Q4 25 | $401.4M | $348.6M | ||
| Q3 25 | $320.5M | $358.2M | ||
| Q2 25 | $306.6M | $346.6M | ||
| Q1 25 | $272.5M | $345.7M | ||
| Q4 24 | $303.0M | $341.3M | ||
| Q3 24 | $231.8M | $342.4M | ||
| Q2 24 | $224.0M | $331.5M |
净利润AFRMAPOG
| Q1 26 | — | $16.6M | ||
| Q4 25 | $129.6M | $16.5M | ||
| Q3 25 | $80.7M | $23.6M | ||
| Q2 25 | $69.2M | $-2.7M | ||
| Q1 25 | $2.8M | $2.5M | ||
| Q4 24 | $80.4M | $21.0M | ||
| Q3 24 | $-100.2M | $30.6M | ||
| Q2 24 | $-45.1M | $31.0M |
毛利率AFRMAPOG
| Q1 26 | — | 22.4% | ||
| Q4 25 | — | 23.8% | ||
| Q3 25 | — | 23.1% | ||
| Q2 25 | — | 21.7% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 26.1% | ||
| Q3 24 | — | 28.4% | ||
| Q2 24 | — | 29.8% |
营业利润率AFRMAPOG
| Q1 26 | — | 7.3% | ||
| Q4 25 | 29.3% | 7.1% | ||
| Q3 25 | 19.9% | 7.5% | ||
| Q2 25 | 18.9% | 2.0% | ||
| Q1 25 | -3.1% | 1.8% | ||
| Q4 24 | -1.4% | 8.4% | ||
| Q3 24 | -57.2% | 12.3% | ||
| Q2 24 | -32.8% | 12.5% |
净利率AFRMAPOG
| Q1 26 | — | 4.7% | ||
| Q4 25 | 32.3% | 4.7% | ||
| Q3 25 | 25.2% | 6.6% | ||
| Q2 25 | 22.6% | -0.8% | ||
| Q1 25 | 1.0% | 0.7% | ||
| Q4 24 | 26.5% | 6.1% | ||
| Q3 24 | -43.2% | 8.9% | ||
| Q2 24 | -20.2% | 9.4% |
每股收益（稀释后）AFRMAPOG
| Q1 26 | — | $0.78 | ||
| Q4 25 | $0.37 | $0.77 | ||
| Q3 25 | $0.23 | $1.10 | ||
| Q2 25 | $0.22 | $-0.13 | ||
| Q1 25 | $0.01 | $0.12 | ||
| Q4 24 | $0.23 | $0.96 | ||
| Q3 24 | $-0.31 | $1.40 | ||
| Q2 24 | $-0.13 | $1.41 |
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 | $1.5B | $39.5M |
| 总债务越低越好 | $9.0B | $232.3M |
| 股东权益账面价值 | $3.5B | $511.8M |
| 总资产 | $13.0B | $1.1B |
| 负债/权益比越低杠杆越低 | 2.54× | 0.45× |
8季度趋势，按日历期对齐
现金及短期投资AFRMAPOG
| Q1 26 | — | $39.5M | ||
| Q4 25 | $1.5B | $41.3M | ||
| Q3 25 | $1.4B | $39.5M | ||
| Q2 25 | $1.4B | $32.8M | ||
| Q1 25 | $1.4B | $41.4M | ||
| Q4 24 | $1.2B | $43.9M | ||
| Q3 24 | $1.0B | $51.0M | ||
| Q2 24 | $1.0B | $30.4M |
总债务AFRMAPOG
| Q1 26 | — | $232.3M | ||
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | $285.0M | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — |
股东权益AFRMAPOG
| Q1 26 | — | $511.8M | ||
| Q4 25 | $3.5B | $512.3M | ||
| Q3 25 | $3.3B | $500.2M | ||
| Q2 25 | $3.1B | $481.8M | ||
| Q1 25 | $2.9B | $487.9M | ||
| Q4 24 | $2.8B | $522.1M | ||
| Q3 24 | $2.8B | $506.4M | ||
| Q2 24 | $2.7B | $480.0M |
总资产AFRMAPOG
| Q1 26 | — | $1.1B | ||
| Q4 25 | $13.0B | $1.1B | ||
| Q3 25 | $11.5B | $1.2B | ||
| Q2 25 | $11.2B | $1.2B | ||
| Q1 25 | $10.4B | $1.2B | ||
| Q4 24 | $10.5B | $1.2B | ||
| Q3 24 | $10.1B | $917.1M | ||
| Q2 24 | $9.5B | $889.0M |
负债/权益比AFRMAPOG
| Q1 26 | — | 0.45× | ||
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | 0.58× | ||
| Q4 24 | 2.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.67× | — |
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 | $173.7M | $122.5M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | — |
| 自由现金流率自由现金流/营收 | 29.4% | — |
| 资本支出强度资本支出/营收 | 13.9% | 7.8% |
| 现金转化率经营现金流/净利润 | 1.34× | 7.37× |
| 过去12个月自由现金流最近4个季度 | $619.1M | — |
8季度趋势，按日历期对齐
经营现金流AFRMAPOG
| Q1 26 | — | $122.5M | ||
| Q4 25 | $173.7M | $29.3M | ||
| Q3 25 | $374.6M | $57.1M | ||
| Q2 25 | $74.6M | $-19.8M | ||
| Q1 25 | $210.4M | $30.0M | ||
| Q4 24 | $312.0M | $31.0M | ||
| Q3 24 | $196.9M | $58.7M | ||
| Q2 24 | $68.8M | $5.5M |
自由现金流AFRMAPOG
| Q1 26 | — | — | ||
| Q4 25 | $118.0M | $22.9M | ||
| Q3 25 | $320.2M | $52.4M | ||
| Q2 25 | $23.5M | $-26.9M | ||
| Q1 25 | $157.4M | $19.1M | ||
| Q4 24 | $268.1M | $22.0M | ||
| Q3 24 | $152.7M | $50.2M | ||
| Q2 24 | $30.5M | $-1.8M |
自由现金流率AFRMAPOG
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | 6.6% | ||
| Q3 25 | 99.9% | 14.6% | ||
| Q2 25 | 7.7% | -7.8% | ||
| Q1 25 | 57.7% | 5.5% | ||
| Q4 24 | 88.5% | 6.4% | ||
| Q3 24 | 65.9% | 14.7% | ||
| Q2 24 | 13.6% | -0.5% |
资本支出强度AFRMAPOG
| Q1 26 | — | 7.8% | ||
| Q4 25 | 13.9% | 1.9% | ||
| Q3 25 | 17.0% | 1.3% | ||
| Q2 25 | 16.7% | 2.1% | ||
| Q1 25 | 19.5% | 3.2% | ||
| Q4 24 | 14.5% | 2.6% | ||
| Q3 24 | 19.0% | 2.5% | ||
| Q2 24 | 17.1% | 2.2% |
现金转化率AFRMAPOG
| Q1 26 | — | 7.37× | ||
| Q4 25 | 1.34× | 1.77× | ||
| Q3 25 | 4.64× | 2.41× | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | 12.08× | ||
| Q4 24 | 3.88× | 1.48× | ||
| Q3 24 | — | 1.92× | ||
| Q2 24 | — | 0.18× |
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
AFRM
| Merchant Network | $328.4M | 82% |
| Virtual Card Network | $73.0M | 18% |
| Commercial Agreement Amazon | $1.9M | 0% |
APOG
| Architectural Services | $127.1M | 36% |
| Architectural Metals | $110.0M | 31% |
| Architectural Glass | $67.4M | 19% |
| Performance Surfaces | $54.3M | 15% |
