vs
Affirm Holdings, Inc.（AFRM）与ALLIANCE RESOURCE PARTNERS LP（ARLP）财务数据对比。点击上方公司名可切换其他公司
ALLIANCE RESOURCE PARTNERS LP的季度营收约是Affirm Holdings, Inc.的1.3倍（$516.0M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 2.1%，领先30.2%），Affirm Holdings, Inc.同比增速更快（32.5% vs -3.6%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $13.3M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs -6.7%）
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。
联合资源伙伴有限合伙是北美领先的自然资源企业，核心业务为公用事业及工业客户生产、销售煤炭，同时运营矿权特许经营、油气开采、物流配套等关联业务，服务覆盖美国及周边主要能源消费市场。
AFRM vs ARLP — 直观对比
营收规模更大
ARLP
是对方的1.3倍
$401.4M
营收增速更快
AFRM
高出36.1%
-3.6%
净利率更高
AFRM
高出30.2%
2.1%
自由现金流更多
AFRM
多$104.7M
$13.3M
两年增速更快
AFRM
近两年复合增速
-6.7%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $516.0M |
| 净利润 | $129.6M | $10.7M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | 4.2% |
| 净利率 | 32.3% | 2.1% |
| 营收同比 | 32.5% | -3.6% |
| 净利润同比 | 61.3% | — |
| 每股收益（稀释后） | $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AFRMARLP
| Q1 26 | — | $516.0M | ||
| Q4 25 | $401.4M | $535.5M | ||
| Q3 25 | $320.5M | $571.4M | ||
| Q2 25 | $306.6M | $547.5M | ||
| Q1 25 | $272.5M | $540.5M | ||
| Q4 24 | $303.0M | $590.1M | ||
| Q3 24 | $231.8M | $613.6M | ||
| Q2 24 | $224.0M | $593.4M |
净利润AFRMARLP
| Q1 26 | — | $10.7M | ||
| Q4 25 | $129.6M | $82.7M | ||
| Q3 25 | $80.7M | $95.1M | ||
| Q2 25 | $69.2M | $59.4M | ||
| Q1 25 | $2.8M | $74.0M | ||
| Q4 24 | $80.4M | $16.3M | ||
| Q3 24 | $-100.2M | $86.3M | ||
| Q2 24 | $-45.1M | $100.2M |
营业利润率AFRMARLP
| Q1 26 | — | 4.2% | ||
| Q4 25 | 29.3% | 18.2% | ||
| Q3 25 | 19.9% | 18.4% | ||
| Q2 25 | 18.9% | 16.2% | ||
| Q1 25 | -3.1% | 17.4% | ||
| Q4 24 | -1.4% | 2.6% | ||
| Q3 24 | -57.2% | 16.5% | ||
| Q2 24 | -32.8% | 19.8% |
净利率AFRMARLP
| Q1 26 | — | 2.1% | ||
| Q4 25 | 32.3% | 15.4% | ||
| Q3 25 | 25.2% | 16.6% | ||
| Q2 25 | 22.6% | 10.9% | ||
| Q1 25 | 1.0% | 13.7% | ||
| Q4 24 | 26.5% | 2.8% | ||
| Q3 24 | -43.2% | 14.1% | ||
| Q2 24 | -20.2% | 16.9% |
每股收益（稀释后）AFRMARLP
| Q1 26 | — | — | ||
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | — | ||
| Q2 25 | $0.22 | — | ||
| Q1 25 | $0.01 | — | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $-0.31 | — | ||
| Q2 24 | $-0.13 | — |
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 | $28.9M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | — |
| 总资产 | $13.0B | $2.9B |
| 负债/权益比越低杠杆越低 | 2.54× | — |
8季度趋势，按日历期对齐
现金及短期投资AFRMARLP
| Q1 26 | — | $28.9M | ||
| Q4 25 | $1.5B | $71.2M | ||
| Q3 25 | $1.4B | $94.5M | ||
| Q2 25 | $1.4B | $55.0M | ||
| Q1 25 | $1.4B | $81.3M | ||
| Q4 24 | $1.2B | $137.0M | ||
| Q3 24 | $1.0B | $195.4M | ||
| Q2 24 | $1.0B | $203.7M |
总债务AFRMARLP
| Q1 26 | — | — | ||
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — |
股东权益AFRMARLP
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.7B | — |
总资产AFRMARLP
| Q1 26 | — | $2.9B | ||
| Q4 25 | $13.0B | $2.9B | ||
| Q3 25 | $11.5B | $2.9B | ||
| Q2 25 | $11.2B | $2.9B | ||
| Q1 25 | $10.4B | $2.9B | ||
| Q4 24 | $10.5B | $2.9B | ||
| Q3 24 | $10.1B | $3.0B | ||
| Q2 24 | $9.5B | $3.1B |
负债/权益比AFRMARLP
| Q1 26 | — | — | ||
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| 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 | — |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $13.3M |
| 自由现金流率自由现金流/营收 | 29.4% | 2.6% |
| 资本支出强度资本支出/营收 | 13.9% | 18.5% |
| 现金转化率经营现金流/净利润 | 1.34× | — |
| 过去12个月自由现金流最近4个季度 | $619.1M | $342.2M |
8季度趋势，按日历期对齐
经营现金流AFRMARLP
| Q1 26 | — | — | ||
| Q4 25 | $173.7M | $143.9M | ||
| Q3 25 | $374.6M | $209.9M | ||
| Q2 25 | $74.6M | $151.7M | ||
| Q1 25 | $210.4M | $145.7M | ||
| Q4 24 | $312.0M | $168.4M | ||
| Q3 24 | $196.9M | $209.3M | ||
| Q2 24 | $68.8M | $215.8M |
自由现金流AFRMARLP
| Q1 26 | — | $13.3M | ||
| Q4 25 | $118.0M | $99.1M | ||
| Q3 25 | $320.2M | $145.2M | ||
| Q2 25 | $23.5M | $84.7M | ||
| Q1 25 | $157.4M | $58.9M | ||
| Q4 24 | $268.1M | $75.3M | ||
| Q3 24 | $152.7M | $99.0M | ||
| Q2 24 | $30.5M | $114.3M |
自由现金流率AFRMARLP
| Q1 26 | — | 2.6% | ||
| Q4 25 | 29.4% | 18.5% | ||
| Q3 25 | 99.9% | 25.4% | ||
| Q2 25 | 7.7% | 15.5% | ||
| Q1 25 | 57.7% | 10.9% | ||
| Q4 24 | 88.5% | 12.8% | ||
| Q3 24 | 65.9% | 16.1% | ||
| Q2 24 | 13.6% | 19.3% |
资本支出强度AFRMARLP
| Q1 26 | — | 18.5% | ||
| Q4 25 | 13.9% | 8.4% | ||
| Q3 25 | 17.0% | 11.3% | ||
| Q2 25 | 16.7% | 12.2% | ||
| Q1 25 | 19.5% | 16.1% | ||
| Q4 24 | 14.5% | 15.8% | ||
| Q3 24 | 19.0% | 18.0% | ||
| Q2 24 | 17.1% | 17.1% |
现金转化率AFRMARLP
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | 1.74× | ||
| Q3 25 | 4.64× | 2.21× | ||
| Q2 25 | 1.08× | 2.55× | ||
| Q1 25 | 75.03× | 1.97× | ||
| Q4 24 | 3.88× | 10.31× | ||
| Q3 24 | — | 2.43× | ||
| Q2 24 | — | 2.15× |
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% |
ARLP
| Coal sales | $443.3M | 86% |
| Oil & gas royalties | $41.3M | 8% |
| Other revenues | $22.8M | 4% |
| Transportation revenues | $8.6M | 2% |
| Tons Produced | $8.0M | 2% |
| Mineral Interest Volumes (BOE) | $1.0M | 0% |
