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Affirm Holdings, Inc.（AFRM）与Asana, Inc.（ASAN）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Asana, Inc.的2.0倍（$401.4M vs $201.0M），Affirm Holdings, Inc.净利率更高（32.3% vs -34.0%，领先66.3%），Affirm Holdings, Inc.同比增速更快（32.5% vs 9.3%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $15.5M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 8.4%）
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。
Asana是一家总部位于美国旧金山的软件企业，由达斯汀·莫斯科维茨和贾斯汀·罗森斯坦于2008年创立，核心产品是同名工作管理平台，支持网页端与移动端使用，可帮助团队梳理、跟踪及统筹各类工作事项，2012年4月正式商业化推出，2020年9月直接上市，当时估值达55亿美元。
AFRM vs ASAN — 直观对比
营收规模更大
AFRM
是对方的2.0倍
$201.0M
营收增速更快
AFRM
高出23.1%
9.3%
净利率更高
AFRM
高出66.3%
-34.0%
自由现金流更多
AFRM
多$102.5M
$15.5M
两年增速更快
AFRM
近两年复合增速
8.4%
损益表 — Q2 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $201.0M |
| 净利润 | $129.6M | $-68.4M |
| 毛利率 | — | 88.9% |
| 营业利润率 | 29.3% | -34.8% |
| 净利率 | 32.3% | -34.0% |
| 营收同比 | 32.5% | 9.3% |
| 净利润同比 | 61.3% | -19.4% |
| 每股收益（稀释后） | $0.37 | $-0.29 |
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AFRMASAN
| Q4 25 | $401.4M | $201.0M | ||
| Q3 25 | $320.5M | $196.9M | ||
| Q2 25 | $306.6M | $187.3M | ||
| Q1 25 | $272.5M | $188.3M | ||
| Q4 24 | $303.0M | $183.9M | ||
| Q3 24 | $231.8M | $179.2M | ||
| Q2 24 | $224.0M | $172.4M | ||
| Q1 24 | $195.0M | $171.1M |
净利润AFRMASAN
| Q4 25 | $129.6M | $-68.4M | ||
| Q3 25 | $80.7M | $-48.4M | ||
| Q2 25 | $69.2M | $-40.0M | ||
| Q1 25 | $2.8M | $-62.3M | ||
| Q4 24 | $80.4M | $-57.3M | ||
| Q3 24 | $-100.2M | $-72.2M | ||
| Q2 24 | $-45.1M | $-63.7M | ||
| Q1 24 | $-133.9M | $-62.4M |
毛利率AFRMASAN
| Q4 25 | — | 88.9% | ||
| Q3 25 | — | 89.7% | ||
| Q2 25 | — | 89.7% | ||
| Q1 25 | — | 89.6% | ||
| Q4 24 | — | 89.2% | ||
| Q3 24 | — | 88.8% | ||
| Q2 24 | — | 89.7% | ||
| Q1 24 | — | 89.8% |
营业利润率AFRMASAN
| Q4 25 | 29.3% | -34.8% | ||
| Q3 25 | 19.9% | -25.1% | ||
| Q2 25 | 18.9% | -23.4% | ||
| Q1 25 | -3.1% | -33.8% | ||
| Q4 24 | -1.4% | -32.7% | ||
| Q3 24 | -57.2% | -42.9% | ||
| Q2 24 | -32.8% | -38.4% | ||
| Q1 24 | -82.5% | -39.7% |
净利率AFRMASAN
| Q4 25 | 32.3% | -34.0% | ||
| Q3 25 | 25.2% | -24.6% | ||
| Q2 25 | 22.6% | -21.4% | ||
| Q1 25 | 1.0% | -33.1% | ||
| Q4 24 | 26.5% | -31.2% | ||
| Q3 24 | -43.2% | -40.3% | ||
| Q2 24 | -20.2% | -37.0% | ||
| Q1 24 | -68.7% | -36.5% |
每股收益（稀释后）AFRMASAN
| Q4 25 | $0.37 | $-0.29 | ||
| Q3 25 | $0.23 | $-0.20 | ||
| Q2 25 | $0.22 | $-0.17 | ||
| Q1 25 | $0.01 | $-0.27 | ||
| Q4 24 | $0.23 | $-0.25 | ||
| Q3 24 | $-0.31 | $-0.31 | ||
| Q2 24 | $-0.13 | $-0.28 | ||
| Q1 24 | $-0.43 | $-0.28 |
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 | $183.5M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | $188.4M |
| 总资产 | $13.0B | $840.4M |
| 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AFRMASAN
| Q4 25 | $1.5B | $183.5M | ||
| Q3 25 | $1.4B | $184.1M | ||
| Q2 25 | $1.4B | $193.8M | ||
| Q1 25 | $1.4B | $184.7M | ||
| Q4 24 | $1.2B | $196.8M | ||
| Q3 24 | $1.0B | $219.4M | ||
| Q2 24 | $1.0B | $222.0M | ||
| Q1 24 | $1.3B | $236.7M |
总债务AFRMASAN
| 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 | — | ||
| Q1 24 | — | — |
股东权益AFRMASAN
| Q4 25 | $3.5B | $188.4M | ||
| Q3 25 | $3.3B | $224.6M | ||
| Q2 25 | $3.1B | $236.3M | ||
| Q1 25 | $2.9B | $227.5M | ||
| Q4 24 | $2.8B | $239.3M | ||
| Q3 24 | $2.8B | $291.9M | ||
| Q2 24 | $2.7B | $319.9M | ||
| Q1 24 | $2.6B | $326.4M |
总资产AFRMASAN
| Q4 25 | $13.0B | $840.4M | ||
| Q3 25 | $11.5B | $883.2M | ||
| Q2 25 | $11.2B | $877.1M | ||
| Q1 25 | $10.4B | $891.4M | ||
| Q4 24 | $10.5B | $874.2M | ||
| Q3 24 | $10.1B | $945.4M | ||
| Q2 24 | $9.5B | $978.2M | ||
| Q1 24 | $9.2B | $962.0M |
负债/权益比AFRMASAN
| 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× | — | ||
| Q1 24 | — | — |
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 | $16.2M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $15.5M |
| 自由现金流率自由现金流/营收 | 29.4% | 7.7% |
| 资本支出强度资本支出/营收 | 13.9% | 0.3% |
| 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 | $74.5M |
8季度趋势，按日历期对齐
经营现金流AFRMASAN
| Q4 25 | $173.7M | $16.2M | ||
| Q3 25 | $374.6M | $39.8M | ||
| Q2 25 | $74.6M | $6.8M | ||
| Q1 25 | $210.4M | $15.9M | ||
| Q4 24 | $312.0M | $-14.9M | ||
| Q3 24 | $196.9M | $15.9M | ||
| Q2 24 | $68.8M | $-1.9M | ||
| Q1 24 | $208.2M | $-15.3M |
自由现金流AFRMASAN
| Q4 25 | $118.0M | $15.5M | ||
| Q3 25 | $320.2M | $38.5M | ||
| Q2 25 | $23.5M | $6.1M | ||
| Q1 25 | $157.4M | $14.3M | ||
| Q4 24 | $268.1M | $-16.3M | ||
| Q3 24 | $152.7M | $14.2M | ||
| Q2 24 | $30.5M | $-2.9M | ||
| Q1 24 | $161.7M | $-15.8M |
自由现金流率AFRMASAN
| Q4 25 | 29.4% | 7.7% | ||
| Q3 25 | 99.9% | 19.6% | ||
| Q2 25 | 7.7% | 3.3% | ||
| Q1 25 | 57.7% | 7.6% | ||
| Q4 24 | 88.5% | -8.8% | ||
| Q3 24 | 65.9% | 7.9% | ||
| Q2 24 | 13.6% | -1.7% | ||
| Q1 24 | 82.9% | -9.3% |
资本支出强度AFRMASAN
| Q4 25 | 13.9% | 0.3% | ||
| Q3 25 | 17.0% | 0.7% | ||
| Q2 25 | 16.7% | 0.3% | ||
| Q1 25 | 19.5% | 0.8% | ||
| Q4 24 | 14.5% | 0.7% | ||
| Q3 24 | 19.0% | 0.9% | ||
| Q2 24 | 17.1% | 0.6% | ||
| Q1 24 | 23.8% | 0.3% |
现金转化率AFRMASAN
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
ASAN
| US | $118.5M | 59% |
| Non Us | $82.5M | 41% |
