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Affirm Holdings, Inc.（AFRM）与亚什兰（ASH）财务数据对比。点击上方公司名可切换其他公司
Affirm Holdings, Inc.的季度营收约是亚什兰的1.0倍（$401.4M vs $386.0M），Affirm Holdings, Inc.净利率更高（32.3% vs -3.1%，领先35.4%），Affirm Holdings, Inc.同比增速更快（32.5% vs -4.7%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $111.0M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs -18.1%）
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。
亚什兰是一家总部位于美国特拉华州威尔明顿的化工企业，1924年始创于肯塔基州亚什兰市，最初以炼油业务起家，1994年迁至现总部。公司拥有多个业务板块，覆盖化工中间体与溶剂、复合材料、工业特种化学品、个人及家居护理、制药、食品饮料以及农业相关领域，2017年之前曾是胜牌润滑油的主要生产商。
AFRM vs ASH — 直观对比
营收规模更大
AFRM
是对方的1.0倍
$386.0M
营收增速更快
AFRM
高出37.2%
-4.7%
净利率更高
AFRM
高出35.4%
-3.1%
自由现金流更多
AFRM
多$7.0M
$111.0M
两年增速更快
AFRM
近两年复合增速
-18.1%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $386.0M |
| 净利润 | $129.6M | $-12.0M |
| 毛利率 | — | 27.2% |
| 营业利润率 | 29.3% | -1.6% |
| 净利率 | 32.3% | -3.1% |
| 营收同比 | 32.5% | -4.7% |
| 净利润同比 | 61.3% | 92.7% |
| 每股收益（稀释后） | $0.37 | $-0.26 |
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AFRMASH
| Q4 25 | $401.4M | $386.0M | ||
| Q3 25 | $320.5M | $477.0M | ||
| Q2 25 | $306.6M | $463.0M | ||
| Q1 25 | $272.5M | $479.0M | ||
| Q4 24 | $303.0M | $405.0M | ||
| Q3 24 | $231.8M | $521.0M | ||
| Q2 24 | $224.0M | $544.0M | ||
| Q1 24 | $195.0M | $575.0M |
净利润AFRMASH
| Q4 25 | $129.6M | $-12.0M | ||
| Q3 25 | $80.7M | $31.0M | ||
| Q2 25 | $69.2M | $-742.0M | ||
| Q1 25 | $2.8M | $31.0M | ||
| Q4 24 | $80.4M | $-165.0M | ||
| Q3 24 | $-100.2M | $17.0M | ||
| Q2 24 | $-45.1M | $6.0M | ||
| Q1 24 | $-133.9M | $120.0M |
毛利率AFRMASH
| Q4 25 | — | 27.2% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 28.5% | ||
| Q1 25 | — | 30.7% | ||
| Q4 24 | — | 27.4% | ||
| Q3 24 | — | 33.2% | ||
| Q2 24 | — | 34.2% | ||
| Q1 24 | — | 28.0% |
营业利润率AFRMASH
| Q4 25 | 29.3% | -1.6% | ||
| Q3 25 | 19.9% | 12.8% | ||
| Q2 25 | 18.9% | -152.9% | ||
| Q1 25 | -3.1% | 10.6% | ||
| Q4 24 | -1.4% | -44.2% | ||
| Q3 24 | -57.2% | 6.1% | ||
| Q2 24 | -32.8% | -11.2% | ||
| Q1 24 | -82.5% | 3.7% |
净利率AFRMASH
| Q4 25 | 32.3% | -3.1% | ||
| Q3 25 | 25.2% | 6.5% | ||
| Q2 25 | 22.6% | -160.3% | ||
| Q1 25 | 1.0% | 6.5% | ||
| Q4 24 | 26.5% | -40.7% | ||
| Q3 24 | -43.2% | 3.3% | ||
| Q2 24 | -20.2% | 1.1% | ||
| Q1 24 | -68.7% | 20.9% |
每股收益（稀释后）AFRMASH
| Q4 25 | $0.37 | $-0.26 | ||
| Q3 25 | $0.23 | $0.83 | ||
| Q2 25 | $0.22 | $-16.21 | ||
| Q1 25 | $0.01 | $0.65 | ||
| Q4 24 | $0.23 | $-3.50 | ||
| Q3 24 | $-0.31 | $0.34 | ||
| Q2 24 | $-0.13 | $0.12 | ||
| Q1 24 | $-0.43 | $2.39 |
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 | $304.0M |
| 总债务越低越好 | $9.0B | $1.4B |
| 股东权益账面价值 | $3.5B | $1.9B |
| 总资产 | $13.0B | $4.5B |
| 负债/权益比越低杠杆越低 | 2.54× | 0.74× |
8季度趋势，按日历期对齐
现金及短期投资AFRMASH
| Q4 25 | $1.5B | $304.0M | ||
| Q3 25 | $1.4B | $215.0M | ||
| Q2 25 | $1.4B | $207.0M | ||
| Q1 25 | $1.4B | $168.0M | ||
| Q4 24 | $1.2B | $219.0M | ||
| Q3 24 | $1.0B | $300.0M | ||
| Q2 24 | $1.0B | $399.0M | ||
| Q1 24 | $1.3B | $439.0M |
总债务AFRMASH
| Q4 25 | $9.0B | $1.4B | ||
| Q3 25 | $7.7B | $1.4B | ||
| Q2 25 | $7.6B | $1.4B | ||
| Q1 25 | $7.1B | $1.3B | ||
| Q4 24 | $7.3B | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | $1.8B | $1.3B | ||
| Q1 24 | — | $1.3B |
股东权益AFRMASH
| Q4 25 | $3.5B | $1.9B | ||
| Q3 25 | $3.3B | $1.9B | ||
| Q2 25 | $3.1B | $1.9B | ||
| Q1 25 | $2.9B | $2.6B | ||
| Q4 24 | $2.8B | $2.6B | ||
| Q3 24 | $2.8B | $2.9B | ||
| Q2 24 | $2.7B | $3.0B | ||
| Q1 24 | $2.6B | $3.1B |
总资产AFRMASH
| Q4 25 | $13.0B | $4.5B | ||
| Q3 25 | $11.5B | $4.6B | ||
| Q2 25 | $11.2B | $4.6B | ||
| Q1 25 | $10.4B | $5.2B | ||
| Q4 24 | $10.5B | $5.2B | ||
| Q3 24 | $10.1B | $5.6B | ||
| Q2 24 | $9.5B | $5.7B | ||
| Q1 24 | $9.2B | $5.9B |
负债/权益比AFRMASH
| Q4 25 | 2.54× | 0.74× | ||
| Q3 25 | 2.35× | 0.73× | ||
| Q2 25 | 2.48× | 0.73× | ||
| Q1 25 | 2.49× | 0.52× | ||
| Q4 24 | 2.62× | 0.51× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | 0.67× | 0.45× | ||
| Q1 24 | — | 0.42× |
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 | $125.0M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $111.0M |
| 自由现金流率自由现金流/营收 | 29.4% | 28.8% |
| 资本支出强度资本支出/营收 | 13.9% | 3.6% |
| 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 | $200.0M |
8季度趋势，按日历期对齐
经营现金流AFRMASH
| Q4 25 | $173.7M | $125.0M | ||
| Q3 25 | $374.6M | $40.0M | ||
| Q2 25 | $74.6M | $115.0M | ||
| Q1 25 | $210.4M | $9.0M | ||
| Q4 24 | $312.0M | $-30.0M | ||
| Q3 24 | $196.9M | $80.0M | ||
| Q2 24 | $68.8M | $127.0M | ||
| Q1 24 | $208.2M | $54.0M |
自由现金流AFRMASH
| Q4 25 | $118.0M | $111.0M | ||
| Q3 25 | $320.2M | $6.0M | ||
| Q2 25 | $23.5M | $95.0M | ||
| Q1 25 | $157.4M | $-12.0M | ||
| Q4 24 | $268.1M | $-53.0M | ||
| Q3 24 | $152.7M | $42.0M | ||
| Q2 24 | $30.5M | $98.0M | ||
| Q1 24 | $161.7M | $20.0M |
自由现金流率AFRMASH
| Q4 25 | 29.4% | 28.8% | ||
| Q3 25 | 99.9% | 1.3% | ||
| Q2 25 | 7.7% | 20.5% | ||
| Q1 25 | 57.7% | -2.5% | ||
| Q4 24 | 88.5% | -13.1% | ||
| Q3 24 | 65.9% | 8.1% | ||
| Q2 24 | 13.6% | 18.0% | ||
| Q1 24 | 82.9% | 3.5% |
资本支出强度AFRMASH
| Q4 25 | 13.9% | 3.6% | ||
| Q3 25 | 17.0% | 7.1% | ||
| Q2 25 | 16.7% | 4.3% | ||
| Q1 25 | 19.5% | 4.4% | ||
| Q4 24 | 14.5% | 5.7% | ||
| Q3 24 | 19.0% | 7.3% | ||
| Q2 24 | 17.1% | 5.3% | ||
| Q1 24 | 23.8% | 5.9% |
现金转化率AFRMASH
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 1.29× | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | 0.29× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 4.71× | ||
| Q2 24 | — | 21.17× | ||
| Q1 24 | — | 0.45× |
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% |
ASH
| Personal Care And Household | $123.0M | 32% |
| Other | $120.0M | 31% |
| Specialty Additives | $36.0M | 9% |
| Intermediates And Solvents | $31.0M | 8% |
| Personal Care | $30.0M | 8% |
| Life Sciences | $27.0M | 7% |
| Intermediates | $19.0M | 5% |
