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Affirm Holdings, Inc.（AFRM）与AeroVironment Inc（AVAV）财务数据对比。点击上方公司名可切换其他公司
AeroVironment Inc的季度营收约是Affirm Holdings, Inc.的1.2倍（$472.5M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs -3.6%，领先35.9%），AeroVironment Inc同比增速更快（181.9% vs 32.5%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $-55.9M），过去两年AeroVironment Inc的营收复合增速更高（59.1% vs 43.5%）
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。
AeroVironment是1971年由人力飞机设计师保罗·麦克里迪创立的美国国防科技企业，总部位于弗吉尼亚州阿灵顿，专注于自主系统、反无人机系统及航天系统的研发制造，为美国国防部及多国军方供应渡鸦、弹簧刀、黄蜂、美洲狮等系列中小型无人机产品。
AFRM vs AVAV — 直观对比
营收规模更大
AVAV
是对方的1.2倍
$401.4M
营收增速更快
AVAV
高出149.4%
32.5%
净利率更高
AFRM
高出35.9%
-3.6%
自由现金流更多
AFRM
多$173.9M
$-55.9M
两年增速更快
AVAV
近两年复合增速
43.5%
损益表 — Q2 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $472.5M |
| 净利润 | $129.6M | $-17.1M |
| 毛利率 | — | 22.0% |
| 营业利润率 | 29.3% | -6.4% |
| 净利率 | 32.3% | -3.6% |
| 营收同比 | 32.5% | 181.9% |
| 净利润同比 | 61.3% | -875.1% |
| 每股收益（稀释后） | $0.37 | $-0.34 |
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AFRMAVAV
| Q4 25 | $401.4M | $472.5M | ||
| Q3 25 | $320.5M | $454.7M | ||
| Q2 25 | $306.6M | $275.1M | ||
| Q1 25 | $272.5M | $167.6M | ||
| Q4 24 | $303.0M | $188.5M | ||
| Q3 24 | $231.8M | $189.5M | ||
| Q2 24 | $224.0M | $197.0M | ||
| Q1 24 | $195.0M | $186.6M |
净利润AFRMAVAV
| Q4 25 | $129.6M | $-17.1M | ||
| Q3 25 | $80.7M | $-67.4M | ||
| Q2 25 | $69.2M | $16.7M | ||
| Q1 25 | $2.8M | $-1.8M | ||
| Q4 24 | $80.4M | $7.5M | ||
| Q3 24 | $-100.2M | $21.2M | ||
| Q2 24 | $-45.1M | $6.0M | ||
| Q1 24 | $-133.9M | $13.9M |
毛利率AFRMAVAV
| Q4 25 | — | 22.0% | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | 36.5% | ||
| Q1 25 | — | 37.7% | ||
| Q4 24 | — | 39.1% | ||
| Q3 24 | — | 43.0% | ||
| Q2 24 | — | 38.4% | ||
| Q1 24 | — | 36.1% |
营业利润率AFRMAVAV
| Q4 25 | 29.3% | -6.4% | ||
| Q3 25 | 19.9% | -15.2% | ||
| Q2 25 | 18.9% | 5.0% | ||
| Q1 25 | -3.1% | -1.8% | ||
| Q4 24 | -1.4% | 3.7% | ||
| Q3 24 | -57.2% | 12.2% | ||
| Q2 24 | -32.8% | 3.0% | ||
| Q1 24 | -82.5% | 7.7% |
净利率AFRMAVAV
| Q4 25 | 32.3% | -3.6% | ||
| Q3 25 | 25.2% | -14.8% | ||
| Q2 25 | 22.6% | 6.1% | ||
| Q1 25 | 1.0% | -1.0% | ||
| Q4 24 | 26.5% | 4.0% | ||
| Q3 24 | -43.2% | 11.2% | ||
| Q2 24 | -20.2% | 3.1% | ||
| Q1 24 | -68.7% | 7.4% |
每股收益（稀释后）AFRMAVAV
| Q4 25 | $0.37 | $-0.34 | ||
| Q3 25 | $0.23 | $-1.44 | ||
| Q2 25 | $0.22 | $0.59 | ||
| Q1 25 | $0.01 | $-0.06 | ||
| Q4 24 | $0.23 | $0.27 | ||
| Q3 24 | $-0.31 | $0.75 | ||
| Q2 24 | $-0.13 | $0.18 | ||
| Q1 24 | $-0.43 | $0.50 |
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 | $588.5M |
| 总债务越低越好 | $9.0B | $747.5M |
| 股东权益账面价值 | $3.5B | $4.4B |
| 总资产 | $13.0B | $5.6B |
| 负债/权益比越低杠杆越低 | 2.54× | 0.17× |
8季度趋势，按日历期对齐
现金及短期投资AFRMAVAV
| Q4 25 | $1.5B | $588.5M | ||
| Q3 25 | $1.4B | $685.8M | ||
| Q2 25 | $1.4B | $40.9M | ||
| Q1 25 | $1.4B | $47.0M | ||
| Q4 24 | $1.2B | $69.0M | ||
| Q3 24 | $1.0B | $81.2M | ||
| Q2 24 | $1.0B | $73.3M | ||
| Q1 24 | $1.3B | $107.7M |
总债务AFRMAVAV
| Q4 25 | $9.0B | $747.5M | ||
| Q3 25 | $7.7B | $747.5M | ||
| Q2 25 | $7.6B | $30.0M | ||
| Q1 25 | $7.1B | $25.0M | ||
| Q4 24 | $7.3B | $15.0M | ||
| Q3 24 | — | $17.5M | ||
| Q2 24 | $1.8B | $28.0M | ||
| Q1 24 | — | $40.0M |
股东权益AFRMAVAV
| Q4 25 | $3.5B | $4.4B | ||
| Q3 25 | $3.3B | $4.4B | ||
| Q2 25 | $3.1B | $886.5M | ||
| Q1 25 | $2.9B | $861.1M | ||
| Q4 24 | $2.8B | $858.4M | ||
| Q3 24 | $2.8B | $845.5M | ||
| Q2 24 | $2.7B | $822.7M | ||
| Q1 24 | $2.6B | $813.0M |
总资产AFRMAVAV
| Q4 25 | $13.0B | $5.6B | ||
| Q3 25 | $11.5B | $5.6B | ||
| Q2 25 | $11.2B | $1.1B | ||
| Q1 25 | $10.4B | $1.0B | ||
| Q4 24 | $10.5B | $1.0B | ||
| Q3 24 | $10.1B | $999.2M | ||
| Q2 24 | $9.5B | $1.0B | ||
| Q1 24 | $9.2B | $980.3M |
负债/权益比AFRMAVAV
| Q4 25 | 2.54× | 0.17× | ||
| Q3 25 | 2.35× | 0.17× | ||
| Q2 25 | 2.48× | 0.03× | ||
| Q1 25 | 2.49× | 0.03× | ||
| Q4 24 | 2.62× | 0.02× | ||
| Q3 24 | — | 0.02× | ||
| Q2 24 | 0.67× | 0.03× | ||
| Q1 24 | — | 0.05× |
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 | $-45.1M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $-55.9M |
| 自由现金流率自由现金流/营收 | 29.4% | -11.8% |
| 资本支出强度资本支出/营收 | 13.9% | 2.3% |
| 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 | $-240.7M |
8季度趋势，按日历期对齐
经营现金流AFRMAVAV
| Q4 25 | $173.7M | $-45.1M | ||
| Q3 25 | $374.6M | $-123.7M | ||
| Q2 25 | $74.6M | $-264.0K | ||
| Q1 25 | $210.4M | $-25.8M | ||
| Q4 24 | $312.0M | $-3.6M | ||
| Q3 24 | $196.9M | $28.4M | ||
| Q2 24 | $68.8M | $-11.7M | ||
| Q1 24 | $208.2M | $52.6M |
自由现金流AFRMAVAV
| Q4 25 | $118.0M | $-55.9M | ||
| Q3 25 | $320.2M | $-146.5M | ||
| Q2 25 | $23.5M | $-8.8M | ||
| Q1 25 | $157.4M | $-29.6M | ||
| Q4 24 | $268.1M | $-8.7M | ||
| Q3 24 | $152.7M | $22.9M | ||
| Q2 24 | $30.5M | $-20.8M | ||
| Q1 24 | $161.7M | $48.8M |
自由现金流率AFRMAVAV
| Q4 25 | 29.4% | -11.8% | ||
| Q3 25 | 99.9% | -32.2% | ||
| Q2 25 | 7.7% | -3.2% | ||
| Q1 25 | 57.7% | -17.7% | ||
| Q4 24 | 88.5% | -4.6% | ||
| Q3 24 | 65.9% | 12.1% | ||
| Q2 24 | 13.6% | -10.5% | ||
| Q1 24 | 82.9% | 26.1% |
资本支出强度AFRMAVAV
| Q4 25 | 13.9% | 2.3% | ||
| Q3 25 | 17.0% | 5.0% | ||
| Q2 25 | 16.7% | 3.1% | ||
| Q1 25 | 19.5% | 2.3% | ||
| Q4 24 | 14.5% | 2.7% | ||
| Q3 24 | 19.0% | 2.9% | ||
| Q2 24 | 17.1% | 4.6% | ||
| Q1 24 | 23.8% | 2.0% |
现金转化率AFRMAVAV
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | -0.02× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | -0.48× | ||
| Q3 24 | — | 1.34× | ||
| Q2 24 | — | -1.93× | ||
| Q1 24 | — | 3.79× |
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% |
AVAV
| Services | $130.2M | 28% |
| Cost Plus | $95.8M | 20% |
| Uncrewed Aircraft Systems | $89.8M | 19% |
| Space And Directed Energy | $53.2M | 11% |
| Non U.s.Government | $42.2M | 9% |
| TM | $31.9M | 7% |
| Other | $30.7M | 7% |
