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Affirm Holdings, Inc.（AFRM）与BLACK HILLS CORP（BKH）财务数据对比。点击上方公司名可切换其他公司
BLACK HILLS CORP的季度营收约是Affirm Holdings, Inc.的1.6倍（$622.7M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 16.8%，领先15.4%），Affirm Holdings, Inc.同比增速更快（32.5% vs 6.4%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $-101.5M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs -6.8%）
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。
布莱克山集团是美国多元化能源企业，总部位于南达科他州拉皮德城，名称来源于当地的布莱克山区域。公司主营电力与天然气公用事业，服务覆盖南达科他、蒙大拿、怀俄明、科罗拉多等多个州，电力产品行销整个美国西部地区。
AFRM vs BKH — 直观对比
营收规模更大
BKH
是对方的1.6倍
$401.4M
营收增速更快
AFRM
高出26.0%
6.4%
净利率更高
AFRM
高出15.4%
16.8%
自由现金流更多
AFRM
多$219.5M
$-101.5M
两年增速更快
AFRM
近两年复合增速
-6.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $622.7M |
| 净利润 | $129.6M | $104.9M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | 27.5% |
| 净利率 | 32.3% | 16.8% |
| 营收同比 | 32.5% | 6.4% |
| 净利润同比 | 61.3% | 7.0% |
| 每股收益（稀释后） | $0.37 | $1.39 |
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AFRMBKH
| Q4 25 | $401.4M | $622.7M | ||
| Q3 25 | $320.5M | $427.4M | ||
| Q2 25 | $306.6M | $435.7M | ||
| Q1 25 | $272.5M | $800.4M | ||
| Q4 24 | $303.0M | $585.1M | ||
| Q3 24 | $231.8M | $398.6M | ||
| Q2 24 | $224.0M | $397.1M | ||
| Q1 24 | $195.0M | $717.2M |
净利润AFRMBKH
| Q4 25 | $129.6M | $104.9M | ||
| Q3 25 | $80.7M | $24.9M | ||
| Q2 25 | $69.2M | $27.5M | ||
| Q1 25 | $2.8M | $134.3M | ||
| Q4 24 | $80.4M | $98.0M | ||
| Q3 24 | $-100.2M | $24.4M | ||
| Q2 24 | $-45.1M | $22.8M | ||
| Q1 24 | $-133.9M | $127.9M |
营业利润率AFRMBKH
| Q4 25 | 29.3% | 27.5% | ||
| Q3 25 | 19.9% | 18.4% | ||
| Q2 25 | 18.9% | 18.9% | ||
| Q1 25 | -3.1% | 25.6% | ||
| Q4 24 | -1.4% | 27.9% | ||
| Q3 24 | -57.2% | 19.0% | ||
| Q2 24 | -32.8% | 17.8% | ||
| Q1 24 | -82.5% | 27.0% |
净利率AFRMBKH
| Q4 25 | 32.3% | 16.8% | ||
| Q3 25 | 25.2% | 5.8% | ||
| Q2 25 | 22.6% | 6.3% | ||
| Q1 25 | 1.0% | 16.8% | ||
| Q4 24 | 26.5% | 16.7% | ||
| Q3 24 | -43.2% | 6.1% | ||
| Q2 24 | -20.2% | 5.7% | ||
| Q1 24 | -68.7% | 17.8% |
每股收益（稀释后）AFRMBKH
| Q4 25 | $0.37 | $1.39 | ||
| Q3 25 | $0.23 | $0.34 | ||
| Q2 25 | $0.22 | $0.38 | ||
| Q1 25 | $0.01 | $1.87 | ||
| Q4 24 | $0.23 | $1.36 | ||
| Q3 24 | $-0.31 | $0.35 | ||
| Q2 24 | $-0.13 | $0.33 | ||
| Q1 24 | $-0.43 | $1.87 |
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 | $182.8M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | $3.8B |
| 总资产 | $13.0B | $10.9B |
| 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AFRMBKH
| Q4 25 | $1.5B | $182.8M | ||
| Q3 25 | $1.4B | $21.1M | ||
| Q2 25 | $1.4B | $8.1M | ||
| Q1 25 | $1.4B | $6.6M | ||
| Q4 24 | $1.2B | $16.1M | ||
| Q3 24 | $1.0B | $12.5M | ||
| Q2 24 | $1.0B | $624.8M | ||
| Q1 24 | $1.3B | $123.0M |
总债务AFRMBKH
| 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AFRMBKH
| Q4 25 | $3.5B | $3.8B | ||
| Q3 25 | $3.3B | $3.8B | ||
| Q2 25 | $3.1B | $3.6B | ||
| Q1 25 | $2.9B | $3.6B | ||
| Q4 24 | $2.8B | $3.5B | ||
| Q3 24 | $2.8B | $3.4B | ||
| Q2 24 | $2.7B | $3.4B | ||
| Q1 24 | $2.6B | $3.3B |
总资产AFRMBKH
| Q4 25 | $13.0B | $10.9B | ||
| Q3 25 | $11.5B | $10.3B | ||
| Q2 25 | $11.2B | $10.1B | ||
| Q1 25 | $10.4B | $10.1B | ||
| Q4 24 | $10.5B | $10.0B | ||
| Q3 24 | $10.1B | $9.7B | ||
| Q2 24 | $9.5B | $10.2B | ||
| Q1 24 | $9.2B | $9.7B |
负债/权益比AFRMBKH
| 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 | $168.1M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $-101.5M |
| 自由现金流率自由现金流/营收 | 29.4% | -16.3% |
| 资本支出强度资本支出/营收 | 13.9% | 43.3% |
| 现金转化率经营现金流/净利润 | 1.34× | 1.60× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $-146.4M |
8季度趋势，按日历期对齐
经营现金流AFRMBKH
| Q4 25 | $173.7M | $168.1M | ||
| Q3 25 | $374.6M | $88.9M | ||
| Q2 25 | $74.6M | $188.6M | ||
| Q1 25 | $210.4M | $227.8M | ||
| Q4 24 | $312.0M | $153.2M | ||
| Q3 24 | $196.9M | $102.1M | ||
| Q2 24 | $68.8M | $230.6M | ||
| Q1 24 | $208.2M | $233.4M |
自由现金流AFRMBKH
| Q4 25 | $118.0M | $-101.5M | ||
| Q3 25 | $320.2M | $-89.5M | ||
| Q2 25 | $23.5M | $-30.3M | ||
| Q1 25 | $157.4M | $74.9M | ||
| Q4 24 | $268.1M | $-60.5M | ||
| Q3 24 | $152.7M | $-86.0M | ||
| Q2 24 | $30.5M | $64.4M | ||
| Q1 24 | $161.7M | $57.2M |
自由现金流率AFRMBKH
| Q4 25 | 29.4% | -16.3% | ||
| Q3 25 | 99.9% | -20.9% | ||
| Q2 25 | 7.7% | -7.0% | ||
| Q1 25 | 57.7% | 9.4% | ||
| Q4 24 | 88.5% | -10.3% | ||
| Q3 24 | 65.9% | -21.6% | ||
| Q2 24 | 13.6% | 16.2% | ||
| Q1 24 | 82.9% | 8.0% |
资本支出强度AFRMBKH
| Q4 25 | 13.9% | 43.3% | ||
| Q3 25 | 17.0% | 41.7% | ||
| Q2 25 | 16.7% | 50.2% | ||
| Q1 25 | 19.5% | 19.1% | ||
| Q4 24 | 14.5% | 36.5% | ||
| Q3 24 | 19.0% | 47.2% | ||
| Q2 24 | 17.1% | 41.9% | ||
| Q1 24 | 23.8% | 24.6% |
现金转化率AFRMBKH
| Q4 25 | 1.34× | 1.60× | ||
| Q3 25 | 4.64× | 3.57× | ||
| Q2 25 | 1.08× | 6.86× | ||
| Q1 25 | 75.03× | 1.70× | ||
| Q4 24 | 3.88× | 1.56× | ||
| Q3 24 | — | 4.18× | ||
| Q2 24 | — | 10.11× | ||
| Q1 24 | — | 1.82× |
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% |
BKH
| Gas Utilities | $391.1M | 63% |
| Retail Electric Natural Gasand Coal | $189.7M | 30% |
| Other | $15.3M | 2% |
| Market Off System Sales | $13.6M | 2% |
| Transferred At Point In Time | $8.9M | 1% |
| Wholesale | $4.9M | 1% |
| Inter Segment Revenues | $2.4M | 0% |
