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Affirm Holdings, Inc.（AFRM）与Churchill Downs Inc（CHDN）财务数据对比。点击上方公司名可切换其他公司
Churchill Downs Inc的季度营收约是Affirm Holdings, Inc.的1.7倍（$663.0M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 12.5%，领先19.8%），Affirm Holdings, Inc.同比增速更快（32.5% vs 3.1%），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs -13.7%）
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。
丘吉尔唐斯股份有限公司是丘吉尔唐斯赛马场的母公司，起家于美国肯塔基州路易斯维尔的单一赛马场，现已发展为业务覆盖美国多州的上市企业，旗下拥有赛马场、赌场、线上投注平台等多元业务板块。
AFRM vs CHDN — 直观对比
营收规模更大
CHDN
是对方的1.7倍
$401.4M
营收增速更快
AFRM
高出29.4%
3.1%
净利率更高
AFRM
高出19.8%
12.5%
两年增速更快
AFRM
近两年复合增速
-13.7%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $663.0M |
| 净利润 | $129.6M | $83.0M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | 21.6% |
| 净利率 | 32.3% | 12.5% |
| 营收同比 | 32.5% | 3.1% |
| 净利润同比 | 61.3% | 7.8% |
| 每股收益（稀释后） | $0.37 | $1.16 |
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AFRMCHDN
| Q1 26 | — | $663.0M | ||
| Q4 25 | $401.4M | $665.9M | ||
| Q3 25 | $320.5M | $683.0M | ||
| Q2 25 | $306.6M | $934.4M | ||
| Q1 25 | $272.5M | $642.6M | ||
| Q4 24 | $303.0M | $624.2M | ||
| Q3 24 | $231.8M | $628.5M | ||
| Q2 24 | $224.0M | $890.7M |
净利润AFRMCHDN
| Q1 26 | — | $83.0M | ||
| Q4 25 | $129.6M | $51.3M | ||
| Q3 25 | $80.7M | $38.1M | ||
| Q2 25 | $69.2M | $216.9M | ||
| Q1 25 | $2.8M | $76.7M | ||
| Q4 24 | $80.4M | $71.7M | ||
| Q3 24 | $-100.2M | $65.4M | ||
| Q2 24 | $-45.1M | $209.3M |
营业利润率AFRMCHDN
| Q1 26 | — | 21.6% | ||
| Q4 25 | 29.3% | 18.5% | ||
| Q3 25 | 19.9% | 14.3% | ||
| Q2 25 | 18.9% | 35.1% | ||
| Q1 25 | -3.1% | 20.9% | ||
| Q4 24 | -1.4% | 20.3% | ||
| Q3 24 | -57.2% | 20.0% | ||
| Q2 24 | -32.8% | 37.0% |
净利率AFRMCHDN
| Q1 26 | — | 12.5% | ||
| Q4 25 | 32.3% | 7.7% | ||
| Q3 25 | 25.2% | 5.6% | ||
| Q2 25 | 22.6% | 23.2% | ||
| Q1 25 | 1.0% | 11.9% | ||
| Q4 24 | 26.5% | 11.5% | ||
| Q3 24 | -43.2% | 10.4% | ||
| Q2 24 | -20.2% | 23.5% |
每股收益（稀释后）AFRMCHDN
| Q1 26 | — | $1.16 | ||
| 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 | $200.0M |
| 总债务越低越好 | $9.0B | $840.0M |
| 股东权益账面价值 | $3.5B | — |
| 总资产 | $13.0B | $7.5B |
| 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AFRMCHDN
| Q1 26 | — | $200.0M | ||
| Q4 25 | $1.5B | $200.6M | ||
| Q3 25 | $1.4B | $180.5M | ||
| Q2 25 | $1.4B | $182.4M | ||
| Q1 25 | $1.4B | $174.2M | ||
| Q4 24 | $1.2B | $175.5M | ||
| Q3 24 | $1.0B | $152.7M | ||
| Q2 24 | $1.0B | $140.3M |
总债务AFRMCHDN
| Q1 26 | — | $840.0M | ||
| 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AFRMCHDN
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $1.0B | ||
| Q3 25 | $3.3B | $1.0B | ||
| Q2 25 | $3.1B | $1.0B | ||
| Q1 25 | $2.9B | $1.1B | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $2.8B | $1.1B | ||
| Q2 24 | $2.7B | $1.0B |
总资产AFRMCHDN
| Q1 26 | — | $7.5B | ||
| Q4 25 | $13.0B | $7.5B | ||
| Q3 25 | $11.5B | $7.5B | ||
| Q2 25 | $11.2B | $7.4B | ||
| Q1 25 | $10.4B | $7.3B | ||
| Q4 24 | $10.5B | $7.3B | ||
| Q3 24 | $10.1B | $7.2B | ||
| Q2 24 | $9.5B | $7.2B |
负债/权益比AFRMCHDN
| 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 | $295.0M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | — |
| 自由现金流率自由现金流/营收 | 29.4% | — |
| 资本支出强度资本支出/营收 | 13.9% | — |
| 现金转化率经营现金流/净利润 | 1.34× | 3.55× |
| 过去12个月自由现金流最近4个季度 | $619.1M | — |
8季度趋势，按日历期对齐
经营现金流AFRMCHDN
| Q1 26 | — | $295.0M | ||
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $187.7M | ||
| Q2 25 | $74.6M | — | ||
| Q1 25 | $210.4M | $246.5M | ||
| Q4 24 | $312.0M | — | ||
| Q3 24 | $196.9M | $169.4M | ||
| Q2 24 | $68.8M | — |
自由现金流AFRMCHDN
| Q1 26 | — | — | ||
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $166.3M | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | $233.9M | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | $154.4M | ||
| Q2 24 | $30.5M | — |
自由现金流率AFRMCHDN
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 24.3% | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | 36.4% | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | 24.6% | ||
| Q2 24 | 13.6% | — |
资本支出强度AFRMCHDN
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 2.6% | ||
| Q3 25 | 17.0% | 3.1% | ||
| Q2 25 | 16.7% | 2.0% | ||
| Q1 25 | 19.5% | 2.0% | ||
| Q4 24 | 14.5% | 5.4% | ||
| Q3 24 | 19.0% | 2.4% | ||
| Q2 24 | 17.1% | 2.5% |
现金转化率AFRMCHDN
| Q1 26 | — | 3.55× | ||
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 4.93× | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | 3.21× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 2.59× | ||
| Q2 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% |
CHDN
| Live and Historical Racing | $297.0M | 45% |
| Gaming | $257.0M | 39% |
| Wagering Services and Solutions | $109.0M | 16% |
