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Affirm Holdings, Inc.（AFRM）与科睿唯安（CLVT）财务数据对比。点击上方公司名可切换其他公司
科睿唯安的季度营收约是Affirm Holdings, Inc.的1.5倍（$585.5M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs -6.9%，领先39.1%），Affirm Holdings, Inc.同比增速更快（32.5% vs -1.4%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $78.9M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs -5.1%）
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。
科睿唯安是一家英美合资的上市分析服务企业，主要提供订阅制信息服务，覆盖文献计量、科学计量、商业与市场情报领域，同时为医药、生物科技行业提供专利、监管合规相关的竞争分析，也提供商标保护、域名与品牌保护服务，旗下Web of Science产品系列还负责计算学术期刊的影响因子。
AFRM vs CLVT — 直观对比
营收规模更大
CLVT
是对方的1.5倍
$401.4M
营收增速更快
AFRM
高出33.8%
-1.4%
净利率更高
AFRM
高出39.1%
-6.9%
自由现金流更多
AFRM
多$39.1M
$78.9M
两年增速更快
AFRM
近两年复合增速
-5.1%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $585.5M |
| 净利润 | $129.6M | $-40.2M |
| 毛利率 | — | 67.2% |
| 营业利润率 | 29.3% | 5.2% |
| 净利率 | 32.3% | -6.9% |
| 营收同比 | 32.5% | -1.4% |
| 净利润同比 | 61.3% | 61.3% |
| 每股收益（稀释后） | $0.37 | $-0.06 |
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AFRMCLVT
| Q1 26 | — | $585.5M | ||
| Q4 25 | $401.4M | $617.0M | ||
| Q3 25 | $320.5M | $623.1M | ||
| Q2 25 | $306.6M | $621.4M | ||
| Q1 25 | $272.5M | $593.7M | ||
| Q4 24 | $303.0M | $663.0M | ||
| Q3 24 | $231.8M | $622.2M | ||
| Q2 24 | $224.0M | $650.3M |
净利润AFRMCLVT
| Q1 26 | — | $-40.2M | ||
| Q4 25 | $129.6M | $3.1M | ||
| Q3 25 | $80.7M | $-28.3M | ||
| Q2 25 | $69.2M | $-72.0M | ||
| Q1 25 | $2.8M | $-103.9M | ||
| Q4 24 | $80.4M | $-191.8M | ||
| Q3 24 | $-100.2M | $-65.6M | ||
| Q2 24 | $-45.1M | $-304.3M |
毛利率AFRMCLVT
| Q1 26 | — | 67.2% | ||
| Q4 25 | — | 66.8% | ||
| Q3 25 | — | 65.0% | ||
| Q2 25 | — | 67.2% | ||
| Q1 25 | — | 65.1% | ||
| Q4 24 | — | 65.7% | ||
| Q3 24 | — | 66.2% | ||
| Q2 24 | — | 67.2% |
营业利润率AFRMCLVT
| Q1 26 | — | 5.2% | ||
| Q4 25 | 29.3% | 6.7% | ||
| Q3 25 | 19.9% | 7.1% | ||
| Q2 25 | 18.9% | 1.1% | ||
| Q1 25 | -3.1% | -3.5% | ||
| Q4 24 | -1.4% | -9.4% | ||
| Q3 24 | -57.2% | 3.5% | ||
| Q2 24 | -32.8% | -36.9% |
净利率AFRMCLVT
| Q1 26 | — | -6.9% | ||
| Q4 25 | 32.3% | 0.5% | ||
| Q3 25 | 25.2% | -4.5% | ||
| Q2 25 | 22.6% | -11.6% | ||
| Q1 25 | 1.0% | -17.5% | ||
| Q4 24 | 26.5% | -28.9% | ||
| Q3 24 | -43.2% | -10.5% | ||
| Q2 24 | -20.2% | -46.8% |
每股收益（稀释后）AFRMCLVT
| Q1 26 | — | $-0.06 | ||
| Q4 25 | $0.37 | $0.00 | ||
| Q3 25 | $0.23 | $-0.04 | ||
| Q2 25 | $0.22 | $-0.11 | ||
| Q1 25 | $0.01 | $-0.15 | ||
| Q4 24 | $0.23 | $-0.27 | ||
| Q3 24 | $-0.31 | $-0.09 | ||
| Q2 24 | $-0.13 | $-0.46 |
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 | — |
| 总债务越低越好 | $9.0B | $4.3B |
| 股东权益账面价值 | $3.5B | $4.8B |
| 总资产 | $13.0B | $10.9B |
| 负债/权益比越低杠杆越低 | 2.54× | 0.89× |
8季度趋势，按日历期对齐
现金及短期投资AFRMCLVT
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $329.2M | ||
| Q3 25 | $1.4B | $318.7M | ||
| Q2 25 | $1.4B | $362.6M | ||
| Q1 25 | $1.4B | $354.0M | ||
| Q4 24 | $1.2B | $295.2M | ||
| Q3 24 | $1.0B | $388.5M | ||
| Q2 24 | $1.0B | $376.4M |
总债务AFRMCLVT
| Q1 26 | — | $4.3B | ||
| Q4 25 | $9.0B | $4.3B | ||
| Q3 25 | $7.7B | $4.4B | ||
| Q2 25 | $7.6B | $4.5B | ||
| Q1 25 | $7.1B | $4.5B | ||
| Q4 24 | $7.3B | $4.5B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | $1.8B | $4.6B |
股东权益AFRMCLVT
| Q1 26 | — | $4.8B | ||
| Q4 25 | $3.5B | $4.8B | ||
| Q3 25 | $3.3B | $4.9B | ||
| Q2 25 | $3.1B | $5.0B | ||
| Q1 25 | $2.9B | $5.0B | ||
| Q4 24 | $2.8B | $5.1B | ||
| Q3 24 | $2.8B | $5.5B | ||
| Q2 24 | $2.7B | $5.6B |
总资产AFRMCLVT
| Q1 26 | — | $10.9B | ||
| Q4 25 | $13.0B | $11.1B | ||
| Q3 25 | $11.5B | $11.2B | ||
| Q2 25 | $11.2B | $11.4B | ||
| Q1 25 | $10.4B | $11.5B | ||
| Q4 24 | $10.5B | $11.5B | ||
| Q3 24 | $10.1B | $12.0B | ||
| Q2 24 | $9.5B | $12.1B |
负债/权益比AFRMCLVT
| Q1 26 | — | 0.89× | ||
| Q4 25 | 2.54× | 0.89× | ||
| Q3 25 | 2.35× | 0.90× | ||
| Q2 25 | 2.48× | 0.90× | ||
| Q1 25 | 2.49× | 0.90× | ||
| Q4 24 | 2.62× | 0.88× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | 0.67× | 0.83× |
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 | $134.7M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $78.9M |
| 自由现金流率自由现金流/营收 | 29.4% | 13.5% |
| 资本支出强度资本支出/营收 | 13.9% | 9.5% |
| 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 | $333.9M |
8季度趋势，按日历期对齐
经营现金流AFRMCLVT
| Q1 26 | — | $134.7M | ||
| Q4 25 | $173.7M | $159.9M | ||
| Q3 25 | $374.6M | $181.1M | ||
| Q2 25 | $74.6M | $116.3M | ||
| Q1 25 | $210.4M | $171.2M | ||
| Q4 24 | $312.0M | $141.3M | ||
| Q3 24 | $196.9M | $202.9M | ||
| Q2 24 | $68.8M | $126.2M |
自由现金流AFRMCLVT
| Q1 26 | — | $78.9M | ||
| Q4 25 | $118.0M | $89.2M | ||
| Q3 25 | $320.2M | $115.5M | ||
| Q2 25 | $23.5M | $50.3M | ||
| Q1 25 | $157.4M | $110.3M | ||
| Q4 24 | $268.1M | $59.1M | ||
| Q3 24 | $152.7M | $126.3M | ||
| Q2 24 | $30.5M | $60.3M |
自由现金流率AFRMCLVT
| Q1 26 | — | 13.5% | ||
| Q4 25 | 29.4% | 14.5% | ||
| Q3 25 | 99.9% | 18.5% | ||
| Q2 25 | 7.7% | 8.1% | ||
| Q1 25 | 57.7% | 18.6% | ||
| Q4 24 | 88.5% | 8.9% | ||
| Q3 24 | 65.9% | 20.3% | ||
| Q2 24 | 13.6% | 9.3% |
资本支出强度AFRMCLVT
| Q1 26 | — | 9.5% | ||
| Q4 25 | 13.9% | 11.5% | ||
| Q3 25 | 17.0% | 10.5% | ||
| Q2 25 | 16.7% | 10.6% | ||
| Q1 25 | 19.5% | 10.3% | ||
| Q4 24 | 14.5% | 12.4% | ||
| Q3 24 | 19.0% | 12.3% | ||
| Q2 24 | 17.1% | 10.1% |
现金转化率AFRMCLVT
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | 51.58× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| 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% |
CLVT
| Subscription | $397.5M | 68% |
| Re-occurring | $108.6M | 19% |
| Transactional | $79.4M | 14% |
