vs
Affirm Holdings, Inc.（AFRM）与南玻集团（CSGS）财务数据对比。点击上方公司名可切换其他公司
Affirm Holdings, Inc.的季度营收约是南玻集团的1.2倍（$401.4M vs $323.1M），Affirm Holdings, Inc.净利率更高（32.3% vs 2.2%，领先30.1%），Affirm Holdings, Inc.同比增速更快（32.5% vs 2.0%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $55.8M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 4.6%）
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。
中国南玻集团股份有限公司是中国规模最大的建筑玻璃生产商，业务涵盖浮法玻璃、建筑玻璃、显示玻璃、汽车玻璃、镀膜玻璃、镜子、彩滤玻璃、太阳能玻璃及节能玻璃等各类玻璃产品的研发、生产与销售，产品广泛应用于建筑、消费电子、新能源汽车、光伏等多个领域。
AFRM vs CSGS — 直观对比
营收规模更大
AFRM
是对方的1.2倍
$323.1M
营收增速更快
AFRM
高出30.4%
2.0%
净利率更高
AFRM
高出30.1%
2.2%
自由现金流更多
AFRM
多$62.2M
$55.8M
两年增速更快
AFRM
近两年复合增速
4.6%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $323.1M |
| 净利润 | $129.6M | $7.0M |
| 毛利率 | — | 50.0% |
| 营业利润率 | 29.3% | 9.0% |
| 净利率 | 32.3% | 2.2% |
| 营收同比 | 32.5% | 2.0% |
| 净利润同比 | 61.3% | -79.7% |
| 每股收益（稀释后） | $0.37 | $0.24 |
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AFRMCSGS
| Q4 25 | $401.4M | $323.1M | ||
| Q3 25 | $320.5M | $303.6M | ||
| Q2 25 | $306.6M | $297.1M | ||
| Q1 25 | $272.5M | $299.5M | ||
| Q4 24 | $303.0M | $316.7M | ||
| Q3 24 | $231.8M | $295.1M | ||
| Q2 24 | $224.0M | $290.3M | ||
| Q1 24 | $195.0M | $295.1M |
净利润AFRMCSGS
| Q4 25 | $129.6M | $7.0M | ||
| Q3 25 | $80.7M | $20.5M | ||
| Q2 25 | $69.2M | $12.3M | ||
| Q1 25 | $2.8M | $16.1M | ||
| Q4 24 | $80.4M | $34.5M | ||
| Q3 24 | $-100.2M | $19.1M | ||
| Q2 24 | $-45.1M | $13.8M | ||
| Q1 24 | $-133.9M | $19.5M |
毛利率AFRMCSGS
| Q4 25 | — | 50.0% | ||
| Q3 25 | — | 48.1% | ||
| Q2 25 | — | 49.5% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 51.3% | ||
| Q3 24 | — | 49.4% | ||
| Q2 24 | — | 47.3% | ||
| Q1 24 | — | 46.5% |
营业利润率AFRMCSGS
| Q4 25 | 29.3% | 9.0% | ||
| Q3 25 | 19.9% | 10.0% | ||
| Q2 25 | 18.9% | 10.0% | ||
| Q1 25 | -3.1% | 9.8% | ||
| Q4 24 | -1.4% | 13.4% | ||
| Q3 24 | -57.2% | 10.8% | ||
| Q2 24 | -32.8% | 8.8% | ||
| Q1 24 | -82.5% | 10.8% |
净利率AFRMCSGS
| Q4 25 | 32.3% | 2.2% | ||
| Q3 25 | 25.2% | 6.7% | ||
| Q2 25 | 22.6% | 4.1% | ||
| Q1 25 | 1.0% | 5.4% | ||
| Q4 24 | 26.5% | 10.9% | ||
| Q3 24 | -43.2% | 6.5% | ||
| Q2 24 | -20.2% | 4.8% | ||
| Q1 24 | -68.7% | 6.6% |
每股收益（稀释后）AFRMCSGS
| Q4 25 | $0.37 | $0.24 | ||
| Q3 25 | $0.23 | $0.73 | ||
| Q2 25 | $0.22 | $0.44 | ||
| Q1 25 | $0.01 | $0.57 | ||
| Q4 24 | $0.23 | $1.20 | ||
| Q3 24 | $-0.31 | $0.67 | ||
| Q2 24 | $-0.13 | $0.48 | ||
| Q1 24 | $-0.43 | $0.68 |
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 | $180.0M |
| 总债务越低越好 | $9.0B | $539.5M |
| 股东权益账面价值 | $3.5B | $283.7M |
| 总资产 | $13.0B | $1.5B |
| 负债/权益比越低杠杆越低 | 2.54× | 1.90× |
8季度趋势，按日历期对齐
现金及短期投资AFRMCSGS
| Q4 25 | $1.5B | $180.0M | ||
| Q3 25 | $1.4B | $158.4M | ||
| Q2 25 | $1.4B | $145.9M | ||
| Q1 25 | $1.4B | $136.0M | ||
| Q4 24 | $1.2B | $161.8M | ||
| Q3 24 | $1.0B | $118.4M | ||
| Q2 24 | $1.0B | $110.4M | ||
| Q1 24 | $1.3B | $120.8M |
总债务AFRMCSGS
| Q4 25 | $9.0B | $539.5M | ||
| Q3 25 | $7.7B | $538.6M | ||
| Q2 25 | $7.6B | $537.8M | ||
| Q1 25 | $7.1B | $537.6M | ||
| Q4 24 | $7.3B | $538.5M | ||
| Q3 24 | — | $539.5M | ||
| Q2 24 | $1.8B | $540.5M | ||
| Q1 24 | — | $541.5M |
股东权益AFRMCSGS
| Q4 25 | $3.5B | $283.7M | ||
| Q3 25 | $3.3B | $289.5M | ||
| Q2 25 | $3.1B | $290.7M | ||
| Q1 25 | $2.9B | $283.1M | ||
| Q4 24 | $2.8B | $282.6M | ||
| Q3 24 | $2.8B | $288.4M | ||
| Q2 24 | $2.7B | $273.3M | ||
| Q1 24 | $2.6B | $269.3M |
总资产AFRMCSGS
| Q4 25 | $13.0B | $1.5B | ||
| Q3 25 | $11.5B | $1.5B | ||
| Q2 25 | $11.2B | $1.4B | ||
| Q1 25 | $10.4B | $1.4B | ||
| Q4 24 | $10.5B | $1.5B | ||
| Q3 24 | $10.1B | $1.4B | ||
| Q2 24 | $9.5B | $1.4B | ||
| Q1 24 | $9.2B | $1.3B |
负债/权益比AFRMCSGS
| Q4 25 | 2.54× | 1.90× | ||
| Q3 25 | 2.35× | 1.86× | ||
| Q2 25 | 2.48× | 1.85× | ||
| Q1 25 | 2.49× | 1.90× | ||
| Q4 24 | 2.62× | 1.91× | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | 0.67× | 1.98× | ||
| Q1 24 | — | 2.01× |
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 | $59.2M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $55.8M |
| 自由现金流率自由现金流/营收 | 29.4% | 17.3% |
| 资本支出强度资本支出/营收 | 13.9% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.34× | 8.46× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $141.4M |
8季度趋势，按日历期对齐
经营现金流AFRMCSGS
| Q4 25 | $173.7M | $59.2M | ||
| Q3 25 | $374.6M | $47.9M | ||
| Q2 25 | $74.6M | $37.3M | ||
| Q1 25 | $210.4M | $11.5M | ||
| Q4 24 | $312.0M | $82.5M | ||
| Q3 24 | $196.9M | $39.5M | ||
| Q2 24 | $68.8M | $43.1M | ||
| Q1 24 | $208.2M | $-29.4M |
自由现金流AFRMCSGS
| Q4 25 | $118.0M | $55.8M | ||
| Q3 25 | $320.2M | $43.9M | ||
| Q2 25 | $23.5M | $34.6M | ||
| Q1 25 | $157.4M | $7.1M | ||
| Q4 24 | $268.1M | $76.6M | ||
| Q3 24 | $152.7M | $32.0M | ||
| Q2 24 | $30.5M | $38.8M | ||
| Q1 24 | $161.7M | $-34.1M |
自由现金流率AFRMCSGS
| Q4 25 | 29.4% | 17.3% | ||
| Q3 25 | 99.9% | 14.5% | ||
| Q2 25 | 7.7% | 11.6% | ||
| Q1 25 | 57.7% | 2.4% | ||
| Q4 24 | 88.5% | 24.2% | ||
| Q3 24 | 65.9% | 10.8% | ||
| Q2 24 | 13.6% | 13.4% | ||
| Q1 24 | 82.9% | -11.6% |
资本支出强度AFRMCSGS
| Q4 25 | 13.9% | 1.1% | ||
| Q3 25 | 17.0% | 1.3% | ||
| Q2 25 | 16.7% | 0.9% | ||
| Q1 25 | 19.5% | 1.5% | ||
| Q4 24 | 14.5% | 1.9% | ||
| Q3 24 | 19.0% | 2.5% | ||
| Q2 24 | 17.1% | 1.5% | ||
| Q1 24 | 23.8% | 1.6% |
现金转化率AFRMCSGS
| Q4 25 | 1.34× | 8.46× | ||
| Q3 25 | 4.64× | 2.34× | ||
| Q2 25 | 1.08× | 3.04× | ||
| Q1 25 | 75.03× | 0.71× | ||
| Q4 24 | 3.88× | 2.39× | ||
| Q3 24 | — | 2.07× | ||
| Q2 24 | — | 3.12× | ||
| Q1 24 | — | -1.51× |
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% |
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
