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Affirm Holdings, Inc.（AFRM）与CSW INDUSTRIALS, INC.（CSW）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CSW INDUSTRIALS, INC.的1.7倍（$401.4M vs $233.0M），Affirm Holdings, Inc.净利率更高（32.3% vs 4.4%，领先27.9%），Affirm Holdings, Inc.同比增速更快（32.5% vs 20.3%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $22.7M），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。
AFRM vs CSW — 直观对比
营收规模更大
AFRM
是对方的1.7倍
$233.0M
营收增速更快
AFRM
高出12.1%
20.3%
净利率更高
AFRM
高出27.9%
4.4%
自由现金流更多
AFRM
多$95.3M
$22.7M
两年增速更快
AFRM
近两年复合增速
5.1%
损益表 — Q2 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $233.0M |
| 净利润 | $129.6M | $10.3M |
| 毛利率 | — | 39.7% |
| 营业利润率 | 29.3% | 7.4% |
| 净利率 | 32.3% | 4.4% |
| 营收同比 | 32.5% | 20.3% |
| 净利润同比 | 61.3% | -61.9% |
| 每股收益（稀释后） | $0.37 | $0.62 |
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AFRMCSW
| Q4 25 | $401.4M | $233.0M | ||
| Q3 25 | $320.5M | $277.0M | ||
| Q2 25 | $306.6M | $263.6M | ||
| Q1 25 | $272.5M | $230.5M | ||
| Q4 24 | $303.0M | $193.6M | ||
| Q3 24 | $231.8M | $227.9M | ||
| Q2 24 | $224.0M | $226.2M | ||
| Q1 24 | $195.0M | $210.9M |
净利润AFRMCSW
| Q4 25 | $129.6M | $10.3M | ||
| Q3 25 | $80.7M | $40.7M | ||
| Q2 25 | $69.2M | $40.9M | ||
| Q1 25 | $2.8M | $35.1M | ||
| Q4 24 | $80.4M | $26.9M | ||
| Q3 24 | $-100.2M | $36.1M | ||
| Q2 24 | $-45.1M | $38.6M | ||
| Q1 24 | $-133.9M | $31.8M |
毛利率AFRMCSW
| Q4 25 | — | 39.7% | ||
| Q3 25 | — | 43.0% | ||
| Q2 25 | — | 43.8% | ||
| Q1 25 | — | 44.2% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 47.5% | ||
| Q1 24 | — | 44.4% |
营业利润率AFRMCSW
| Q4 25 | 29.3% | 7.4% | ||
| Q3 25 | 19.9% | 20.5% | ||
| Q2 25 | 18.9% | 20.8% | ||
| Q1 25 | -3.1% | 19.5% | ||
| Q4 24 | -1.4% | 15.3% | ||
| Q3 24 | -57.2% | 22.6% | ||
| Q2 24 | -32.8% | 24.3% | ||
| Q1 24 | -82.5% | 21.0% |
净利率AFRMCSW
| Q4 25 | 32.3% | 4.4% | ||
| Q3 25 | 25.2% | 14.7% | ||
| Q2 25 | 22.6% | 15.5% | ||
| Q1 25 | 1.0% | 15.2% | ||
| Q4 24 | 26.5% | 13.9% | ||
| Q3 24 | -43.2% | 15.8% | ||
| Q2 24 | -20.2% | 17.1% | ||
| Q1 24 | -68.7% | 15.1% |
每股收益（稀释后）AFRMCSW
| Q4 25 | $0.37 | $0.62 | ||
| Q3 25 | $0.23 | $2.41 | ||
| Q2 25 | $0.22 | $2.43 | ||
| Q1 25 | $0.01 | $2.05 | ||
| Q4 24 | $0.23 | $1.60 | ||
| Q3 24 | $-0.31 | $2.26 | ||
| Q2 24 | $-0.13 | $2.47 | ||
| Q1 24 | $-0.43 | $2.03 |
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 | $40.2M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | $1.1B |
| 总资产 | $13.0B | $2.3B |
| 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AFRMCSW
| Q4 25 | $1.5B | $40.2M | ||
| Q3 25 | $1.4B | $31.5M | ||
| Q2 25 | $1.4B | $38.0M | ||
| Q1 25 | $1.4B | $225.8M | ||
| Q4 24 | $1.2B | $213.8M | ||
| Q3 24 | $1.0B | $273.2M | ||
| Q2 24 | $1.0B | $18.9M | ||
| Q1 24 | $1.3B | $22.2M |
总债务AFRMCSW
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | $800.1M | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | $166.0M |
股东权益AFRMCSW
| Q4 25 | $3.5B | $1.1B | ||
| Q3 25 | $3.3B | $1.1B | ||
| Q2 25 | $3.1B | $1.1B | ||
| Q1 25 | $2.9B | $1.1B | ||
| Q4 24 | $2.8B | $1.0B | ||
| Q3 24 | $2.8B | $1.0B | ||
| Q2 24 | $2.7B | $650.2M | ||
| Q1 24 | $2.6B | $615.7M |
总资产AFRMCSW
| Q4 25 | $13.0B | $2.3B | ||
| Q3 25 | $11.5B | $1.5B | ||
| Q2 25 | $11.2B | $1.5B | ||
| Q1 25 | $10.4B | $1.4B | ||
| Q4 24 | $10.5B | $1.4B | ||
| Q3 24 | $10.1B | $1.4B | ||
| Q2 24 | $9.5B | $1.1B | ||
| Q1 24 | $9.2B | $1.0B |
负债/权益比AFRMCSW
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | 0.75× | ||
| Q4 24 | 2.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.67× | — | ||
| Q1 24 | — | 0.27× |
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 | $28.9M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $22.7M |
| 自由现金流率自由现金流/营收 | 29.4% | 9.8% |
| 资本支出强度资本支出/营收 | 13.9% | 2.6% |
| 现金转化率经营现金流/净利润 | 1.34× | 2.81× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $162.0M |
8季度趋势，按日历期对齐
经营现金流AFRMCSW
| Q4 25 | $173.7M | $28.9M | ||
| Q3 25 | $374.6M | $61.8M | ||
| Q2 25 | $74.6M | $60.6M | ||
| Q1 25 | $210.4M | $27.3M | ||
| Q4 24 | $312.0M | $11.6M | ||
| Q3 24 | $196.9M | $66.8M | ||
| Q2 24 | $68.8M | $62.7M | ||
| Q1 24 | $208.2M | $22.4M |
自由现金流AFRMCSW
| Q4 25 | $118.0M | $22.7M | ||
| Q3 25 | $320.2M | $58.7M | ||
| Q2 25 | $23.5M | $57.7M | ||
| Q1 25 | $157.4M | $22.8M | ||
| Q4 24 | $268.1M | $8.5M | ||
| Q3 24 | $152.7M | $61.3M | ||
| Q2 24 | $30.5M | $59.6M | ||
| Q1 24 | $161.7M | $17.5M |
自由现金流率AFRMCSW
| Q4 25 | 29.4% | 9.8% | ||
| Q3 25 | 99.9% | 21.2% | ||
| Q2 25 | 7.7% | 21.9% | ||
| Q1 25 | 57.7% | 9.9% | ||
| Q4 24 | 88.5% | 4.4% | ||
| Q3 24 | 65.9% | 26.9% | ||
| Q2 24 | 13.6% | 26.3% | ||
| Q1 24 | 82.9% | 8.3% |
资本支出强度AFRMCSW
| Q4 25 | 13.9% | 2.6% | ||
| Q3 25 | 17.0% | 1.1% | ||
| Q2 25 | 16.7% | 1.1% | ||
| Q1 25 | 19.5% | 2.0% | ||
| Q4 24 | 14.5% | 1.6% | ||
| Q3 24 | 19.0% | 2.4% | ||
| Q2 24 | 17.1% | 1.4% | ||
| Q1 24 | 23.8% | 2.3% |
现金转化率AFRMCSW
| Q4 25 | 1.34× | 2.81× | ||
| Q3 25 | 4.64× | 1.52× | ||
| Q2 25 | 1.08× | 1.48× | ||
| Q1 25 | 75.03× | 0.78× | ||
| Q4 24 | 3.88× | 0.43× | ||
| Q3 24 | — | 1.85× | ||
| Q2 24 | — | 1.62× | ||
| Q1 24 | — | 0.71× |
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% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
