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Affirm Holdings, Inc.（AFRM）与Dayforce（DAY）财务数据对比。点击上方公司名可切换其他公司
Dayforce的季度营收约是Affirm Holdings, Inc.的1.2倍（$481.6M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs -40.9%，领先73.1%），Affirm Holdings, Inc.同比增速更快（32.5% vs 9.5%），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 9.8%）
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。
Dayforce前身为知名人力资源服务商Ceridian，是一家总部位于美国的人力资源软件及服务企业，面向各行业不同规模的客户提供覆盖薪酬核算、人员管理、考勤等多场景的HR SaaS产品及配套专业服务，助力企业提升人力资源运营效率。
AFRM vs DAY — 直观对比
营收规模更大
DAY
是对方的1.2倍
$401.4M
营收增速更快
AFRM
高出23.0%
9.5%
净利率更高
AFRM
高出73.1%
-40.9%
两年增速更快
AFRM
近两年复合增速
9.8%
损益表 — Q2 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $481.6M |
| 净利润 | $129.6M | $-196.8M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | 6.3% |
| 净利率 | 32.3% | -40.9% |
| 营收同比 | 32.5% | 9.5% |
| 净利润同比 | 61.3% | -9940.0% |
| 每股收益（稀释后） | $0.37 | $-1.23 |
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AFRMDAY
| Q4 25 | $401.4M | — | ||
| Q3 25 | $320.5M | $481.6M | ||
| Q2 25 | $306.6M | $464.7M | ||
| Q1 25 | $272.5M | $481.8M | ||
| Q4 24 | $303.0M | $465.2M | ||
| Q3 24 | $231.8M | $440.0M | ||
| Q2 24 | $224.0M | $423.3M | ||
| Q1 24 | $195.0M | $431.5M |
净利润AFRMDAY
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $-196.8M | ||
| Q2 25 | $69.2M | $21.3M | ||
| Q1 25 | $2.8M | $14.9M | ||
| Q4 24 | $80.4M | $10.8M | ||
| Q3 24 | $-100.2M | $2.0M | ||
| Q2 24 | $-45.1M | $-1.8M | ||
| Q1 24 | $-133.9M | $7.1M |
毛利率AFRMDAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 47.0% | ||
| Q3 24 | — | 45.8% | ||
| Q2 24 | — | 44.1% | ||
| Q1 24 | — | 47.6% |
营业利润率AFRMDAY
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | 6.3% | ||
| Q2 25 | 18.9% | 9.1% | ||
| Q1 25 | -3.1% | 6.4% | ||
| Q4 24 | -1.4% | 6.1% | ||
| Q3 24 | -57.2% | 4.7% | ||
| Q2 24 | -32.8% | 3.3% | ||
| Q1 24 | -82.5% | 9.4% |
净利率AFRMDAY
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | -40.9% | ||
| Q2 25 | 22.6% | 4.6% | ||
| Q1 25 | 1.0% | 3.1% | ||
| Q4 24 | 26.5% | 2.3% | ||
| Q3 24 | -43.2% | 0.5% | ||
| Q2 24 | -20.2% | -0.4% | ||
| Q1 24 | -68.7% | 1.6% |
每股收益（稀释后）AFRMDAY
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $-1.23 | ||
| Q2 25 | $0.22 | $0.13 | ||
| Q1 25 | $0.01 | $0.09 | ||
| Q4 24 | $0.23 | $0.07 | ||
| Q3 24 | $-0.31 | $0.01 | ||
| Q2 24 | $-0.13 | $-0.01 | ||
| Q1 24 | $-0.43 | $0.04 |
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 | $627.6M |
| 总债务越低越好 | $9.0B | $631.1M |
| 股东权益账面价值 | $3.5B | $2.7B |
| 总资产 | $13.0B | $8.7B |
| 负债/权益比越低杠杆越低 | 2.54× | 0.23× |
8季度趋势，按日历期对齐
现金及短期投资AFRMDAY
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $627.6M | ||
| Q2 25 | $1.4B | $625.2M | ||
| Q1 25 | $1.4B | $557.3M | ||
| Q4 24 | $1.2B | $579.7M | ||
| Q3 24 | $1.0B | $494.1M | ||
| Q2 24 | $1.0B | $465.4M | ||
| Q1 24 | $1.3B | $392.5M |
总债务AFRMDAY
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $631.1M | ||
| Q2 25 | $7.6B | $631.8M | ||
| Q1 25 | $7.1B | $632.4M | ||
| Q4 24 | $7.3B | $1.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | $1.8B | $1.2B | ||
| Q1 24 | — | $1.2B |
股东权益AFRMDAY
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $2.7B | ||
| Q2 25 | $3.1B | $2.7B | ||
| Q1 25 | $2.9B | $2.6B | ||
| Q4 24 | $2.8B | $2.5B | ||
| Q3 24 | $2.8B | $2.6B | ||
| Q2 24 | $2.7B | $2.5B | ||
| Q1 24 | $2.6B | $2.4B |
总资产AFRMDAY
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $8.7B | ||
| Q2 25 | $11.2B | $8.5B | ||
| Q1 25 | $10.4B | $9.5B | ||
| Q4 24 | $10.5B | $9.1B | ||
| Q3 24 | $10.1B | $8.1B | ||
| Q2 24 | $9.5B | $9.0B | ||
| Q1 24 | $9.2B | $10.8B |
负债/权益比AFRMDAY
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 0.23× | ||
| Q2 25 | 2.48× | 0.23× | ||
| Q1 25 | 2.49× | 0.24× | ||
| Q4 24 | 2.62× | 0.47× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | 0.67× | 0.49× | ||
| Q1 24 | — | 0.50× |
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 | $31.2M |
| 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× | — |
| 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AFRMDAY
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $31.2M | ||
| Q2 25 | $74.6M | $112.7M | ||
| Q1 25 | $210.4M | $49.6M | ||
| Q4 24 | $312.0M | $81.0M | ||
| Q3 24 | $196.9M | $91.8M | ||
| Q2 24 | $68.8M | $99.2M | ||
| Q1 24 | $208.2M | $9.1M |
自由现金流AFRMDAY
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | — | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | — | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | — | ||
| Q2 24 | $30.5M | — | ||
| Q1 24 | $161.7M | — |
自由现金流率AFRMDAY
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | — | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | — | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 82.9% | — |
资本支出强度AFRMDAY
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | — | ||
| Q2 25 | 16.7% | — | ||
| Q1 25 | 19.5% | — | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 17.1% | — | ||
| Q1 24 | 23.8% | — |
现金转化率AFRMDAY
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | 5.29× | ||
| Q1 25 | 75.03× | 3.33× | ||
| Q4 24 | 3.88× | 7.50× | ||
| Q3 24 | — | 45.90× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.28× |
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% |
DAY
| Dayforce Recurring | $333.0M | 69% |
| Cloud And Bureau Professional Services And Other | $78.5M | 16% |
| Float | $42.2M | 9% |
| Powerpay Recurring | $19.7M | 4% |
| Other Recurring | $8.2M | 2% |
