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Affirm Holdings, Inc.（AFRM）与DigitalOcean Holdings, Inc.（DOCN）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DigitalOcean Holdings, Inc.的1.7倍（$401.4M vs $242.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 10.6%，领先21.7%），Affirm Holdings, Inc.同比增速更快（32.5% vs 18.3%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $31.1M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 14.5%）
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。
DigitalOcean Holdings, Inc.是美国跨国科技企业及云服务提供商，总部位于美国科罗拉多州布鲁姆菲尔德，在全球布局15个数据中心，面向开发者、初创企业及中小微企业提供稳定易用的云基础设施即服务平台，助力各类技术团队高效开展业务。
AFRM vs DOCN — 直观对比
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $242.4M |
| 净利润 | $129.6M | $25.7M |
| 毛利率 | — | 58.7% |
| 营业利润率 | 29.3% | 16.0% |
| 净利率 | 32.3% | 10.6% |
| 营收同比 | 32.5% | 18.3% |
| 净利润同比 | 61.3% | 40.5% |
| 每股收益（稀释后） | $0.37 | $0.23 |
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
| Q4 25 | $401.4M | $242.4M | ||
| Q3 25 | $320.5M | $229.6M | ||
| Q2 25 | $306.6M | $218.7M | ||
| Q1 25 | $272.5M | $210.7M | ||
| Q4 24 | $303.0M | $204.9M | ||
| Q3 24 | $231.8M | $198.5M | ||
| Q2 24 | $224.0M | $192.5M | ||
| Q1 24 | $195.0M | $184.7M |
| Q4 25 | $129.6M | $25.7M | ||
| Q3 25 | $80.7M | $158.4M | ||
| Q2 25 | $69.2M | $37.0M | ||
| Q1 25 | $2.8M | $38.2M | ||
| Q4 24 | $80.4M | $18.3M | ||
| Q3 24 | $-100.2M | $32.9M | ||
| Q2 24 | $-45.1M | $19.1M | ||
| Q1 24 | $-133.9M | $14.1M |
| Q4 25 | — | 58.7% | ||
| Q3 25 | — | 59.6% | ||
| Q2 25 | — | 59.9% | ||
| Q1 25 | — | 61.4% | ||
| Q4 24 | — | 57.1% | ||
| Q3 24 | — | 60.2% | ||
| Q2 24 | — | 61.0% | ||
| Q1 24 | — | 60.7% |
| Q4 25 | 29.3% | 16.0% | ||
| Q3 25 | 19.9% | 19.6% | ||
| Q2 25 | 18.9% | 16.3% | ||
| Q1 25 | -3.1% | 17.9% | ||
| Q4 24 | -1.4% | 15.9% | ||
| Q3 24 | -57.2% | 12.4% | ||
| Q2 24 | -32.8% | 11.6% | ||
| Q1 24 | -82.5% | 6.2% |
| Q4 25 | 32.3% | 10.6% | ||
| Q3 25 | 25.2% | 69.0% | ||
| Q2 25 | 22.6% | 16.9% | ||
| Q1 25 | 1.0% | 18.1% | ||
| Q4 24 | 26.5% | 8.9% | ||
| Q3 24 | -43.2% | 16.6% | ||
| Q2 24 | -20.2% | 9.9% | ||
| Q1 24 | -68.7% | 7.7% |
| Q4 25 | $0.37 | $0.23 | ||
| Q3 25 | $0.23 | $1.51 | ||
| Q2 25 | $0.22 | $0.39 | ||
| Q1 25 | $0.01 | $0.39 | ||
| Q4 24 | $0.23 | $0.21 | ||
| Q3 24 | $-0.31 | $0.33 | ||
| Q2 24 | $-0.13 | $0.20 | ||
| Q1 24 | $-0.43 | $0.15 |
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 | $254.5M |
| 总债务越低越好 | $9.0B | $1.3B |
| 股东权益账面价值 | $3.5B | $-28.7M |
| 总资产 | $13.0B | $1.8B |
| 负债/权益比越低杠杆越低 | 2.54× | — |
8季度趋势，按日历期对齐
| Q4 25 | $1.5B | $254.5M | ||
| Q3 25 | $1.4B | $236.6M | ||
| Q2 25 | $1.4B | $387.7M | ||
| Q1 25 | $1.4B | $360.4M | ||
| Q4 24 | $1.2B | $428.4M | ||
| Q3 24 | $1.0B | $439.9M | ||
| Q2 24 | $1.0B | $443.1M | ||
| Q1 24 | $1.3B | $419.1M |
| Q4 25 | $9.0B | $1.3B | ||
| Q3 25 | $7.7B | $1.3B | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | $1.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $-28.7M | ||
| Q3 25 | $3.3B | $-69.6M | ||
| Q2 25 | $3.1B | $-175.2M | ||
| Q1 25 | $2.9B | $-210.7M | ||
| Q4 24 | $2.8B | $-203.0M | ||
| Q3 24 | $2.8B | $-211.7M | ||
| Q2 24 | $2.7B | $-253.8M | ||
| Q1 24 | $2.6B | $-286.1M |
| Q4 25 | $13.0B | $1.8B | ||
| Q3 25 | $11.5B | $1.7B | ||
| Q2 25 | $11.2B | $1.7B | ||
| Q1 25 | $10.4B | $1.6B | ||
| Q4 24 | $10.5B | $1.6B | ||
| Q3 24 | $10.1B | $1.5B | ||
| Q2 24 | $9.5B | $1.5B | ||
| Q1 24 | $9.2B | $1.5B |
| 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× | — | ||
| Q1 24 | — | — |
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 | $57.3M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $31.1M |
| 自由现金流率自由现金流/营收 | 29.4% | 12.8% |
| 资本支出强度资本支出/营收 | 13.9% | 10.8% |
| 现金转化率经营现金流/净利润 | 1.34× | 2.23× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $180.5M |
8季度趋势，按日历期对齐
| Q4 25 | $173.7M | $57.3M | ||
| Q3 25 | $374.6M | $95.8M | ||
| Q2 25 | $74.6M | $92.4M | ||
| Q1 25 | $210.4M | $64.1M | ||
| Q4 24 | $312.0M | $71.3M | ||
| Q3 24 | $196.9M | $73.4M | ||
| Q2 24 | $68.8M | $71.3M | ||
| Q1 24 | $208.2M | $66.7M |
| Q4 25 | $118.0M | $31.1M | ||
| Q3 25 | $320.2M | $88.0M | ||
| Q2 25 | $23.5M | $59.3M | ||
| Q1 25 | $157.4M | $2.1M | ||
| Q4 24 | $268.1M | $26.1M | ||
| Q3 24 | $152.7M | $16.0M | ||
| Q2 24 | $30.5M | $39.5M | ||
| Q1 24 | $161.7M | $23.0M |
| Q4 25 | 29.4% | 12.8% | ||
| Q3 25 | 99.9% | 38.3% | ||
| Q2 25 | 7.7% | 27.1% | ||
| Q1 25 | 57.7% | 1.0% | ||
| Q4 24 | 88.5% | 12.7% | ||
| Q3 24 | 65.9% | 8.1% | ||
| Q2 24 | 13.6% | 20.5% | ||
| Q1 24 | 82.9% | 12.5% |
| Q4 25 | 13.9% | 10.8% | ||
| Q3 25 | 17.0% | 3.4% | ||
| Q2 25 | 16.7% | 15.2% | ||
| Q1 25 | 19.5% | 29.4% | ||
| Q4 24 | 14.5% | 22.1% | ||
| Q3 24 | 19.0% | 28.9% | ||
| Q2 24 | 17.1% | 16.6% | ||
| Q1 24 | 23.8% | 23.6% |
| Q4 25 | 1.34× | 2.23× | ||
| Q3 25 | 4.64× | 0.60× | ||
| Q2 25 | 1.08× | 2.50× | ||
| Q1 25 | 75.03× | 1.68× | ||
| Q4 24 | 3.88× | 3.91× | ||
| Q3 24 | — | 2.23× | ||
| Q2 24 | — | 3.73× | ||
| Q1 24 | — | 4.72× |
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% |
DOCN
| Scalers | $84.3M | 35% |
| Scalers Plus | $69.9M | 29% |
| Builders | $64.1M | 26% |
| Learners Testers And Other | $24.1M | 10% |
