vs
Affirm Holdings, Inc.（AFRM）与DXP ENTERPRISES INC（DXPE）财务数据对比。点击上方公司名可切换其他公司
DXP ENTERPRISES INC的季度营收约是Affirm Holdings, Inc.的1.3倍（$527.4M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 4.3%，领先28.0%），Affirm Holdings, Inc.同比增速更快（32.5% vs 12.0%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $34.5M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 13.1%）
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。
DXP Enterprises Inc.是一家领先的工业分销企业，提供维护、维修、运营（MRO）用品、流体处理设备、泵系统及相关技术服务，主要服务制造业、能源、矿业、建筑等领域客户，核心市场覆盖北美地区。
AFRM vs DXPE — 直观对比
营收规模更大
DXPE
是对方的1.3倍
$401.4M
营收增速更快
AFRM
高出20.5%
12.0%
净利率更高
AFRM
高出28.0%
4.3%
自由现金流更多
AFRM
多$83.6M
$34.5M
两年增速更快
AFRM
近两年复合增速
13.1%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $527.4M |
| 净利润 | $129.6M | $22.8M |
| 毛利率 | — | 31.6% |
| 营业利润率 | 29.3% | 8.8% |
| 净利率 | 32.3% | 4.3% |
| 营收同比 | 32.5% | 12.0% |
| 净利润同比 | 61.3% | 6.9% |
| 每股收益（稀释后） | $0.37 | $1.38 |
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AFRMDXPE
| Q4 25 | $401.4M | $527.4M | ||
| Q3 25 | $320.5M | $513.7M | ||
| Q2 25 | $306.6M | $498.7M | ||
| Q1 25 | $272.5M | $476.6M | ||
| Q4 24 | $303.0M | $470.9M | ||
| Q3 24 | $231.8M | $472.9M | ||
| Q2 24 | $224.0M | $445.6M | ||
| Q1 24 | $195.0M | $412.6M |
净利润AFRMDXPE
| Q4 25 | $129.6M | $22.8M | ||
| Q3 25 | $80.7M | $21.6M | ||
| Q2 25 | $69.2M | $23.6M | ||
| Q1 25 | $2.8M | $20.6M | ||
| Q4 24 | $80.4M | $21.4M | ||
| Q3 24 | $-100.2M | $21.1M | ||
| Q2 24 | $-45.1M | $16.7M | ||
| Q1 24 | $-133.9M | $11.3M |
毛利率AFRMDXPE
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 31.4% | ||
| Q2 25 | — | 31.6% | ||
| Q1 25 | — | 31.5% | ||
| Q4 24 | — | 31.5% | ||
| Q3 24 | — | 30.9% | ||
| Q2 24 | — | 30.9% | ||
| Q1 24 | — | 30.0% |
营业利润率AFRMDXPE
| Q4 25 | 29.3% | 8.8% | ||
| Q3 25 | 19.9% | 8.5% | ||
| Q2 25 | 18.9% | 9.2% | ||
| Q1 25 | -3.1% | 8.5% | ||
| Q4 24 | -1.4% | 8.3% | ||
| Q3 24 | -57.2% | 8.4% | ||
| Q2 24 | -32.8% | 8.4% | ||
| Q1 24 | -82.5% | 7.1% |
净利率AFRMDXPE
| Q4 25 | 32.3% | 4.3% | ||
| Q3 25 | 25.2% | 4.2% | ||
| Q2 25 | 22.6% | 4.7% | ||
| Q1 25 | 1.0% | 4.3% | ||
| Q4 24 | 26.5% | 4.5% | ||
| Q3 24 | -43.2% | 4.5% | ||
| Q2 24 | -20.2% | 3.7% | ||
| Q1 24 | -68.7% | 2.7% |
每股收益（稀释后）AFRMDXPE
| Q4 25 | $0.37 | $1.38 | ||
| Q3 25 | $0.23 | $1.31 | ||
| Q2 25 | $0.22 | $1.43 | ||
| Q1 25 | $0.01 | $1.25 | ||
| Q4 24 | $0.23 | $1.28 | ||
| Q3 24 | $-0.31 | $1.27 | ||
| Q2 24 | $-0.13 | $1.00 | ||
| Q1 24 | $-0.43 | $0.67 |
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 | $303.8M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | $498.4M |
| 总资产 | $13.0B | $1.7B |
| 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AFRMDXPE
| Q4 25 | $1.5B | $303.8M | ||
| Q3 25 | $1.4B | $123.8M | ||
| Q2 25 | $1.4B | $112.9M | ||
| Q1 25 | $1.4B | $114.3M | ||
| Q4 24 | $1.2B | $148.3M | ||
| Q3 24 | $1.0B | $35.0M | ||
| Q2 24 | $1.0B | $49.9M | ||
| Q1 24 | $1.3B | $139.7M |
总债务AFRMDXPE
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
股东权益AFRMDXPE
| Q4 25 | $3.5B | $498.4M | ||
| Q3 25 | $3.3B | $488.3M | ||
| Q2 25 | $3.1B | $468.1M | ||
| Q1 25 | $2.9B | $444.7M | ||
| Q4 24 | $2.8B | $422.8M | ||
| Q3 24 | $2.8B | $402.4M | ||
| Q2 24 | $2.7B | $384.7M | ||
| Q1 24 | $2.6B | $375.5M |
总资产AFRMDXPE
| Q4 25 | $13.0B | $1.7B | ||
| Q3 25 | $11.5B | $1.4B | ||
| Q2 25 | $11.2B | $1.4B | ||
| Q1 25 | $10.4B | $1.4B | ||
| Q4 24 | $10.5B | $1.3B | ||
| Q3 24 | $10.1B | $1.2B | ||
| Q2 24 | $9.5B | $1.2B | ||
| Q1 24 | $9.2B | $1.2B |
负债/权益比AFRMDXPE
| 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 | $37.8M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $34.5M |
| 自由现金流率自由现金流/营收 | 29.4% | 6.5% |
| 资本支出强度资本支出/营收 | 13.9% | 0.6% |
| 现金转化率经营现金流/净利润 | 1.34× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $54.0M |
8季度趋势，按日历期对齐
经营现金流AFRMDXPE
| Q4 25 | $173.7M | $37.8M | ||
| Q3 25 | $374.6M | $34.9M | ||
| Q2 25 | $74.6M | $18.6M | ||
| Q1 25 | $210.4M | $3.0M | ||
| Q4 24 | $312.0M | $32.1M | ||
| Q3 24 | $196.9M | $28.3M | ||
| Q2 24 | $68.8M | $14.7M | ||
| Q1 24 | $208.2M | $27.0M |
自由现金流AFRMDXPE
| Q4 25 | $118.0M | $34.5M | ||
| Q3 25 | $320.2M | $28.1M | ||
| Q2 25 | $23.5M | $8.3M | ||
| Q1 25 | $157.4M | $-16.9M | ||
| Q4 24 | $268.1M | $22.7M | ||
| Q3 24 | $152.7M | $24.4M | ||
| Q2 24 | $30.5M | $5.9M | ||
| Q1 24 | $161.7M | $24.1M |
自由现金流率AFRMDXPE
| Q4 25 | 29.4% | 6.5% | ||
| Q3 25 | 99.9% | 5.5% | ||
| Q2 25 | 7.7% | 1.7% | ||
| Q1 25 | 57.7% | -3.6% | ||
| Q4 24 | 88.5% | 4.8% | ||
| Q3 24 | 65.9% | 5.2% | ||
| Q2 24 | 13.6% | 1.3% | ||
| Q1 24 | 82.9% | 5.8% |
资本支出强度AFRMDXPE
| Q4 25 | 13.9% | 0.6% | ||
| Q3 25 | 17.0% | 1.3% | ||
| Q2 25 | 16.7% | 2.1% | ||
| Q1 25 | 19.5% | 4.2% | ||
| Q4 24 | 14.5% | 2.0% | ||
| Q3 24 | 19.0% | 0.8% | ||
| Q2 24 | 17.1% | 2.0% | ||
| Q1 24 | 23.8% | 0.7% |
现金转化率AFRMDXPE
| Q4 25 | 1.34× | 1.65× | ||
| Q3 25 | 4.64× | 1.61× | ||
| Q2 25 | 1.08× | 0.79× | ||
| Q1 25 | 75.03× | 0.14× | ||
| Q4 24 | 3.88× | 1.50× | ||
| Q3 24 | — | 1.34× | ||
| Q2 24 | — | 0.88× | ||
| Q1 24 | — | 2.38× |
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% |
DXPE
| Service Centers | $356.2M | 68% |
| Innovative Pumping Solutions | $110.0M | 21% |
| Supply Chain Services | $61.2M | 12% |
