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Affirm Holdings, Inc.（AFRM）与FIRST ADVANTAGE CORP（FA）财务数据对比。点击上方公司名可切换其他公司
FIRST ADVANTAGE CORP的季度营收约是Affirm Holdings, Inc.的1.0倍（$420.0M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 0.8%，领先31.5%），FIRST ADVANTAGE CORP同比增速更快（36.8% vs 32.5%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $62.2M），过去两年FIRST ADVANTAGE CORP的营收复合增速更高（57.5% vs 43.5%）
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。
First Advantage是全球领先的劳动力筛查与背景验证服务提供商，服务覆盖科技、医疗、金融、零售、制造等多个行业的各规模客户，助力企业管控雇佣风险、满足合规要求，打造安全可信的工作环境。
AFRM vs FA — 直观对比
营收规模更大
FA
是对方的1.0倍
$401.4M
营收增速更快
FA
高出4.3%
32.5%
净利率更高
AFRM
高出31.5%
0.8%
自由现金流更多
AFRM
多$55.9M
$62.2M
两年增速更快
FA
近两年复合增速
43.5%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $420.0M |
| 净利润 | $129.6M | $3.5M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | 10.7% |
| 净利率 | 32.3% | 0.8% |
| 营收同比 | 32.5% | 36.8% |
| 净利润同比 | 61.3% | 103.5% |
| 每股收益（稀释后） | $0.37 | $0.03 |
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AFRMFA
| Q4 25 | $401.4M | $420.0M | ||
| Q3 25 | $320.5M | $409.2M | ||
| Q2 25 | $306.6M | $390.6M | ||
| Q1 25 | $272.5M | $354.6M | ||
| Q4 24 | $303.0M | $307.1M | ||
| Q3 24 | $231.8M | $199.1M | ||
| Q2 24 | $224.0M | $184.5M | ||
| Q1 24 | $195.0M | $169.4M |
净利润AFRMFA
| Q4 25 | $129.6M | $3.5M | ||
| Q3 25 | $80.7M | $2.6M | ||
| Q2 25 | $69.2M | $308.0K | ||
| Q1 25 | $2.8M | $-41.2M | ||
| Q4 24 | $80.4M | $-100.4M | ||
| Q3 24 | $-100.2M | $-8.9M | ||
| Q2 24 | $-45.1M | $1.9M | ||
| Q1 24 | $-133.9M | $-2.9M |
营业利润率AFRMFA
| Q4 25 | 29.3% | 10.7% | ||
| Q3 25 | 19.9% | 10.3% | ||
| Q2 25 | 18.9% | 9.7% | ||
| Q1 25 | -3.1% | 2.1% | ||
| Q4 24 | -1.4% | -26.3% | ||
| Q3 24 | -57.2% | 4.6% | ||
| Q2 24 | -32.8% | 5.4% | ||
| Q1 24 | -82.5% | -0.4% |
净利率AFRMFA
| Q4 25 | 32.3% | 0.8% | ||
| Q3 25 | 25.2% | 0.6% | ||
| Q2 25 | 22.6% | 0.1% | ||
| Q1 25 | 1.0% | -11.6% | ||
| Q4 24 | 26.5% | -32.7% | ||
| Q3 24 | -43.2% | -4.4% | ||
| Q2 24 | -20.2% | 1.0% | ||
| Q1 24 | -68.7% | -1.7% |
每股收益（稀释后）AFRMFA
| Q4 25 | $0.37 | $0.03 | ||
| Q3 25 | $0.23 | $0.01 | ||
| Q2 25 | $0.22 | $0.00 | ||
| Q1 25 | $0.01 | $-0.24 | ||
| Q4 24 | $0.23 | $-0.67 | ||
| Q3 24 | $-0.31 | $-0.06 | ||
| Q2 24 | $-0.13 | $0.01 | ||
| Q1 24 | $-0.43 | $-0.02 |
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 | $240.0M |
| 总债务越低越好 | $9.0B | $2.1B |
| 股东权益账面价值 | $3.5B | $1.3B |
| 总资产 | $13.0B | $3.8B |
| 负债/权益比越低杠杆越低 | 2.54× | 1.61× |
8季度趋势，按日历期对齐
现金及短期投资AFRMFA
| Q4 25 | $1.5B | $240.0M | ||
| Q3 25 | $1.4B | $216.8M | ||
| Q2 25 | $1.4B | $184.3M | ||
| Q1 25 | $1.4B | $172.0M | ||
| Q4 24 | $1.2B | $168.7M | ||
| Q3 24 | $1.0B | $307.4M | ||
| Q2 24 | $1.0B | $269.6M | ||
| Q1 24 | $1.3B | $246.0M |
总债务AFRMFA
| Q4 25 | $9.0B | $2.1B | ||
| Q3 25 | $7.7B | $2.1B | ||
| Q2 25 | $7.6B | $2.1B | ||
| Q1 25 | $7.1B | $2.2B | ||
| Q4 24 | $7.3B | $2.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
股东权益AFRMFA
| Q4 25 | $3.5B | $1.3B | ||
| Q3 25 | $3.3B | $1.3B | ||
| Q2 25 | $3.1B | $1.3B | ||
| Q1 25 | $2.9B | $1.3B | ||
| Q4 24 | $2.8B | $1.3B | ||
| Q3 24 | $2.8B | $920.7M | ||
| Q2 24 | $2.7B | $913.3M | ||
| Q1 24 | $2.6B | $907.7M |
总资产AFRMFA
| Q4 25 | $13.0B | $3.8B | ||
| Q3 25 | $11.5B | $3.9B | ||
| Q2 25 | $11.2B | $3.9B | ||
| Q1 25 | $10.4B | $3.9B | ||
| Q4 24 | $10.5B | $3.9B | ||
| Q3 24 | $10.1B | $1.7B | ||
| Q2 24 | $9.5B | $1.6B | ||
| Q1 24 | $9.2B | $1.6B |
负债/权益比AFRMFA
| Q4 25 | 2.54× | 1.61× | ||
| Q3 25 | 2.35× | 1.64× | ||
| Q2 25 | 2.48× | 1.65× | ||
| Q1 25 | 2.49× | 1.69× | ||
| Q4 24 | 2.62× | 1.66× | ||
| 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 | $65.9M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $62.2M |
| 自由现金流率自由现金流/营收 | 29.4% | 14.8% |
| 资本支出强度资本支出/营收 | 13.9% | 0.9% |
| 现金转化率经营现金流/净利润 | 1.34× | 19.01× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $188.5M |
8季度趋势，按日历期对齐
经营现金流AFRMFA
| Q4 25 | $173.7M | $65.9M | ||
| Q3 25 | $374.6M | $72.4M | ||
| Q2 25 | $74.6M | $37.3M | ||
| Q1 25 | $210.4M | $19.5M | ||
| Q4 24 | $312.0M | $-85.7M | ||
| Q3 24 | $196.9M | $43.5M | ||
| Q2 24 | $68.8M | $32.0M | ||
| Q1 24 | $208.2M | $38.3M |
自由现金流AFRMFA
| Q4 25 | $118.0M | $62.2M | ||
| Q3 25 | $320.2M | $71.2M | ||
| Q2 25 | $23.5M | $36.1M | ||
| Q1 25 | $157.4M | $19.0M | ||
| Q4 24 | $268.1M | $-86.0M | ||
| Q3 24 | $152.7M | $43.1M | ||
| Q2 24 | $30.5M | $31.4M | ||
| Q1 24 | $161.7M | $38.0M |
自由现金流率AFRMFA
| Q4 25 | 29.4% | 14.8% | ||
| Q3 25 | 99.9% | 17.4% | ||
| Q2 25 | 7.7% | 9.2% | ||
| Q1 25 | 57.7% | 5.4% | ||
| Q4 24 | 88.5% | -28.0% | ||
| Q3 24 | 65.9% | 21.6% | ||
| Q2 24 | 13.6% | 17.0% | ||
| Q1 24 | 82.9% | 22.4% |
资本支出强度AFRMFA
| Q4 25 | 13.9% | 0.9% | ||
| Q3 25 | 17.0% | 0.3% | ||
| Q2 25 | 16.7% | 0.3% | ||
| Q1 25 | 19.5% | 0.1% | ||
| Q4 24 | 14.5% | 0.1% | ||
| Q3 24 | 19.0% | 0.2% | ||
| Q2 24 | 17.1% | 0.4% | ||
| Q1 24 | 23.8% | 0.2% |
现金转化率AFRMFA
| Q4 25 | 1.34× | 19.01× | ||
| Q3 25 | 4.64× | 27.91× | ||
| Q2 25 | 1.08× | 121.25× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 17.22× | ||
| Q1 24 | — | — |
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% |
FA
| First Advantage Americas | $209.9M | 50% |
| Sterling | $185.9M | 44% |
| First Advantage International | $24.2M | 6% |
