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Affirm Holdings, Inc.（AFRM）与FirstCash Holdings, Inc.（FCFS）财务数据对比。点击上方公司名可切换其他公司
FirstCash Holdings, Inc.的季度营收约是Affirm Holdings, Inc.的1.2倍（$501.3M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 20.8%，领先11.5%），Affirm Holdings, Inc.同比增速更快（32.5% vs 21.2%），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 16.9%）
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。
FirstCash Holdings, Inc.是总部位于美国得克萨斯州沃斯堡的典当企业，在美国及拉丁美洲多地运营线下典当零售门店，为纳斯达克证券交易所公开上市企业，在美洲典当服务领域拥有成熟的业务布局与完善的运营网络。
AFRM vs FCFS — 直观对比
营收规模更大
FCFS
是对方的1.2倍
$401.4M
营收增速更快
AFRM
高出11.3%
21.2%
净利率更高
AFRM
高出11.5%
20.8%
两年增速更快
AFRM
近两年复合增速
16.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $501.3M |
| 净利润 | $129.6M | $104.2M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | 28.5% |
| 净利率 | 32.3% | 20.8% |
| 营收同比 | 32.5% | 21.2% |
| 净利润同比 | 61.3% | 24.7% |
| 每股收益（稀释后） | $0.37 | $2.35 |
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AFRMFCFS
| Q4 25 | $401.4M | $501.3M | ||
| Q3 25 | $320.5M | $411.0M | ||
| Q2 25 | $306.6M | $385.1M | ||
| Q1 25 | $272.5M | $371.1M | ||
| Q4 24 | $303.0M | $413.7M | ||
| Q3 24 | $231.8M | $363.1M | ||
| Q2 24 | $224.0M | $363.5M | ||
| Q1 24 | $195.0M | $366.8M |
净利润AFRMFCFS
| Q4 25 | $129.6M | $104.2M | ||
| Q3 25 | $80.7M | $82.8M | ||
| Q2 25 | $69.2M | $59.8M | ||
| Q1 25 | $2.8M | $83.6M | ||
| Q4 24 | $80.4M | $83.5M | ||
| Q3 24 | $-100.2M | $64.8M | ||
| Q2 24 | $-45.1M | $49.1M | ||
| Q1 24 | $-133.9M | $61.4M |
营业利润率AFRMFCFS
| Q4 25 | 29.3% | 28.5% | ||
| Q3 25 | 19.9% | 27.4% | ||
| Q2 25 | 18.9% | 21.1% | ||
| Q1 25 | -3.1% | 30.0% | ||
| Q4 24 | -1.4% | 26.5% | ||
| Q3 24 | -57.2% | 23.5% | ||
| Q2 24 | -32.8% | 18.2% | ||
| Q1 24 | -82.5% | 22.3% |
净利率AFRMFCFS
| Q4 25 | 32.3% | 20.8% | ||
| Q3 25 | 25.2% | 20.1% | ||
| Q2 25 | 22.6% | 15.5% | ||
| Q1 25 | 1.0% | 22.5% | ||
| Q4 24 | 26.5% | 20.2% | ||
| Q3 24 | -43.2% | 17.9% | ||
| Q2 24 | -20.2% | 13.5% | ||
| Q1 24 | -68.7% | 16.7% |
每股收益（稀释后）AFRMFCFS
| Q4 25 | $0.37 | $2.35 | ||
| Q3 25 | $0.23 | $1.86 | ||
| Q2 25 | $0.22 | $1.34 | ||
| Q1 25 | $0.01 | $1.87 | ||
| Q4 24 | $0.23 | $1.86 | ||
| Q3 24 | $-0.31 | $1.44 | ||
| Q2 24 | $-0.13 | $1.08 | ||
| Q1 24 | $-0.43 | $1.35 |
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 | $125.2M |
| 总债务越低越好 | $9.0B | $2.2B |
| 股东权益账面价值 | $3.5B | $2.3B |
| 总资产 | $13.0B | $5.3B |
| 负债/权益比越低杠杆越低 | 2.54× | 0.98× |
8季度趋势，按日历期对齐
现金及短期投资AFRMFCFS
| Q4 25 | $1.5B | $125.2M | ||
| Q3 25 | $1.4B | $130.2M | ||
| Q2 25 | $1.4B | $101.5M | ||
| Q1 25 | $1.4B | $146.0M | ||
| Q4 24 | $1.2B | $175.1M | ||
| Q3 24 | $1.0B | $106.3M | ||
| Q2 24 | $1.0B | $113.7M | ||
| Q1 24 | $1.3B | $135.1M |
总债务AFRMFCFS
| Q4 25 | $9.0B | $2.2B | ||
| Q3 25 | $7.7B | $2.2B | ||
| Q2 25 | $7.6B | $1.7B | ||
| Q1 25 | $7.1B | $1.7B | ||
| Q4 24 | $7.3B | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | $1.8B | $1.7B | ||
| Q1 24 | — | $1.5B |
股东权益AFRMFCFS
| Q4 25 | $3.5B | $2.3B | ||
| Q3 25 | $3.3B | $2.2B | ||
| Q2 25 | $3.1B | $2.1B | ||
| Q1 25 | $2.9B | $2.1B | ||
| Q4 24 | $2.8B | $2.1B | ||
| Q3 24 | $2.8B | $2.0B | ||
| Q2 24 | $2.7B | $2.0B | ||
| Q1 24 | $2.6B | $2.0B |
总资产AFRMFCFS
| Q4 25 | $13.0B | $5.3B | ||
| Q3 25 | $11.5B | $5.2B | ||
| Q2 25 | $11.2B | $4.5B | ||
| Q1 25 | $10.4B | $4.4B | ||
| Q4 24 | $10.5B | $4.5B | ||
| Q3 24 | $10.1B | $4.4B | ||
| Q2 24 | $9.5B | $4.3B | ||
| Q1 24 | $9.2B | $4.2B |
负债/权益比AFRMFCFS
| Q4 25 | 2.54× | 0.98× | ||
| Q3 25 | 2.35× | 1.01× | ||
| Q2 25 | 2.48× | 0.79× | ||
| Q1 25 | 2.49× | 0.83× | ||
| Q4 24 | 2.62× | 0.85× | ||
| Q3 24 | — | 0.87× | ||
| Q2 24 | 0.67× | 0.85× | ||
| Q1 24 | — | 0.75× |
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 | $206.6M |
| 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× | 1.98× |
| 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AFRMFCFS
| Q4 25 | $173.7M | $206.6M | ||
| Q3 25 | $374.6M | $135.8M | ||
| Q2 25 | $74.6M | $116.9M | ||
| Q1 25 | $210.4M | $126.6M | ||
| Q4 24 | $312.0M | $198.1M | ||
| Q3 24 | $196.9M | $113.1M | ||
| Q2 24 | $68.8M | $106.2M | ||
| Q1 24 | $208.2M | $122.5M |
自由现金流AFRMFCFS
| 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AFRMFCFS
| 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AFRMFCFS
| 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AFRMFCFS
| Q4 25 | 1.34× | 1.98× | ||
| Q3 25 | 4.64× | 1.64× | ||
| Q2 25 | 1.08× | 1.95× | ||
| Q1 25 | 75.03× | 1.51× | ||
| Q4 24 | 3.88× | 2.37× | ||
| Q3 24 | — | 1.74× | ||
| Q2 24 | — | 2.16× | ||
| Q1 24 | — | 2.00× |
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% |
FCFS
| US Pawn Segment | $292.2M | 58% |
| Retail POS Payment Solutions | $209.8M | 42% |
