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Affirm Holdings, Inc.（AFRM）与Forestar Group Inc.（FOR）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Forestar Group Inc.的1.5倍（$401.4M vs $273.0M），Affirm Holdings, Inc.净利率更高（32.3% vs 5.6%，领先26.6%），Affirm Holdings, Inc.同比增速更快（32.5% vs 9.0%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $-157.1M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs -9.6%）
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。
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
AFRM vs FOR — 直观对比
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $273.0M |
| 净利润 | $129.6M | $15.4M |
| 毛利率 | — | 20.1% |
| 营业利润率 | 29.3% | 7.6% |
| 净利率 | 32.3% | 5.6% |
| 营收同比 | 32.5% | 9.0% |
| 净利润同比 | 61.3% | -6.7% |
| 每股收益（稀释后） | $0.37 | $0.30 |
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 | $273.0M | ||
| Q3 25 | $320.5M | $670.5M | ||
| Q2 25 | $306.6M | $390.5M | ||
| Q1 25 | $272.5M | $351.0M | ||
| Q4 24 | $303.0M | $250.4M | ||
| Q3 24 | $231.8M | $551.3M | ||
| Q2 24 | $224.0M | $318.4M | ||
| Q1 24 | $195.0M | $333.8M |
| Q4 25 | $129.6M | $15.4M | ||
| Q3 25 | $80.7M | $86.9M | ||
| Q2 25 | $69.2M | $32.9M | ||
| Q1 25 | $2.8M | $31.6M | ||
| Q4 24 | $80.4M | $16.5M | ||
| Q3 24 | $-100.2M | $81.5M | ||
| Q2 24 | $-45.1M | $38.7M | ||
| Q1 24 | $-133.9M | $45.0M |
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 22.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 22.6% | ||
| Q4 24 | — | 22.0% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 22.5% | ||
| Q1 24 | — | 24.9% |
| Q4 25 | 29.3% | 7.6% | ||
| Q3 25 | 19.9% | 16.9% | ||
| Q2 25 | 18.9% | 11.2% | ||
| Q1 25 | -3.1% | 11.6% | ||
| Q4 24 | -1.4% | 8.7% | ||
| Q3 24 | -57.2% | 19.7% | ||
| Q2 24 | -32.8% | 16.2% | ||
| Q1 24 | -82.5% | 17.6% |
| Q4 25 | 32.3% | 5.6% | ||
| Q3 25 | 25.2% | 13.0% | ||
| Q2 25 | 22.6% | 8.4% | ||
| Q1 25 | 1.0% | 9.0% | ||
| Q4 24 | 26.5% | 6.6% | ||
| Q3 24 | -43.2% | 14.8% | ||
| Q2 24 | -20.2% | 12.2% | ||
| Q1 24 | -68.7% | 13.5% |
| Q4 25 | $0.37 | $0.30 | ||
| Q3 25 | $0.23 | $1.70 | ||
| Q2 25 | $0.22 | $0.65 | ||
| Q1 25 | $0.01 | $0.62 | ||
| Q4 24 | $0.23 | $0.32 | ||
| Q3 24 | $-0.31 | $1.59 | ||
| Q2 24 | $-0.13 | $0.76 | ||
| Q1 24 | $-0.43 | $0.89 |
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 | $211.7M |
| 总债务越低越好 | $9.0B | $793.2M |
| 股东权益账面价值 | $3.5B | $1.8B |
| 总资产 | $13.0B | $3.2B |
| 负债/权益比越低杠杆越低 | 2.54× | 0.44× |
8季度趋势，按日历期对齐
| Q4 25 | $1.5B | $211.7M | ||
| Q3 25 | $1.4B | $379.2M | ||
| Q2 25 | $1.4B | $189.2M | ||
| Q1 25 | $1.4B | $174.3M | ||
| Q4 24 | $1.2B | $132.0M | ||
| Q3 24 | $1.0B | $481.2M | ||
| Q2 24 | $1.0B | $359.2M | ||
| Q1 24 | $1.3B | $416.2M |
| Q4 25 | $9.0B | $793.2M | ||
| Q3 25 | $7.7B | $802.7M | ||
| Q2 25 | $7.6B | $872.8M | ||
| Q1 25 | $7.1B | $872.5M | ||
| Q4 24 | $7.3B | $806.8M | ||
| Q3 24 | — | $706.4M | ||
| Q2 24 | $1.8B | $706.1M | ||
| Q1 24 | — | $705.7M |
| Q4 25 | $3.5B | $1.8B | ||
| Q3 25 | $3.3B | $1.8B | ||
| Q2 25 | $3.1B | $1.7B | ||
| Q1 25 | $2.9B | $1.6B | ||
| Q4 24 | $2.8B | $1.6B | ||
| Q3 24 | $2.8B | $1.6B | ||
| Q2 24 | $2.7B | $1.5B | ||
| Q1 24 | $2.6B | $1.5B |
| Q4 25 | $13.0B | $3.2B | ||
| Q3 25 | $11.5B | $3.1B | ||
| Q2 25 | $11.2B | $3.1B | ||
| Q1 25 | $10.4B | $3.0B | ||
| Q4 24 | $10.5B | $3.0B | ||
| Q3 24 | $10.1B | $2.8B | ||
| Q2 24 | $9.5B | $2.7B | ||
| Q1 24 | $9.2B | $2.6B |
| Q4 25 | 2.54× | 0.44× | ||
| Q3 25 | 2.35× | 0.45× | ||
| Q2 25 | 2.48× | 0.52× | ||
| Q1 25 | 2.49× | 0.53× | ||
| Q4 24 | 2.62× | 0.50× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | 0.67× | 0.47× | ||
| Q1 24 | — | 0.48× |
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 | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $-157.1M |
| 自由现金流率自由现金流/营收 | 29.4% | -57.5% |
| 资本支出强度资本支出/营收 | 13.9% | 0.0% |
| 现金转化率经营现金流/净利润 | 1.34× | -10.19× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $93.0M |
8季度趋势，按日历期对齐
| Q4 25 | $173.7M | $-157.0M | ||
| Q3 25 | $374.6M | $256.3M | ||
| Q2 25 | $74.6M | $15.8M | ||
| Q1 25 | $210.4M | $-19.8M | ||
| Q4 24 | $312.0M | $-450.0M | ||
| Q3 24 | $196.9M | $119.2M | ||
| Q2 24 | $68.8M | $-61.7M | ||
| Q1 24 | $208.2M | $-59.2M |
| Q4 25 | $118.0M | $-157.1M | ||
| Q3 25 | $320.2M | $255.6M | ||
| Q2 25 | $23.5M | $15.0M | ||
| Q1 25 | $157.4M | $-20.5M | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | $118.4M | ||
| Q2 24 | $30.5M | $-62.3M | ||
| Q1 24 | $161.7M | $-59.8M |
| Q4 25 | 29.4% | -57.5% | ||
| Q3 25 | 99.9% | 38.1% | ||
| Q2 25 | 7.7% | 3.8% | ||
| Q1 25 | 57.7% | -5.8% | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | 21.5% | ||
| Q2 24 | 13.6% | -19.6% | ||
| Q1 24 | 82.9% | -17.9% |
| Q4 25 | 13.9% | 0.0% | ||
| Q3 25 | 17.0% | 0.1% | ||
| Q2 25 | 16.7% | 0.2% | ||
| Q1 25 | 19.5% | 0.2% | ||
| Q4 24 | 14.5% | 0.0% | ||
| Q3 24 | 19.0% | 0.1% | ||
| Q2 24 | 17.1% | 0.2% | ||
| Q1 24 | 23.8% | 0.2% |
| Q4 25 | 1.34× | -10.19× | ||
| Q3 25 | 4.64× | 2.95× | ||
| Q2 25 | 1.08× | 0.48× | ||
| Q1 25 | 75.03× | -0.63× | ||
| Q4 24 | 3.88× | -27.27× | ||
| Q3 24 | — | 1.46× | ||
| Q2 24 | — | -1.59× | ||
| Q1 24 | — | -1.32× |
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% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
