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Affirm Holdings, Inc.（AFRM）与Shift4 Payments, Inc.（FOUR）财务数据对比。点击上方公司名可切换其他公司
Shift4 Payments, Inc.的季度营收约是Affirm Holdings, Inc.的3.0倍（$1.2B vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 3.4%，领先28.9%），Shift4 Payments, Inc.同比增速更快（34.0% vs 32.5%），Shift4 Payments, Inc.自由现金流更多（$222.5M vs $118.0M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 29.6%）
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。
Shift4 Payments是美国支付处理服务商，总部位于宾夕法尼亚州阿伦敦，1999年由贾里德·艾萨克曼创立。公司为零售、酒店、休闲、餐饮等行业超20万家商户提供支付处理服务，主营移动支付软硬件等商业技术，2020年于纽约证券交易所挂牌上市。
AFRM vs FOUR — 直观对比
营收规模更大
FOUR
是对方的3.0倍
$401.4M
营收增速更快
FOUR
高出1.5%
32.5%
净利率更高
AFRM
高出28.9%
3.4%
自由现金流更多
FOUR
多$104.5M
$118.0M
两年增速更快
AFRM
近两年复合增速
29.6%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $1.2B |
| 净利润 | $129.6M | $40.2M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | 10.8% |
| 净利率 | 32.3% | 3.4% |
| 营收同比 | 32.5% | 34.0% |
| 净利润同比 | 61.3% | -65.3% |
| 每股收益（稀释后） | $0.37 | — |
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AFRMFOUR
| Q4 25 | $401.4M | $1.2B | ||
| Q3 25 | $320.5M | $1.2B | ||
| Q2 25 | $306.6M | $966.2M | ||
| Q1 25 | $272.5M | $848.3M | ||
| Q4 24 | $303.0M | $887.0M | ||
| Q3 24 | $231.8M | $909.2M | ||
| Q2 24 | $224.0M | $827.0M | ||
| Q1 24 | $195.0M | $707.4M |
净利润AFRMFOUR
| Q4 25 | $129.6M | $40.2M | ||
| Q3 25 | $80.7M | $28.1M | ||
| Q2 25 | $69.2M | $34.0M | ||
| Q1 25 | $2.8M | $16.7M | ||
| Q4 24 | $80.4M | $116.0M | ||
| Q3 24 | $-100.2M | $53.8M | ||
| Q2 24 | $-45.1M | $39.2M | ||
| Q1 24 | $-133.9M | $20.6M |
营业利润率AFRMFOUR
| Q4 25 | 29.3% | 10.8% | ||
| Q3 25 | 19.9% | 9.7% | ||
| Q2 25 | 18.9% | 8.6% | ||
| Q1 25 | -3.1% | 3.0% | ||
| Q4 24 | -1.4% | 9.7% | ||
| Q3 24 | -57.2% | 8.8% | ||
| Q2 24 | -32.8% | 7.2% | ||
| Q1 24 | -82.5% | 3.0% |
净利率AFRMFOUR
| Q4 25 | 32.3% | 3.4% | ||
| Q3 25 | 25.2% | 2.4% | ||
| Q2 25 | 22.6% | 3.5% | ||
| Q1 25 | 1.0% | 2.0% | ||
| Q4 24 | 26.5% | 13.1% | ||
| Q3 24 | -43.2% | 5.9% | ||
| Q2 24 | -20.2% | 4.7% | ||
| Q1 24 | -68.7% | 2.9% |
每股收益（稀释后）AFRMFOUR
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | — | ||
| Q2 25 | $0.22 | — | ||
| Q1 25 | $0.01 | — | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $-0.31 | — | ||
| Q2 24 | $-0.13 | — | ||
| Q1 24 | $-0.43 | — |
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 | $964.0M |
| 总债务越低越好 | $9.0B | $4.5B |
| 股东权益账面价值 | $3.5B | $1.4B |
| 总资产 | $13.0B | $8.7B |
| 负债/权益比越低杠杆越低 | 2.54× | 3.15× |
8季度趋势，按日历期对齐
现金及短期投资AFRMFOUR
| Q4 25 | $1.5B | $964.0M | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $1.4B | $3.0B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.0B | $1.4B | ||
| Q2 24 | $1.0B | $205.0M | ||
| Q1 24 | $1.3B | $522.9M |
总债务AFRMFOUR
| Q4 25 | $9.0B | $4.5B | ||
| Q3 25 | $7.7B | $4.7B | ||
| Q2 25 | $7.6B | $3.7B | ||
| Q1 25 | $7.1B | $2.8B | ||
| Q4 24 | $7.3B | $2.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
股东权益AFRMFOUR
| Q4 25 | $3.5B | $1.4B | ||
| Q3 25 | $3.3B | $1.7B | ||
| Q2 25 | $3.1B | $1.6B | ||
| Q1 25 | $2.9B | $805.2M | ||
| Q4 24 | $2.8B | $806.6M | ||
| Q3 24 | $2.8B | $811.8M | ||
| Q2 24 | $2.7B | $700.8M | ||
| Q1 24 | $2.6B | $674.5M |
总资产AFRMFOUR
| Q4 25 | $13.0B | $8.7B | ||
| Q3 25 | $11.5B | $9.0B | ||
| Q2 25 | $11.2B | $7.0B | ||
| Q1 25 | $10.4B | $5.0B | ||
| Q4 24 | $10.5B | $5.0B | ||
| Q3 24 | $10.1B | $5.0B | ||
| Q2 24 | $9.5B | $3.5B | ||
| Q1 24 | $9.2B | $3.4B |
负债/权益比AFRMFOUR
| Q4 25 | 2.54× | 3.15× | ||
| Q3 25 | 2.35× | 2.83× | ||
| Q2 25 | 2.48× | 2.34× | ||
| Q1 25 | 2.49× | 3.53× | ||
| Q4 24 | 2.62× | 3.52× | ||
| 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 | $223.7M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $222.5M |
| 自由现金流率自由现金流/营收 | 29.4% | 18.7% |
| 资本支出强度资本支出/营收 | 13.9% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.34× | 5.56× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $624.0M |
8季度趋势，按日历期对齐
经营现金流AFRMFOUR
| Q4 25 | $173.7M | $223.7M | ||
| Q3 25 | $374.6M | $171.8M | ||
| Q2 25 | $74.6M | $141.9M | ||
| Q1 25 | $210.4M | $96.6M | ||
| Q4 24 | $312.0M | $145.4M | ||
| Q3 24 | $196.9M | $182.1M | ||
| Q2 24 | $68.8M | $116.1M | ||
| Q1 24 | $208.2M | $56.7M |
自由现金流AFRMFOUR
| Q4 25 | $118.0M | $222.5M | ||
| Q3 25 | $320.2M | $165.4M | ||
| Q2 25 | $23.5M | $141.0M | ||
| Q1 25 | $157.4M | $95.1M | ||
| Q4 24 | $268.1M | $143.8M | ||
| Q3 24 | $152.7M | $180.1M | ||
| Q2 24 | $30.5M | $113.9M | ||
| Q1 24 | $161.7M | $55.4M |
自由现金流率AFRMFOUR
| Q4 25 | 29.4% | 18.7% | ||
| Q3 25 | 99.9% | 14.1% | ||
| Q2 25 | 7.7% | 14.6% | ||
| Q1 25 | 57.7% | 11.2% | ||
| Q4 24 | 88.5% | 16.2% | ||
| Q3 24 | 65.9% | 19.8% | ||
| Q2 24 | 13.6% | 13.8% | ||
| Q1 24 | 82.9% | 7.8% |
资本支出强度AFRMFOUR
| Q4 25 | 13.9% | 0.1% | ||
| Q3 25 | 17.0% | 0.5% | ||
| Q2 25 | 16.7% | 0.1% | ||
| Q1 25 | 19.5% | 0.2% | ||
| Q4 24 | 14.5% | 0.2% | ||
| Q3 24 | 19.0% | 0.2% | ||
| Q2 24 | 17.1% | 0.3% | ||
| Q1 24 | 23.8% | 0.2% |
现金转化率AFRMFOUR
| Q4 25 | 1.34× | 5.56× | ||
| Q3 25 | 4.64× | 6.11× | ||
| Q2 25 | 1.08× | 4.17× | ||
| Q1 25 | 75.03× | 5.78× | ||
| Q4 24 | 3.88× | 1.25× | ||
| Q3 24 | — | 3.38× | ||
| Q2 24 | — | 2.96× | ||
| Q1 24 | — | 2.75× |
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% |
FOUR
| Payments Based Revenue | $788.8M | 66% |
| Other | $255.0M | 21% |
| Subscription And Other Revenues | $144.8M | 12% |
