vs
Affirm Holdings, Inc.（AFRM）与FEDERAL SIGNAL CORP（FSS）财务数据对比。点击上方公司名可切换其他公司
FEDERAL SIGNAL CORP的季度营收约是Affirm Holdings, Inc.的1.5倍（$597.1M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 10.2%，领先22.1%），Affirm Holdings, Inc.同比增速更快（32.5% vs 26.5%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $89.5M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 18.5%）
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。
联邦信号公司是20世纪早期的美国企业，主营铁路信号设备的制造业务，总部坐落于美国纽约州奥尔巴尼市，其生产的相关信号产品在当时的美国轨道交通行业得到了广泛应用，具备一定的行业知名度。
AFRM vs FSS — 直观对比
营收规模更大
FSS
是对方的1.5倍
$401.4M
营收增速更快
AFRM
高出6.0%
26.5%
净利率更高
AFRM
高出22.1%
10.2%
自由现金流更多
AFRM
多$28.5M
$89.5M
两年增速更快
AFRM
近两年复合增速
18.5%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $597.1M |
| 净利润 | $129.6M | $60.8M |
| 毛利率 | — | 28.4% |
| 营业利润率 | 29.3% | 14.0% |
| 净利率 | 32.3% | 10.2% |
| 营收同比 | 32.5% | 26.5% |
| 净利润同比 | 61.3% | 21.6% |
| 每股收益（稀释后） | $0.37 | $0.99 |
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AFRMFSS
| Q4 25 | $401.4M | $597.1M | ||
| Q3 25 | $320.5M | $555.0M | ||
| Q2 25 | $306.6M | $564.6M | ||
| Q1 25 | $272.5M | $463.8M | ||
| Q4 24 | $303.0M | $472.0M | ||
| Q3 24 | $231.8M | $474.2M | ||
| Q2 24 | $224.0M | $490.4M | ||
| Q1 24 | $195.0M | $424.9M |
净利润AFRMFSS
| Q4 25 | $129.6M | $60.8M | ||
| Q3 25 | $80.7M | $68.1M | ||
| Q2 25 | $69.2M | $71.4M | ||
| Q1 25 | $2.8M | $46.3M | ||
| Q4 24 | $80.4M | $50.0M | ||
| Q3 24 | $-100.2M | $53.9M | ||
| Q2 24 | $-45.1M | $60.8M | ||
| Q1 24 | $-133.9M | $51.6M |
毛利率AFRMFSS
| Q4 25 | — | 28.4% | ||
| Q3 25 | — | 29.1% | ||
| Q2 25 | — | 30.0% | ||
| Q1 25 | — | 28.2% | ||
| Q4 24 | — | 28.1% | ||
| Q3 24 | — | 29.6% | ||
| Q2 24 | — | 29.4% | ||
| Q1 24 | — | 27.3% |
营业利润率AFRMFSS
| Q4 25 | 29.3% | 14.0% | ||
| Q3 25 | 19.9% | 16.9% | ||
| Q2 25 | 18.9% | 17.3% | ||
| Q1 25 | -3.1% | 14.2% | ||
| Q4 24 | -1.4% | 14.9% | ||
| Q3 24 | -57.2% | 16.0% | ||
| Q2 24 | -32.8% | 16.5% | ||
| Q1 24 | -82.5% | 12.8% |
净利率AFRMFSS
| Q4 25 | 32.3% | 10.2% | ||
| Q3 25 | 25.2% | 12.3% | ||
| Q2 25 | 22.6% | 12.6% | ||
| Q1 25 | 1.0% | 10.0% | ||
| Q4 24 | 26.5% | 10.6% | ||
| Q3 24 | -43.2% | 11.4% | ||
| Q2 24 | -20.2% | 12.4% | ||
| Q1 24 | -68.7% | 12.1% |
每股收益（稀释后）AFRMFSS
| Q4 25 | $0.37 | $0.99 | ||
| Q3 25 | $0.23 | $1.11 | ||
| Q2 25 | $0.22 | $1.16 | ||
| Q1 25 | $0.01 | $0.75 | ||
| Q4 24 | $0.23 | $0.80 | ||
| Q3 24 | $-0.31 | $0.87 | ||
| Q2 24 | $-0.13 | $0.99 | ||
| Q1 24 | $-0.43 | $0.84 |
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 | $63.7M |
| 总债务越低越好 | $9.0B | $564.6M |
| 股东权益账面价值 | $3.5B | $1.4B |
| 总资产 | $13.0B | $2.4B |
| 负债/权益比越低杠杆越低 | 2.54× | 0.41× |
8季度趋势，按日历期对齐
现金及短期投资AFRMFSS
| Q4 25 | $1.5B | $63.7M | ||
| Q3 25 | $1.4B | $54.4M | ||
| Q2 25 | $1.4B | $64.7M | ||
| Q1 25 | $1.4B | $57.5M | ||
| Q4 24 | $1.2B | $91.1M | ||
| Q3 24 | $1.0B | $73.7M | ||
| Q2 24 | $1.0B | $48.6M | ||
| Q1 24 | $1.3B | $48.9M |
总债务AFRMFSS
| Q4 25 | $9.0B | $564.6M | ||
| Q3 25 | $7.7B | $201.2M | ||
| Q2 25 | $7.6B | $258.3M | ||
| Q1 25 | $7.1B | $266.9M | ||
| Q4 24 | $7.3B | $204.4M | ||
| Q3 24 | — | $223.3M | ||
| Q2 24 | $1.8B | $248.8M | ||
| Q1 24 | — | $266.8M |
股东权益AFRMFSS
| Q4 25 | $3.5B | $1.4B | ||
| Q3 25 | $3.3B | $1.3B | ||
| Q2 25 | $3.1B | $1.3B | ||
| Q1 25 | $2.9B | $1.2B | ||
| Q4 24 | $2.8B | $1.2B | ||
| Q3 24 | $2.8B | $1.1B | ||
| Q2 24 | $2.7B | $1.1B | ||
| Q1 24 | $2.6B | $1.0B |
总资产AFRMFSS
| Q4 25 | $13.0B | $2.4B | ||
| Q3 25 | $11.5B | $1.9B | ||
| Q2 25 | $11.2B | $1.9B | ||
| Q1 25 | $10.4B | $1.9B | ||
| Q4 24 | $10.5B | $1.8B | ||
| Q3 24 | $10.1B | $1.7B | ||
| Q2 24 | $9.5B | $1.7B | ||
| Q1 24 | $9.2B | $1.7B |
负债/权益比AFRMFSS
| Q4 25 | 2.54× | 0.41× | ||
| Q3 25 | 2.35× | 0.15× | ||
| Q2 25 | 2.48× | 0.20× | ||
| Q1 25 | 2.49× | 0.22× | ||
| Q4 24 | 2.62× | 0.17× | ||
| Q3 24 | — | 0.19× | ||
| Q2 24 | 0.67× | 0.23× | ||
| Q1 24 | — | 0.26× |
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 | $97.2M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $89.5M |
| 自由现金流率自由现金流/营收 | 29.4% | 15.0% |
| 资本支出强度资本支出/营收 | 13.9% | 1.3% |
| 现金转化率经营现金流/净利润 | 1.34× | 1.60× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $227.1M |
8季度趋势，按日历期对齐
经营现金流AFRMFSS
| Q4 25 | $173.7M | $97.2M | ||
| Q3 25 | $374.6M | $61.1M | ||
| Q2 25 | $74.6M | $59.7M | ||
| Q1 25 | $210.4M | $36.7M | ||
| Q4 24 | $312.0M | $90.6M | ||
| Q3 24 | $196.9M | $68.8M | ||
| Q2 24 | $68.8M | $40.6M | ||
| Q1 24 | $208.2M | $31.3M |
自由现金流AFRMFSS
| Q4 25 | $118.0M | $89.5M | ||
| Q3 25 | $320.2M | $54.1M | ||
| Q2 25 | $23.5M | $52.4M | ||
| Q1 25 | $157.4M | $31.1M | ||
| Q4 24 | $268.1M | $82.1M | ||
| Q3 24 | $152.7M | $60.9M | ||
| Q2 24 | $30.5M | $24.8M | ||
| Q1 24 | $161.7M | $22.9M |
自由现金流率AFRMFSS
| Q4 25 | 29.4% | 15.0% | ||
| Q3 25 | 99.9% | 9.7% | ||
| Q2 25 | 7.7% | 9.3% | ||
| Q1 25 | 57.7% | 6.7% | ||
| Q4 24 | 88.5% | 17.4% | ||
| Q3 24 | 65.9% | 12.8% | ||
| Q2 24 | 13.6% | 5.1% | ||
| Q1 24 | 82.9% | 5.4% |
资本支出强度AFRMFSS
| Q4 25 | 13.9% | 1.3% | ||
| Q3 25 | 17.0% | 1.3% | ||
| Q2 25 | 16.7% | 1.3% | ||
| Q1 25 | 19.5% | 1.2% | ||
| Q4 24 | 14.5% | 1.8% | ||
| Q3 24 | 19.0% | 1.7% | ||
| Q2 24 | 17.1% | 3.2% | ||
| Q1 24 | 23.8% | 2.0% |
现金转化率AFRMFSS
| Q4 25 | 1.34× | 1.60× | ||
| Q3 25 | 4.64× | 0.90× | ||
| Q2 25 | 1.08× | 0.84× | ||
| Q1 25 | 75.03× | 0.79× | ||
| Q4 24 | 3.88× | 1.81× | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | 0.67× | ||
| Q1 24 | — | 0.61× |
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% |
FSS
| Vehiclesandequipment | $403.4M | 68% |
| Parts | $66.8M | 11% |
| Publicsafetyandsecurityequipment | $62.2M | 10% |
| Rentalincome | $19.0M | 3% |
| Industrialsignalingequipment | $18.2M | 3% |
| Other | $14.9M | 2% |
| Warningsystems | $12.6M | 2% |
