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Affirm Holdings, Inc.（AFRM）与六旗（FUN）财务数据对比。点击上方公司名可切换其他公司
六旗的季度营收约是Affirm Holdings, Inc.的1.6倍（$650.1M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs -14.2%，领先46.5%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $-109.3M）
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。
六旗娱乐是总部位于美国北卡罗来纳州夏洛特的游乐园运营企业，由雪松会与原六旗公司于2024年7月1日对等合并而成，是全球最大的区域性游乐园运营商。旗下共运营42个场地，包含27座游乐园、15座水上乐园，配套9处 onsite 度假物业。
AFRM vs FUN — 直观对比
营收规模更大
FUN
是对方的1.6倍
$401.4M
净利率更高
AFRM
高出46.5%
-14.2%
自由现金流更多
AFRM
多$227.3M
$-109.3M
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $650.1M |
| 净利润 | $129.6M | $-92.4M |
| 毛利率 | — | 91.4% |
| 营业利润率 | 29.3% | -3.8% |
| 净利率 | 32.3% | -14.2% |
| 营收同比 | 32.5% | — |
| 净利润同比 | 61.3% | — |
| 每股收益（稀释后） | $0.37 | $-0.93 |
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AFRMFUN
| Q4 25 | $401.4M | $650.1M | ||
| Q3 25 | $320.5M | $1.3B | ||
| Q2 25 | $306.6M | $930.4M | ||
| Q1 25 | $272.5M | $202.1M | ||
| Q4 24 | $303.0M | — | ||
| Q3 24 | $231.8M | $1.3B | ||
| Q2 24 | $224.0M | $571.6M | ||
| Q1 24 | $195.0M | — |
净利润AFRMFUN
| Q4 25 | $129.6M | $-92.4M | ||
| Q3 25 | $80.7M | $-1.2B | ||
| Q2 25 | $69.2M | $-99.6M | ||
| Q1 25 | $2.8M | $-219.7M | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | $111.0M | ||
| Q2 24 | $-45.1M | $55.6M | ||
| Q1 24 | $-133.9M | — |
毛利率AFRMFUN
| Q4 25 | — | 91.4% | ||
| Q3 25 | — | 91.6% | ||
| Q2 25 | — | 91.3% | ||
| Q1 25 | — | 89.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 91.9% | ||
| Q2 24 | — | 90.7% | ||
| Q1 24 | — | — |
营业利润率AFRMFUN
| Q4 25 | 29.3% | -3.8% | ||
| Q3 25 | 19.9% | -83.7% | ||
| Q2 25 | 18.9% | 8.0% | ||
| Q1 25 | -3.1% | -158.9% | ||
| Q4 24 | -1.4% | — | ||
| Q3 24 | -57.2% | 19.5% | ||
| Q2 24 | -32.8% | 21.6% | ||
| Q1 24 | -82.5% | — |
净利率AFRMFUN
| Q4 25 | 32.3% | -14.2% | ||
| Q3 25 | 25.2% | -90.1% | ||
| Q2 25 | 22.6% | -10.7% | ||
| Q1 25 | 1.0% | -108.7% | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | 8.2% | ||
| Q2 24 | -20.2% | 9.7% | ||
| Q1 24 | -68.7% | — |
每股收益（稀释后）AFRMFUN
| Q4 25 | $0.37 | $-0.93 | ||
| Q3 25 | $0.23 | $-11.77 | ||
| Q2 25 | $0.22 | $-0.99 | ||
| Q1 25 | $0.01 | $-2.20 | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $-0.31 | $1.10 | ||
| 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 | $91.1M |
| 总债务越低越好 | $9.0B | $5.2B |
| 股东权益账面价值 | $3.5B | $549.8M |
| 总资产 | $13.0B | $7.8B |
| 负债/权益比越低杠杆越低 | 2.54× | 9.40× |
8季度趋势，按日历期对齐
现金及短期投资AFRMFUN
| Q4 25 | $1.5B | $91.1M | ||
| Q3 25 | $1.4B | $70.7M | ||
| Q2 25 | $1.4B | $107.4M | ||
| Q1 25 | $1.4B | $61.5M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | $89.7M | ||
| Q2 24 | $1.0B | $52.9M | ||
| Q1 24 | $1.3B | — |
总债务AFRMFUN
| Q4 25 | $9.0B | $5.2B | ||
| Q3 25 | $7.7B | $5.0B | ||
| Q2 25 | $7.6B | $5.3B | ||
| Q1 25 | $7.1B | $5.0B | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | $1.8B | $2.3B | ||
| Q1 24 | — | — |
股东权益AFRMFUN
| Q4 25 | $3.5B | $549.8M | ||
| Q3 25 | $3.3B | $614.3M | ||
| Q2 25 | $3.1B | $1.8B | ||
| Q1 25 | $2.9B | $1.8B | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | $2.3B | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.6B | — |
总资产AFRMFUN
| Q4 25 | $13.0B | $7.8B | ||
| Q3 25 | $11.5B | $7.9B | ||
| Q2 25 | $11.2B | $9.5B | ||
| Q1 25 | $10.4B | $9.2B | ||
| Q4 24 | $10.5B | — | ||
| Q3 24 | $10.1B | $9.4B | ||
| Q2 24 | $9.5B | $2.3B | ||
| Q1 24 | $9.2B | — |
负债/权益比AFRMFUN
| Q4 25 | 2.54× | 9.40× | ||
| Q3 25 | 2.35× | 8.16× | ||
| Q2 25 | 2.48× | 2.97× | ||
| Q1 25 | 2.49× | 2.75× | ||
| Q4 24 | 2.62× | — | ||
| Q3 24 | — | 1.95× | ||
| 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 | $-37.7M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $-109.3M |
| 自由现金流率自由现金流/营收 | 29.4% | -16.8% |
| 资本支出强度资本支出/营收 | 13.9% | 11.0% |
| 现金转化率经营现金流/净利润 | 1.34× | — |
| 过去12个月自由现金流最近4个季度 | $619.1M | $-152.2M |
8季度趋势，按日历期对齐
经营现金流AFRMFUN
| Q4 25 | $173.7M | $-37.7M | ||
| Q3 25 | $374.6M | $356.2M | ||
| Q2 25 | $74.6M | $187.0M | ||
| Q1 25 | $210.4M | $-178.0M | ||
| Q4 24 | $312.0M | — | ||
| Q3 24 | $196.9M | $337.4M | ||
| Q2 24 | $68.8M | — | ||
| Q1 24 | $208.2M | — |
自由现金流AFRMFUN
| Q4 25 | $118.0M | $-109.3M | ||
| Q3 25 | $320.2M | $256.2M | ||
| Q2 25 | $23.5M | $18.8M | ||
| Q1 25 | $157.4M | $-318.0M | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | $227.7M | ||
| Q2 24 | $30.5M | — | ||
| Q1 24 | $161.7M | — |
自由现金流率AFRMFUN
| Q4 25 | 29.4% | -16.8% | ||
| Q3 25 | 99.9% | 19.4% | ||
| Q2 25 | 7.7% | 2.0% | ||
| Q1 25 | 57.7% | -157.4% | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | 16.9% | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 82.9% | — |
资本支出强度AFRMFUN
| Q4 25 | 13.9% | 11.0% | ||
| Q3 25 | 17.0% | 7.6% | ||
| Q2 25 | 16.7% | 18.1% | ||
| Q1 25 | 19.5% | 69.3% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | 8.1% | ||
| Q2 24 | 17.1% | — | ||
| Q1 24 | 23.8% | — |
现金转化率AFRMFUN
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 3.04× | ||
| Q2 24 | — | — | ||
| 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% |
FUN
| Admission | $327.4M | 50% |
| Food Merchandiseand Gaming | $205.7M | 32% |
| Accommodations Extra Charge Products And Other | $117.0M | 18% |
