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Affirm Holdings, Inc.（AFRM）与FORWARD AIR CORP（FWRD）财务数据对比。点击上方公司名可切换其他公司
FORWARD AIR CORP的季度营收约是Affirm Holdings, Inc.的1.6倍（$631.2M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs -4.5%，领先36.8%），Affirm Holdings, Inc.同比增速更快（32.5% vs -0.3%），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 7.9%）
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。
Forward Air Corp是北美领先的轻资产物流运输服务商，核心业务包括加急零担货运、最后一公里配送、多式联运、仓储及供应链解决方案，服务覆盖美加墨地区，主要服务电商、零售、制造、汽车等行业。
AFRM vs FWRD — 直观对比
营收规模更大
FWRD
是对方的1.6倍
$401.4M
营收增速更快
AFRM
高出32.7%
-0.3%
净利率更高
AFRM
高出36.8%
-4.5%
两年增速更快
AFRM
近两年复合增速
7.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $631.2M |
| 净利润 | $129.6M | $-28.3M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | -0.5% |
| 净利率 | 32.3% | -4.5% |
| 营收同比 | 32.5% | -0.3% |
| 净利润同比 | 61.3% | 22.2% |
| 每股收益（稀释后） | $0.37 | $-0.90 |
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AFRMFWRD
| Q4 25 | $401.4M | $631.2M | ||
| Q3 25 | $320.5M | $631.8M | ||
| Q2 25 | $306.6M | $618.8M | ||
| Q1 25 | $272.5M | $613.3M | ||
| Q4 24 | $303.0M | $632.8M | ||
| Q3 24 | $231.8M | $655.9M | ||
| Q2 24 | $224.0M | $643.7M | ||
| Q1 24 | $195.0M | $541.8M |
净利润AFRMFWRD
| Q4 25 | $129.6M | $-28.3M | ||
| Q3 25 | $80.7M | $-16.3M | ||
| Q2 25 | $69.2M | $-12.6M | ||
| Q1 25 | $2.8M | $-50.6M | ||
| Q4 24 | $80.4M | $-36.4M | ||
| Q3 24 | $-100.2M | $-73.4M | ||
| Q2 24 | $-45.1M | $-645.4M | ||
| Q1 24 | $-133.9M | $-61.7M |
营业利润率AFRMFWRD
| Q4 25 | 29.3% | -0.5% | ||
| Q3 25 | 19.9% | 2.4% | ||
| Q2 25 | 18.9% | 3.2% | ||
| Q1 25 | -3.1% | 0.8% | ||
| Q4 24 | -1.4% | 12.0% | ||
| Q3 24 | -57.2% | 3.5% | ||
| Q2 24 | -32.8% | -170.2% | ||
| Q1 24 | -82.5% | -12.1% |
净利率AFRMFWRD
| Q4 25 | 32.3% | -4.5% | ||
| Q3 25 | 25.2% | -2.6% | ||
| Q2 25 | 22.6% | -2.0% | ||
| Q1 25 | 1.0% | -8.3% | ||
| Q4 24 | 26.5% | -5.8% | ||
| Q3 24 | -43.2% | -11.2% | ||
| Q2 24 | -20.2% | -100.3% | ||
| Q1 24 | -68.7% | -11.4% |
每股收益（稀释后）AFRMFWRD
| Q4 25 | $0.37 | $-0.90 | ||
| Q3 25 | $0.23 | $-0.52 | ||
| Q2 25 | $0.22 | $-0.41 | ||
| Q1 25 | $0.01 | $-1.68 | ||
| Q4 24 | $0.23 | $-1.69 | ||
| Q3 24 | $-0.31 | $-2.66 | ||
| Q2 24 | $-0.13 | $-23.47 | ||
| Q1 24 | $-0.43 | $-2.81 |
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 | $106.0M |
| 总债务越低越好 | $9.0B | $1.7B |
| 股东权益账面价值 | $3.5B | $113.3M |
| 总资产 | $13.0B | $2.7B |
| 负债/权益比越低杠杆越低 | 2.54× | 14.89× |
8季度趋势，按日历期对齐
现金及短期投资AFRMFWRD
| Q4 25 | $1.5B | $106.0M | ||
| Q3 25 | $1.4B | $140.4M | ||
| Q2 25 | $1.4B | $95.1M | ||
| Q1 25 | $1.4B | $116.3M | ||
| Q4 24 | $1.2B | $104.9M | ||
| Q3 24 | $1.0B | $136.6M | ||
| Q2 24 | $1.0B | $84.9M | ||
| Q1 24 | $1.3B | $152.0M |
总债务AFRMFWRD
| Q4 25 | $9.0B | $1.7B | ||
| Q3 25 | $7.7B | $1.7B | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | $1.7B |
股东权益AFRMFWRD
| Q4 25 | $3.5B | $113.3M | ||
| Q3 25 | $3.3B | $139.8M | ||
| Q2 25 | $3.1B | $151.8M | ||
| Q1 25 | $2.9B | $154.6M | ||
| Q4 24 | $2.8B | $201.7M | ||
| Q3 24 | $2.8B | $226.1M | ||
| Q2 24 | $2.7B | $283.8M | ||
| Q1 24 | $2.6B | $926.1M |
总资产AFRMFWRD
| Q4 25 | $13.0B | $2.7B | ||
| Q3 25 | $11.5B | $2.8B | ||
| Q2 25 | $11.2B | $2.8B | ||
| Q1 25 | $10.4B | $2.8B | ||
| Q4 24 | $10.5B | $2.8B | ||
| Q3 24 | $10.1B | $3.1B | ||
| Q2 24 | $9.5B | $3.1B | ||
| Q1 24 | $9.2B | $4.0B |
负债/权益比AFRMFWRD
| Q4 25 | 2.54× | 14.89× | ||
| Q3 25 | 2.35× | 12.05× | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.67× | — | ||
| Q1 24 | — | 1.81× |
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 | — |
| 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% | 1.3% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流AFRMFWRD
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $52.7M | ||
| Q2 25 | $74.6M | — | ||
| Q1 25 | $210.4M | $27.6M | ||
| Q4 24 | $312.0M | $-23.2M | ||
| Q3 24 | $196.9M | $51.2M | ||
| Q2 24 | $68.8M | $-45.2M | ||
| Q1 24 | $208.2M | $-51.7M |
自由现金流AFRMFWRD
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $48.6M | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | $15.7M | ||
| Q4 24 | $268.1M | $-30.5M | ||
| Q3 24 | $152.7M | $40.7M | ||
| Q2 24 | $30.5M | $-59.6M | ||
| Q1 24 | $161.7M | $-56.7M |
自由现金流率AFRMFWRD
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 7.7% | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | 2.6% | ||
| Q4 24 | 88.5% | -4.8% | ||
| Q3 24 | 65.9% | 6.2% | ||
| Q2 24 | 13.6% | -9.3% | ||
| Q1 24 | 82.9% | -10.5% |
资本支出强度AFRMFWRD
| Q4 25 | 13.9% | 1.3% | ||
| Q3 25 | 17.0% | 0.7% | ||
| Q2 25 | 16.7% | 0.8% | ||
| Q1 25 | 19.5% | 1.9% | ||
| Q4 24 | 14.5% | 1.1% | ||
| Q3 24 | 19.0% | 1.6% | ||
| Q2 24 | 17.1% | 2.2% | ||
| Q1 24 | 23.8% | 0.9% |
现金转化率AFRMFWRD
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| 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% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
