vs
Affirm Holdings, Inc.（AFRM）与First Watch Restaurant Group, Inc.（FWRG）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First Watch Restaurant Group, Inc.的1.3倍（$401.4M vs $316.4M），Affirm Holdings, Inc.同比增速更快（32.5% vs 20.2%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $-18.3M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 14.2%）
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。
该企业原信息存在公司混淆错误，实际First Watch Restaurant Group是美国餐饮集团，主打鲜制早餐、早午餐与午餐，在美国多个州运营自营与特许加盟餐厅，聚焦日间休闲餐饮市场，为消费者提供新鲜健康的美式餐食选择。
AFRM vs FWRG — 直观对比
营收规模更大
AFRM
是对方的1.3倍
$316.4M
营收增速更快
AFRM
高出12.3%
20.2%
自由现金流更多
AFRM
多$136.4M
$-18.3M
两年增速更快
AFRM
近两年复合增速
14.2%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $316.4M |
| 净利润 | $129.6M | — |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | 2.9% |
| 净利率 | 32.3% | — |
| 营收同比 | 32.5% | 20.2% |
| 净利润同比 | 61.3% | — |
| 每股收益（稀释后） | $0.37 | $0.24 |
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AFRMFWRG
| Q4 25 | $401.4M | $316.4M | ||
| Q3 25 | $320.5M | $316.0M | ||
| Q2 25 | $306.6M | $307.9M | ||
| Q1 25 | $272.5M | $282.2M | ||
| Q4 24 | $303.0M | $263.3M | ||
| Q3 24 | $231.8M | $251.6M | ||
| Q2 24 | $224.0M | $258.6M | ||
| Q1 24 | $195.0M | $242.4M |
净利润AFRMFWRG
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $3.0M | ||
| Q2 25 | $69.2M | $2.1M | ||
| Q1 25 | $2.8M | $-829.0K | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | $2.1M | ||
| Q2 24 | $-45.1M | $8.9M | ||
| Q1 24 | $-133.9M | $7.2M |
营业利润率AFRMFWRG
| Q4 25 | 29.3% | 2.9% | ||
| Q3 25 | 19.9% | 3.2% | ||
| Q2 25 | 18.9% | 2.4% | ||
| Q1 25 | -3.1% | 0.4% | ||
| Q4 24 | -1.4% | 1.5% | ||
| Q3 24 | -57.2% | 2.5% | ||
| Q2 24 | -32.8% | 6.4% | ||
| Q1 24 | -82.5% | 5.1% |
净利率AFRMFWRG
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | 0.9% | ||
| Q2 25 | 22.6% | 0.7% | ||
| Q1 25 | 1.0% | -0.3% | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | 0.8% | ||
| Q2 24 | -20.2% | 3.4% | ||
| Q1 24 | -68.7% | 3.0% |
每股收益（稀释后）AFRMFWRG
| Q4 25 | $0.37 | $0.24 | ||
| Q3 25 | $0.23 | $0.05 | ||
| Q2 25 | $0.22 | $0.03 | ||
| Q1 25 | $0.01 | $-0.01 | ||
| Q4 24 | $0.23 | $0.01 | ||
| Q3 24 | $-0.31 | $0.03 | ||
| Q2 24 | $-0.13 | $0.14 | ||
| Q1 24 | $-0.43 | $0.12 |
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 | $21.2M |
| 总债务越低越好 | $9.0B | $269.1M |
| 股东权益账面价值 | $3.5B | $626.3M |
| 总资产 | $13.0B | $1.7B |
| 负债/权益比越低杠杆越低 | 2.54× | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资AFRMFWRG
| Q4 25 | $1.5B | $21.2M | ||
| Q3 25 | $1.4B | $20.7M | ||
| Q2 25 | $1.4B | $19.2M | ||
| Q1 25 | $1.4B | $18.6M | ||
| Q4 24 | $1.2B | $33.3M | ||
| Q3 24 | $1.0B | $51.1M | ||
| Q2 24 | $1.0B | $45.1M | ||
| Q1 24 | $1.3B | $43.2M |
总债务AFRMFWRG
| Q4 25 | $9.0B | $269.1M | ||
| Q3 25 | $7.7B | $251.0M | ||
| Q2 25 | $7.6B | $250.0M | ||
| Q1 25 | $7.1B | $191.5M | ||
| Q4 24 | $7.3B | $189.0M | ||
| Q3 24 | — | $189.7M | ||
| Q2 24 | $1.8B | $192.1M | ||
| Q1 24 | — | $122.7M |
股东权益AFRMFWRG
| Q4 25 | $3.5B | $626.3M | ||
| Q3 25 | $3.3B | $607.3M | ||
| Q2 25 | $3.1B | $601.3M | ||
| Q1 25 | $2.9B | $596.3M | ||
| Q4 24 | $2.8B | $595.4M | ||
| Q3 24 | $2.8B | $589.1M | ||
| Q2 24 | $2.7B | $585.8M | ||
| Q1 24 | $2.6B | $574.4M |
总资产AFRMFWRG
| Q4 25 | $13.0B | $1.7B | ||
| Q3 25 | $11.5B | $1.7B | ||
| Q2 25 | $11.2B | $1.7B | ||
| Q1 25 | $10.4B | $1.5B | ||
| Q4 24 | $10.5B | $1.5B | ||
| Q3 24 | $10.1B | $1.5B | ||
| Q2 24 | $9.5B | $1.4B | ||
| Q1 24 | $9.2B | $1.3B |
负债/权益比AFRMFWRG
| Q4 25 | 2.54× | 0.43× | ||
| Q3 25 | 2.35× | 0.41× | ||
| Q2 25 | 2.48× | 0.42× | ||
| Q1 25 | 2.49× | 0.32× | ||
| Q4 24 | 2.62× | 0.32× | ||
| Q3 24 | — | 0.32× | ||
| Q2 24 | 0.67× | 0.33× | ||
| Q1 24 | — | 0.21× |
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 | $18.5M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $-18.3M |
| 自由现金流率自由现金流/营收 | 29.4% | -5.8% |
| 资本支出强度资本支出/营收 | 13.9% | 11.6% |
| 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 | $-31.0M |
8季度趋势，按日历期对齐
经营现金流AFRMFWRG
| Q4 25 | $173.7M | $18.5M | ||
| Q3 25 | $374.6M | $47.9M | ||
| Q2 25 | $74.6M | $39.4M | ||
| Q1 25 | $210.4M | $20.1M | ||
| Q4 24 | $312.0M | $22.9M | ||
| Q3 24 | $196.9M | $35.9M | ||
| Q2 24 | $68.8M | $31.9M | ||
| Q1 24 | $208.2M | $25.0M |
自由现金流AFRMFWRG
| Q4 25 | $118.0M | $-18.3M | ||
| Q3 25 | $320.2M | $5.5M | ||
| Q2 25 | $23.5M | $-1.7M | ||
| Q1 25 | $157.4M | $-16.4M | ||
| Q4 24 | $268.1M | $-17.7M | ||
| Q3 24 | $152.7M | $6.8M | ||
| Q2 24 | $30.5M | $2.3M | ||
| Q1 24 | $161.7M | $-3.6M |
自由现金流率AFRMFWRG
| Q4 25 | 29.4% | -5.8% | ||
| Q3 25 | 99.9% | 1.7% | ||
| Q2 25 | 7.7% | -0.5% | ||
| Q1 25 | 57.7% | -5.8% | ||
| Q4 24 | 88.5% | -6.7% | ||
| Q3 24 | 65.9% | 2.7% | ||
| Q2 24 | 13.6% | 0.9% | ||
| Q1 24 | 82.9% | -1.5% |
资本支出强度AFRMFWRG
| Q4 25 | 13.9% | 11.6% | ||
| Q3 25 | 17.0% | 13.4% | ||
| Q2 25 | 16.7% | 13.4% | ||
| Q1 25 | 19.5% | 13.0% | ||
| Q4 24 | 14.5% | 15.4% | ||
| Q3 24 | 19.0% | 11.6% | ||
| Q2 24 | 17.1% | 11.5% | ||
| Q1 24 | 23.8% | 11.8% |
现金转化率AFRMFWRG
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 16.01× | ||
| Q2 25 | 1.08× | 18.72× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 16.98× | ||
| Q2 24 | — | 3.59× | ||
| Q1 24 | — | 3.46× |
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% |
FWRG
| In Restaurant Dining Sales | $254.1M | 80% |
| Third Party Delivery Sales | $38.6M | 12% |
| Take Out Sales | $21.3M | 7% |
| Royalty And System Fund Contributions | $2.3M | 1% |
