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Affirm Holdings, Inc.（AFRM）与Installed Building Products, Inc.（IBP）财务数据对比。点击上方公司名可切换其他公司
Installed Building Products, Inc.的季度营收约是Affirm Holdings, Inc.的1.9倍（$747.5M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 10.2%，领先22.0%），Affirm Holdings, Inc.同比增速更快（32.5% vs -0.4%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $49.3M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 3.9%）
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。
Installed Building Products, Inc.是美国领先的建筑产品安装服务商，主营绝缘材料、排水沟、车库门、消防系统及窗帘等产品的专业安装服务，覆盖住宅新建、翻新改造及商业建筑三大领域，业务遍及美国大部分地区。
AFRM vs IBP — 直观对比
营收规模更大
IBP
是对方的1.9倍
$401.4M
营收增速更快
AFRM
高出32.8%
-0.4%
净利率更高
AFRM
高出22.0%
10.2%
自由现金流更多
AFRM
多$68.7M
$49.3M
两年增速更快
AFRM
近两年复合增速
3.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $747.5M |
| 净利润 | $129.6M | $76.6M |
| 毛利率 | — | 35.0% |
| 营业利润率 | 29.3% | 14.6% |
| 净利率 | 32.3% | 10.2% |
| 营收同比 | 32.5% | -0.4% |
| 净利润同比 | 61.3% | 14.5% |
| 每股收益（稀释后） | $0.37 | $2.81 |
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AFRMIBP
| Q4 25 | $401.4M | $747.5M | ||
| Q3 25 | $320.5M | $778.2M | ||
| Q2 25 | $306.6M | $760.3M | ||
| Q1 25 | $272.5M | $684.8M | ||
| Q4 24 | $303.0M | $750.2M | ||
| Q3 24 | $231.8M | $760.6M | ||
| Q2 24 | $224.0M | $737.6M | ||
| Q1 24 | $195.0M | $692.9M |
净利润AFRMIBP
| Q4 25 | $129.6M | $76.6M | ||
| Q3 25 | $80.7M | $74.4M | ||
| Q2 25 | $69.2M | $69.0M | ||
| Q1 25 | $2.8M | $45.4M | ||
| Q4 24 | $80.4M | $66.9M | ||
| Q3 24 | $-100.2M | $68.6M | ||
| Q2 24 | $-45.1M | $65.2M | ||
| Q1 24 | $-133.9M | $55.9M |
毛利率AFRMIBP
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 34.0% | ||
| Q2 25 | — | 34.2% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 33.6% | ||
| Q3 24 | — | 33.8% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 33.8% |
营业利润率AFRMIBP
| Q4 25 | 29.3% | 14.6% | ||
| Q3 25 | 19.9% | 13.7% | ||
| Q2 25 | 18.9% | 13.3% | ||
| Q1 25 | -3.1% | 10.2% | ||
| Q4 24 | -1.4% | 13.1% | ||
| Q3 24 | -57.2% | 13.3% | ||
| Q2 24 | -32.8% | 12.9% | ||
| Q1 24 | -82.5% | 12.7% |
净利率AFRMIBP
| Q4 25 | 32.3% | 10.2% | ||
| Q3 25 | 25.2% | 9.6% | ||
| Q2 25 | 22.6% | 9.1% | ||
| Q1 25 | 1.0% | 6.6% | ||
| Q4 24 | 26.5% | 8.9% | ||
| Q3 24 | -43.2% | 9.0% | ||
| Q2 24 | -20.2% | 8.8% | ||
| Q1 24 | -68.7% | 8.1% |
每股收益（稀释后）AFRMIBP
| Q4 25 | $0.37 | $2.81 | ||
| Q3 25 | $0.23 | $2.74 | ||
| Q2 25 | $0.22 | $2.52 | ||
| Q1 25 | $0.01 | $1.64 | ||
| Q4 24 | $0.23 | $2.39 | ||
| Q3 24 | $-0.31 | $2.44 | ||
| Q2 24 | $-0.13 | $2.30 | ||
| Q1 24 | $-0.43 | $1.97 |
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 | $321.9M |
| 总债务越低越好 | $9.0B | $886.6M |
| 股东权益账面价值 | $3.5B | $709.9M |
| 总资产 | $13.0B | $2.1B |
| 负债/权益比越低杠杆越低 | 2.54× | 1.25× |
8季度趋势，按日历期对齐
现金及短期投资AFRMIBP
| Q4 25 | $1.5B | $321.9M | ||
| Q3 25 | $1.4B | $333.3M | ||
| Q2 25 | $1.4B | $305.2M | ||
| Q1 25 | $1.4B | $298.7M | ||
| Q4 24 | $1.2B | $327.6M | ||
| Q3 24 | $1.0B | $406.2M | ||
| Q2 24 | $1.0B | $380.3M | ||
| Q1 24 | $1.3B | $399.9M |
总债务AFRMIBP
| Q4 25 | $9.0B | $886.6M | ||
| Q3 25 | $7.7B | $880.8M | ||
| Q2 25 | $7.6B | $876.1M | ||
| Q1 25 | $7.1B | $872.4M | ||
| Q4 24 | $7.3B | $874.8M | ||
| Q3 24 | — | $872.3M | ||
| Q2 24 | $1.8B | $875.8M | ||
| Q1 24 | — | $875.0M |
股东权益AFRMIBP
| Q4 25 | $3.5B | $709.9M | ||
| Q3 25 | $3.3B | $678.6M | ||
| Q2 25 | $3.1B | $664.5M | ||
| Q1 25 | $2.9B | $660.9M | ||
| Q4 24 | $2.8B | $705.3M | ||
| Q3 24 | $2.8B | $716.4M | ||
| Q2 24 | $2.7B | $685.3M | ||
| Q1 24 | $2.6B | $679.2M |
总资产AFRMIBP
| Q4 25 | $13.0B | $2.1B | ||
| Q3 25 | $11.5B | $2.1B | ||
| Q2 25 | $11.2B | $2.0B | ||
| Q1 25 | $10.4B | $2.0B | ||
| Q4 24 | $10.5B | $2.1B | ||
| Q3 24 | $10.1B | $2.1B | ||
| Q2 24 | $9.5B | $2.0B | ||
| Q1 24 | $9.2B | $2.0B |
负债/权益比AFRMIBP
| Q4 25 | 2.54× | 1.25× | ||
| Q3 25 | 2.35× | 1.30× | ||
| Q2 25 | 2.48× | 1.32× | ||
| Q1 25 | 2.49× | 1.32× | ||
| Q4 24 | 2.62× | 1.24× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | 0.67× | 1.28× | ||
| Q1 24 | — | 1.29× |
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 | $64.9M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $49.3M |
| 自由现金流率自由现金流/营收 | 29.4% | 6.6% |
| 资本支出强度资本支出/营收 | 13.9% | 2.1% |
| 现金转化率经营现金流/净利润 | 1.34× | 0.85× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $300.8M |
8季度趋势，按日历期对齐
经营现金流AFRMIBP
| Q4 25 | $173.7M | $64.9M | ||
| Q3 25 | $374.6M | $124.0M | ||
| Q2 25 | $74.6M | $90.4M | ||
| Q1 25 | $210.4M | $92.1M | ||
| Q4 24 | $312.0M | $74.8M | ||
| Q3 24 | $196.9M | $101.4M | ||
| Q2 24 | $68.8M | $79.0M | ||
| Q1 24 | $208.2M | $84.8M |
自由现金流AFRMIBP
| Q4 25 | $118.0M | $49.3M | ||
| Q3 25 | $320.2M | $104.8M | ||
| Q2 25 | $23.5M | $74.8M | ||
| Q1 25 | $157.4M | $71.9M | ||
| Q4 24 | $268.1M | $52.9M | ||
| Q3 24 | $152.7M | $77.3M | ||
| Q2 24 | $30.5M | $58.2M | ||
| Q1 24 | $161.7M | $63.0M |
自由现金流率AFRMIBP
| Q4 25 | 29.4% | 6.6% | ||
| Q3 25 | 99.9% | 13.5% | ||
| Q2 25 | 7.7% | 9.8% | ||
| Q1 25 | 57.7% | 10.5% | ||
| Q4 24 | 88.5% | 7.1% | ||
| Q3 24 | 65.9% | 10.2% | ||
| Q2 24 | 13.6% | 7.9% | ||
| Q1 24 | 82.9% | 9.1% |
资本支出强度AFRMIBP
| Q4 25 | 13.9% | 2.1% | ||
| Q3 25 | 17.0% | 2.5% | ||
| Q2 25 | 16.7% | 2.1% | ||
| Q1 25 | 19.5% | 2.9% | ||
| Q4 24 | 14.5% | 2.9% | ||
| Q3 24 | 19.0% | 3.2% | ||
| Q2 24 | 17.1% | 2.8% | ||
| Q1 24 | 23.8% | 3.1% |
现金转化率AFRMIBP
| Q4 25 | 1.34× | 0.85× | ||
| Q3 25 | 4.64× | 1.67× | ||
| Q2 25 | 1.08× | 1.31× | ||
| Q1 25 | 75.03× | 2.03× | ||
| Q4 24 | 3.88× | 1.12× | ||
| Q3 24 | — | 1.48× | ||
| Q2 24 | — | 1.21× | ||
| Q1 24 | — | 1.52× |
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% |
IBP
| Residential New Construction | $488.6M | 65% |
| Other Customer Installation | $67.8M | 9% |
| Shower Doors Shelving And Mirrors | $53.5M | 7% |
| Other Building Products | $47.7M | 6% |
| Fireproofing And Firestopping | $37.6M | 5% |
| Rain Gutters | $31.3M | 4% |
| Window Blinds | $18.0M | 2% |
| Related Party | $6.7M | 1% |
