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Affirm Holdings, Inc.（AFRM）与IPG PHOTONICS CORP（IPGP）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IPG PHOTONICS CORP的1.5倍（$401.4M vs $274.5M），Affirm Holdings, Inc.净利率更高（32.3% vs 4.8%，领先27.4%），Affirm Holdings, Inc.同比增速更快（32.5% vs 17.1%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $10.9M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 4.4%）
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。
IPG光电是全球领先的光纤激光器制造商，率先实现光纤激光器的技术研发与商业化落地，产品广泛应用于材料加工、医疗、电信等多元领域，在美国、德国、俄罗斯、意大利均设有生产基地，为全球各行业客户提供高性能的激光解决方案。
AFRM vs IPGP — 直观对比
营收规模更大
AFRM
是对方的1.5倍
$274.5M
营收增速更快
AFRM
高出15.3%
17.1%
净利率更高
AFRM
高出27.4%
4.8%
自由现金流更多
AFRM
多$107.1M
$10.9M
两年增速更快
AFRM
近两年复合增速
4.4%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $274.5M |
| 净利润 | $129.6M | $13.3M |
| 毛利率 | — | 36.1% |
| 营业利润率 | 29.3% | 1.2% |
| 净利率 | 32.3% | 4.8% |
| 营收同比 | 32.5% | 17.1% |
| 净利润同比 | 61.3% | 69.8% |
| 每股收益（稀释后） | $0.37 | $0.30 |
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AFRMIPGP
| Q4 25 | $401.4M | $274.5M | ||
| Q3 25 | $320.5M | $250.8M | ||
| Q2 25 | $306.6M | $250.7M | ||
| Q1 25 | $272.5M | $227.8M | ||
| Q4 24 | $303.0M | $234.3M | ||
| Q3 24 | $231.8M | $233.1M | ||
| Q2 24 | $224.0M | $257.6M | ||
| Q1 24 | $195.0M | $252.0M |
净利润AFRMIPGP
| Q4 25 | $129.6M | $13.3M | ||
| Q3 25 | $80.7M | $7.5M | ||
| Q2 25 | $69.2M | $6.6M | ||
| Q1 25 | $2.8M | $3.8M | ||
| Q4 24 | $80.4M | $7.8M | ||
| Q3 24 | $-100.2M | $-233.6M | ||
| Q2 24 | $-45.1M | $20.2M | ||
| Q1 24 | $-133.9M | $24.1M |
毛利率AFRMIPGP
| Q4 25 | — | 36.1% | ||
| Q3 25 | — | 39.5% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.6% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 37.3% | ||
| Q1 24 | — | 38.7% |
营业利润率AFRMIPGP
| Q4 25 | 29.3% | 1.2% | ||
| Q3 25 | 19.9% | 3.1% | ||
| Q2 25 | 18.9% | 0.0% | ||
| Q1 25 | -3.1% | 0.8% | ||
| Q4 24 | -1.4% | 6.0% | ||
| Q3 24 | -57.2% | -108.7% | ||
| Q2 24 | -32.8% | 4.7% | ||
| Q1 24 | -82.5% | 7.6% |
净利率AFRMIPGP
| Q4 25 | 32.3% | 4.8% | ||
| Q3 25 | 25.2% | 3.0% | ||
| Q2 25 | 22.6% | 2.6% | ||
| Q1 25 | 1.0% | 1.6% | ||
| Q4 24 | 26.5% | 3.3% | ||
| Q3 24 | -43.2% | -100.2% | ||
| Q2 24 | -20.2% | 7.8% | ||
| Q1 24 | -68.7% | 9.6% |
每股收益（稀释后）AFRMIPGP
| Q4 25 | $0.37 | $0.30 | ||
| Q3 25 | $0.23 | $0.18 | ||
| Q2 25 | $0.22 | $0.16 | ||
| Q1 25 | $0.01 | $0.09 | ||
| Q4 24 | $0.23 | $0.27 | ||
| Q3 24 | $-0.31 | $-5.33 | ||
| Q2 24 | $-0.13 | $0.45 | ||
| Q1 24 | $-0.43 | $0.52 |
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 | $839.3M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | $2.1B |
| 总资产 | $13.0B | $2.4B |
| 负债/权益比越低杠杆越低 | 2.54× | — |
8季度趋势，按日历期对齐
现金及短期投资AFRMIPGP
| Q4 25 | $1.5B | $839.3M | ||
| Q3 25 | $1.4B | $870.4M | ||
| Q2 25 | $1.4B | $899.6M | ||
| Q1 25 | $1.4B | $926.9M | ||
| Q4 24 | $1.2B | $930.2M | ||
| Q3 24 | $1.0B | $1.0B | ||
| Q2 24 | $1.0B | $1.1B | ||
| Q1 24 | $1.3B | $1.1B |
总债务AFRMIPGP
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
股东权益AFRMIPGP
| Q4 25 | $3.5B | $2.1B | ||
| Q3 25 | $3.3B | $2.1B | ||
| Q2 25 | $3.1B | $2.1B | ||
| Q1 25 | $2.9B | $2.1B | ||
| Q4 24 | $2.8B | $2.0B | ||
| Q3 24 | $2.8B | $2.1B | ||
| Q2 24 | $2.7B | $2.3B | ||
| Q1 24 | $2.6B | $2.3B |
总资产AFRMIPGP
| Q4 25 | $13.0B | $2.4B | ||
| Q3 25 | $11.5B | $2.4B | ||
| Q2 25 | $11.2B | $2.4B | ||
| Q1 25 | $10.4B | $2.3B | ||
| Q4 24 | $10.5B | $2.3B | ||
| Q3 24 | $10.1B | $2.4B | ||
| Q2 24 | $9.5B | $2.5B | ||
| Q1 24 | $9.2B | $2.6B |
负债/权益比AFRMIPGP
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | — | ||
| Q3 24 | — | — | ||
| 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 | $28.8M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $10.9M |
| 自由现金流率自由现金流/营收 | 29.4% | 4.0% |
| 资本支出强度资本支出/营收 | 13.9% | 6.5% |
| 现金转化率经营现金流/净利润 | 1.34× | 2.17× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $-3.5M |
8季度趋势，按日历期对齐
经营现金流AFRMIPGP
| Q4 25 | $173.7M | $28.8M | ||
| Q3 25 | $374.6M | $35.3M | ||
| Q2 25 | $74.6M | $-2.2M | ||
| Q1 25 | $210.4M | $13.4M | ||
| Q4 24 | $312.0M | $73.8M | ||
| Q3 24 | $196.9M | $66.1M | ||
| Q2 24 | $68.8M | $53.5M | ||
| Q1 24 | $208.2M | $54.6M |
自由现金流AFRMIPGP
| Q4 25 | $118.0M | $10.9M | ||
| Q3 25 | $320.2M | $14.6M | ||
| Q2 25 | $23.5M | $-17.6M | ||
| Q1 25 | $157.4M | $-11.4M | ||
| Q4 24 | $268.1M | $50.6M | ||
| Q3 24 | $152.7M | $43.0M | ||
| Q2 24 | $30.5M | $29.2M | ||
| Q1 24 | $161.7M | $26.5M |
自由现金流率AFRMIPGP
| Q4 25 | 29.4% | 4.0% | ||
| Q3 25 | 99.9% | 5.8% | ||
| Q2 25 | 7.7% | -7.0% | ||
| Q1 25 | 57.7% | -5.0% | ||
| Q4 24 | 88.5% | 21.6% | ||
| Q3 24 | 65.9% | 18.4% | ||
| Q2 24 | 13.6% | 11.3% | ||
| Q1 24 | 82.9% | 10.5% |
资本支出强度AFRMIPGP
| Q4 25 | 13.9% | 6.5% | ||
| Q3 25 | 17.0% | 8.3% | ||
| Q2 25 | 16.7% | 6.1% | ||
| Q1 25 | 19.5% | 10.9% | ||
| Q4 24 | 14.5% | 9.9% | ||
| Q3 24 | 19.0% | 9.9% | ||
| Q2 24 | 17.1% | 9.4% | ||
| Q1 24 | 23.8% | 11.1% |
现金转化率AFRMIPGP
| Q4 25 | 1.34× | 2.17× | ||
| Q3 25 | 4.64× | 4.73× | ||
| Q2 25 | 1.08× | -0.34× | ||
| Q1 25 | 75.03× | 3.58× | ||
| Q4 24 | 3.88× | 9.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.65× | ||
| Q1 24 | — | 2.27× |
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% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
