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Affirm Holdings, Inc.（AFRM）与KADANT INC（KAI）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KADANT INC的1.5倍（$401.4M vs $271.6M），Affirm Holdings, Inc.净利率更高（32.3% vs 10.2%，领先22.1%），Affirm Holdings, Inc.同比增速更快（32.5% vs -0.0%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $44.1M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 6.7%）
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。
Kadant Inc.创立于1991年，最初是Thermo Electron的子公司，部分股权私有、部分公开交易，2001年完成完全分拆并启用现名。公司服务于造纸、废纸回收、木材加工、物料搬运等多个加工领域，是业务覆盖亚洲、欧洲、北美、南美的跨国企业。
AFRM vs KAI — 直观对比
营收规模更大
AFRM
是对方的1.5倍
$271.6M
营收增速更快
AFRM
高出32.5%
-0.0%
净利率更高
AFRM
高出22.1%
10.2%
自由现金流更多
AFRM
多$74.0M
$44.1M
两年增速更快
AFRM
近两年复合增速
6.7%
损益表 — Q2 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $271.6M |
| 净利润 | $129.6M | $27.7M |
| 毛利率 | — | 45.2% |
| 营业利润率 | 29.3% | 15.7% |
| 净利率 | 32.3% | 10.2% |
| 营收同比 | 32.5% | -0.0% |
| 净利润同比 | 61.3% | -12.2% |
| 每股收益（稀释后） | $0.37 | $2.35 |
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AFRMKAI
| Q4 25 | $401.4M | — | ||
| Q3 25 | $320.5M | $271.6M | ||
| Q2 25 | $306.6M | $255.3M | ||
| Q1 25 | $272.5M | $239.2M | ||
| Q4 24 | $303.0M | $258.0M | ||
| Q3 24 | $231.8M | $271.6M | ||
| Q2 24 | $224.0M | $274.8M | ||
| Q1 24 | $195.0M | $249.0M |
净利润AFRMKAI
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $27.7M | ||
| Q2 25 | $69.2M | $26.2M | ||
| Q1 25 | $2.8M | $24.1M | ||
| Q4 24 | $80.4M | $24.0M | ||
| Q3 24 | $-100.2M | $31.6M | ||
| Q2 24 | $-45.1M | $31.3M | ||
| Q1 24 | $-133.9M | $24.7M |
毛利率AFRMKAI
| Q4 25 | — | — | ||
| Q3 25 | — | 45.2% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.1% | ||
| Q4 24 | — | 43.4% | ||
| Q3 24 | — | 44.7% | ||
| Q2 24 | — | 44.4% | ||
| Q1 24 | — | 44.6% |
营业利润率AFRMKAI
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | 15.7% | ||
| Q2 25 | 18.9% | 15.4% | ||
| Q1 25 | -3.1% | 14.9% | ||
| Q4 24 | -1.4% | 14.3% | ||
| Q3 24 | -57.2% | 18.0% | ||
| Q2 24 | -32.8% | 17.6% | ||
| Q1 24 | -82.5% | 14.8% |
净利率AFRMKAI
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | 10.2% | ||
| Q2 25 | 22.6% | 10.2% | ||
| Q1 25 | 1.0% | 10.1% | ||
| Q4 24 | 26.5% | 9.3% | ||
| Q3 24 | -43.2% | 11.6% | ||
| Q2 24 | -20.2% | 11.4% | ||
| Q1 24 | -68.7% | 9.9% |
每股收益（稀释后）AFRMKAI
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $2.35 | ||
| Q2 25 | $0.22 | $2.22 | ||
| Q1 25 | $0.01 | $2.04 | ||
| Q4 24 | $0.23 | $2.04 | ||
| Q3 24 | $-0.31 | $2.68 | ||
| Q2 24 | $-0.13 | $2.66 | ||
| Q1 24 | $-0.43 | $2.10 |
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 | $124.5M |
| 总债务越低越好 | $9.0B | $254.6M |
| 股东权益账面价值 | $3.5B | $949.8M |
| 总资产 | $13.0B | $1.5B |
| 负债/权益比越低杠杆越低 | 2.54× | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资AFRMKAI
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $124.5M | ||
| Q2 25 | $1.4B | $95.3M | ||
| Q1 25 | $1.4B | $91.7M | ||
| Q4 24 | $1.2B | $94.7M | ||
| Q3 24 | $1.0B | $88.4M | ||
| Q2 24 | $1.0B | $73.8M | ||
| Q1 24 | $1.3B | $81.4M |
总债务AFRMKAI
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $254.6M | ||
| Q2 25 | $7.6B | $245.7M | ||
| Q1 25 | $7.1B | $273.5M | ||
| Q4 24 | $7.3B | $285.2M | ||
| Q3 24 | — | $323.2M | ||
| Q2 24 | $1.8B | $342.0M | ||
| Q1 24 | — | $306.8M |
股东权益AFRMKAI
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $949.8M | ||
| Q2 25 | $3.1B | $926.0M | ||
| Q1 25 | $2.9B | $876.0M | ||
| Q4 24 | $2.8B | $847.1M | ||
| Q3 24 | $2.8B | $851.7M | ||
| Q2 24 | $2.7B | $807.7M | ||
| Q1 24 | $2.6B | $782.7M |
总资产AFRMKAI
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $1.5B | ||
| Q2 25 | $11.2B | $1.5B | ||
| Q1 25 | $10.4B | $1.4B | ||
| Q4 24 | $10.5B | $1.4B | ||
| Q3 24 | $10.1B | $1.5B | ||
| Q2 24 | $9.5B | $1.5B | ||
| Q1 24 | $9.2B | $1.4B |
负债/权益比AFRMKAI
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 0.27× | ||
| Q2 25 | 2.48× | 0.27× | ||
| Q1 25 | 2.49× | 0.31× | ||
| Q4 24 | 2.62× | 0.34× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | 0.67× | 0.42× | ||
| Q1 24 | — | 0.39× |
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 | $47.3M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $44.1M |
| 自由现金流率自由现金流/营收 | 29.4% | 16.2% |
| 资本支出强度资本支出/营收 | 13.9% | 1.2% |
| 现金转化率经营现金流/净利润 | 1.34× | 1.70× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $145.9M |
8季度趋势，按日历期对齐
经营现金流AFRMKAI
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $47.3M | ||
| Q2 25 | $74.6M | $40.5M | ||
| Q1 25 | $210.4M | $22.8M | ||
| Q4 24 | $312.0M | $51.9M | ||
| Q3 24 | $196.9M | $52.5M | ||
| Q2 24 | $68.8M | $28.1M | ||
| Q1 24 | $208.2M | $22.8M |
自由现金流AFRMKAI
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $44.1M | ||
| Q2 25 | $23.5M | $36.5M | ||
| Q1 25 | $157.4M | $19.0M | ||
| Q4 24 | $268.1M | $46.3M | ||
| Q3 24 | $152.7M | $48.3M | ||
| Q2 24 | $30.5M | $23.1M | ||
| Q1 24 | $161.7M | $16.6M |
自由现金流率AFRMKAI
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 16.2% | ||
| Q2 25 | 7.7% | 14.3% | ||
| Q1 25 | 57.7% | 7.9% | ||
| Q4 24 | 88.5% | 17.9% | ||
| Q3 24 | 65.9% | 17.8% | ||
| Q2 24 | 13.6% | 8.4% | ||
| Q1 24 | 82.9% | 6.7% |
资本支出强度AFRMKAI
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 1.2% | ||
| Q2 25 | 16.7% | 1.6% | ||
| Q1 25 | 19.5% | 1.6% | ||
| Q4 24 | 14.5% | 2.2% | ||
| Q3 24 | 19.0% | 1.5% | ||
| Q2 24 | 17.1% | 1.8% | ||
| Q1 24 | 23.8% | 2.5% |
现金转化率AFRMKAI
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 1.70× | ||
| Q2 25 | 1.08× | 1.55× | ||
| Q1 25 | 75.03× | 0.95× | ||
| Q4 24 | 3.88× | 2.16× | ||
| Q3 24 | — | 1.66× | ||
| Q2 24 | — | 0.90× | ||
| Q1 24 | — | 0.92× |
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% |
KAI
| Flow Control | $94.8M | 35% |
| Capital | $83.2M | 31% |
| Material Handling Systems | $70.3M | 26% |
| Transferred Over Time | $17.1M | 6% |
| Other | $6.1M | 2% |
