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Affirm Holdings, Inc.（AFRM）与LendingClub Corp（LC）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LendingClub Corp的1.5倍（$401.4M vs $266.5M）。Affirm Holdings, Inc.同比增速更快（32.5% vs 22.7%）。Affirm Holdings, Inc.自由现金流更多（$118.0M vs $-919.3M）。过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 21.4%）
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。
LendingClub Corp是总部位于美国加利福尼亚州旧金山的金融服务企业，是全球首家将旗下产品作为证券完成注册的P2P借贷平台，同时支持贷款在二级市场交易。巅峰时期它是全球规模最大的P2P借贷平台，截至2015年12月31日，平台累计促成贷款发放额达159.8亿美元。
AFRM vs LC — 直观对比
营收规模更大
AFRM
是对方的1.5倍
$266.5M
营收增速更快
AFRM
高出9.8%
22.7%
自由现金流更多
AFRM
多$1.0B
$-919.3M
两年增速更快
AFRM
近两年复合增速
21.4%
损益表 — Q2 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $266.5M |
| 净利润 | $129.6M | — |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | 18.8% |
| 净利率 | 32.3% | — |
| 营收同比 | 32.5% | 22.7% |
| 净利润同比 | 61.3% | — |
| 每股收益（稀释后） | $0.37 | $0.36 |
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AFRMLC
| Q4 25 | $401.4M | $266.5M | ||
| Q3 25 | $320.5M | $266.2M | ||
| Q2 25 | $306.6M | $248.4M | ||
| Q1 25 | $272.5M | $217.7M | ||
| Q4 24 | $303.0M | $217.2M | ||
| Q3 24 | $231.8M | $201.9M | ||
| Q2 24 | $224.0M | $187.2M | ||
| Q1 24 | $195.0M | $180.7M |
净利润AFRMLC
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $44.3M | ||
| Q2 25 | $69.2M | $38.2M | ||
| Q1 25 | $2.8M | $11.7M | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | $14.5M | ||
| Q2 24 | $-45.1M | $14.9M | ||
| Q1 24 | $-133.9M | $12.3M |
营业利润率AFRMLC
| Q4 25 | 29.3% | 18.8% | ||
| Q3 25 | 19.9% | 21.5% | ||
| Q2 25 | 18.9% | 21.7% | ||
| Q1 25 | -3.1% | 7.2% | ||
| Q4 24 | -1.4% | 5.1% | ||
| Q3 24 | -57.2% | 8.9% | ||
| Q2 24 | -32.8% | 10.4% | ||
| Q1 24 | -82.5% | 9.1% |
净利率AFRMLC
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | 16.6% | ||
| Q2 25 | 22.6% | 15.4% | ||
| Q1 25 | 1.0% | 5.4% | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | 7.2% | ||
| Q2 24 | -20.2% | 8.0% | ||
| Q1 24 | -68.7% | 6.8% |
每股收益（稀释后）AFRMLC
| Q4 25 | $0.37 | $0.36 | ||
| Q3 25 | $0.23 | $0.37 | ||
| Q2 25 | $0.22 | $0.33 | ||
| Q1 25 | $0.01 | $0.10 | ||
| Q4 24 | $0.23 | $0.08 | ||
| Q3 24 | $-0.31 | $0.13 | ||
| Q2 24 | $-0.13 | $0.13 | ||
| Q1 24 | $-0.43 | $0.11 |
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 | — |
| 总债务越低越好 | $9.0B | $0 |
| 股东权益账面价值 | $3.5B | $1.5B |
| 总资产 | $13.0B | $11.6B |
| 负债/权益比越低杠杆越低 | 2.54× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资AFRMLC
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.3B | — |
总债务AFRMLC
| Q4 25 | $9.0B | $0 | ||
| Q3 25 | $7.7B | $0 | ||
| Q2 25 | $7.6B | $0 | ||
| Q1 25 | $7.1B | $0 | ||
| Q4 24 | $7.3B | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
股东权益AFRMLC
| Q4 25 | $3.5B | $1.5B | ||
| Q3 25 | $3.3B | $1.5B | ||
| Q2 25 | $3.1B | $1.4B | ||
| Q1 25 | $2.9B | $1.4B | ||
| Q4 24 | $2.8B | $1.3B | ||
| Q3 24 | $2.8B | $1.3B | ||
| Q2 24 | $2.7B | $1.3B | ||
| Q1 24 | $2.6B | $1.3B |
总资产AFRMLC
| Q4 25 | $13.0B | $11.6B | ||
| Q3 25 | $11.5B | $11.1B | ||
| Q2 25 | $11.2B | $10.8B | ||
| Q1 25 | $10.4B | $10.5B | ||
| Q4 24 | $10.5B | $10.6B | ||
| Q3 24 | $10.1B | $11.0B | ||
| Q2 24 | $9.5B | $9.6B | ||
| Q1 24 | $9.2B | $9.2B |
负债/权益比AFRMLC
| Q4 25 | 2.54× | 0.00× | ||
| Q3 25 | 2.35× | 0.00× | ||
| Q2 25 | 2.48× | 0.00× | ||
| Q1 25 | 2.49× | 0.00× | ||
| Q4 24 | 2.62× | 0.00× | ||
| 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 | $-903.8M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $-919.3M |
| 自由现金流率自由现金流/营收 | 29.4% | -345.0% |
| 资本支出强度资本支出/营收 | 13.9% | 5.8% |
| 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 | $-2.9B |
8季度趋势，按日历期对齐
经营现金流AFRMLC
| Q4 25 | $173.7M | $-903.8M | ||
| Q3 25 | $374.6M | $-770.8M | ||
| Q2 25 | $74.6M | $-713.1M | ||
| Q1 25 | $210.4M | $-339.3M | ||
| Q4 24 | $312.0M | $-185.4M | ||
| Q3 24 | $196.9M | $-669.8M | ||
| Q2 24 | $68.8M | $-932.5M | ||
| Q1 24 | $208.2M | $-846.5M |
自由现金流AFRMLC
| Q4 25 | $118.0M | $-919.3M | ||
| Q3 25 | $320.2M | $-791.8M | ||
| Q2 25 | $23.5M | $-803.8M | ||
| Q1 25 | $157.4M | $-352.3M | ||
| Q4 24 | $268.1M | $-202.6M | ||
| Q3 24 | $152.7M | $-682.3M | ||
| Q2 24 | $30.5M | $-945.3M | ||
| Q1 24 | $161.7M | $-858.3M |
自由现金流率AFRMLC
| Q4 25 | 29.4% | -345.0% | ||
| Q3 25 | 99.9% | -297.4% | ||
| Q2 25 | 7.7% | -323.5% | ||
| Q1 25 | 57.7% | -161.8% | ||
| Q4 24 | 88.5% | -93.3% | ||
| Q3 24 | 65.9% | -338.0% | ||
| Q2 24 | 13.6% | -504.9% | ||
| Q1 24 | 82.9% | -475.0% |
资本支出强度AFRMLC
| Q4 25 | 13.9% | 5.8% | ||
| Q3 25 | 17.0% | 7.9% | ||
| Q2 25 | 16.7% | 36.5% | ||
| Q1 25 | 19.5% | 6.0% | ||
| Q4 24 | 14.5% | 7.9% | ||
| Q3 24 | 19.0% | 6.2% | ||
| Q2 24 | 17.1% | 6.9% | ||
| Q1 24 | 23.8% | 6.5% |
现金转化率AFRMLC
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | -17.41× | ||
| Q2 25 | 1.08× | -18.68× | ||
| Q1 25 | 75.03× | -29.07× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | -46.33× | ||
| Q2 24 | — | -62.57× | ||
| Q1 24 | — | -69.10× |
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% |
LC
| Lending Club Bank | $162.8M | 61% |
| Other | $82.3M | 31% |
| Servicing Fees | $12.8M | 5% |
| Lending Club Corporation | $8.5M | 3% |
