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Affirm Holdings, Inc.（AFRM）与百胜餐饮集团（LCUT）财务数据对比。点击上方公司名可切换其他公司
Affirm Holdings, Inc.的季度营收约是百胜餐饮集团的2.0倍（$401.4M vs $204.1M），Affirm Holdings, Inc.净利率更高（32.3% vs 8.9%，领先23.4%），Affirm Holdings, Inc.同比增速更快（32.5% vs -5.2%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $2.6M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 19.8%）
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。
百胜餐饮集团是美国跨国快餐企业，1977年百事可乐收购肯德基、必胜客、塔可Bell后将其整合为旗下子公司，1997年百事剥离该业务板块后正式独立为百胜集团。集团目前运营肯德基、必胜客、塔可Bell、哈比特汉堡等多个餐饮品牌，同时布局相关餐饮科技业务，门店网络遍布全球多个国家和地区。
AFRM vs LCUT — 直观对比
营收规模更大
AFRM
是对方的2.0倍
$204.1M
营收增速更快
AFRM
高出37.6%
-5.2%
净利率更高
AFRM
高出23.4%
8.9%
自由现金流更多
AFRM
多$115.4M
$2.6M
两年增速更快
AFRM
近两年复合增速
19.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $204.1M |
| 净利润 | $129.6M | $18.2M |
| 毛利率 | — | 38.6% |
| 营业利润率 | 29.3% | 9.8% |
| 净利率 | 32.3% | 8.9% |
| 营收同比 | 32.5% | -5.2% |
| 净利润同比 | 61.3% | 103.5% |
| 每股收益（稀释后） | $0.37 | $0.83 |
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AFRMLCUT
| Q4 25 | $401.4M | $204.1M | ||
| Q3 25 | $320.5M | $171.9M | ||
| Q2 25 | $306.6M | $131.9M | ||
| Q1 25 | $272.5M | $140.1M | ||
| Q4 24 | $303.0M | $215.2M | ||
| Q3 24 | $231.8M | $183.8M | ||
| Q2 24 | $224.0M | $141.7M | ||
| Q1 24 | $195.0M | $142.2M |
净利润AFRMLCUT
| Q4 25 | $129.6M | $18.2M | ||
| Q3 25 | $80.7M | $-1.2M | ||
| Q2 25 | $69.2M | $-39.7M | ||
| Q1 25 | $2.8M | $-4.2M | ||
| Q4 24 | $80.4M | $8.9M | ||
| Q3 24 | $-100.2M | $344.0K | ||
| Q2 24 | $-45.1M | $-18.2M | ||
| Q1 24 | $-133.9M | $-6.3M |
毛利率AFRMLCUT
| Q4 25 | — | 38.6% | ||
| Q3 25 | — | 35.1% | ||
| Q2 25 | — | 38.6% | ||
| Q1 25 | — | 36.1% | ||
| Q4 24 | — | 37.7% | ||
| Q3 24 | — | 36.7% | ||
| Q2 24 | — | 38.5% | ||
| Q1 24 | — | 40.5% |
营业利润率AFRMLCUT
| Q4 25 | 29.3% | 9.8% | ||
| Q3 25 | 19.9% | 3.9% | ||
| Q2 25 | 18.9% | -28.2% | ||
| Q1 25 | -3.1% | 0.8% | ||
| Q4 24 | -1.4% | 7.2% | ||
| Q3 24 | -57.2% | 4.7% | ||
| Q2 24 | -32.8% | 0.8% | ||
| Q1 24 | -82.5% | 1.3% |
净利率AFRMLCUT
| Q4 25 | 32.3% | 8.9% | ||
| Q3 25 | 25.2% | -0.7% | ||
| Q2 25 | 22.6% | -30.1% | ||
| Q1 25 | 1.0% | -3.0% | ||
| Q4 24 | 26.5% | 4.1% | ||
| Q3 24 | -43.2% | 0.2% | ||
| Q2 24 | -20.2% | -12.8% | ||
| Q1 24 | -68.7% | -4.4% |
每股收益（稀释后）AFRMLCUT
| Q4 25 | $0.37 | $0.83 | ||
| Q3 25 | $0.23 | $-0.05 | ||
| Q2 25 | $0.22 | $-1.83 | ||
| Q1 25 | $0.01 | $-0.19 | ||
| Q4 24 | $0.23 | $0.41 | ||
| Q3 24 | $-0.31 | $0.02 | ||
| Q2 24 | $-0.13 | $-0.85 | ||
| Q1 24 | $-0.43 | $-0.29 |
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 | $4.3M |
| 总债务越低越好 | $9.0B | $135.0M |
| 股东权益账面价值 | $3.5B | $202.3M |
| 总资产 | $13.0B | $572.6M |
| 负债/权益比越低杠杆越低 | 2.54× | 0.67× |
8季度趋势，按日历期对齐
现金及短期投资AFRMLCUT
| Q4 25 | $1.5B | $4.3M | ||
| Q3 25 | $1.4B | $12.1M | ||
| Q2 25 | $1.4B | $12.0M | ||
| Q1 25 | $1.4B | $10.4M | ||
| Q4 24 | $1.2B | $2.9M | ||
| Q3 24 | $1.0B | $6.0M | ||
| Q2 24 | $1.0B | $3.4M | ||
| Q1 24 | $1.3B | $4.6M |
总债务AFRMLCUT
| Q4 25 | $9.0B | $135.0M | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | $142.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
股东权益AFRMLCUT
| Q4 25 | $3.5B | $202.3M | ||
| Q3 25 | $3.3B | $184.6M | ||
| Q2 25 | $3.1B | $185.8M | ||
| Q1 25 | $2.9B | $225.7M | ||
| Q4 24 | $2.8B | $229.9M | ||
| Q3 24 | $2.8B | $220.9M | ||
| Q2 24 | $2.7B | $219.8M | ||
| Q1 24 | $2.6B | $223.7M |
总资产AFRMLCUT
| Q4 25 | $13.0B | $572.6M | ||
| Q3 25 | $11.5B | $581.1M | ||
| Q2 25 | $11.2B | $551.9M | ||
| Q1 25 | $10.4B | $594.6M | ||
| Q4 24 | $10.5B | $634.3M | ||
| Q3 24 | $10.1B | $668.7M | ||
| Q2 24 | $9.5B | $617.0M | ||
| Q1 24 | $9.2B | $602.7M |
负债/权益比AFRMLCUT
| Q4 25 | 2.54× | 0.67× | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | 0.62× | ||
| 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 | $3.7M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $2.6M |
| 自由现金流率自由现金流/营收 | 29.4% | 1.3% |
| 资本支出强度资本支出/营收 | 13.9% | 0.6% |
| 现金转化率经营现金流/净利润 | 1.34× | 0.21× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $3.3M |
8季度趋势，按日历期对齐
经营现金流AFRMLCUT
| Q4 25 | $173.7M | $3.7M | ||
| Q3 25 | $374.6M | $-22.2M | ||
| Q2 25 | $74.6M | $9.3M | ||
| Q1 25 | $210.4M | $16.7M | ||
| Q4 24 | $312.0M | $20.3M | ||
| Q3 24 | $196.9M | $-22.7M | ||
| Q2 24 | $68.8M | $10.4M | ||
| Q1 24 | $208.2M | $10.5M |
自由现金流AFRMLCUT
| Q4 25 | $118.0M | $2.6M | ||
| Q3 25 | $320.2M | $-22.7M | ||
| Q2 25 | $23.5M | $8.2M | ||
| Q1 25 | $157.4M | $15.1M | ||
| Q4 24 | $268.1M | $19.7M | ||
| Q3 24 | $152.7M | $-23.2M | ||
| Q2 24 | $30.5M | $9.9M | ||
| Q1 24 | $161.7M | $9.9M |
自由现金流率AFRMLCUT
| Q4 25 | 29.4% | 1.3% | ||
| Q3 25 | 99.9% | -13.2% | ||
| Q2 25 | 7.7% | 6.2% | ||
| Q1 25 | 57.7% | 10.8% | ||
| Q4 24 | 88.5% | 9.1% | ||
| Q3 24 | 65.9% | -12.6% | ||
| Q2 24 | 13.6% | 7.0% | ||
| Q1 24 | 82.9% | 7.0% |
资本支出强度AFRMLCUT
| Q4 25 | 13.9% | 0.6% | ||
| Q3 25 | 17.0% | 0.3% | ||
| Q2 25 | 16.7% | 0.9% | ||
| Q1 25 | 19.5% | 1.1% | ||
| Q4 24 | 14.5% | 0.3% | ||
| Q3 24 | 19.0% | 0.3% | ||
| Q2 24 | 17.1% | 0.4% | ||
| Q1 24 | 23.8% | 0.4% |
现金转化率AFRMLCUT
| Q4 25 | 1.34× | 0.21× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | 2.28× | ||
| Q3 24 | — | -65.89× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
LCUT
| Kitchenware | $114.3M | 56% |
| Tableware | $41.7M | 20% |
| Home Solutions | $29.4M | 14% |
| Other | $18.8M | 9% |
