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Affirm Holdings, Inc.（AFRM）与朗美通（LITE）财务数据对比。点击上方公司名可切换其他公司
朗美通的季度营收约是Affirm Holdings, Inc.的1.7倍（$665.5M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 11.8%，领先20.5%），朗美通同比增速更快（65.5% vs 32.5%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $43.1M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 34.8%）
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。
朗美通控股（Lumentum Holdings Inc.）是全球知名光电产品供应商，前身为美国捷迪讯（JDSU）旗下光电器件及激光业务板块，2015年8月随捷迪讯分拆独立运营，总部位于美国加利福尼亚州米尔皮塔斯，主营光通信网络设备、激光器、定制光学解决方案等多元产品。
AFRM vs LITE — 直观对比
营收规模更大
LITE
是对方的1.7倍
$401.4M
营收增速更快
LITE
高出33.0%
32.5%
净利率更高
AFRM
高出20.5%
11.8%
自由现金流更多
AFRM
多$74.9M
$43.1M
两年增速更快
AFRM
近两年复合增速
34.8%
损益表 — Q2 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $665.5M |
| 净利润 | $129.6M | $78.2M |
| 毛利率 | — | 36.1% |
| 营业利润率 | 29.3% | 9.7% |
| 净利率 | 32.3% | 11.8% |
| 营收同比 | 32.5% | 65.5% |
| 净利润同比 | 61.3% | 228.4% |
| 每股收益（稀释后） | $0.37 | $0.89 |
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AFRMLITE
| Q4 25 | $401.4M | $665.5M | ||
| Q3 25 | $320.5M | $533.8M | ||
| Q2 25 | $306.6M | $480.7M | ||
| Q1 25 | $272.5M | $425.2M | ||
| Q4 24 | $303.0M | $402.2M | ||
| Q3 24 | $231.8M | $336.9M | ||
| Q2 24 | $224.0M | $308.3M | ||
| Q1 24 | $195.0M | $366.5M |
净利润AFRMLITE
| Q4 25 | $129.6M | $78.2M | ||
| Q3 25 | $80.7M | $4.2M | ||
| Q2 25 | $69.2M | $213.3M | ||
| Q1 25 | $2.8M | $-44.1M | ||
| Q4 24 | $80.4M | $-60.9M | ||
| Q3 24 | $-100.2M | $-82.4M | ||
| Q2 24 | $-45.1M | $-252.5M | ||
| Q1 24 | $-133.9M | $-127.0M |
毛利率AFRMLITE
| Q4 25 | — | 36.1% | ||
| Q3 25 | — | 34.0% | ||
| Q2 25 | — | 33.3% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | — | 24.8% | ||
| Q3 24 | — | 23.1% | ||
| Q2 24 | — | 16.6% | ||
| Q1 24 | — | 16.2% |
营业利润率AFRMLITE
| Q4 25 | 29.3% | 9.7% | ||
| Q3 25 | 19.9% | 1.3% | ||
| Q2 25 | 18.9% | -1.7% | ||
| Q1 25 | -3.1% | -8.9% | ||
| Q4 24 | -1.4% | -12.8% | ||
| Q3 24 | -57.2% | -24.5% | ||
| Q2 24 | -32.8% | -43.3% | ||
| Q1 24 | -82.5% | -31.3% |
净利率AFRMLITE
| Q4 25 | 32.3% | 11.8% | ||
| Q3 25 | 25.2% | 0.8% | ||
| Q2 25 | 22.6% | 44.4% | ||
| Q1 25 | 1.0% | -10.4% | ||
| Q4 24 | 26.5% | -15.1% | ||
| Q3 24 | -43.2% | -24.5% | ||
| Q2 24 | -20.2% | -81.9% | ||
| Q1 24 | -68.7% | -34.7% |
每股收益（稀释后）AFRMLITE
| Q4 25 | $0.37 | $0.89 | ||
| Q3 25 | $0.23 | $0.05 | ||
| Q2 25 | $0.22 | $3.10 | ||
| Q1 25 | $0.01 | $-0.64 | ||
| Q4 24 | $0.23 | $-0.88 | ||
| Q3 24 | $-0.31 | $-1.21 | ||
| Q2 24 | $-0.13 | $-3.75 | ||
| Q1 24 | $-0.43 | $-1.88 |
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 | $1.2B |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | $846.6M |
| 总资产 | $13.0B | $4.8B |
| 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AFRMLITE
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.4B | $877.1M | ||
| Q1 25 | $1.4B | $866.7M | ||
| Q4 24 | $1.2B | $896.7M | ||
| Q3 24 | $1.0B | $916.1M | ||
| Q2 24 | $1.0B | $887.0M | ||
| Q1 24 | $1.3B | $870.9M |
总债务AFRMLITE
| 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AFRMLITE
| Q4 25 | $3.5B | $846.6M | ||
| Q3 25 | $3.3B | $780.8M | ||
| Q2 25 | $3.1B | $1.1B | ||
| Q1 25 | $2.9B | $879.5M | ||
| Q4 24 | $2.8B | $872.3M | ||
| Q3 24 | $2.8B | $895.9M | ||
| Q2 24 | $2.7B | $957.3M | ||
| Q1 24 | $2.6B | $1.2B |
总资产AFRMLITE
| Q4 25 | $13.0B | $4.8B | ||
| Q3 25 | $11.5B | $4.6B | ||
| Q2 25 | $11.2B | $4.2B | ||
| Q1 25 | $10.4B | $4.0B | ||
| Q4 24 | $10.5B | $4.0B | ||
| Q3 24 | $10.1B | $4.0B | ||
| Q2 24 | $9.5B | $3.9B | ||
| Q1 24 | $9.2B | $4.2B |
负债/权益比AFRMLITE
| 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 | $126.7M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $43.1M |
| 自由现金流率自由现金流/营收 | 29.4% | 6.5% |
| 资本支出强度资本支出/营收 | 13.9% | 12.6% |
| 现金转化率经营现金流/净利润 | 1.34× | 1.62× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $-29.5M |
8季度趋势，按日历期对齐
经营现金流AFRMLITE
| Q4 25 | $173.7M | $126.7M | ||
| Q3 25 | $374.6M | $57.9M | ||
| Q2 25 | $74.6M | $64.0M | ||
| Q1 25 | $210.4M | $-1.6M | ||
| Q4 24 | $312.0M | $24.3M | ||
| Q3 24 | $196.9M | $39.6M | ||
| Q2 24 | $68.8M | $35.5M | ||
| Q1 24 | $208.2M | $-7.0M |
自由现金流AFRMLITE
| Q4 25 | $118.0M | $43.1M | ||
| Q3 25 | $320.2M | $-18.3M | ||
| Q2 25 | $23.5M | $10.1M | ||
| Q1 25 | $157.4M | $-64.4M | ||
| Q4 24 | $268.1M | $-15.9M | ||
| Q3 24 | $152.7M | $-34.5M | ||
| Q2 24 | $30.5M | $10.9M | ||
| Q1 24 | $161.7M | $-26.6M |
自由现金流率AFRMLITE
| Q4 25 | 29.4% | 6.5% | ||
| Q3 25 | 99.9% | -3.4% | ||
| Q2 25 | 7.7% | 2.1% | ||
| Q1 25 | 57.7% | -15.1% | ||
| Q4 24 | 88.5% | -4.0% | ||
| Q3 24 | 65.9% | -10.2% | ||
| Q2 24 | 13.6% | 3.5% | ||
| Q1 24 | 82.9% | -7.3% |
资本支出强度AFRMLITE
| Q4 25 | 13.9% | 12.6% | ||
| Q3 25 | 17.0% | 14.3% | ||
| Q2 25 | 16.7% | 11.2% | ||
| Q1 25 | 19.5% | 14.8% | ||
| Q4 24 | 14.5% | 10.0% | ||
| Q3 24 | 19.0% | 22.0% | ||
| Q2 24 | 17.1% | 8.0% | ||
| Q1 24 | 23.8% | 5.3% |
现金转化率AFRMLITE
| Q4 25 | 1.34× | 1.62× | ||
| Q3 25 | 4.64× | 13.79× | ||
| Q2 25 | 1.08× | 0.30× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| 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% |
LITE
| Components | $443.7M | 67% |
| Systems | $221.8M | 33% |
