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Affirm Holdings, Inc.（AFRM）与Mativ Holdings, Inc.（MATV）财务数据对比。点击上方公司名可切换其他公司
Mativ Holdings, Inc.的季度营收约是Affirm Holdings, Inc.的1.2倍（$463.1M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 21.8%，领先10.5%），Affirm Holdings, Inc.同比增速更快（32.5% vs 1.0%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $8.0M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs -3.8%）
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。
Mativ Holdings是一家全球特种材料制造商，主要生产高性能先进聚合物、无纺布、过滤解决方案及功能性涂层材料，服务医疗、工业、消费品、航空航天、能源等领域，业务遍及北美、欧洲及亚太地区。
AFRM vs MATV — 直观对比
营收规模更大
MATV
是对方的1.2倍
$401.4M
营收增速更快
AFRM
高出31.5%
1.0%
净利率更高
AFRM
高出10.5%
21.8%
自由现金流更多
AFRM
多$110.0M
$8.0M
两年增速更快
AFRM
近两年复合增速
-3.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $463.1M |
| 净利润 | $129.6M | $100.8M |
| 毛利率 | — | 18.8% |
| 营业利润率 | 29.3% | 2.2% |
| 净利率 | 32.3% | 21.8% |
| 营收同比 | 32.5% | 1.0% |
| 净利润同比 | 61.3% | 6620.0% |
| 每股收益（稀释后） | $0.37 | $1.87 |
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AFRMMATV
| Q4 25 | $401.4M | $463.1M | ||
| Q3 25 | $320.5M | $513.7M | ||
| Q2 25 | $306.6M | $525.4M | ||
| Q1 25 | $272.5M | $484.8M | ||
| Q4 24 | $303.0M | $458.6M | ||
| Q3 24 | $231.8M | $498.5M | ||
| Q2 24 | $224.0M | $523.8M | ||
| Q1 24 | $195.0M | $500.2M |
净利润AFRMMATV
| Q4 25 | $129.6M | $100.8M | ||
| Q3 25 | $80.7M | $-3.2M | ||
| Q2 25 | $69.2M | $-9.5M | ||
| Q1 25 | $2.8M | $-425.5M | ||
| Q4 24 | $80.4M | $1.5M | ||
| Q3 24 | $-100.2M | $-20.8M | ||
| Q2 24 | $-45.1M | $-1.4M | ||
| Q1 24 | $-133.9M | $-28.0M |
毛利率AFRMMATV
| Q4 25 | — | 18.8% | ||
| Q3 25 | — | 19.3% | ||
| Q2 25 | — | 19.7% | ||
| Q1 25 | — | 15.0% | ||
| Q4 24 | — | 16.9% | ||
| Q3 24 | — | 18.8% | ||
| Q2 24 | — | 20.8% | ||
| Q1 24 | — | 16.8% |
营业利润率AFRMMATV
| Q4 25 | 29.3% | 2.2% | ||
| Q3 25 | 19.9% | 3.1% | ||
| Q2 25 | 18.9% | 3.8% | ||
| Q1 25 | -3.1% | -88.8% | ||
| Q4 24 | -1.4% | 0.6% | ||
| Q3 24 | -57.2% | 1.4% | ||
| Q2 24 | -32.8% | 2.0% | ||
| Q1 24 | -82.5% | -2.8% |
净利率AFRMMATV
| Q4 25 | 32.3% | 21.8% | ||
| Q3 25 | 25.2% | -0.6% | ||
| Q2 25 | 22.6% | -1.8% | ||
| Q1 25 | 1.0% | -87.8% | ||
| Q4 24 | 26.5% | 0.3% | ||
| Q3 24 | -43.2% | -4.2% | ||
| Q2 24 | -20.2% | -0.3% | ||
| Q1 24 | -68.7% | -5.6% |
每股收益（稀释后）AFRMMATV
| Q4 25 | $0.37 | $1.87 | ||
| Q3 25 | $0.23 | $-0.06 | ||
| Q2 25 | $0.22 | $-0.18 | ||
| Q1 25 | $0.01 | $-7.82 | ||
| Q4 24 | $0.23 | $0.03 | ||
| Q3 24 | $-0.31 | $-0.38 | ||
| Q2 24 | $-0.13 | $-0.03 | ||
| 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 | $84.2M |
| 总债务越低越好 | $9.0B | $1.0B |
| 股东权益账面价值 | $3.5B | $498.7M |
| 总资产 | $13.0B | $2.1B |
| 负债/权益比越低杠杆越低 | 2.54× | 2.07× |
8季度趋势，按日历期对齐
现金及短期投资AFRMMATV
| Q4 25 | $1.5B | $84.2M | ||
| Q3 25 | $1.4B | $97.1M | ||
| Q2 25 | $1.4B | $95.6M | ||
| Q1 25 | $1.4B | $84.0M | ||
| Q4 24 | $1.2B | $94.3M | ||
| Q3 24 | $1.0B | $162.2M | ||
| Q2 24 | $1.0B | $133.4M | ||
| Q1 24 | $1.3B | $128.9M |
总债务AFRMMATV
| Q4 25 | $9.0B | $1.0B | ||
| Q3 25 | $7.7B | $1.0B | ||
| Q2 25 | $7.6B | $1.1B | ||
| Q1 25 | $7.1B | $1.1B | ||
| Q4 24 | $7.3B | $1.1B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | $1.8B | $1.2B | ||
| Q1 24 | — | $1.2B |
股东权益AFRMMATV
| Q4 25 | $3.5B | $498.7M | ||
| Q3 25 | $3.3B | $397.4M | ||
| Q2 25 | $3.1B | $416.6M | ||
| Q1 25 | $2.9B | $428.2M | ||
| Q4 24 | $2.8B | $858.5M | ||
| Q3 24 | $2.8B | $882.3M | ||
| Q2 24 | $2.7B | $898.0M | ||
| Q1 24 | $2.6B | $906.9M |
总资产AFRMMATV
| Q4 25 | $13.0B | $2.1B | ||
| Q3 25 | $11.5B | $2.0B | ||
| Q2 25 | $11.2B | $2.1B | ||
| Q1 25 | $10.4B | $2.1B | ||
| Q4 24 | $10.5B | $2.4B | ||
| Q3 24 | $10.1B | $2.6B | ||
| Q2 24 | $9.5B | $2.6B | ||
| Q1 24 | $9.2B | $2.7B |
负债/权益比AFRMMATV
| Q4 25 | 2.54× | 2.07× | ||
| Q3 25 | 2.35× | 2.63× | ||
| Q2 25 | 2.48× | 2.66× | ||
| Q1 25 | 2.49× | 2.67× | ||
| Q4 24 | 2.62× | 1.30× | ||
| Q3 24 | — | 1.32× | ||
| Q2 24 | 0.67× | 1.29× | ||
| Q1 24 | — | 1.30× |
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 | $19.3M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $8.0M |
| 自由现金流率自由现金流/营收 | 29.4% | 1.7% |
| 资本支出强度资本支出/营收 | 13.9% | 2.4% |
| 现金转化率经营现金流/净利润 | 1.34× | 0.19× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $93.8M |
8季度趋势，按日历期对齐
经营现金流AFRMMATV
| Q4 25 | $173.7M | $19.3M | ||
| Q3 25 | $374.6M | $72.8M | ||
| Q2 25 | $74.6M | $57.6M | ||
| Q1 25 | $210.4M | $-15.9M | ||
| Q4 24 | $312.0M | $24.1M | ||
| Q3 24 | $196.9M | $37.6M | ||
| Q2 24 | $68.8M | $46.1M | ||
| Q1 24 | $208.2M | $-13.0M |
自由现金流AFRMMATV
| Q4 25 | $118.0M | $8.0M | ||
| Q3 25 | $320.2M | $66.7M | ||
| Q2 25 | $23.5M | $48.9M | ||
| Q1 25 | $157.4M | $-29.8M | ||
| Q4 24 | $268.1M | $2.0M | ||
| Q3 24 | $152.7M | $25.5M | ||
| Q2 24 | $30.5M | $37.4M | ||
| Q1 24 | $161.7M | $-25.1M |
自由现金流率AFRMMATV
| Q4 25 | 29.4% | 1.7% | ||
| Q3 25 | 99.9% | 13.0% | ||
| Q2 25 | 7.7% | 9.3% | ||
| Q1 25 | 57.7% | -6.1% | ||
| Q4 24 | 88.5% | 0.4% | ||
| Q3 24 | 65.9% | 5.1% | ||
| Q2 24 | 13.6% | 7.1% | ||
| Q1 24 | 82.9% | -5.0% |
资本支出强度AFRMMATV
| Q4 25 | 13.9% | 2.4% | ||
| Q3 25 | 17.0% | 1.2% | ||
| Q2 25 | 16.7% | 1.7% | ||
| Q1 25 | 19.5% | 2.9% | ||
| Q4 24 | 14.5% | 4.8% | ||
| Q3 24 | 19.0% | 2.4% | ||
| Q2 24 | 17.1% | 1.7% | ||
| Q1 24 | 23.8% | 2.4% |
现金转化率AFRMMATV
| Q4 25 | 1.34× | 0.19× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | 16.07× | ||
| 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% |
MATV
| Other | $208.7M | 45% |
| SAS Segment | $157.4M | 34% |
| FAM Segment | $97.0M | 21% |
