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Affirm Holdings, Inc.（AFRM）与MACOM Technology Solutions Holdings, Inc.（MTSI）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MACOM Technology Solutions Holdings, Inc.的1.5倍（$401.4M vs $271.6M），Affirm Holdings, Inc.净利率更高（32.3% vs 18.0%，领先14.3%），Affirm Holdings, Inc.同比增速更快（32.5% vs 24.5%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $30.0M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 22.4%）
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。
MACOM是美国知名的射频、微波及毫米波半导体器件与组件研发生产商，总部位于马萨诸塞州洛厄尔，2005年曾是当地规模最大的私营雇主。公司已通过ISO9001国际质量体系认证及ISO14001环境管理体系认证，在北美、欧洲、亚洲及澳大利亚均设有设计中心与销售办事处。
AFRM vs MTSI — 直观对比
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $271.6M |
| 净利润 | $129.6M | $48.8M |
| 毛利率 | — | 55.9% |
| 营业利润率 | 29.3% | 15.9% |
| 净利率 | 32.3% | 18.0% |
| 营收同比 | 32.5% | 24.5% |
| 净利润同比 | 61.3% | 129.1% |
| 每股收益（稀释后） | $0.37 | $0.64 |
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
| Q1 26 | — | $271.6M | ||
| Q4 25 | $401.4M | $261.2M | ||
| Q3 25 | $320.5M | $252.1M | ||
| Q2 25 | $306.6M | $235.9M | ||
| Q1 25 | $272.5M | $218.1M | ||
| Q4 24 | $303.0M | — | ||
| Q3 24 | $231.8M | $200.7M | ||
| Q2 24 | $224.0M | $190.5M |
| Q1 26 | — | $48.8M | ||
| Q4 25 | $129.6M | $45.1M | ||
| Q3 25 | $80.7M | $36.5M | ||
| Q2 25 | $69.2M | $31.7M | ||
| Q1 25 | $2.8M | $-167.5M | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | $29.4M | ||
| Q2 24 | $-45.1M | $19.9M |
| Q1 26 | — | 55.9% | ||
| Q4 25 | — | 54.5% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 55.2% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 54.7% | ||
| Q2 24 | — | 53.2% |
| Q1 26 | — | 15.9% | ||
| Q4 25 | 29.3% | 15.2% | ||
| Q3 25 | 19.9% | 14.9% | ||
| Q2 25 | 18.9% | 14.8% | ||
| Q1 25 | -3.1% | 8.0% | ||
| Q4 24 | -1.4% | — | ||
| Q3 24 | -57.2% | 13.7% | ||
| Q2 24 | -32.8% | 10.4% |
| Q1 26 | — | 18.0% | ||
| Q4 25 | 32.3% | 17.3% | ||
| Q3 25 | 25.2% | 14.5% | ||
| Q2 25 | 22.6% | 13.4% | ||
| Q1 25 | 1.0% | -76.8% | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | 14.7% | ||
| Q2 24 | -20.2% | 10.5% |
| Q1 26 | — | $0.64 | ||
| Q4 25 | $0.37 | $0.67 | ||
| Q3 25 | $0.23 | $0.48 | ||
| Q2 25 | $0.22 | $0.42 | ||
| Q1 25 | $0.01 | $-2.30 | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $-0.31 | $0.40 | ||
| Q2 24 | $-0.13 | $0.27 |
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 | $768.5M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | $1.4B |
| 总资产 | $13.0B | $2.1B |
| 负债/权益比越低杠杆越低 | 2.54× | — |
8季度趋势，按日历期对齐
| Q1 26 | — | $768.5M | ||
| Q4 25 | $1.5B | $786.0M | ||
| Q3 25 | $1.4B | $735.2M | ||
| Q2 25 | $1.4B | $681.5M | ||
| Q1 25 | $1.4B | $656.5M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | $581.9M | ||
| Q2 24 | $1.0B | $521.5M |
| Q1 26 | — | — | ||
| 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 26 | — | $1.4B | ||
| Q4 25 | $3.5B | $1.3B | ||
| Q3 25 | $3.3B | $1.3B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $2.9B | $1.2B | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | $1.1B | ||
| Q2 24 | $2.7B | $1.1B |
| Q1 26 | — | $2.1B | ||
| Q4 25 | $13.0B | $2.1B | ||
| Q3 25 | $11.5B | $2.0B | ||
| Q2 25 | $11.2B | $1.9B | ||
| Q1 25 | $10.4B | $1.8B | ||
| Q4 24 | $10.5B | — | ||
| Q3 24 | $10.1B | $1.8B | ||
| Q2 24 | $9.5B | $1.7B |
| Q1 26 | — | — | ||
| 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× | — |
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 | $42.9M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $30.0M |
| 自由现金流率自由现金流/营收 | 29.4% | 11.0% |
| 资本支出强度资本支出/营收 | 13.9% | 4.8% |
| 现金转化率经营现金流/净利润 | 1.34× | 0.88× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $161.5M |
8季度趋势，按日历期对齐
| Q1 26 | — | $42.9M | ||
| Q4 25 | $173.7M | $69.6M | ||
| Q3 25 | $374.6M | $60.4M | ||
| Q2 25 | $74.6M | $38.7M | ||
| Q1 25 | $210.4M | $66.7M | ||
| Q4 24 | $312.0M | — | ||
| Q3 24 | $196.9M | $62.3M | ||
| Q2 24 | $68.8M | $49.0M |
| Q1 26 | — | $30.0M | ||
| Q4 25 | $118.0M | $49.4M | ||
| Q3 25 | $320.2M | $51.6M | ||
| Q2 25 | $23.5M | $30.5M | ||
| Q1 25 | $157.4M | $61.3M | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | $57.1M | ||
| Q2 24 | $30.5M | $41.5M |
| Q1 26 | — | 11.0% | ||
| Q4 25 | 29.4% | 18.9% | ||
| Q3 25 | 99.9% | 20.5% | ||
| Q2 25 | 7.7% | 12.9% | ||
| Q1 25 | 57.7% | 28.1% | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | 28.5% | ||
| Q2 24 | 13.6% | 21.8% |
| Q1 26 | — | 4.8% | ||
| Q4 25 | 13.9% | 7.7% | ||
| Q3 25 | 17.0% | 3.5% | ||
| Q2 25 | 16.7% | 3.5% | ||
| Q1 25 | 19.5% | 2.4% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | 2.6% | ||
| Q2 24 | 17.1% | 3.9% |
| Q1 26 | — | 0.88× | ||
| Q4 25 | 1.34× | 1.54× | ||
| Q3 25 | 4.64× | 1.65× | ||
| Q2 25 | 1.08× | 1.22× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 2.12× | ||
| Q2 24 | — | 2.46× |
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% |
MTSI
| Industrial Defense | $117.7M | 43% |
| Data Center | $85.8M | 32% |
| Telecom | $68.1M | 25% |
