vs
Affirm Holdings, Inc.（AFRM）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是Affirm Holdings, Inc.的1.5倍（$614.5M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs -2.0%，领先34.2%），Cloudflare, Inc.同比增速更快（33.6% vs 32.5%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $105.2M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 27.4%）
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。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
AFRM vs NET — 直观对比
营收规模更大
NET
是对方的1.5倍
$401.4M
营收增速更快
NET
高出1.1%
32.5%
净利率更高
AFRM
高出34.2%
-2.0%
自由现金流更多
AFRM
多$12.8M
$105.2M
两年增速更快
AFRM
近两年复合增速
27.4%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $614.5M |
| 净利润 | $129.6M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 29.3% | -8.0% |
| 净利率 | 32.3% | -2.0% |
| 营收同比 | 32.5% | 33.6% |
| 净利润同比 | 61.3% | 6.0% |
| 每股收益（稀释后） | $0.37 | $-0.03 |
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AFRMNET
| Q4 25 | $401.4M | $614.5M | ||
| Q3 25 | $320.5M | $562.0M | ||
| Q2 25 | $306.6M | $512.3M | ||
| Q1 25 | $272.5M | $479.1M | ||
| Q4 24 | $303.0M | $459.9M | ||
| Q3 24 | $231.8M | $430.1M | ||
| Q2 24 | $224.0M | $401.0M | ||
| Q1 24 | $195.0M | $378.6M |
净利润AFRMNET
| Q4 25 | $129.6M | $-12.1M | ||
| Q3 25 | $80.7M | $-1.3M | ||
| Q2 25 | $69.2M | $-50.4M | ||
| Q1 25 | $2.8M | $-38.5M | ||
| Q4 24 | $80.4M | $-12.8M | ||
| Q3 24 | $-100.2M | $-15.3M | ||
| Q2 24 | $-45.1M | $-15.1M | ||
| Q1 24 | $-133.9M | $-35.5M |
毛利率AFRMNET
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
营业利润率AFRMNET
| Q4 25 | 29.3% | -8.0% | ||
| Q3 25 | 19.9% | -6.7% | ||
| Q2 25 | 18.9% | -13.1% | ||
| Q1 25 | -3.1% | -11.1% | ||
| Q4 24 | -1.4% | -7.5% | ||
| Q3 24 | -57.2% | -7.2% | ||
| Q2 24 | -32.8% | -8.7% | ||
| Q1 24 | -82.5% | -14.4% |
净利率AFRMNET
| Q4 25 | 32.3% | -2.0% | ||
| Q3 25 | 25.2% | -0.2% | ||
| Q2 25 | 22.6% | -9.8% | ||
| Q1 25 | 1.0% | -8.0% | ||
| Q4 24 | 26.5% | -2.8% | ||
| Q3 24 | -43.2% | -3.6% | ||
| Q2 24 | -20.2% | -3.8% | ||
| Q1 24 | -68.7% | -9.4% |
每股收益（稀释后）AFRMNET
| Q4 25 | $0.37 | $-0.03 | ||
| Q3 25 | $0.23 | $0.00 | ||
| Q2 25 | $0.22 | $-0.15 | ||
| Q1 25 | $0.01 | $-0.11 | ||
| Q4 24 | $0.23 | $-0.05 | ||
| Q3 24 | $-0.31 | $-0.04 | ||
| Q2 24 | $-0.13 | $-0.04 | ||
| Q1 24 | $-0.43 | $-0.10 |
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 | $943.5M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | $1.5B |
| 总资产 | $13.0B | $6.0B |
| 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AFRMNET
| Q4 25 | $1.5B | $943.5M | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $1.4B | $204.5M | ||
| Q4 24 | $1.2B | $147.7M | ||
| Q3 24 | $1.0B | $182.9M | ||
| Q2 24 | $1.0B | $157.0M | ||
| Q1 24 | $1.3B | $254.4M |
总债务AFRMNET
| 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AFRMNET
| Q4 25 | $3.5B | $1.5B | ||
| Q3 25 | $3.3B | $1.3B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $2.9B | $1.4B | ||
| Q4 24 | $2.8B | $1.0B | ||
| Q3 24 | $2.8B | $973.1M | ||
| Q2 24 | $2.7B | $881.5M | ||
| Q1 24 | $2.6B | $797.2M |
总资产AFRMNET
| Q4 25 | $13.0B | $6.0B | ||
| Q3 25 | $11.5B | $5.8B | ||
| Q2 25 | $11.2B | $5.6B | ||
| Q1 25 | $10.4B | $3.7B | ||
| Q4 24 | $10.5B | $3.3B | ||
| Q3 24 | $10.1B | $3.1B | ||
| Q2 24 | $9.5B | $2.9B | ||
| Q1 24 | $9.2B | $2.8B |
负债/权益比AFRMNET
| 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 | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 29.4% | 17.1% |
| 资本支出强度资本支出/营收 | 13.9% | 13.9% |
| 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 | $287.5M |
8季度趋势，按日历期对齐
经营现金流AFRMNET
| Q4 25 | $173.7M | $190.4M | ||
| Q3 25 | $374.6M | $167.1M | ||
| Q2 25 | $74.6M | $99.8M | ||
| Q1 25 | $210.4M | $145.8M | ||
| Q4 24 | $312.0M | $127.3M | ||
| Q3 24 | $196.9M | $104.7M | ||
| Q2 24 | $68.8M | $74.8M | ||
| Q1 24 | $208.2M | $73.6M |
自由现金流AFRMNET
| Q4 25 | $118.0M | $105.2M | ||
| Q3 25 | $320.2M | $82.5M | ||
| Q2 25 | $23.5M | $39.9M | ||
| Q1 25 | $157.4M | $59.9M | ||
| Q4 24 | $268.1M | $54.2M | ||
| Q3 24 | $152.7M | $54.5M | ||
| Q2 24 | $30.5M | $45.2M | ||
| Q1 24 | $161.7M | $41.5M |
自由现金流率AFRMNET
| Q4 25 | 29.4% | 17.1% | ||
| Q3 25 | 99.9% | 14.7% | ||
| Q2 25 | 7.7% | 7.8% | ||
| Q1 25 | 57.7% | 12.5% | ||
| Q4 24 | 88.5% | 11.8% | ||
| Q3 24 | 65.9% | 12.7% | ||
| Q2 24 | 13.6% | 11.3% | ||
| Q1 24 | 82.9% | 11.0% |
资本支出强度AFRMNET
| Q4 25 | 13.9% | 13.9% | ||
| Q3 25 | 17.0% | 15.1% | ||
| Q2 25 | 16.7% | 11.7% | ||
| Q1 25 | 19.5% | 17.9% | ||
| Q4 24 | 14.5% | 15.9% | ||
| Q3 24 | 19.0% | 11.7% | ||
| Q2 24 | 17.1% | 7.4% | ||
| Q1 24 | 23.8% | 8.5% |
现金转化率AFRMNET
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| 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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
