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Affirm Holdings, Inc.（AFRM）与Natural Grocers by Vitamin Cottage, Inc.（NGVC）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Natural Grocers by Vitamin Cottage, Inc.的1.2倍（$401.4M vs $335.6M），Affirm Holdings, Inc.净利率更高（32.3% vs 3.4%，领先28.9%），Affirm Holdings, Inc.同比增速更快（32.5% vs 1.6%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $11.6M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 4.4%）
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。
Natural Grocers by Vitamin Cottage, Inc.是美国本土的特色零售连锁企业，主营认证有机食品、膳食补充剂、天然个护及环保家居类产品，面向健康意识较强的消费群体，门店覆盖美国多州，执行严格品控标准，拒绝售卖含人工添加剂的商品。
AFRM vs NGVC — 直观对比
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $335.6M |
| 净利润 | $129.6M | $11.3M |
| 毛利率 | — | 29.5% |
| 营业利润率 | 29.3% | 4.4% |
| 净利率 | 32.3% | 3.4% |
| 营收同比 | 32.5% | 1.6% |
| 净利润同比 | 61.3% | 14.0% |
| 每股收益（稀释后） | $0.37 | $0.49 |
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
| Q4 25 | $401.4M | $335.6M | ||
| Q3 25 | $320.5M | $336.1M | ||
| Q2 25 | $306.6M | $328.7M | ||
| Q1 25 | $272.5M | $335.8M | ||
| Q4 24 | $303.0M | $330.2M | ||
| Q3 24 | $231.8M | $322.7M | ||
| Q2 24 | $224.0M | $309.1M | ||
| Q1 24 | $195.0M | $308.1M |
| Q4 25 | $129.6M | $11.3M | ||
| Q3 25 | $80.7M | $11.8M | ||
| Q2 25 | $69.2M | $11.6M | ||
| Q1 25 | $2.8M | $13.1M | ||
| Q4 24 | $80.4M | $9.9M | ||
| Q3 24 | $-100.2M | $9.0M | ||
| Q2 24 | $-45.1M | $9.2M | ||
| Q1 24 | $-133.9M | $8.0M |
| Q4 25 | — | 29.5% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 29.9% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | — | 29.9% | ||
| Q3 24 | — | 29.6% | ||
| Q2 24 | — | 29.2% | ||
| Q1 24 | — | 29.3% |
| Q4 25 | 29.3% | 4.4% | ||
| Q3 25 | 19.9% | 4.6% | ||
| Q2 25 | 18.9% | 4.7% | ||
| Q1 25 | -3.1% | 5.2% | ||
| Q4 24 | -1.4% | 4.0% | ||
| Q3 24 | -57.2% | 3.7% | ||
| Q2 24 | -32.8% | 4.2% | ||
| Q1 24 | -82.5% | 3.7% |
| Q4 25 | 32.3% | 3.4% | ||
| Q3 25 | 25.2% | 3.5% | ||
| Q2 25 | 22.6% | 3.5% | ||
| Q1 25 | 1.0% | 3.9% | ||
| Q4 24 | 26.5% | 3.0% | ||
| Q3 24 | -43.2% | 2.8% | ||
| Q2 24 | -20.2% | 3.0% | ||
| Q1 24 | -68.7% | 2.6% |
| Q4 25 | $0.37 | $0.49 | ||
| Q3 25 | $0.23 | $0.51 | ||
| Q2 25 | $0.22 | $0.50 | ||
| Q1 25 | $0.01 | $0.56 | ||
| Q4 24 | $0.23 | $0.43 | ||
| Q3 24 | $-0.31 | $0.38 | ||
| Q2 24 | $-0.13 | $0.40 | ||
| Q1 24 | $-0.43 | $0.35 |
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 | $23.2M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | $220.0M |
| 总资产 | $13.0B | $668.6M |
| 负债/权益比越低杠杆越低 | 2.54× | — |
8季度趋势，按日历期对齐
| Q4 25 | $1.5B | $23.2M | ||
| Q3 25 | $1.4B | $17.1M | ||
| Q2 25 | $1.4B | $13.2M | ||
| Q1 25 | $1.4B | $21.2M | ||
| Q4 24 | $1.2B | $6.3M | ||
| Q3 24 | $1.0B | $8.9M | ||
| Q2 24 | $1.0B | $13.9M | ||
| Q1 24 | $1.3B | $11.0M |
| 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 | — | — |
| Q4 25 | $3.5B | $220.0M | ||
| Q3 25 | $3.3B | $212.4M | ||
| Q2 25 | $3.1B | $202.5M | ||
| Q1 25 | $2.9B | $193.0M | ||
| Q4 24 | $2.8B | $181.9M | ||
| Q3 24 | $2.8B | $174.3M | ||
| Q2 24 | $2.7B | $167.8M | ||
| Q1 24 | $2.6B | $160.0M |
| Q4 25 | $13.0B | $668.6M | ||
| Q3 25 | $11.5B | $670.5M | ||
| Q2 25 | $11.2B | $659.0M | ||
| Q1 25 | $10.4B | $664.6M | ||
| Q4 24 | $10.5B | $648.9M | ||
| Q3 24 | $10.1B | $655.5M | ||
| Q2 24 | $9.5B | $654.4M | ||
| Q1 24 | $9.2B | $656.6M |
| 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 | $21.1M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $11.6M |
| 自由现金流率自由现金流/营收 | 29.4% | 3.4% |
| 资本支出强度资本支出/营收 | 13.9% | 2.9% |
| 现金转化率经营现金流/净利润 | 1.34× | 1.86× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $42.6M |
8季度趋势，按日历期对齐
| Q4 25 | $173.7M | $21.1M | ||
| Q3 25 | $374.6M | $15.6M | ||
| Q2 25 | $74.6M | $2.9M | ||
| Q1 25 | $210.4M | $34.1M | ||
| Q4 24 | $312.0M | $2.7M | ||
| Q3 24 | $196.9M | $24.5M | ||
| Q2 24 | $68.8M | $12.4M | ||
| Q1 24 | $208.2M | $20.2M |
| Q4 25 | $118.0M | $11.6M | ||
| Q3 25 | $320.2M | $7.5M | ||
| Q2 25 | $23.5M | $-4.2M | ||
| Q1 25 | $157.4M | $27.6M | ||
| Q4 24 | $268.1M | $-6.9M | ||
| Q3 24 | $152.7M | $18.0M | ||
| Q2 24 | $30.5M | $3.6M | ||
| Q1 24 | $161.7M | $9.8M |
| Q4 25 | 29.4% | 3.4% | ||
| Q3 25 | 99.9% | 2.2% | ||
| Q2 25 | 7.7% | -1.3% | ||
| Q1 25 | 57.7% | 8.2% | ||
| Q4 24 | 88.5% | -2.1% | ||
| Q3 24 | 65.9% | 5.6% | ||
| Q2 24 | 13.6% | 1.2% | ||
| Q1 24 | 82.9% | 3.2% |
| Q4 25 | 13.9% | 2.9% | ||
| Q3 25 | 17.0% | 2.4% | ||
| Q2 25 | 16.7% | 2.2% | ||
| Q1 25 | 19.5% | 1.9% | ||
| Q4 24 | 14.5% | 2.9% | ||
| Q3 24 | 19.0% | 2.0% | ||
| Q2 24 | 17.1% | 2.9% | ||
| Q1 24 | 23.8% | 3.4% |
| Q4 25 | 1.34× | 1.86× | ||
| Q3 25 | 4.64× | 1.32× | ||
| Q2 25 | 1.08× | 0.25× | ||
| Q1 25 | 75.03× | 2.60× | ||
| Q4 24 | 3.88× | 0.27× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | — | 2.54× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
