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Affirm Holdings, Inc.（AFRM）与NELNET INC（NNI）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NELNET INC的3.7倍（$401.4M vs $107.1M）。NELNET INC净利率更高（53.9% vs 32.3%，领先21.7%）。NELNET INC同比增速更快（33.8% vs 32.5%）。NELNET INC自由现金流更多（$130.1M vs $118.0M）。过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 20.1%）
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。
Nelnet（耐尔奈特）是总部位于美国内布拉斯加州林肯市的综合性企业集团，核心业务涵盖金融服务领域，主营学生贷款、消费贷款的发放与服务，同时设有投资板块与互联网银行，还持有有线电视及网络服务商Allo Fiber 26%的股权。
AFRM vs NNI — 直观对比
营收规模更大
AFRM
是对方的3.7倍
$107.1M
营收增速更快
NNI
高出1.3%
32.5%
净利率更高
NNI
高出21.7%
32.3%
自由现金流更多
NNI
多$12.1M
$118.0M
两年增速更快
AFRM
近两年复合增速
20.1%
损益表 — Q2 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $107.1M |
| 净利润 | $129.6M | $57.8M |
| 毛利率 | — | 50.5% |
| 营业利润率 | 29.3% | — |
| 净利率 | 32.3% | 53.9% |
| 营收同比 | 32.5% | 33.8% |
| 净利润同比 | 61.3% | -8.8% |
| 每股收益（稀释后） | $0.37 | $1.62 |
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AFRMNNI
| Q4 25 | $401.4M | $107.1M | ||
| Q3 25 | $320.5M | $85.3M | ||
| Q2 25 | $306.6M | $79.4M | ||
| Q1 25 | $272.5M | $82.7M | ||
| Q4 24 | $303.0M | $80.1M | ||
| Q3 24 | $231.8M | $72.2M | ||
| Q2 24 | $224.0M | $66.4M | ||
| Q1 24 | $195.0M | $74.2M |
净利润AFRMNNI
| Q4 25 | $129.6M | $57.8M | ||
| Q3 25 | $80.7M | $106.7M | ||
| Q2 25 | $69.2M | $181.5M | ||
| Q1 25 | $2.8M | $82.6M | ||
| Q4 24 | $80.4M | $63.4M | ||
| Q3 24 | $-100.2M | $2.4M | ||
| Q2 24 | $-45.1M | $45.1M | ||
| Q1 24 | $-133.9M | $73.2M |
毛利率AFRMNNI
| Q4 25 | — | 50.5% | ||
| Q3 25 | — | 29.6% | ||
| Q2 25 | — | 29.8% | ||
| Q1 25 | — | 30.5% | ||
| Q4 24 | — | 13.7% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 27.3% | ||
| Q1 24 | — | 15.3% |
营业利润率AFRMNNI
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | — | ||
| Q2 25 | 18.9% | — | ||
| Q1 25 | -3.1% | — | ||
| Q4 24 | -1.4% | 97.7% | ||
| Q3 24 | -57.2% | -3.1% | ||
| Q2 24 | -32.8% | 88.0% | ||
| Q1 24 | -82.5% | — |
净利率AFRMNNI
| Q4 25 | 32.3% | 53.9% | ||
| Q3 25 | 25.2% | 125.1% | ||
| Q2 25 | 22.6% | 228.4% | ||
| Q1 25 | 1.0% | 99.8% | ||
| Q4 24 | 26.5% | 79.1% | ||
| Q3 24 | -43.2% | 3.3% | ||
| Q2 24 | -20.2% | 67.9% | ||
| Q1 24 | -68.7% | 98.6% |
每股收益（稀释后）AFRMNNI
| Q4 25 | $0.37 | $1.62 | ||
| Q3 25 | $0.23 | $2.94 | ||
| Q2 25 | $0.22 | $4.97 | ||
| Q1 25 | $0.01 | $2.26 | ||
| Q4 24 | $0.23 | $1.75 | ||
| Q3 24 | $-0.31 | $0.07 | ||
| Q2 24 | $-0.13 | $1.23 | ||
| Q1 24 | $-0.43 | $1.97 |
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 | $296.0M |
| 总债务越低越好 | $9.0B | $7.8B |
| 股东权益账面价值 | $3.5B | $3.7B |
| 总资产 | $13.0B | $14.1B |
| 负债/权益比越低杠杆越低 | 2.54× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资AFRMNNI
| Q4 25 | $1.5B | $296.0M | ||
| Q3 25 | $1.4B | $216.4M | ||
| Q2 25 | $1.4B | $225.8M | ||
| Q1 25 | $1.4B | $220.5M | ||
| Q4 24 | $1.2B | $194.5M | ||
| Q3 24 | $1.0B | $219.7M | ||
| Q2 24 | $1.0B | $145.5M | ||
| Q1 24 | $1.3B | $179.7M |
总债务AFRMNNI
| Q4 25 | $9.0B | $7.8B | ||
| Q3 25 | $7.7B | $7.8B | ||
| Q2 25 | $7.6B | $7.9B | ||
| Q1 25 | $7.1B | $8.7B | ||
| Q4 24 | $7.3B | $8.3B | ||
| Q3 24 | — | $8.9B | ||
| Q2 24 | $1.8B | $9.6B | ||
| Q1 24 | — | $10.6B |
股东权益AFRMNNI
| Q4 25 | $3.5B | $3.7B | ||
| Q3 25 | $3.3B | $3.7B | ||
| Q2 25 | $3.1B | $3.6B | ||
| Q1 25 | $2.9B | $3.4B | ||
| Q4 24 | $2.8B | $3.3B | ||
| Q3 24 | $2.8B | $3.3B | ||
| Q2 24 | $2.7B | $3.3B | ||
| Q1 24 | $2.6B | $3.3B |
总资产AFRMNNI
| Q4 25 | $13.0B | $14.1B | ||
| Q3 25 | $11.5B | $13.9B | ||
| Q2 25 | $11.2B | $13.7B | ||
| Q1 25 | $10.4B | $14.2B | ||
| Q4 24 | $10.5B | $13.8B | ||
| Q3 24 | $10.1B | $14.1B | ||
| Q2 24 | $9.5B | $14.5B | ||
| Q1 24 | $9.2B | $15.4B |
负债/权益比AFRMNNI
| Q4 25 | 2.54× | 2.11× | ||
| Q3 25 | 2.35× | 2.14× | ||
| Q2 25 | 2.48× | 2.21× | ||
| Q1 25 | 2.49× | 2.53× | ||
| Q4 24 | 2.62× | 2.48× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | 0.67× | 2.90× | ||
| Q1 24 | — | 3.20× |
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 | $137.6M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $130.1M |
| 自由现金流率自由现金流/营收 | 29.4% | 121.5% |
| 资本支出强度资本支出/营收 | 13.9% | 7.0% |
| 现金转化率经营现金流/净利润 | 1.34× | 2.38× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $396.7M |
8季度趋势，按日历期对齐
经营现金流AFRMNNI
| Q4 25 | $173.7M | $137.6M | ||
| Q3 25 | $374.6M | $112.4M | ||
| Q2 25 | $74.6M | $81.8M | ||
| Q1 25 | $210.4M | $91.2M | ||
| Q4 24 | $312.0M | $180.5M | ||
| Q3 24 | $196.9M | $137.0M | ||
| Q2 24 | $68.8M | $133.4M | ||
| Q1 24 | $208.2M | $211.9M |
自由现金流AFRMNNI
| Q4 25 | $118.0M | $130.1M | ||
| Q3 25 | $320.2M | $100.8M | ||
| Q2 25 | $23.5M | $78.1M | ||
| Q1 25 | $157.4M | $87.8M | ||
| Q4 24 | $268.1M | $163.2M | ||
| Q3 24 | $152.7M | $132.6M | ||
| Q2 24 | $30.5M | $122.8M | ||
| Q1 24 | $161.7M | $188.7M |
自由现金流率AFRMNNI
| Q4 25 | 29.4% | 121.5% | ||
| Q3 25 | 99.9% | 118.2% | ||
| Q2 25 | 7.7% | 98.3% | ||
| Q1 25 | 57.7% | 106.1% | ||
| Q4 24 | 88.5% | 203.7% | ||
| Q3 24 | 65.9% | 183.8% | ||
| Q2 24 | 13.6% | 184.9% | ||
| Q1 24 | 82.9% | 254.2% |
资本支出强度AFRMNNI
| Q4 25 | 13.9% | 7.0% | ||
| Q3 25 | 17.0% | 13.7% | ||
| Q2 25 | 16.7% | 4.7% | ||
| Q1 25 | 19.5% | 4.1% | ||
| Q4 24 | 14.5% | 21.7% | ||
| Q3 24 | 19.0% | 6.2% | ||
| Q2 24 | 17.1% | 16.0% | ||
| Q1 24 | 23.8% | 31.3% |
现金转化率AFRMNNI
| Q4 25 | 1.34× | 2.38× | ||
| Q3 25 | 4.64× | 1.05× | ||
| Q2 25 | 1.08× | 0.45× | ||
| Q1 25 | 75.03× | 1.10× | ||
| Q4 24 | 3.88× | 2.85× | ||
| Q3 24 | — | 57.39× | ||
| Q2 24 | — | 2.96× | ||
| Q1 24 | — | 2.89× |
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% |
NNI
| Reinsurance Premiums Earned | $33.5M | 31% |
| Tuition Payment Plan Services | $32.2M | 30% |
| Private Education And Consumer Loan Servicing | $24.8M | 23% |
| Software Services | $11.4M | 11% |
| Solar Construction Revenue | $3.4M | 3% |
| Investment Advice | $1.4M | 1% |
