vs
Affirm Holdings, Inc.（AFRM）与Natera, Inc.（NTRA）财务数据对比。点击上方公司名可切换其他公司
Natera, Inc.的季度营收约是Affirm Holdings, Inc.的1.7倍（$665.5M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 7.1%，领先25.2%），Natera, Inc.同比增速更快（39.8% vs 32.5%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $37.8M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 34.5%）
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。
Natera是总部位于美国得克萨斯州奥斯汀的临床基因检测企业，主打无创游离DNA（cfDNA）检测技术，业务覆盖女性健康、肿瘤及器官健康三大核心赛道。其自研专利技术结合前沿分子生物学手段与生物信息学工具矩阵，可实现单管血液样本中低至单个分子级别的高灵敏度检测。
AFRM vs NTRA — 直观对比
营收规模更大
NTRA
是对方的1.7倍
$401.4M
营收增速更快
NTRA
高出7.3%
32.5%
净利率更高
AFRM
高出25.2%
7.1%
自由现金流更多
AFRM
多$80.2M
$37.8M
两年增速更快
AFRM
近两年复合增速
34.5%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $665.5M |
| 净利润 | $129.6M | $47.3M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | -3.4% |
| 净利率 | 32.3% | 7.1% |
| 营收同比 | 32.5% | 39.8% |
| 净利润同比 | 61.3% | 187.9% |
| 每股收益（稀释后） | $0.37 | $0.36 |
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AFRMNTRA
| Q4 25 | $401.4M | $665.5M | ||
| Q3 25 | $320.5M | $592.2M | ||
| Q2 25 | $306.6M | $546.6M | ||
| Q1 25 | $272.5M | $501.8M | ||
| Q4 24 | $303.0M | $476.1M | ||
| Q3 24 | $231.8M | $439.8M | ||
| Q2 24 | $224.0M | $413.4M | ||
| Q1 24 | $195.0M | $367.7M |
净利润AFRMNTRA
| Q4 25 | $129.6M | $47.3M | ||
| Q3 25 | $80.7M | $-87.5M | ||
| Q2 25 | $69.2M | $-100.9M | ||
| Q1 25 | $2.8M | $-66.9M | ||
| Q4 24 | $80.4M | $-53.8M | ||
| Q3 24 | $-100.2M | $-31.6M | ||
| Q2 24 | $-45.1M | $-37.5M | ||
| Q1 24 | $-133.9M | $-67.6M |
营业利润率AFRMNTRA
| Q4 25 | 29.3% | -3.4% | ||
| Q3 25 | 19.9% | -16.5% | ||
| Q2 25 | 18.9% | -20.2% | ||
| Q1 25 | -3.1% | -15.8% | ||
| Q4 24 | -1.4% | -13.6% | ||
| Q3 24 | -57.2% | -8.9% | ||
| Q2 24 | -32.8% | -10.6% | ||
| Q1 24 | -82.5% | -20.2% |
净利率AFRMNTRA
| Q4 25 | 32.3% | 7.1% | ||
| Q3 25 | 25.2% | -14.8% | ||
| Q2 25 | 22.6% | -18.5% | ||
| Q1 25 | 1.0% | -13.3% | ||
| Q4 24 | 26.5% | -11.3% | ||
| Q3 24 | -43.2% | -7.2% | ||
| Q2 24 | -20.2% | -9.1% | ||
| Q1 24 | -68.7% | -18.4% |
每股收益（稀释后）AFRMNTRA
| Q4 25 | $0.37 | $0.36 | ||
| Q3 25 | $0.23 | $-0.64 | ||
| Q2 25 | $0.22 | $-0.74 | ||
| Q1 25 | $0.01 | $-0.50 | ||
| Q4 24 | $0.23 | $-0.41 | ||
| Q3 24 | $-0.31 | $-0.26 | ||
| Q2 24 | $-0.13 | $-0.30 | ||
| Q1 24 | $-0.43 | $-0.56 |
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 | — |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | $1.7B |
| 总资产 | $13.0B | $2.4B |
| 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AFRMNTRA
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $1.0M | ||
| Q2 25 | $1.4B | $16.0M | ||
| Q1 25 | $1.4B | $17.8M | ||
| Q4 24 | $1.2B | $22.7M | ||
| Q3 24 | $1.0B | $29.5M | ||
| Q2 24 | $1.0B | $90.3M | ||
| Q1 24 | $1.3B | $69.1M |
总债务AFRMNTRA
| 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AFRMNTRA
| Q4 25 | $3.5B | $1.7B | ||
| Q3 25 | $3.3B | $1.3B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $2.9B | $1.2B | ||
| Q4 24 | $2.8B | $1.2B | ||
| Q3 24 | $2.8B | $878.5M | ||
| Q2 24 | $2.7B | $836.5M | ||
| Q1 24 | $2.6B | $794.1M |
总资产AFRMNTRA
| Q4 25 | $13.0B | $2.4B | ||
| Q3 25 | $11.5B | $1.8B | ||
| Q2 25 | $11.2B | $1.8B | ||
| Q1 25 | $10.4B | $1.7B | ||
| Q4 24 | $10.5B | $1.7B | ||
| Q3 24 | $10.1B | $1.6B | ||
| Q2 24 | $9.5B | $1.5B | ||
| Q1 24 | $9.2B | $1.5B |
负债/权益比AFRMNTRA
| 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 | $73.9M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $37.8M |
| 自由现金流率自由现金流/营收 | 29.4% | 5.7% |
| 资本支出强度资本支出/营收 | 13.9% | 5.4% |
| 现金转化率经营现金流/净利润 | 1.34× | 1.56× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $109.1M |
8季度趋势，按日历期对齐
经营现金流AFRMNTRA
| Q4 25 | $173.7M | $73.9M | ||
| Q3 25 | $374.6M | $59.4M | ||
| Q2 25 | $74.6M | $37.6M | ||
| Q1 25 | $210.4M | $44.5M | ||
| Q4 24 | $312.0M | $52.9M | ||
| Q3 24 | $196.9M | $51.8M | ||
| Q2 24 | $68.8M | $4.0M | ||
| Q1 24 | $208.2M | $27.0M |
自由现金流AFRMNTRA
| Q4 25 | $118.0M | $37.8M | ||
| Q3 25 | $320.2M | $37.0M | ||
| Q2 25 | $23.5M | $11.7M | ||
| Q1 25 | $157.4M | $22.6M | ||
| Q4 24 | $268.1M | $34.8M | ||
| Q3 24 | $152.7M | $35.5M | ||
| Q2 24 | $30.5M | $-7.7M | ||
| Q1 24 | $161.7M | $6.7M |
自由现金流率AFRMNTRA
| Q4 25 | 29.4% | 5.7% | ||
| Q3 25 | 99.9% | 6.2% | ||
| Q2 25 | 7.7% | 2.1% | ||
| Q1 25 | 57.7% | 4.5% | ||
| Q4 24 | 88.5% | 7.3% | ||
| Q3 24 | 65.9% | 8.1% | ||
| Q2 24 | 13.6% | -1.9% | ||
| Q1 24 | 82.9% | 1.8% |
资本支出强度AFRMNTRA
| Q4 25 | 13.9% | 5.4% | ||
| Q3 25 | 17.0% | 3.8% | ||
| Q2 25 | 16.7% | 4.7% | ||
| Q1 25 | 19.5% | 4.3% | ||
| Q4 24 | 14.5% | 3.8% | ||
| Q3 24 | 19.0% | 3.7% | ||
| Q2 24 | 17.1% | 2.8% | ||
| Q1 24 | 23.8% | 5.5% |
现金转化率AFRMNTRA
| Q4 25 | 1.34× | 1.56× | ||
| 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% |
NTRA
暂无分部数据
