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Affirm Holdings, Inc.（AFRM）与ONESPAWORLD HOLDINGS Ltd（OSW）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ONESPAWORLD HOLDINGS Ltd的1.7倍（$401.4M vs $242.1M），Affirm Holdings, Inc.净利率更高（32.3% vs 5.0%，领先27.3%），Affirm Holdings, Inc.同比增速更快（32.5% vs 11.5%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $14.9M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 7.1%）
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。
AFRM vs OSW — 直观对比
营收规模更大
AFRM
是对方的1.7倍
$242.1M
营收增速更快
AFRM
高出21.0%
11.5%
净利率更高
AFRM
高出27.3%
5.0%
自由现金流更多
AFRM
多$103.1M
$14.9M
两年增速更快
AFRM
近两年复合增速
7.1%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $242.1M |
| 净利润 | $129.6M | $12.1M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | 6.8% |
| 净利率 | 32.3% | 5.0% |
| 营收同比 | 32.5% | 11.5% |
| 净利润同比 | 61.3% | -16.2% |
| 每股收益（稀释后） | $0.37 | $0.12 |
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AFRMOSW
| Q4 25 | $401.4M | $242.1M | ||
| Q3 25 | $320.5M | $258.5M | ||
| Q2 25 | $306.6M | $240.7M | ||
| Q1 25 | $272.5M | $219.6M | ||
| Q4 24 | $303.0M | $217.2M | ||
| Q3 24 | $231.8M | $241.7M | ||
| Q2 24 | $224.0M | $224.9M | ||
| Q1 24 | $195.0M | $211.2M |
净利润AFRMOSW
| Q4 25 | $129.6M | $12.1M | ||
| Q3 25 | $80.7M | $24.3M | ||
| Q2 25 | $69.2M | $19.9M | ||
| Q1 25 | $2.8M | $15.3M | ||
| Q4 24 | $80.4M | $14.4M | ||
| Q3 24 | $-100.2M | $21.6M | ||
| Q2 24 | $-45.1M | $15.8M | ||
| Q1 24 | $-133.9M | $21.2M |
营业利润率AFRMOSW
| Q4 25 | 29.3% | 6.8% | ||
| Q3 25 | 19.9% | 10.2% | ||
| Q2 25 | 18.9% | 9.2% | ||
| Q1 25 | -3.1% | 7.7% | ||
| Q4 24 | -1.4% | 7.9% | ||
| Q3 24 | -57.2% | 10.3% | ||
| Q2 24 | -32.8% | 8.4% | ||
| Q1 24 | -82.5% | 8.0% |
净利率AFRMOSW
| Q4 25 | 32.3% | 5.0% | ||
| Q3 25 | 25.2% | 9.4% | ||
| Q2 25 | 22.6% | 8.3% | ||
| Q1 25 | 1.0% | 7.0% | ||
| Q4 24 | 26.5% | 6.6% | ||
| Q3 24 | -43.2% | 8.9% | ||
| Q2 24 | -20.2% | 7.0% | ||
| Q1 24 | -68.7% | 10.0% |
每股收益（稀释后）AFRMOSW
| Q4 25 | $0.37 | $0.12 | ||
| Q3 25 | $0.23 | $0.23 | ||
| Q2 25 | $0.22 | $0.19 | ||
| Q1 25 | $0.01 | $0.15 | ||
| Q4 24 | $0.23 | $0.13 | ||
| Q3 24 | $-0.31 | $0.20 | ||
| Q2 24 | $-0.13 | $0.15 | ||
| Q1 24 | $-0.43 | $0.21 |
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 | $16.3M |
| 总债务越低越好 | $9.0B | $84.0M |
| 股东权益账面价值 | $3.5B | $542.6M |
| 总资产 | $13.0B | $707.1M |
| 负债/权益比越低杠杆越低 | 2.54× | 0.15× |
8季度趋势，按日历期对齐
现金及短期投资AFRMOSW
| Q4 25 | $1.5B | $16.3M | ||
| Q3 25 | $1.4B | $29.6M | ||
| Q2 25 | $1.4B | $35.0M | ||
| Q1 25 | $1.4B | $22.6M | ||
| Q4 24 | $1.2B | $57.4M | ||
| Q3 24 | $1.0B | $48.8M | ||
| Q2 24 | $1.0B | $62.5M | ||
| Q1 24 | $1.3B | $65.4M |
总债务AFRMOSW
| Q4 25 | $9.0B | $84.0M | ||
| Q3 25 | $7.7B | $85.2M | ||
| Q2 25 | $7.6B | $96.2M | ||
| Q1 25 | $7.1B | $97.4M | ||
| Q4 24 | $7.3B | $98.6M | ||
| Q3 24 | — | $98.7M | ||
| Q2 24 | $1.8B | $123.8M | ||
| Q1 24 | — | $138.6M |
股东权益AFRMOSW
| Q4 25 | $3.5B | $542.6M | ||
| Q3 25 | $3.3B | $552.8M | ||
| Q2 25 | $3.1B | $548.3M | ||
| Q1 25 | $2.9B | $530.6M | ||
| Q4 24 | $2.8B | $554.5M | ||
| Q3 24 | $2.8B | $540.1M | ||
| Q2 24 | $2.7B | $532.7M | ||
| Q1 24 | $2.6B | $515.5M |
总资产AFRMOSW
| Q4 25 | $13.0B | $707.1M | ||
| Q3 25 | $11.5B | $732.6M | ||
| Q2 25 | $11.2B | $731.8M | ||
| Q1 25 | $10.4B | $708.7M | ||
| Q4 24 | $10.5B | $746.4M | ||
| Q3 24 | $10.1B | $734.0M | ||
| Q2 24 | $9.5B | $756.8M | ||
| Q1 24 | $9.2B | $763.6M |
负债/权益比AFRMOSW
| Q4 25 | 2.54× | 0.15× | ||
| Q3 25 | 2.35× | 0.15× | ||
| Q2 25 | 2.48× | 0.18× | ||
| Q1 25 | 2.49× | 0.18× | ||
| Q4 24 | 2.62× | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | 0.67× | 0.23× | ||
| Q1 24 | — | 0.27× |
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 | $20.0M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $14.9M |
| 自由现金流率自由现金流/营收 | 29.4% | 6.2% |
| 资本支出强度资本支出/营收 | 13.9% | 2.1% |
| 现金转化率经营现金流/净利润 | 1.34× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $68.4M |
8季度趋势，按日历期对齐
经营现金流AFRMOSW
| Q4 25 | $173.7M | $20.0M | ||
| Q3 25 | $374.6M | $33.2M | ||
| Q2 25 | $74.6M | $20.3M | ||
| Q1 25 | $210.4M | $10.1M | ||
| Q4 24 | $312.0M | $16.6M | ||
| Q3 24 | $196.9M | $28.6M | ||
| Q2 24 | $68.8M | $18.7M | ||
| Q1 24 | $208.2M | $15.0M |
自由现金流AFRMOSW
| Q4 25 | $118.0M | $14.9M | ||
| Q3 25 | $320.2M | $27.6M | ||
| Q2 25 | $23.5M | $17.6M | ||
| Q1 25 | $157.4M | $8.4M | ||
| Q4 24 | $268.1M | $13.2M | ||
| Q3 24 | $152.7M | $27.5M | ||
| Q2 24 | $30.5M | $17.6M | ||
| Q1 24 | $161.7M | $13.7M |
自由现金流率AFRMOSW
| Q4 25 | 29.4% | 6.2% | ||
| Q3 25 | 99.9% | 10.7% | ||
| Q2 25 | 7.7% | 7.3% | ||
| Q1 25 | 57.7% | 3.8% | ||
| Q4 24 | 88.5% | 6.1% | ||
| Q3 24 | 65.9% | 11.4% | ||
| Q2 24 | 13.6% | 7.8% | ||
| Q1 24 | 82.9% | 6.5% |
资本支出强度AFRMOSW
| Q4 25 | 13.9% | 2.1% | ||
| Q3 25 | 17.0% | 2.2% | ||
| Q2 25 | 16.7% | 1.1% | ||
| Q1 25 | 19.5% | 0.8% | ||
| Q4 24 | 14.5% | 1.5% | ||
| Q3 24 | 19.0% | 0.5% | ||
| Q2 24 | 17.1% | 0.5% | ||
| Q1 24 | 23.8% | 0.6% |
现金转化率AFRMOSW
| Q4 25 | 1.34× | 1.65× | ||
| Q3 25 | 4.64× | 1.36× | ||
| Q2 25 | 1.08× | 1.02× | ||
| Q1 25 | 75.03× | 0.66× | ||
| Q4 24 | 3.88× | 1.15× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | 0.71× |
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% |
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
