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Affirm Holdings, Inc.（AFRM）与UiPath, Inc.（PATH）财务数据对比。点击上方公司名可切换其他公司
UiPath, Inc.的季度营收约是Affirm Holdings, Inc.的1.0倍（$411.1M vs $401.4M），UiPath, Inc.净利率更高（48.4% vs 32.3%，领先16.1%），Affirm Holdings, Inc.同比增速更快（32.5% vs 15.9%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $25.1M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 0.7%）
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。
UiPath是一家全球化软件企业，专注于开发人工智能、智能自动化及流程编排类软件，其产品支持用户搭建与调度AI代理，实现复杂业务流程、工作流的自动化运行，助力各行业客户提升运营效率、降低人力成本。
AFRM vs PATH — 直观对比
营收规模更大
PATH
是对方的1.0倍
$401.4M
营收增速更快
AFRM
高出16.5%
15.9%
净利率更高
PATH
高出16.1%
32.3%
自由现金流更多
AFRM
多$92.9M
$25.1M
两年增速更快
AFRM
近两年复合增速
0.7%
损益表 — Q2 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $411.1M |
| 净利润 | $129.6M | $198.8M |
| 毛利率 | — | 83.3% |
| 营业利润率 | 29.3% | 3.2% |
| 净利率 | 32.3% | 48.4% |
| 营收同比 | 32.5% | 15.9% |
| 净利润同比 | 61.3% | 1966.2% |
| 每股收益（稀释后） | $0.37 | $0.37 |
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AFRMPATH
| Q4 25 | $401.4M | $411.1M | ||
| Q3 25 | $320.5M | $361.7M | ||
| Q2 25 | $306.6M | $356.6M | ||
| Q1 25 | $272.5M | $423.6M | ||
| Q4 24 | $303.0M | $354.7M | ||
| Q3 24 | $231.8M | $316.3M | ||
| Q2 24 | $224.0M | $335.1M | ||
| Q1 24 | $195.0M | $405.3M |
净利润AFRMPATH
| Q4 25 | $129.6M | $198.8M | ||
| Q3 25 | $80.7M | $1.6M | ||
| Q2 25 | $69.2M | $-22.6M | ||
| Q1 25 | $2.8M | $51.8M | ||
| Q4 24 | $80.4M | $-10.7M | ||
| Q3 24 | $-100.2M | $-86.1M | ||
| Q2 24 | $-45.1M | $-28.7M | ||
| Q1 24 | $-133.9M | $33.9M |
毛利率AFRMPATH
| Q4 25 | — | 83.3% | ||
| Q3 25 | — | 82.2% | ||
| Q2 25 | — | 82.1% | ||
| Q1 25 | — | 84.8% | ||
| Q4 24 | — | 82.0% | ||
| Q3 24 | — | 80.0% | ||
| Q2 24 | — | 83.5% | ||
| Q1 24 | — | 86.8% |
营业利润率AFRMPATH
| Q4 25 | 29.3% | 3.2% | ||
| Q3 25 | 19.9% | -5.6% | ||
| Q2 25 | 18.9% | -4.6% | ||
| Q1 25 | -3.1% | 7.9% | ||
| Q4 24 | -1.4% | -12.2% | ||
| Q3 24 | -57.2% | -32.7% | ||
| Q2 24 | -32.8% | -14.8% | ||
| Q1 24 | -82.5% | 3.7% |
净利率AFRMPATH
| Q4 25 | 32.3% | 48.4% | ||
| Q3 25 | 25.2% | 0.4% | ||
| Q2 25 | 22.6% | -6.3% | ||
| Q1 25 | 1.0% | 12.2% | ||
| Q4 24 | 26.5% | -3.0% | ||
| Q3 24 | -43.2% | -27.2% | ||
| Q2 24 | -20.2% | -8.6% | ||
| Q1 24 | -68.7% | 8.4% |
每股收益（稀释后）AFRMPATH
| Q4 25 | $0.37 | $0.37 | ||
| Q3 25 | $0.23 | $0.00 | ||
| Q2 25 | $0.22 | $-0.04 | ||
| Q1 25 | $0.01 | $0.09 | ||
| Q4 24 | $0.23 | $-0.02 | ||
| Q3 24 | $-0.31 | $-0.15 | ||
| Q2 24 | $-0.13 | $-0.05 | ||
| Q1 24 | $-0.43 | $0.07 |
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 | $1.4B |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | $1.9B |
| 总资产 | $13.0B | $2.9B |
| 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AFRMPATH
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.4B | $1.4B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.0B | $1.7B | ||
| Q2 24 | $1.0B | $1.9B | ||
| Q1 24 | $1.3B | $1.9B |
总债务AFRMPATH
| 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AFRMPATH
| Q4 25 | $3.5B | $1.9B | ||
| Q3 25 | $3.3B | $1.7B | ||
| Q2 25 | $3.1B | $1.7B | ||
| Q1 25 | $2.9B | $1.8B | ||
| Q4 24 | $2.8B | $1.7B | ||
| Q3 24 | $2.8B | $1.8B | ||
| Q2 24 | $2.7B | $2.0B | ||
| Q1 24 | $2.6B | $2.0B |
总资产AFRMPATH
| Q4 25 | $13.0B | $2.9B | ||
| Q3 25 | $11.5B | $2.6B | ||
| Q2 25 | $11.2B | $2.6B | ||
| Q1 25 | $10.4B | $2.9B | ||
| Q4 24 | $10.5B | $2.7B | ||
| Q3 24 | $10.1B | $2.7B | ||
| Q2 24 | $9.5B | $2.8B | ||
| Q1 24 | $9.2B | $3.0B |
负债/权益比AFRMPATH
| 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 | $28.3M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $25.1M |
| 自由现金流率自由现金流/营收 | 29.4% | 6.1% |
| 资本支出强度资本支出/营收 | 13.9% | 0.8% |
| 现金转化率经营现金流/净利润 | 1.34× | 0.14× |
| 过去12个月自由现金流最近4个季度 | $619.1M | — |
8季度趋势，按日历期对齐
经营现金流AFRMPATH
| Q4 25 | $173.7M | $28.3M | ||
| Q3 25 | $374.6M | $41.6M | ||
| Q2 25 | $74.6M | $119.0M | ||
| Q1 25 | $210.4M | $146.1M | ||
| Q4 24 | $312.0M | $28.1M | ||
| Q3 24 | $196.9M | $46.4M | ||
| Q2 24 | $68.8M | $100.0M | ||
| Q1 24 | $208.2M | $145.6M |
自由现金流AFRMPATH
| Q4 25 | $118.0M | $25.1M | ||
| Q3 25 | $320.2M | — | ||
| Q2 25 | $23.5M | $106.2M | ||
| Q1 25 | $157.4M | $138.7M | ||
| Q4 24 | $268.1M | $23.2M | ||
| Q3 24 | $152.7M | $45.0M | ||
| Q2 24 | $30.5M | $98.8M | ||
| Q1 24 | $161.7M | $141.8M |
自由现金流率AFRMPATH
| Q4 25 | 29.4% | 6.1% | ||
| Q3 25 | 99.9% | — | ||
| Q2 25 | 7.7% | 29.8% | ||
| Q1 25 | 57.7% | 32.7% | ||
| Q4 24 | 88.5% | 6.5% | ||
| Q3 24 | 65.9% | 14.2% | ||
| Q2 24 | 13.6% | 29.5% | ||
| Q1 24 | 82.9% | 35.0% |
资本支出强度AFRMPATH
| Q4 25 | 13.9% | 0.8% | ||
| Q3 25 | 17.0% | 0.0% | ||
| Q2 25 | 16.7% | 3.6% | ||
| Q1 25 | 19.5% | 1.7% | ||
| Q4 24 | 14.5% | 1.4% | ||
| Q3 24 | 19.0% | 0.4% | ||
| Q2 24 | 17.1% | 0.4% | ||
| Q1 24 | 23.8% | 0.9% |
现金转化率AFRMPATH
| Q4 25 | 1.34× | 0.14× | ||
| Q3 25 | 4.64× | 26.25× | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | 2.82× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 4.29× |
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% |
PATH
| Subscription Services | $247.6M | 60% |
| License | $150.0M | 36% |
| Professional Services And Other | $13.5M | 3% |
