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Affirm Holdings, Inc.（AFRM）与福尼克斯（PLAB）财务数据对比。点击上方公司名可切换其他公司
Affirm Holdings, Inc.的季度营收约是福尼克斯的1.9倍（$401.4M vs $210.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 10.9%，领先21.4%），Affirm Holdings, Inc.同比增速更快（32.5% vs -5.5%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $25.2M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs -3.8%）
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。
福尼克斯是美国半导体光掩模制造商，2009年时位居全球第三大光掩模供应商，同时也是电子束产业倡议组织的成员，专注于为半导体行业提供关键的掩模产品，支撑芯片制造环节的图形转移需求。
AFRM vs PLAB — 直观对比
营收规模更大
AFRM
是对方的1.9倍
$210.4M
营收增速更快
AFRM
高出38.0%
-5.5%
净利率更高
AFRM
高出21.4%
10.9%
自由现金流更多
AFRM
多$92.8M
$25.2M
两年增速更快
AFRM
近两年复合增速
-3.8%
损益表 — Q2 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $210.4M |
| 净利润 | $129.6M | $22.9M |
| 毛利率 | — | 33.7% |
| 营业利润率 | 29.3% | 22.9% |
| 净利率 | 32.3% | 10.9% |
| 营收同比 | 32.5% | -5.5% |
| 净利润同比 | 61.3% | -32.4% |
| 每股收益（稀释后） | $0.37 | $0.39 |
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AFRMPLAB
| Q4 25 | $401.4M | — | ||
| Q3 25 | $320.5M | $210.4M | ||
| Q2 25 | $306.6M | $211.0M | ||
| Q1 25 | $272.5M | $212.1M | ||
| Q4 24 | $303.0M | $222.6M | ||
| Q3 24 | $231.8M | $211.0M | ||
| Q2 24 | $224.0M | $217.0M | ||
| Q1 24 | $195.0M | $216.3M |
净利润AFRMPLAB
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $22.9M | ||
| Q2 25 | $69.2M | $8.9M | ||
| Q1 25 | $2.8M | $42.9M | ||
| Q4 24 | $80.4M | $33.9M | ||
| Q3 24 | $-100.2M | $34.4M | ||
| Q2 24 | $-45.1M | $36.3M | ||
| Q1 24 | $-133.9M | $26.2M |
毛利率AFRMPLAB
| Q4 25 | — | — | ||
| Q3 25 | — | 33.7% | ||
| Q2 25 | — | 36.9% | ||
| Q1 25 | — | 35.6% | ||
| Q4 24 | — | 37.0% | ||
| Q3 24 | — | 35.6% | ||
| Q2 24 | — | 36.5% | ||
| Q1 24 | — | 36.6% |
营业利润率AFRMPLAB
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | 22.9% | ||
| Q2 25 | 18.9% | 26.4% | ||
| Q1 25 | -3.1% | 24.6% | ||
| Q4 24 | -1.4% | 25.1% | ||
| Q3 24 | -57.2% | 24.7% | ||
| Q2 24 | -32.8% | 25.8% | ||
| Q1 24 | -82.5% | 26.6% |
净利率AFRMPLAB
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | 10.9% | ||
| Q2 25 | 22.6% | 4.2% | ||
| Q1 25 | 1.0% | 20.2% | ||
| Q4 24 | 26.5% | 15.2% | ||
| Q3 24 | -43.2% | 16.3% | ||
| Q2 24 | -20.2% | 16.7% | ||
| Q1 24 | -68.7% | 12.1% |
每股收益（稀释后）AFRMPLAB
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $0.39 | ||
| Q2 25 | $0.22 | $0.15 | ||
| Q1 25 | $0.01 | $0.68 | ||
| Q4 24 | $0.23 | $0.54 | ||
| Q3 24 | $-0.31 | $0.55 | ||
| Q2 24 | $-0.13 | $0.58 | ||
| Q1 24 | $-0.43 | $0.42 |
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 | $575.8M |
| 总债务越低越好 | $9.0B | $16.0K |
| 股东权益账面价值 | $3.5B | $1.1B |
| 总资产 | $13.0B | $1.8B |
| 负债/权益比越低杠杆越低 | 2.54× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资AFRMPLAB
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $575.8M | ||
| Q2 25 | $1.4B | $558.4M | ||
| Q1 25 | $1.4B | $642.2M | ||
| Q4 24 | $1.2B | $640.7M | ||
| Q3 24 | $1.0B | $606.4M | ||
| Q2 24 | $1.0B | $559.9M | ||
| Q1 24 | $1.3B | $521.5M |
总债务AFRMPLAB
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $16.0K | ||
| Q2 25 | $7.6B | $19.0K | ||
| Q1 25 | $7.1B | $21.0K | ||
| Q4 24 | $7.3B | $25.0K | ||
| Q3 24 | — | $28.0K | ||
| Q2 24 | $1.8B | $2.5M | ||
| Q1 24 | — | $2.7M |
股东权益AFRMPLAB
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $1.1B | ||
| Q2 25 | $3.1B | $1.1B | ||
| Q1 25 | $2.9B | $1.1B | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $2.8B | $1.1B | ||
| Q2 24 | $2.7B | $1.0B | ||
| Q1 24 | $2.6B | $1.0B |
总资产AFRMPLAB
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $1.8B | ||
| Q2 25 | $11.2B | $1.7B | ||
| Q1 25 | $10.4B | $1.7B | ||
| Q4 24 | $10.5B | $1.7B | ||
| Q3 24 | $10.1B | $1.6B | ||
| Q2 24 | $9.5B | $1.6B | ||
| Q1 24 | $9.2B | $1.6B |
负债/权益比AFRMPLAB
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 0.00× | ||
| Q2 25 | 2.48× | 0.00× | ||
| Q1 25 | 2.49× | 0.00× | ||
| Q4 24 | 2.62× | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | 0.67× | 0.00× | ||
| Q1 24 | — | 0.00× |
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 | $50.1M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $25.2M |
| 自由现金流率自由现金流/营收 | 29.4% | 12.0% |
| 资本支出强度资本支出/营收 | 13.9% | 11.8% |
| 现金转化率经营现金流/净利润 | 1.34× | 2.19× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $64.5M |
8季度趋势，按日历期对齐
经营现金流AFRMPLAB
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $50.1M | ||
| Q2 25 | $74.6M | $31.5M | ||
| Q1 25 | $210.4M | $78.5M | ||
| Q4 24 | $312.0M | $68.4M | ||
| Q3 24 | $196.9M | $75.1M | ||
| Q2 24 | $68.8M | $76.5M | ||
| Q1 24 | $208.2M | $41.5M |
自由现金流AFRMPLAB
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $25.2M | ||
| Q2 25 | $23.5M | $-29.1M | ||
| Q1 25 | $157.4M | $43.3M | ||
| Q4 24 | $268.1M | $25.2M | ||
| Q3 24 | $152.7M | $50.7M | ||
| Q2 24 | $30.5M | $56.5M | ||
| Q1 24 | $161.7M | $-1.8M |
自由现金流率AFRMPLAB
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 12.0% | ||
| Q2 25 | 7.7% | -13.8% | ||
| Q1 25 | 57.7% | 20.4% | ||
| Q4 24 | 88.5% | 11.3% | ||
| Q3 24 | 65.9% | 24.0% | ||
| Q2 24 | 13.6% | 26.0% | ||
| Q1 24 | 82.9% | -0.8% |
资本支出强度AFRMPLAB
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 11.8% | ||
| Q2 25 | 16.7% | 28.7% | ||
| Q1 25 | 19.5% | 16.6% | ||
| Q4 24 | 14.5% | 19.4% | ||
| Q3 24 | 19.0% | 11.6% | ||
| Q2 24 | 17.1% | 9.2% | ||
| Q1 24 | 23.8% | 20.0% |
现金转化率AFRMPLAB
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 2.19× | ||
| Q2 25 | 1.08× | 3.55× | ||
| Q1 25 | 75.03× | 1.83× | ||
| Q4 24 | 3.88× | 2.02× | ||
| Q3 24 | — | 2.18× | ||
| Q2 24 | — | 2.11× | ||
| Q1 24 | — | 1.59× |
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% |
PLAB
| High End Integrated Circuits | $53.6M | 25% |
| High End Flat Panel Displays | $53.5M | 25% |
| KR | $43.7M | 21% |
| Other | $42.1M | 20% |
| Mainstream Flat Panel Displays | $9.1M | 4% |
| Transferred At Point In Time | $8.4M | 4% |
