vs
Affirm Holdings, Inc.（AFRM）与PLUG POWER INC（PLUG）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PLUG POWER INC的1.8倍（$401.4M vs $225.2M），Affirm Holdings, Inc.净利率更高（32.3% vs -375.6%，领先407.9%），Affirm Holdings, Inc.同比增速更快（32.5% vs 17.6%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $-153.0M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 36.8%）
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。
普拉格能源是一家美国企业，专注于氢燃料电池和电解槽系统的研发，其产品可替代电动设备及车辆所使用的传统电池。公司总部位于纽约州斯林格兰兹，在华盛顿州斯波坎、纽约州罗切斯特均设有生产运营基地。
AFRM vs PLUG — 直观对比
营收规模更大
AFRM
是对方的1.8倍
$225.2M
营收增速更快
AFRM
高出14.8%
17.6%
净利率更高
AFRM
高出407.9%
-375.6%
自由现金流更多
AFRM
多$271.1M
$-153.0M
两年增速更快
AFRM
近两年复合增速
36.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $225.2M |
| 净利润 | $129.6M | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | 29.3% | -338.9% |
| 净利率 | 32.3% | -375.6% |
| 营收同比 | 32.5% | 17.6% |
| 净利润同比 | 61.3% | 36.7% |
| 每股收益（稀释后） | $0.37 | $-0.70 |
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AFRMPLUG
| Q4 25 | $401.4M | $225.2M | ||
| Q3 25 | $320.5M | $177.1M | ||
| Q2 25 | $306.6M | $174.0M | ||
| Q1 25 | $272.5M | $133.7M | ||
| Q4 24 | $303.0M | $191.5M | ||
| Q3 24 | $231.8M | $173.7M | ||
| Q2 24 | $224.0M | $143.3M | ||
| Q1 24 | $195.0M | $120.3M |
净利润AFRMPLUG
| Q4 25 | $129.6M | $-846.0M | ||
| Q3 25 | $80.7M | $-361.9M | ||
| Q2 25 | $69.2M | $-227.1M | ||
| Q1 25 | $2.8M | $-196.7M | ||
| Q4 24 | $80.4M | $-1.3B | ||
| Q3 24 | $-100.2M | $-211.2M | ||
| Q2 24 | $-45.1M | $-262.3M | ||
| Q1 24 | $-133.9M | $-295.8M |
毛利率AFRMPLUG
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | -67.9% | ||
| Q2 25 | — | -30.7% | ||
| Q1 25 | — | -55.3% | ||
| Q4 24 | — | -122.5% | ||
| Q3 24 | — | -57.6% | ||
| Q2 24 | — | -91.6% | ||
| Q1 24 | — | -132.3% |
营业利润率AFRMPLUG
| Q4 25 | 29.3% | -338.9% | ||
| Q3 25 | 19.9% | -197.0% | ||
| Q2 25 | 18.9% | -101.7% | ||
| Q1 25 | -3.1% | -133.5% | ||
| Q4 24 | -1.4% | -678.7% | ||
| Q3 24 | -57.2% | -124.4% | ||
| Q2 24 | -32.8% | -170.7% | ||
| Q1 24 | -82.5% | -215.7% |
净利率AFRMPLUG
| Q4 25 | 32.3% | -375.6% | ||
| Q3 25 | 25.2% | -204.4% | ||
| Q2 25 | 22.6% | -130.5% | ||
| Q1 25 | 1.0% | -147.1% | ||
| Q4 24 | 26.5% | -697.5% | ||
| Q3 24 | -43.2% | -121.5% | ||
| Q2 24 | -20.2% | -183.0% | ||
| Q1 24 | -68.7% | -245.9% |
每股收益（稀释后）AFRMPLUG
| Q4 25 | $0.37 | $-0.70 | ||
| Q3 25 | $0.23 | $-0.31 | ||
| Q2 25 | $0.22 | $-0.20 | ||
| Q1 25 | $0.01 | $-0.21 | ||
| Q4 24 | $0.23 | $-1.61 | ||
| Q3 24 | $-0.31 | $-0.25 | ||
| Q2 24 | $-0.13 | $-0.36 | ||
| Q1 24 | $-0.43 | $-0.46 |
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 | $368.5M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | $978.1M |
| 总资产 | $13.0B | $2.6B |
| 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AFRMPLUG
| Q4 25 | $1.5B | $368.5M | ||
| Q3 25 | $1.4B | $165.9M | ||
| Q2 25 | $1.4B | $140.7M | ||
| Q1 25 | $1.4B | $295.8M | ||
| Q4 24 | $1.2B | $205.7M | ||
| Q3 24 | $1.0B | $93.9M | ||
| Q2 24 | $1.0B | $62.4M | ||
| Q1 24 | $1.3B | $172.9M |
总债务AFRMPLUG
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | $3.9M | ||
| Q2 24 | $1.8B | $3.7M | ||
| Q1 24 | — | $3.8M |
股东权益AFRMPLUG
| Q4 25 | $3.5B | $978.1M | ||
| Q3 25 | $3.3B | $1.4B | ||
| Q2 25 | $3.1B | $1.7B | ||
| Q1 25 | $2.9B | $1.9B | ||
| Q4 24 | $2.8B | $1.7B | ||
| Q3 24 | $2.8B | $3.0B | ||
| Q2 24 | $2.7B | $3.0B | ||
| Q1 24 | $2.6B | $2.9B |
总资产AFRMPLUG
| Q4 25 | $13.0B | $2.6B | ||
| Q3 25 | $11.5B | $3.1B | ||
| Q2 25 | $11.2B | $3.4B | ||
| Q1 25 | $10.4B | $3.6B | ||
| Q4 24 | $10.5B | $3.6B | ||
| Q3 24 | $10.1B | $4.7B | ||
| Q2 24 | $9.5B | $4.8B | ||
| Q1 24 | $9.2B | $4.8B |
负债/权益比AFRMPLUG
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | — | ||
| 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 | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $-153.0M |
| 自由现金流率自由现金流/营收 | 29.4% | -67.9% |
| 资本支出强度资本支出/营收 | 13.9% | 1.9% |
| 现金转化率经营现金流/净利润 | 1.34× | — |
| 过去12个月自由现金流最近4个季度 | $619.1M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流AFRMPLUG
| Q4 25 | $173.7M | $-148.6M | ||
| Q3 25 | $374.6M | $-89.8M | ||
| Q2 25 | $74.6M | $-191.8M | ||
| Q1 25 | $210.4M | $-105.6M | ||
| Q4 24 | $312.0M | $-131.2M | ||
| Q3 24 | $196.9M | $-174.9M | ||
| Q2 24 | $68.8M | $-254.7M | ||
| Q1 24 | $208.2M | $-167.7M |
自由现金流AFRMPLUG
| Q4 25 | $118.0M | $-153.0M | ||
| Q3 25 | $320.2M | $-117.5M | ||
| Q2 25 | $23.5M | $-230.4M | ||
| Q1 25 | $157.4M | $-146.0M | ||
| Q4 24 | $268.1M | $-165.2M | ||
| Q3 24 | $152.7M | $-234.2M | ||
| Q2 24 | $30.5M | $-356.0M | ||
| Q1 24 | $161.7M | $-260.3M |
自由现金流率AFRMPLUG
| Q4 25 | 29.4% | -67.9% | ||
| Q3 25 | 99.9% | -66.4% | ||
| Q2 25 | 7.7% | -132.5% | ||
| Q1 25 | 57.7% | -109.2% | ||
| Q4 24 | 88.5% | -86.3% | ||
| Q3 24 | 65.9% | -134.8% | ||
| Q2 24 | 13.6% | -248.4% | ||
| Q1 24 | 82.9% | -216.5% |
资本支出强度AFRMPLUG
| Q4 25 | 13.9% | 1.9% | ||
| Q3 25 | 17.0% | 15.6% | ||
| Q2 25 | 16.7% | 22.2% | ||
| Q1 25 | 19.5% | 30.3% | ||
| Q4 24 | 14.5% | 17.7% | ||
| Q3 24 | 19.0% | 34.1% | ||
| Q2 24 | 17.1% | 70.7% | ||
| Q1 24 | 23.8% | 77.0% |
现金转化率AFRMPLUG
| Q4 25 | 1.34× | — | ||
| 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% |
PLUG
| Sales Of Equipment And Related Infrastructure | $111.6M | 50% |
| Services Performed On Fuel Cell Systems And Related Infrastructure | $41.5M | 18% |
| Power Purchase Agreements | $36.1M | 16% |
| Sale Of Cryogenic Equipment | $20.0M | 9% |
| Sales Of Fuel Cell Systems | $11.2M | 5% |
| Other | $4.8M | 2% |
