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Affirm Holdings, Inc.（AFRM）与EPLUS INC（PLUS）财务数据对比。点击上方公司名可切换其他公司
EPLUS INC的季度营收约是Affirm Holdings, Inc.的1.5倍（$614.8M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 5.7%，领先26.6%），Affirm Holdings, Inc.同比增速更快（32.5% vs 20.3%），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 2.3%）
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。
ePlus Inc.是美国的科技咨询解决方案提供商，业务覆盖网络安全、云计算、网络架构、协作办公、人工智能及前沿技术领域，为超5000家客户提供定制化解决方案、专业咨询与托管服务，助力企业实现数字化转型与技术升级。
AFRM vs PLUS — 直观对比
营收规模更大
PLUS
是对方的1.5倍
$401.4M
营收增速更快
AFRM
高出12.1%
20.3%
净利率更高
AFRM
高出26.6%
5.7%
两年增速更快
AFRM
近两年复合增速
2.3%
损益表 — Q2 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $614.8M |
| 净利润 | $129.6M | $35.1M |
| 毛利率 | — | 25.8% |
| 营业利润率 | 29.3% | 7.1% |
| 净利率 | 32.3% | 5.7% |
| 营收同比 | 32.5% | 20.3% |
| 净利润同比 | 61.3% | 45.2% |
| 每股收益（稀释后） | $0.37 | $1.33 |
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AFRMPLUS
| Q4 25 | $401.4M | $614.8M | ||
| Q3 25 | $320.5M | $608.8M | ||
| Q2 25 | $306.6M | $637.3M | ||
| Q1 25 | $272.5M | — | ||
| Q4 24 | $303.0M | $493.2M | ||
| Q3 24 | $231.8M | $493.4M | ||
| Q2 24 | $224.0M | $535.7M | ||
| Q1 24 | $195.0M | — |
净利润AFRMPLUS
| Q4 25 | $129.6M | $35.1M | ||
| Q3 25 | $80.7M | $34.9M | ||
| Q2 25 | $69.2M | $37.7M | ||
| Q1 25 | $2.8M | — | ||
| Q4 24 | $80.4M | $24.1M | ||
| Q3 24 | $-100.2M | $31.3M | ||
| Q2 24 | $-45.1M | $27.3M | ||
| Q1 24 | $-133.9M | — |
毛利率AFRMPLUS
| Q4 25 | — | 25.8% | ||
| Q3 25 | — | 26.6% | ||
| Q2 25 | — | 23.3% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 25.4% | ||
| Q3 24 | — | 25.8% | ||
| Q2 24 | — | 23.7% | ||
| Q1 24 | — | — |
营业利润率AFRMPLUS
| Q4 25 | 29.3% | 7.1% | ||
| Q3 25 | 19.9% | 8.0% | ||
| Q2 25 | 18.9% | 5.7% | ||
| Q1 25 | -3.1% | — | ||
| Q4 24 | -1.4% | 3.3% | ||
| Q3 24 | -57.2% | 5.5% | ||
| Q2 24 | -32.8% | 5.9% | ||
| Q1 24 | -82.5% | — |
净利率AFRMPLUS
| Q4 25 | 32.3% | 5.7% | ||
| Q3 25 | 25.2% | 5.7% | ||
| Q2 25 | 22.6% | 5.9% | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 26.5% | 4.9% | ||
| Q3 24 | -43.2% | 6.3% | ||
| Q2 24 | -20.2% | 5.1% | ||
| Q1 24 | -68.7% | — |
每股收益（稀释后）AFRMPLUS
| Q4 25 | $0.37 | $1.33 | ||
| Q3 25 | $0.23 | $1.32 | ||
| Q2 25 | $0.22 | $1.43 | ||
| Q1 25 | $0.01 | — | ||
| Q4 24 | $0.23 | $0.91 | ||
| Q3 24 | $-0.31 | $1.17 | ||
| Q2 24 | $-0.13 | $1.02 | ||
| Q1 24 | $-0.43 | — |
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 | $326.3M |
| 总债务越低越好 | $9.0B | — |
| 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× | — |
8季度趋势，按日历期对齐
现金及短期投资AFRMPLUS
| Q4 25 | $1.5B | $326.3M | ||
| Q3 25 | $1.4B | $402.2M | ||
| Q2 25 | $1.4B | $480.2M | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.2B | $253.1M | ||
| Q3 24 | $1.0B | $187.5M | ||
| Q2 24 | $1.0B | $349.9M | ||
| Q1 24 | $1.3B | — |
总债务AFRMPLUS
| 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AFRMPLUS
| Q4 25 | $3.5B | $1.1B | ||
| Q3 25 | $3.3B | $1.0B | ||
| Q2 25 | $3.1B | $1.0B | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.8B | $962.3M | ||
| Q3 24 | $2.8B | $947.0M | ||
| Q2 24 | $2.7B | $921.9M | ||
| Q1 24 | $2.6B | — |
总资产AFRMPLUS
| Q4 25 | $13.0B | $1.8B | ||
| Q3 25 | $11.5B | $1.8B | ||
| Q2 25 | $11.2B | $1.8B | ||
| Q1 25 | $10.4B | — | ||
| Q4 24 | $10.5B | $1.8B | ||
| Q3 24 | $10.1B | $1.7B | ||
| Q2 24 | $9.5B | $1.7B | ||
| Q1 24 | $9.2B | — |
负债/权益比AFRMPLUS
| 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 | $-87.4M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | — |
| 自由现金流率自由现金流/营收 | 29.4% | — |
| 资本支出强度资本支出/营收 | 13.9% | — |
| 现金转化率经营现金流/净利润 | 1.34× | -2.49× |
| 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AFRMPLUS
| Q4 25 | $173.7M | $-87.4M | ||
| Q3 25 | $374.6M | $-34.8M | ||
| Q2 25 | $74.6M | $-99.0M | ||
| Q1 25 | $210.4M | — | ||
| Q4 24 | $312.0M | $65.7M | ||
| Q3 24 | $196.9M | $-21.6M | ||
| Q2 24 | $68.8M | $97.1M | ||
| Q1 24 | $208.2M | — |
自由现金流AFRMPLUS
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | — | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | — | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | — | ||
| Q2 24 | $30.5M | — | ||
| Q1 24 | $161.7M | — |
自由现金流率AFRMPLUS
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | — | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | — | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 82.9% | — |
资本支出强度AFRMPLUS
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | — | ||
| Q2 25 | 16.7% | — | ||
| Q1 25 | 19.5% | — | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 17.1% | — | ||
| Q1 24 | 23.8% | — |
现金转化率AFRMPLUS
| Q4 25 | 1.34× | -2.49× | ||
| Q3 25 | 4.64× | -1.00× | ||
| Q2 25 | 1.08× | -2.63× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | 2.72× | ||
| Q3 24 | — | -0.69× | ||
| Q2 24 | — | 3.55× | ||
| 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% |
PLUS
| All Others Customer End Market | $107.0M | 17% |
| Technology Customer End Market | $89.4M | 15% |
| Health Care Customer End Market | $81.5M | 13% |
| Financial Services Customer End Market | $66.1M | 11% |
| Professional Services Reporting Unit | $64.1M | 10% |
| Security | $61.1M | 10% |
| State And Local Government And Educational Institutions | $59.9M | 10% |
| Managed Services Reporting Unit | $48.8M | 8% |
| Other Product | $21.1M | 3% |
| Collaboration | $13.4M | 2% |
