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Affirm Holdings, Inc.（AFRM）与PROGRESS SOFTWARE CORP（PRGS）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PROGRESS SOFTWARE CORP的1.6倍（$401.4M vs $252.7M），Affirm Holdings, Inc.净利率更高（32.3% vs 10.2%，领先22.1%），Affirm Holdings, Inc.同比增速更快（32.5% vs 17.5%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $59.9M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 17.0%）
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。
Progress Software是全球领先的企业级软件服务商，主营应用开发平台、数据连接工具、数字体验解决方案等产品，服务覆盖金融、医疗、制造、零售等多行业的全球企业客户，助力客户搭建高性能可扩展的业务应用，提升运营效率。
AFRM vs PRGS — 直观对比
营收规模更大
AFRM
是对方的1.6倍
$252.7M
营收增速更快
AFRM
高出14.9%
17.5%
净利率更高
AFRM
高出22.1%
10.2%
自由现金流更多
AFRM
多$58.1M
$59.9M
两年增速更快
AFRM
近两年复合增速
17.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $252.7M |
| 净利润 | $129.6M | $25.7M |
| 毛利率 | — | 81.6% |
| 营业利润率 | 29.3% | 15.2% |
| 净利率 | 32.3% | 10.2% |
| 营收同比 | 32.5% | 17.5% |
| 净利润同比 | 61.3% | 2144.6% |
| 每股收益（稀释后） | $0.37 | $0.59 |
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AFRMPRGS
| Q4 25 | $401.4M | $252.7M | ||
| Q3 25 | $320.5M | $249.8M | ||
| Q2 25 | $306.6M | $237.4M | ||
| Q1 25 | $272.5M | $238.0M | ||
| Q4 24 | $303.0M | $215.0M | ||
| Q3 24 | $231.8M | $178.7M | ||
| Q2 24 | $224.0M | $175.1M | ||
| Q1 24 | $195.0M | $184.7M |
净利润AFRMPRGS
| Q4 25 | $129.6M | $25.7M | ||
| Q3 25 | $80.7M | $19.4M | ||
| Q2 25 | $69.2M | $17.0M | ||
| Q1 25 | $2.8M | $10.9M | ||
| Q4 24 | $80.4M | $1.1M | ||
| Q3 24 | $-100.2M | $28.5M | ||
| Q2 24 | $-45.1M | $16.2M | ||
| Q1 24 | $-133.9M | $22.6M |
毛利率AFRMPRGS
| Q4 25 | — | 81.6% | ||
| Q3 25 | — | 81.0% | ||
| Q2 25 | — | 80.1% | ||
| Q1 25 | — | 80.6% | ||
| Q4 24 | — | 83.0% | ||
| Q3 24 | — | 83.7% | ||
| Q2 24 | — | 81.7% | ||
| Q1 24 | — | 82.2% |
营业利润率AFRMPRGS
| Q4 25 | 29.3% | 15.2% | ||
| Q3 25 | 19.9% | 17.6% | ||
| Q2 25 | 18.9% | 16.3% | ||
| Q1 25 | -3.1% | 13.6% | ||
| Q4 24 | -1.4% | 10.0% | ||
| Q3 24 | -57.2% | 22.6% | ||
| Q2 24 | -32.8% | 15.5% | ||
| Q1 24 | -82.5% | 19.0% |
净利率AFRMPRGS
| Q4 25 | 32.3% | 10.2% | ||
| Q3 25 | 25.2% | 7.8% | ||
| Q2 25 | 22.6% | 7.2% | ||
| Q1 25 | 1.0% | 4.6% | ||
| Q4 24 | 26.5% | 0.5% | ||
| Q3 24 | -43.2% | 15.9% | ||
| Q2 24 | -20.2% | 9.2% | ||
| Q1 24 | -68.7% | 12.3% |
每股收益（稀释后）AFRMPRGS
| Q4 25 | $0.37 | $0.59 | ||
| Q3 25 | $0.23 | $0.44 | ||
| Q2 25 | $0.22 | $0.39 | ||
| Q1 25 | $0.01 | $0.24 | ||
| Q4 24 | $0.23 | $0.01 | ||
| Q3 24 | $-0.31 | $0.65 | ||
| Q2 24 | $-0.13 | $0.37 | ||
| Q1 24 | $-0.43 | $0.51 |
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 | $94.8M |
| 总债务越低越好 | $9.0B | $1.4B |
| 股东权益账面价值 | $3.5B | $478.3M |
| 总资产 | $13.0B | $2.5B |
| 负债/权益比越低杠杆越低 | 2.54× | 2.93× |
8季度趋势，按日历期对齐
现金及短期投资AFRMPRGS
| Q4 25 | $1.5B | $94.8M | ||
| Q3 25 | $1.4B | $99.0M | ||
| Q2 25 | $1.4B | $102.0M | ||
| Q1 25 | $1.4B | $124.2M | ||
| Q4 24 | $1.2B | $118.1M | ||
| Q3 24 | $1.0B | $232.7M | ||
| Q2 24 | $1.0B | $190.4M | ||
| Q1 24 | $1.3B | $133.2M |
总债务AFRMPRGS
| Q4 25 | $9.0B | $1.4B | ||
| Q3 25 | $7.7B | $1.4B | ||
| Q2 25 | $7.6B | $1.5B | ||
| Q1 25 | $7.1B | $1.5B | ||
| Q4 24 | $7.3B | $1.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
股东权益AFRMPRGS
| Q4 25 | $3.5B | $478.3M | ||
| Q3 25 | $3.3B | $477.7M | ||
| Q2 25 | $3.1B | $452.7M | ||
| Q1 25 | $2.9B | $431.8M | ||
| Q4 24 | $2.8B | $438.8M | ||
| Q3 24 | $2.8B | $425.6M | ||
| Q2 24 | $2.7B | $401.7M | ||
| Q1 24 | $2.6B | $461.7M |
总资产AFRMPRGS
| Q4 25 | $13.0B | $2.5B | ||
| Q3 25 | $11.5B | $2.4B | ||
| Q2 25 | $11.2B | $2.4B | ||
| Q1 25 | $10.4B | $2.5B | ||
| Q4 24 | $10.5B | $2.5B | ||
| Q3 24 | $10.1B | $1.6B | ||
| Q2 24 | $9.5B | $1.6B | ||
| Q1 24 | $9.2B | $1.5B |
负债/权益比AFRMPRGS
| Q4 25 | 2.54× | 2.93× | ||
| Q3 25 | 2.35× | 2.97× | ||
| Q2 25 | 2.48× | 3.22× | ||
| Q1 25 | 2.49× | 3.50× | ||
| Q4 24 | 2.62× | 3.48× | ||
| 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 | $62.8M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $59.9M |
| 自由现金流率自由现金流/营收 | 29.4% | 23.7% |
| 资本支出强度资本支出/营收 | 13.9% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.34× | 2.44× |
| 过去12个月自由现金流最近4个季度 | $619.1M | $229.5M |
8季度趋势，按日历期对齐
经营现金流AFRMPRGS
| Q4 25 | $173.7M | $62.8M | ||
| Q3 25 | $374.6M | $73.4M | ||
| Q2 25 | $74.6M | $30.0M | ||
| Q1 25 | $210.4M | $68.9M | ||
| Q4 24 | $312.0M | $19.7M | ||
| Q3 24 | $196.9M | $57.7M | ||
| Q2 24 | $68.8M | $63.7M | ||
| Q1 24 | $208.2M | $70.5M |
自由现金流AFRMPRGS
| Q4 25 | $118.0M | $59.9M | ||
| Q3 25 | $320.2M | $72.4M | ||
| Q2 25 | $23.5M | $29.5M | ||
| Q1 25 | $157.4M | $67.7M | ||
| Q4 24 | $268.1M | $16.8M | ||
| Q3 24 | $152.7M | $56.6M | ||
| Q2 24 | $30.5M | $62.7M | ||
| Q1 24 | $161.7M | $70.2M |
自由现金流率AFRMPRGS
| Q4 25 | 29.4% | 23.7% | ||
| Q3 25 | 99.9% | 29.0% | ||
| Q2 25 | 7.7% | 12.4% | ||
| Q1 25 | 57.7% | 28.4% | ||
| Q4 24 | 88.5% | 7.8% | ||
| Q3 24 | 65.9% | 31.7% | ||
| Q2 24 | 13.6% | 35.8% | ||
| Q1 24 | 82.9% | 38.0% |
资本支出强度AFRMPRGS
| Q4 25 | 13.9% | 1.1% | ||
| Q3 25 | 17.0% | 0.4% | ||
| Q2 25 | 16.7% | 0.2% | ||
| Q1 25 | 19.5% | 0.5% | ||
| Q4 24 | 14.5% | 1.3% | ||
| Q3 24 | 19.0% | 0.6% | ||
| Q2 24 | 17.1% | 0.5% | ||
| Q1 24 | 23.8% | 0.2% |
现金转化率AFRMPRGS
| Q4 25 | 1.34× | 2.44× | ||
| Q3 25 | 4.64× | 3.78× | ||
| Q2 25 | 1.08× | 1.76× | ||
| Q1 25 | 75.03× | 6.30× | ||
| Q4 24 | 3.88× | 17.13× | ||
| Q3 24 | — | 2.03× | ||
| Q2 24 | — | 3.93× | ||
| Q1 24 | — | 3.11× |
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% |
PRGS
| Maintenanceand Services | $187.5M | 74% |
| Share File Acquisition | $67.5M | 27% |
