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Affirm Holdings, Inc.（AFRM）与PELOTON INTERACTIVE, INC.（PTON）财务数据对比。点击上方公司名可切换其他公司
PELOTON INTERACTIVE, INC.的季度营收约是Affirm Holdings, Inc.的1.6倍（$656.5M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs -5.9%，领先38.2%），Affirm Holdings, Inc.同比增速更快（32.5% vs -2.6%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $71.0M）
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。
派乐腾（Peloton Interactive）是总部位于美国纽约的健身设备与媒体服务商，主打搭载联网触控屏的动感单车、跑步机、室内划船器等产品，用户付费订阅即可观看直播和录播健身课程，设备内置传感器可追踪运动功率等数据，为用户提供实时运动表现反馈，还支持排行榜功能与其他用户互动比拼。
AFRM vs PTON — 直观对比
营收规模更大
PTON
是对方的1.6倍
$401.4M
营收增速更快
AFRM
高出35.0%
-2.6%
净利率更高
AFRM
高出38.2%
-5.9%
自由现金流更多
AFRM
多$47.0M
$71.0M
损益表 — Q2 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $656.5M |
| 净利润 | $129.6M | $-38.8M |
| 毛利率 | — | 50.5% |
| 营业利润率 | 29.3% | -2.2% |
| 净利率 | 32.3% | -5.9% |
| 营收同比 | 32.5% | -2.6% |
| 净利润同比 | 61.3% | 57.8% |
| 每股收益（稀释后） | $0.37 | $-0.09 |
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AFRMPTON
| Q4 25 | $401.4M | $656.5M | ||
| Q3 25 | $320.5M | $550.8M | ||
| Q2 25 | $306.6M | — | ||
| Q1 25 | $272.5M | — | ||
| Q4 24 | $303.0M | — | ||
| Q3 24 | $231.8M | — | ||
| Q2 24 | $224.0M | — | ||
| Q1 24 | $195.0M | — |
净利润AFRMPTON
| Q4 25 | $129.6M | $-38.8M | ||
| Q3 25 | $80.7M | $13.9M | ||
| Q2 25 | $69.2M | — | ||
| Q1 25 | $2.8M | — | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | — | ||
| Q2 24 | $-45.1M | — | ||
| Q1 24 | $-133.9M | — |
毛利率AFRMPTON
| Q4 25 | — | 50.5% | ||
| Q3 25 | — | 51.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率AFRMPTON
| Q4 25 | 29.3% | -2.2% | ||
| Q3 25 | 19.9% | 7.5% | ||
| Q2 25 | 18.9% | — | ||
| Q1 25 | -3.1% | — | ||
| Q4 24 | -1.4% | — | ||
| Q3 24 | -57.2% | — | ||
| Q2 24 | -32.8% | — | ||
| Q1 24 | -82.5% | — |
净利率AFRMPTON
| Q4 25 | 32.3% | -5.9% | ||
| Q3 25 | 25.2% | 2.5% | ||
| Q2 25 | 22.6% | — | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | — | ||
| Q2 24 | -20.2% | — | ||
| Q1 24 | -68.7% | — |
每股收益（稀释后）AFRMPTON
| Q4 25 | $0.37 | $-0.09 | ||
| Q3 25 | $0.23 | $0.03 | ||
| Q2 25 | $0.22 | — | ||
| Q1 25 | $0.01 | — | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $-0.31 | — | ||
| Q2 24 | $-0.13 | — | ||
| 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 | $1.2B |
| 总债务越低越好 | $9.0B | $1.5B |
| 股东权益账面价值 | $3.5B | $-326.7M |
| 总资产 | $13.0B | $2.2B |
| 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AFRMPTON
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.3B | — |
总债务AFRMPTON
| Q4 25 | $9.0B | $1.5B | ||
| Q3 25 | $7.7B | $1.5B | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
股东权益AFRMPTON
| Q4 25 | $3.5B | $-326.7M | ||
| Q3 25 | $3.3B | $-347.0M | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.6B | — |
总资产AFRMPTON
| Q4 25 | $13.0B | $2.2B | ||
| Q3 25 | $11.5B | $2.2B | ||
| Q2 25 | $11.2B | — | ||
| Q1 25 | $10.4B | — | ||
| Q4 24 | $10.5B | — | ||
| Q3 24 | $10.1B | — | ||
| Q2 24 | $9.5B | — | ||
| Q1 24 | $9.2B | — |
负债/权益比AFRMPTON
| 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 | $71.9M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $71.0M |
| 自由现金流率自由现金流/营收 | 29.4% | 10.8% |
| 资本支出强度资本支出/营收 | 13.9% | 0.1% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流AFRMPTON
| Q4 25 | $173.7M | $71.9M | ||
| Q3 25 | $374.6M | $71.9M | ||
| Q2 25 | $74.6M | — | ||
| Q1 25 | $210.4M | — | ||
| Q4 24 | $312.0M | — | ||
| Q3 24 | $196.9M | — | ||
| Q2 24 | $68.8M | — | ||
| Q1 24 | $208.2M | — |
自由现金流AFRMPTON
| Q4 25 | $118.0M | $71.0M | ||
| Q3 25 | $320.2M | $67.4M | ||
| 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AFRMPTON
| Q4 25 | 29.4% | 10.8% | ||
| Q3 25 | 99.9% | 12.2% | ||
| 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AFRMPTON
| Q4 25 | 13.9% | 0.1% | ||
| Q3 25 | 17.0% | 0.8% | ||
| 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AFRMPTON
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 5.17× | ||
| 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% |
PTON
| Subscription And Circulation | $412.6M | 63% |
| Connected Fitness Products Segment | $243.9M | 37% |
| Product Warranty | $4.0M | 1% |
