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Affirm Holdings, Inc.（AFRM）与Ultragenyx Pharmaceutical Inc.（RARE）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Ultragenyx Pharmaceutical Inc.的1.9倍（$401.4M vs $207.3M），Affirm Holdings, Inc.净利率更高（32.3% vs -62.0%，领先94.3%），Affirm Holdings, Inc.同比增速更快（32.5% vs 25.9%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $-100.8M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 38.0%）
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。
Ultragenyx Pharmaceutical Inc.是一家总部位于美国的生物制药企业，专注于研发罕见病和超罕见遗传病的创新治疗方案，这类疾病目前大多无获批疗法，存在大量未被满足的临床需求。公司覆盖生物制剂、小分子药物、基因疗法、反义寡核苷酸及mRNA等多种药物技术平台，研发管线涵盖骨骼、内分泌、代谢、肌肉及中枢神经系统疾病领域。
AFRM vs RARE — 直观对比
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $207.3M |
| 净利润 | $129.6M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | -54.7% |
| 净利率 | 32.3% | -62.0% |
| 营收同比 | 32.5% | 25.9% |
| 净利润同比 | 61.3% | 3.5% |
| 每股收益（稀释后） | $0.37 | $-1.28 |
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
| Q4 25 | $401.4M | $207.3M | ||
| Q3 25 | $320.5M | $159.9M | ||
| Q2 25 | $306.6M | $166.5M | ||
| Q1 25 | $272.5M | $139.3M | ||
| Q4 24 | $303.0M | $164.6M | ||
| Q3 24 | $231.8M | $139.5M | ||
| Q2 24 | $224.0M | $147.0M | ||
| Q1 24 | $195.0M | $108.8M |
| Q4 25 | $129.6M | $-128.6M | ||
| Q3 25 | $80.7M | $-180.4M | ||
| Q2 25 | $69.2M | $-115.0M | ||
| Q1 25 | $2.8M | $-151.1M | ||
| Q4 24 | $80.4M | $-133.2M | ||
| Q3 24 | $-100.2M | $-133.5M | ||
| Q2 24 | $-45.1M | $-131.6M | ||
| Q1 24 | $-133.9M | $-170.7M |
| Q4 25 | 29.3% | -54.7% | ||
| Q3 25 | 19.9% | -106.9% | ||
| Q2 25 | 18.9% | -64.8% | ||
| Q1 25 | -3.1% | -102.6% | ||
| Q4 24 | -1.4% | -74.3% | ||
| Q3 24 | -57.2% | -94.6% | ||
| Q2 24 | -32.8% | -79.1% | ||
| Q1 24 | -82.5% | -151.9% |
| Q4 25 | 32.3% | -62.0% | ||
| Q3 25 | 25.2% | -112.8% | ||
| Q2 25 | 22.6% | -69.0% | ||
| Q1 25 | 1.0% | -108.5% | ||
| Q4 24 | 26.5% | -80.9% | ||
| Q3 24 | -43.2% | -95.7% | ||
| Q2 24 | -20.2% | -89.5% | ||
| Q1 24 | -68.7% | -156.8% |
| Q4 25 | $0.37 | $-1.28 | ||
| Q3 25 | $0.23 | $-1.81 | ||
| Q2 25 | $0.22 | $-1.17 | ||
| Q1 25 | $0.01 | $-1.57 | ||
| Q4 24 | $0.23 | $-1.34 | ||
| Q3 24 | $-0.31 | $-1.40 | ||
| Q2 24 | $-0.13 | $-1.52 | ||
| Q1 24 | $-0.43 | $-2.03 |
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 | $421.0M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | $-80.0M |
| 总资产 | $13.0B | $1.5B |
| 负债/权益比越低杠杆越低 | 2.54× | — |
8季度趋势，按日历期对齐
| Q4 25 | $1.5B | $421.0M | ||
| Q3 25 | $1.4B | $202.5M | ||
| Q2 25 | $1.4B | $176.3M | ||
| Q1 25 | $1.4B | $127.1M | ||
| Q4 24 | $1.2B | $174.0M | ||
| Q3 24 | $1.0B | $150.6M | ||
| Q2 24 | $1.0B | $480.7M | ||
| Q1 24 | $1.3B | $112.3M |
| 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 | — | — |
| Q4 25 | $3.5B | $-80.0M | ||
| Q3 25 | $3.3B | $9.2M | ||
| Q2 25 | $3.1B | $151.3M | ||
| Q1 25 | $2.9B | $144.2M | ||
| Q4 24 | $2.8B | $255.0M | ||
| Q3 24 | $2.8B | $346.8M | ||
| Q2 24 | $2.7B | $432.4M | ||
| Q1 24 | $2.6B | $140.3M |
| Q4 25 | $13.0B | $1.5B | ||
| Q3 25 | $11.5B | $1.2B | ||
| Q2 25 | $11.2B | $1.3B | ||
| Q1 25 | $10.4B | $1.3B | ||
| Q4 24 | $10.5B | $1.5B | ||
| Q3 24 | $10.1B | $1.5B | ||
| Q2 24 | $9.5B | $1.6B | ||
| Q1 24 | $9.2B | $1.3B |
| 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 | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $-100.8M |
| 自由现金流率自由现金流/营收 | 29.4% | -48.6% |
| 资本支出强度资本支出/营收 | 13.9% | 0.5% |
| 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 | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $173.7M | $-99.8M | ||
| Q3 25 | $374.6M | $-91.4M | ||
| Q2 25 | $74.6M | $-108.3M | ||
| Q1 25 | $210.4M | $-166.5M | ||
| Q4 24 | $312.0M | $-79.3M | ||
| Q3 24 | $196.9M | $-67.0M | ||
| Q2 24 | $68.8M | $-77.0M | ||
| Q1 24 | $208.2M | $-190.7M |
| Q4 25 | $118.0M | $-100.8M | ||
| Q3 25 | $320.2M | $-92.7M | ||
| Q2 25 | $23.5M | $-110.7M | ||
| Q1 25 | $157.4M | $-167.8M | ||
| Q4 24 | $268.1M | $-79.5M | ||
| Q3 24 | $152.7M | $-68.6M | ||
| Q2 24 | $30.5M | $-79.0M | ||
| Q1 24 | $161.7M | $-193.9M |
| Q4 25 | 29.4% | -48.6% | ||
| Q3 25 | 99.9% | -58.0% | ||
| Q2 25 | 7.7% | -66.5% | ||
| Q1 25 | 57.7% | -120.5% | ||
| Q4 24 | 88.5% | -48.3% | ||
| Q3 24 | 65.9% | -49.2% | ||
| Q2 24 | 13.6% | -53.7% | ||
| Q1 24 | 82.9% | -178.2% |
| Q4 25 | 13.9% | 0.5% | ||
| Q3 25 | 17.0% | 0.8% | ||
| Q2 25 | 16.7% | 1.5% | ||
| Q1 25 | 19.5% | 1.0% | ||
| Q4 24 | 14.5% | 0.1% | ||
| Q3 24 | 19.0% | 1.2% | ||
| Q2 24 | 17.1% | 1.4% | ||
| Q1 24 | 23.8% | 3.0% |
| 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% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
