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Affirm Holdings, Inc.（AFRM）与Regency Centers（REG）财务数据对比。点击上方公司名可切换其他公司
Regency Centers的季度营收约是Affirm Holdings, Inc.的1.0倍（$404.2M vs $401.4M），Regency Centers净利率更高（50.1% vs 32.3%，领先17.8%），Affirm Holdings, Inc.同比增速更快（32.5% vs 8.5%），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 5.4%）
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。
Regency Centers是总部位于美国佛罗里达州杰克逊维尔的房地产投资信托基金，也是以超市为核心租户的大型购物中心运营商之一。截至2020年10月21日，公司共持有415处物业，总建筑面积达5600万平方英尺，知名资产包括Serramonte Center及Village District 30%的股权。
AFRM vs REG — 直观对比
营收规模更大
REG
是对方的1.0倍
$401.4M
营收增速更快
AFRM
高出24.0%
8.5%
净利率更高
REG
高出17.8%
32.3%
两年增速更快
AFRM
近两年复合增速
5.4%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $404.2M |
| 净利润 | $129.6M | $202.5M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | 71.0% |
| 净利率 | 32.3% | 50.1% |
| 营收同比 | 32.5% | 8.5% |
| 净利润同比 | 61.3% | 134.1% |
| 每股收益（稀释后） | $0.37 | — |
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AFRMREG
| Q4 25 | $401.4M | $404.2M | ||
| Q3 25 | $320.5M | $387.6M | ||
| Q2 25 | $306.6M | $380.8M | ||
| Q1 25 | $272.5M | $380.9M | ||
| Q4 24 | $303.0M | $372.5M | ||
| Q3 24 | $231.8M | $360.3M | ||
| Q2 24 | $224.0M | $357.3M | ||
| Q1 24 | $195.0M | $363.9M |
净利润AFRMREG
| Q4 25 | $129.6M | $202.5M | ||
| Q3 25 | $80.7M | $109.4M | ||
| Q2 25 | $69.2M | $106.0M | ||
| Q1 25 | $2.8M | $109.6M | ||
| Q4 24 | $80.4M | $86.5M | ||
| Q3 24 | $-100.2M | $101.5M | ||
| Q2 24 | $-45.1M | $102.7M | ||
| Q1 24 | $-133.9M | $109.8M |
营业利润率AFRMREG
| Q4 25 | 29.3% | 71.0% | ||
| Q3 25 | 19.9% | 72.7% | ||
| Q2 25 | 18.9% | 73.8% | ||
| Q1 25 | -3.1% | 71.8% | ||
| Q4 24 | -1.4% | 71.1% | ||
| Q3 24 | -57.2% | 72.5% | ||
| Q2 24 | -32.8% | 72.3% | ||
| Q1 24 | -82.5% | 72.3% |
净利率AFRMREG
| Q4 25 | 32.3% | 50.1% | ||
| Q3 25 | 25.2% | 28.2% | ||
| Q2 25 | 22.6% | 27.8% | ||
| Q1 25 | 1.0% | 28.8% | ||
| Q4 24 | 26.5% | 23.2% | ||
| Q3 24 | -43.2% | 28.2% | ||
| Q2 24 | -20.2% | 28.7% | ||
| Q1 24 | -68.7% | 30.2% |
每股收益（稀释后）AFRMREG
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | — | ||
| 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 | — |
| 总债务越低越好 | $9.0B | $4.7B |
| 股东权益账面价值 | $3.5B | $6.9B |
| 总资产 | $13.0B | $13.0B |
| 负债/权益比越低杠杆越低 | 2.54× | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资AFRMREG
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | — | ||
| 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AFRMREG
| Q4 25 | $9.0B | $4.7B | ||
| Q3 25 | $7.7B | $4.9B | ||
| Q2 25 | $7.6B | $4.8B | ||
| Q1 25 | $7.1B | $4.6B | ||
| Q4 24 | $7.3B | $4.4B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | $1.8B | $4.4B | ||
| Q1 24 | — | $4.4B |
股东权益AFRMREG
| Q4 25 | $3.5B | $6.9B | ||
| Q3 25 | $3.3B | $6.8B | ||
| Q2 25 | $3.1B | $6.7B | ||
| Q1 25 | $2.9B | $6.7B | ||
| Q4 24 | $2.8B | $6.7B | ||
| Q3 24 | $2.8B | $6.8B | ||
| Q2 24 | $2.7B | $6.8B | ||
| Q1 24 | $2.6B | $7.0B |
总资产AFRMREG
| Q4 25 | $13.0B | $13.0B | ||
| Q3 25 | $11.5B | $13.1B | ||
| Q2 25 | $11.2B | $12.7B | ||
| Q1 25 | $10.4B | $12.6B | ||
| Q4 24 | $10.5B | $12.4B | ||
| Q3 24 | $10.1B | $12.4B | ||
| Q2 24 | $9.5B | $12.4B | ||
| Q1 24 | $9.2B | $12.7B |
负债/权益比AFRMREG
| Q4 25 | 2.54× | 0.69× | ||
| Q3 25 | 2.35× | 0.72× | ||
| Q2 25 | 2.48× | 0.72× | ||
| Q1 25 | 2.49× | 0.69× | ||
| Q4 24 | 2.62× | 0.66× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | 0.67× | 0.64× | ||
| Q1 24 | — | 0.63× |
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 | $203.9M |
| 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× | 1.01× |
| 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AFRMREG
| Q4 25 | $173.7M | $203.9M | ||
| Q3 25 | $374.6M | $218.7M | ||
| Q2 25 | $74.6M | $244.0M | ||
| Q1 25 | $210.4M | $161.0M | ||
| Q4 24 | $312.0M | $191.4M | ||
| Q3 24 | $196.9M | $227.6M | ||
| Q2 24 | $68.8M | $203.5M | ||
| Q1 24 | $208.2M | $167.8M |
自由现金流AFRMREG
| 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AFRMREG
| 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AFRMREG
| 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AFRMREG
| Q4 25 | 1.34× | 1.01× | ||
| Q3 25 | 4.64× | 2.00× | ||
| Q2 25 | 1.08× | 2.30× | ||
| Q1 25 | 75.03× | 1.47× | ||
| Q4 24 | 3.88× | 2.21× | ||
| Q3 24 | — | 2.24× | ||
| Q2 24 | — | 1.98× | ||
| Q1 24 | — | 1.53× |
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% |
REG
| Shopping Centers | $418.0M | 103% |
| Propertymanagementservices | $4.1M | 1% |
| Assetmanagementservices | $1.7M | 0% |
