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Affirm Holdings, Inc.（AFRM）与Royalty Pharma plc（RPRX）财务数据对比。点击上方公司名可切换其他公司
Royalty Pharma plc的季度营收约是Affirm Holdings, Inc.的1.5倍（$622.0M vs $401.4M），Royalty Pharma plc净利率更高（34.4% vs 32.3%，领先2.2%），Affirm Holdings, Inc.同比增速更快（32.5% vs 4.8%），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 4.6%）
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。
本公司是总部位于美国马萨诸塞州剑桥市的临床阶段生物制药企业，专注于研发可调节转化生长因子β（TGF-β）超家族蛋白的药物，该类蛋白在红细胞、肌肉、骨骼、血管等细胞与组织的生长修复过程中发挥核心作用。
AFRM vs RPRX — 直观对比
营收规模更大
RPRX
是对方的1.5倍
$401.4M
营收增速更快
AFRM
高出27.7%
4.8%
净利率更高
RPRX
高出2.2%
32.3%
两年增速更快
AFRM
近两年复合增速
4.6%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $622.0M |
| 净利润 | $129.6M | $214.2M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | 62.4% |
| 净利率 | 32.3% | 34.4% |
| 营收同比 | 32.5% | 4.8% |
| 净利润同比 | 61.3% | 2.9% |
| 每股收益（稀释后） | $0.37 | $0.49 |
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AFRMRPRX
| Q4 25 | $401.4M | $622.0M | ||
| Q3 25 | $320.5M | $609.3M | ||
| Q2 25 | $306.6M | $578.7M | ||
| Q1 25 | $272.5M | $568.2M | ||
| Q4 24 | $303.0M | $593.6M | ||
| Q3 24 | $231.8M | $564.7M | ||
| Q2 24 | $224.0M | $537.3M | ||
| Q1 24 | $195.0M | $568.0M |
净利润AFRMRPRX
| Q4 25 | $129.6M | $214.2M | ||
| Q3 25 | $80.7M | $288.2M | ||
| Q2 25 | $69.2M | $30.2M | ||
| Q1 25 | $2.8M | $238.3M | ||
| Q4 24 | $80.4M | $208.2M | ||
| Q3 24 | $-100.2M | $544.0M | ||
| Q2 24 | $-45.1M | $102.0M | ||
| Q1 24 | $-133.9M | $4.8M |
营业利润率AFRMRPRX
| Q4 25 | 29.3% | 62.4% | ||
| Q3 25 | 19.9% | 70.1% | ||
| Q2 25 | 18.9% | 36.3% | ||
| Q1 25 | -3.1% | 94.0% | ||
| Q4 24 | -1.4% | 60.9% | ||
| Q3 24 | -57.2% | — | ||
| Q2 24 | -32.8% | 50.2% | ||
| Q1 24 | -82.5% | -13.0% |
净利率AFRMRPRX
| Q4 25 | 32.3% | 34.4% | ||
| Q3 25 | 25.2% | 47.3% | ||
| Q2 25 | 22.6% | 5.2% | ||
| Q1 25 | 1.0% | 41.9% | ||
| Q4 24 | 26.5% | 35.1% | ||
| Q3 24 | -43.2% | 96.3% | ||
| Q2 24 | -20.2% | 19.0% | ||
| Q1 24 | -68.7% | 0.8% |
每股收益（稀释后）AFRMRPRX
| Q4 25 | $0.37 | $0.49 | ||
| Q3 25 | $0.23 | $0.67 | ||
| Q2 25 | $0.22 | $0.07 | ||
| Q1 25 | $0.01 | $0.55 | ||
| Q4 24 | $0.23 | $0.46 | ||
| Q3 24 | $-0.31 | $1.21 | ||
| Q2 24 | $-0.13 | $0.23 | ||
| Q1 24 | $-0.43 | $0.01 |
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 | $618.7M |
| 总债务越低越好 | $9.0B | $9.0B |
| 股东权益账面价值 | $3.5B | $9.7B |
| 总资产 | $13.0B | $19.6B |
| 负债/权益比越低杠杆越低 | 2.54× | 0.92× |
8季度趋势，按日历期对齐
现金及短期投资AFRMRPRX
| Q4 25 | $1.5B | $618.7M | ||
| Q3 25 | $1.4B | $938.9M | ||
| Q2 25 | $1.4B | $631.9M | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.2B | $929.0M | ||
| Q3 24 | $1.0B | $950.1M | ||
| Q2 24 | $1.0B | $1.8B | ||
| Q1 24 | $1.3B | $843.0M |
总债务AFRMRPRX
| Q4 25 | $9.0B | $9.0B | ||
| Q3 25 | $7.7B | $8.9B | ||
| Q2 25 | $7.6B | $8.0B | ||
| Q1 25 | $7.1B | $7.6B | ||
| Q4 24 | $7.3B | $7.6B | ||
| Q3 24 | — | $7.6B | ||
| Q2 24 | $1.8B | $7.6B | ||
| Q1 24 | — | $6.1B |
股东权益AFRMRPRX
| Q4 25 | $3.5B | $9.7B | ||
| Q3 25 | $3.3B | $9.6B | ||
| Q2 25 | $3.1B | $9.5B | ||
| Q1 25 | $2.9B | $9.8B | ||
| Q4 24 | $2.8B | $10.3B | ||
| Q3 24 | $2.8B | $10.3B | ||
| Q2 24 | $2.7B | $9.8B | ||
| Q1 24 | $2.6B | $9.9B |
总资产AFRMRPRX
| Q4 25 | $13.0B | $19.6B | ||
| Q3 25 | $11.5B | $19.3B | ||
| Q2 25 | $11.2B | $18.3B | ||
| Q1 25 | $10.4B | $17.6B | ||
| Q4 24 | $10.5B | $18.2B | ||
| Q3 24 | $10.1B | $18.0B | ||
| Q2 24 | $9.5B | $17.7B | ||
| Q1 24 | $9.2B | $16.1B |
负债/权益比AFRMRPRX
| Q4 25 | 2.54× | 0.92× | ||
| Q3 25 | 2.35× | 0.93× | ||
| Q2 25 | 2.48× | 0.84× | ||
| Q1 25 | 2.49× | 0.78× | ||
| Q4 24 | 2.62× | 0.74× | ||
| Q3 24 | — | 0.74× | ||
| Q2 24 | 0.67× | 0.78× | ||
| Q1 24 | — | 0.62× |
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 | $827.1M |
| 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× | 3.86× |
| 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AFRMRPRX
| Q4 25 | $173.7M | $827.1M | ||
| Q3 25 | $374.6M | $702.6M | ||
| Q2 25 | $74.6M | $364.0M | ||
| Q1 25 | $210.4M | $596.1M | ||
| Q4 24 | $312.0M | $742.5M | ||
| Q3 24 | $196.9M | $703.6M | ||
| Q2 24 | $68.8M | $658.2M | ||
| Q1 24 | $208.2M | $664.6M |
自由现金流AFRMRPRX
| 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AFRMRPRX
| 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AFRMRPRX
| 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AFRMRPRX
| Q4 25 | 1.34× | 3.86× | ||
| Q3 25 | 4.64× | 2.44× | ||
| Q2 25 | 1.08× | 12.06× | ||
| Q1 25 | 75.03× | 2.50× | ||
| Q4 24 | 3.88× | 3.57× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 6.45× | ||
| Q1 24 | — | 139.10× |
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% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
