vs
Affirm Holdings, Inc.（AFRM）与RAYONIER ADVANCED MATERIALS INC.（RYAM）财务数据对比。点击上方公司名可切换其他公司
RAYONIER ADVANCED MATERIALS INC.的季度营收约是Affirm Holdings, Inc.的1.0倍（$417.5M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs -5.0%，领先37.3%），Affirm Holdings, Inc.同比增速更快（32.5% vs -1.2%），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 3.8%）
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。
RYAM（原雷尼尔先进材料公司）是一家美国全球性纤维素技术企业，主打高纯度特种纤维素产品，所生产的天然聚合物广泛应用于过滤器生产、食品加工、医药制造及各类工业领域，同时也为造纸和包装行业供应相关产品，在纤维素技术领域拥有较高的行业认可度。
AFRM vs RYAM — 直观对比
营收规模更大
RYAM
是对方的1.0倍
$401.4M
营收增速更快
AFRM
高出33.6%
-1.2%
净利率更高
AFRM
高出37.3%
-5.0%
两年增速更快
AFRM
近两年复合增速
3.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $417.5M |
| 净利润 | $129.6M | $-21.1M |
| 毛利率 | — | 8.9% |
| 营业利润率 | 29.3% | 2.6% |
| 净利率 | 32.3% | -5.0% |
| 营收同比 | 32.5% | -1.2% |
| 净利润同比 | 61.3% | -31.9% |
| 每股收益（稀释后） | $0.37 | $-0.33 |
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AFRMRYAM
| Q4 25 | $401.4M | $417.5M | ||
| Q3 25 | $320.5M | $352.8M | ||
| Q2 25 | $306.6M | $340.0M | ||
| Q1 25 | $272.5M | $356.0M | ||
| Q4 24 | $303.0M | $422.5M | ||
| Q3 24 | $231.8M | $401.1M | ||
| Q2 24 | $224.0M | $419.0M | ||
| Q1 24 | $195.0M | $387.7M |
净利润AFRMRYAM
| Q4 25 | $129.6M | $-21.1M | ||
| Q3 25 | $80.7M | $-4.5M | ||
| Q2 25 | $69.2M | $-363.2M | ||
| Q1 25 | $2.8M | $-32.0M | ||
| Q4 24 | $80.4M | $-16.0M | ||
| Q3 24 | $-100.2M | $-32.6M | ||
| Q2 24 | $-45.1M | $11.4M | ||
| Q1 24 | $-133.9M | $-1.6M |
毛利率AFRMRYAM
| Q4 25 | — | 8.9% | ||
| Q3 25 | — | 9.7% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | — | 8.7% | ||
| Q3 24 | — | 10.9% | ||
| Q2 24 | — | 11.5% | ||
| Q1 24 | — | 9.5% |
营业利润率AFRMRYAM
| Q4 25 | 29.3% | 2.6% | ||
| Q3 25 | 19.9% | 2.8% | ||
| Q2 25 | 18.9% | -0.4% | ||
| Q1 25 | -3.1% | -4.2% | ||
| Q4 24 | -1.4% | 2.6% | ||
| Q3 24 | -57.2% | -4.2% | ||
| Q2 24 | -32.8% | 6.7% | ||
| Q1 24 | -82.5% | 4.4% |
净利率AFRMRYAM
| Q4 25 | 32.3% | -5.0% | ||
| Q3 25 | 25.2% | -1.3% | ||
| Q2 25 | 22.6% | -106.8% | ||
| Q1 25 | 1.0% | -9.0% | ||
| Q4 24 | 26.5% | -3.8% | ||
| Q3 24 | -43.2% | -8.1% | ||
| Q2 24 | -20.2% | 2.7% | ||
| Q1 24 | -68.7% | -0.4% |
每股收益（稀释后）AFRMRYAM
| Q4 25 | $0.37 | $-0.33 | ||
| Q3 25 | $0.23 | $-0.07 | ||
| Q2 25 | $0.22 | $-5.44 | ||
| Q1 25 | $0.01 | $-0.49 | ||
| Q4 24 | $0.23 | $-0.25 | ||
| Q3 24 | $-0.31 | $-0.49 | ||
| Q2 24 | $-0.13 | $0.17 | ||
| Q1 24 | $-0.43 | $-0.02 |
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 | $75.4M |
| 总债务越低越好 | $9.0B | $758.1M |
| 股东权益账面价值 | $3.5B | $316.6M |
| 总资产 | $13.0B | $1.8B |
| 负债/权益比越低杠杆越低 | 2.54× | 2.39× |
8季度趋势，按日历期对齐
现金及短期投资AFRMRYAM
| Q4 25 | $1.5B | $75.4M | ||
| Q3 25 | $1.4B | $77.0M | ||
| Q2 25 | $1.4B | $70.7M | ||
| Q1 25 | $1.4B | $129.9M | ||
| Q4 24 | $1.2B | $125.2M | ||
| Q3 24 | $1.0B | $136.1M | ||
| Q2 24 | $1.0B | $114.1M | ||
| Q1 24 | $1.3B | $54.6M |
总债务AFRMRYAM
| Q4 25 | $9.0B | $758.1M | ||
| Q3 25 | $7.7B | $763.5M | ||
| Q2 25 | $7.6B | $720.4M | ||
| Q1 25 | $7.1B | $707.0M | ||
| Q4 24 | $7.3B | $706.4M | ||
| Q3 24 | — | $747.7M | ||
| Q2 24 | $1.8B | $752.8M | ||
| Q1 24 | — | $755.6M |
股东权益AFRMRYAM
| Q4 25 | $3.5B | $316.6M | ||
| Q3 25 | $3.3B | $338.2M | ||
| Q2 25 | $3.1B | $342.3M | ||
| Q1 25 | $2.9B | $688.1M | ||
| Q4 24 | $2.8B | $713.9M | ||
| Q3 24 | $2.8B | $732.7M | ||
| Q2 24 | $2.7B | $755.1M | ||
| Q1 24 | $2.6B | $741.8M |
总资产AFRMRYAM
| Q4 25 | $13.0B | $1.8B | ||
| Q3 25 | $11.5B | $1.8B | ||
| Q2 25 | $11.2B | $1.8B | ||
| Q1 25 | $10.4B | $2.1B | ||
| Q4 24 | $10.5B | $2.1B | ||
| Q3 24 | $10.1B | $2.2B | ||
| Q2 24 | $9.5B | $2.2B | ||
| Q1 24 | $9.2B | $2.1B |
负债/权益比AFRMRYAM
| Q4 25 | 2.54× | 2.39× | ||
| Q3 25 | 2.35× | 2.26× | ||
| Q2 25 | 2.48× | 2.10× | ||
| Q1 25 | 2.49× | 1.03× | ||
| Q4 24 | 2.62× | 0.99× | ||
| Q3 24 | — | 1.02× | ||
| Q2 24 | 0.67× | 1.00× | ||
| Q1 24 | — | 1.02× |
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 | $32.3M |
| 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× | — |
| 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AFRMRYAM
| Q4 25 | $173.7M | $32.3M | ||
| Q3 25 | $374.6M | $-17.8M | ||
| Q2 25 | $74.6M | $-30.2M | ||
| Q1 25 | $210.4M | $39.6M | ||
| Q4 24 | $312.0M | $54.9M | ||
| Q3 24 | $196.9M | $49.8M | ||
| Q2 24 | $68.8M | $87.6M | ||
| Q1 24 | $208.2M | $11.3M |
自由现金流AFRMRYAM
| 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AFRMRYAM
| 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AFRMRYAM
| 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AFRMRYAM
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 7.69× | ||
| 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% |
RYAM
| Cellulose Specialties | $249.6M | 60% |
| Other | $86.2M | 21% |
| Paperboard | $44.2M | 11% |
| High Yield Pulp | $28.3M | 7% |
| Biomaterials | $9.2M | 2% |
