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Affirm Holdings, Inc.（AFRM）与BOSTON BEER CO INC（SAM）财务数据对比。点击上方公司名可切换其他公司
BOSTON BEER CO INC的季度营收约是Affirm Holdings, Inc.的1.1倍（$461.6M vs $401.4M），Affirm Holdings, Inc.同比增速更快（32.5% vs -4.1%），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs -10.7%）
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。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
AFRM vs SAM — 直观对比
营收规模更大
SAM
是对方的1.1倍
$401.4M
营收增速更快
AFRM
高出36.6%
-4.1%
两年增速更快
AFRM
近两年复合增速
-10.7%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $461.6M |
| 净利润 | $129.6M | — |
| 毛利率 | — | 46.4% |
| 营业利润率 | 29.3% | 12.4% |
| 净利率 | 32.3% | — |
| 营收同比 | 32.5% | -4.1% |
| 净利润同比 | 61.3% | — |
| 每股收益（稀释后） | $0.37 | $2.16 |
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AFRMSAM
| Q1 26 | — | $461.6M | ||
| Q4 25 | $401.4M | $385.7M | ||
| Q3 25 | $320.5M | $537.5M | ||
| Q2 25 | $306.6M | $587.9M | ||
| Q1 25 | $272.5M | $453.9M | ||
| Q4 24 | $303.0M | $402.3M | ||
| Q3 24 | $231.8M | $605.5M | ||
| Q2 24 | $224.0M | $579.1M |
净利润AFRMSAM
| Q1 26 | — | — | ||
| Q4 25 | $129.6M | $-22.5M | ||
| Q3 25 | $80.7M | $46.2M | ||
| Q2 25 | $69.2M | $60.4M | ||
| Q1 25 | $2.8M | $24.4M | ||
| Q4 24 | $80.4M | $-38.8M | ||
| Q3 24 | $-100.2M | $33.5M | ||
| Q2 24 | $-45.1M | $52.3M |
毛利率AFRMSAM
| Q1 26 | — | 46.4% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | — | 49.8% | ||
| Q1 25 | — | 48.3% | ||
| Q4 24 | — | 39.9% | ||
| Q3 24 | — | 46.3% | ||
| Q2 24 | — | 46.0% |
营业利润率AFRMSAM
| Q1 26 | — | 12.4% | ||
| Q4 25 | 29.3% | -8.6% | ||
| Q3 25 | 19.9% | 11.5% | ||
| Q2 25 | 18.9% | 14.0% | ||
| Q1 25 | -3.1% | 7.4% | ||
| Q4 24 | -1.4% | -13.9% | ||
| Q3 24 | -57.2% | 7.6% | ||
| Q2 24 | -32.8% | 12.2% |
净利率AFRMSAM
| Q1 26 | — | — | ||
| Q4 25 | 32.3% | -5.8% | ||
| Q3 25 | 25.2% | 8.6% | ||
| Q2 25 | 22.6% | 10.3% | ||
| Q1 25 | 1.0% | 5.4% | ||
| Q4 24 | 26.5% | -9.6% | ||
| Q3 24 | -43.2% | 5.5% | ||
| Q2 24 | -20.2% | 9.0% |
每股收益（稀释后）AFRMSAM
| Q1 26 | — | $2.16 | ||
| Q4 25 | $0.37 | $-1.97 | ||
| Q3 25 | $0.23 | $4.25 | ||
| Q2 25 | $0.22 | $5.45 | ||
| Q1 25 | $0.01 | $2.16 | ||
| Q4 24 | $0.23 | $-3.23 | ||
| Q3 24 | $-0.31 | $2.86 | ||
| Q2 24 | $-0.13 | $4.39 |
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 | $164.1M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | $682.6M |
| 总资产 | $13.0B | $1.2B |
| 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AFRMSAM
| Q1 26 | — | $164.1M | ||
| Q4 25 | $1.5B | $223.4M | ||
| Q3 25 | $1.4B | $250.5M | ||
| Q2 25 | $1.4B | $212.4M | ||
| Q1 25 | $1.4B | $152.5M | ||
| Q4 24 | $1.2B | $211.8M | ||
| Q3 24 | $1.0B | $255.6M | ||
| Q2 24 | $1.0B | $219.3M |
总债务AFRMSAM
| Q1 26 | — | — | ||
| 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 | — |
股东权益AFRMSAM
| Q1 26 | — | $682.6M | ||
| Q4 25 | $3.5B | $846.3M | ||
| Q3 25 | $3.3B | $911.0M | ||
| Q2 25 | $3.1B | $912.3M | ||
| Q1 25 | $2.9B | $897.0M | ||
| Q4 24 | $2.8B | $916.2M | ||
| Q3 24 | $2.8B | $1.0B | ||
| Q2 24 | $2.7B | $1.0B |
总资产AFRMSAM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $13.0B | $1.2B | ||
| Q3 25 | $11.5B | $1.2B | ||
| Q2 25 | $11.2B | $1.3B | ||
| Q1 25 | $10.4B | $1.2B | ||
| Q4 24 | $10.5B | $1.3B | ||
| Q3 24 | $10.1B | $1.4B | ||
| Q2 24 | $9.5B | $1.4B |
负债/权益比AFRMSAM
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| 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AFRMSAM
| Q1 26 | — | — | ||
| Q4 25 | $173.7M | $39.9M | ||
| Q3 25 | $374.6M | $101.8M | ||
| Q2 25 | $74.6M | $126.5M | ||
| Q1 25 | $210.4M | $1.9M | ||
| Q4 24 | $312.0M | $41.9M | ||
| Q3 24 | $196.9M | $115.9M | ||
| Q2 24 | $68.8M | $96.0M |
自由现金流AFRMSAM
| Q1 26 | — | — | ||
| Q4 25 | $118.0M | $22.1M | ||
| Q3 25 | $320.2M | $89.2M | ||
| Q2 25 | $23.5M | $112.2M | ||
| Q1 25 | $157.4M | $-8.0M | ||
| Q4 24 | $268.1M | $18.4M | ||
| Q3 24 | $152.7M | $99.2M | ||
| Q2 24 | $30.5M | $75.6M |
自由现金流率AFRMSAM
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | 5.7% | ||
| Q3 25 | 99.9% | 16.6% | ||
| Q2 25 | 7.7% | 19.1% | ||
| Q1 25 | 57.7% | -1.8% | ||
| Q4 24 | 88.5% | 4.6% | ||
| Q3 24 | 65.9% | 16.4% | ||
| Q2 24 | 13.6% | 13.1% |
资本支出强度AFRMSAM
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 4.6% | ||
| Q3 25 | 17.0% | 2.3% | ||
| Q2 25 | 16.7% | 2.4% | ||
| Q1 25 | 19.5% | 2.2% | ||
| Q4 24 | 14.5% | 5.8% | ||
| Q3 24 | 19.0% | 2.8% | ||
| Q2 24 | 17.1% | 3.5% |
现金转化率AFRMSAM
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 2.21× | ||
| Q2 25 | 1.08× | 2.09× | ||
| Q1 25 | 75.03× | 0.08× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 3.46× | ||
| Q2 24 | — | 1.83× |
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% |
SAM
暂无分部数据
