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Affirm Holdings, Inc.（AFRM）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
SCANSOURCE, INC.的季度营收约是Affirm Holdings, Inc.的1.9倍（$766.5M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs 2.2%，领先30.1%），Affirm Holdings, Inc.同比增速更快（32.5% vs 2.5%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $28.9M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 0.9%）
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。
ScanSource是全球领先的专业技术分销商，主营销售点系统、条码扫描设备、网络安全产品、云服务及通信解决方案，面向北美、拉美、欧洲的增值经销商、服务提供商及企业客户，覆盖零售、医疗、工业、公共部门等领域。
AFRM vs SCSC — 直观对比
营收规模更大
SCSC
是对方的1.9倍
$401.4M
营收增速更快
AFRM
高出29.9%
2.5%
净利率更高
AFRM
高出30.1%
2.2%
自由现金流更多
AFRM
多$89.2M
$28.9M
两年增速更快
AFRM
近两年复合增速
0.9%
损益表 — Q2 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $766.5M |
| 净利润 | $129.6M | $16.5M |
| 毛利率 | — | 13.4% |
| 营业利润率 | 29.3% | 2.3% |
| 净利率 | 32.3% | 2.2% |
| 营收同比 | 32.5% | 2.5% |
| 净利润同比 | 61.3% | -3.3% |
| 每股收益（稀释后） | $0.37 | $0.75 |
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AFRMSCSC
| Q4 25 | $401.4M | $766.5M | ||
| Q3 25 | $320.5M | $739.6M | ||
| Q2 25 | $306.6M | $812.9M | ||
| Q1 25 | $272.5M | $704.8M | ||
| Q4 24 | $303.0M | $747.5M | ||
| Q3 24 | $231.8M | $775.6M | ||
| Q2 24 | $224.0M | $746.1M | ||
| Q1 24 | $195.0M | $752.6M |
净利润AFRMSCSC
| Q4 25 | $129.6M | $16.5M | ||
| Q3 25 | $80.7M | $19.9M | ||
| Q2 25 | $69.2M | $20.1M | ||
| Q1 25 | $2.8M | $17.4M | ||
| Q4 24 | $80.4M | $17.1M | ||
| Q3 24 | $-100.2M | $17.0M | ||
| Q2 24 | $-45.1M | $16.1M | ||
| Q1 24 | $-133.9M | $12.8M |
毛利率AFRMSCSC
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 14.2% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | — | 12.6% |
营业利润率AFRMSCSC
| Q4 25 | 29.3% | 2.3% | ||
| Q3 25 | 19.9% | 3.5% | ||
| Q2 25 | 18.9% | 3.3% | ||
| Q1 25 | -3.1% | 3.2% | ||
| Q4 24 | -1.4% | 2.5% | ||
| Q3 24 | -57.2% | 2.3% | ||
| Q2 24 | -32.8% | 2.9% | ||
| Q1 24 | -82.5% | 2.3% |
净利率AFRMSCSC
| Q4 25 | 32.3% | 2.2% | ||
| Q3 25 | 25.2% | 2.7% | ||
| Q2 25 | 22.6% | 2.5% | ||
| Q1 25 | 1.0% | 2.5% | ||
| Q4 24 | 26.5% | 2.3% | ||
| Q3 24 | -43.2% | 2.2% | ||
| Q2 24 | -20.2% | 2.2% | ||
| Q1 24 | -68.7% | 1.7% |
每股收益（稀释后）AFRMSCSC
| Q4 25 | $0.37 | $0.75 | ||
| Q3 25 | $0.23 | $0.89 | ||
| Q2 25 | $0.22 | $0.87 | ||
| Q1 25 | $0.01 | $0.74 | ||
| Q4 24 | $0.23 | $0.70 | ||
| Q3 24 | $-0.31 | $0.69 | ||
| Q2 24 | $-0.13 | $0.66 | ||
| Q1 24 | $-0.43 | $0.50 |
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 | $83.5M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | $910.9M |
| 总资产 | $13.0B | $1.7B |
| 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AFRMSCSC
| Q4 25 | $1.5B | $83.5M | ||
| Q3 25 | $1.4B | $124.9M | ||
| Q2 25 | $1.4B | $126.2M | ||
| Q1 25 | $1.4B | $146.3M | ||
| Q4 24 | $1.2B | $110.5M | ||
| Q3 24 | $1.0B | $145.0M | ||
| Q2 24 | $1.0B | $185.5M | ||
| Q1 24 | $1.3B | $159.1M |
总债务AFRMSCSC
| 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 | — | — |
股东权益AFRMSCSC
| Q4 25 | $3.5B | $910.9M | ||
| Q3 25 | $3.3B | $914.0M | ||
| Q2 25 | $3.1B | $906.4M | ||
| Q1 25 | $2.9B | $901.7M | ||
| Q4 24 | $2.8B | $900.7M | ||
| Q3 24 | $2.8B | $920.9M | ||
| Q2 24 | $2.7B | $924.3M | ||
| Q1 24 | $2.6B | $944.1M |
总资产AFRMSCSC
| Q4 25 | $13.0B | $1.7B | ||
| Q3 25 | $11.5B | $1.7B | ||
| Q2 25 | $11.2B | $1.8B | ||
| Q1 25 | $10.4B | $1.7B | ||
| Q4 24 | $10.5B | $1.7B | ||
| Q3 24 | $10.1B | $1.8B | ||
| Q2 24 | $9.5B | $1.8B | ||
| Q1 24 | $9.2B | $1.8B |
负债/权益比AFRMSCSC
| 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 | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $28.9M |
| 自由现金流率自由现金流/营收 | 29.4% | 3.8% |
| 资本支出强度资本支出/营收 | 13.9% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.34× | 1.87× |
| 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AFRMSCSC
| Q4 25 | $173.7M | $30.8M | ||
| Q3 25 | $374.6M | $23.2M | ||
| Q2 25 | $74.6M | — | ||
| Q1 25 | $210.4M | $66.1M | ||
| Q4 24 | $312.0M | $-6.2M | ||
| Q3 24 | $196.9M | $44.8M | ||
| Q2 24 | $68.8M | — | ||
| Q1 24 | $208.2M | $160.2M |
自由现金流AFRMSCSC
| Q4 25 | $118.0M | $28.9M | ||
| Q3 25 | $320.2M | $20.8M | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | $64.6M | ||
| Q4 24 | $268.1M | $-8.2M | ||
| Q3 24 | $152.7M | $42.5M | ||
| Q2 24 | $30.5M | — | ||
| Q1 24 | $161.7M | $157.7M |
自由现金流率AFRMSCSC
| Q4 25 | 29.4% | 3.8% | ||
| Q3 25 | 99.9% | 2.8% | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | 9.2% | ||
| Q4 24 | 88.5% | -1.1% | ||
| Q3 24 | 65.9% | 5.5% | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 82.9% | 21.0% |
资本支出强度AFRMSCSC
| Q4 25 | 13.9% | 0.3% | ||
| Q3 25 | 17.0% | 0.3% | ||
| Q2 25 | 16.7% | 0.3% | ||
| Q1 25 | 19.5% | 0.2% | ||
| Q4 24 | 14.5% | 0.3% | ||
| Q3 24 | 19.0% | 0.3% | ||
| Q2 24 | 17.1% | 0.2% | ||
| Q1 24 | 23.8% | 0.3% |
现金转化率AFRMSCSC
| Q4 25 | 1.34× | 1.87× | ||
| Q3 25 | 4.64× | 1.17× | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | 3.79× | ||
| Q4 24 | 3.88× | -0.36× | ||
| Q3 24 | — | 2.64× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 12.51× |
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
