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Affirm Holdings, Inc.（AFRM）与SLM Corp（SLM）财务数据对比。点击上方公司名可切换其他公司
SLM Corp的季度营收约是Affirm Holdings, Inc.的1.4倍（$560.0M vs $401.4M）。SLM Corp净利率更高（55.0% vs 32.3%，领先22.7%）。过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs 22.7%）
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。
尼康旗下SLM Solutions AG总部位于德国吕贝克，是金属3D打印机领域的上市生产商，共同拥有SLM文字商标，集团股份自2014年5月9日起在法兰克福证券交易所高级市场板块挂牌交易。
AFRM vs SLM — 直观对比
营收规模更大
SLM
是对方的1.4倍
$401.4M
净利率更高
SLM
高出22.7%
32.3%
两年增速更快
AFRM
近两年复合增速
22.7%
损益表 — Q2 2026 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $560.0M |
| 净利润 | $129.6M | $308.0M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | — |
| 净利率 | 32.3% | 55.0% |
| 营收同比 | 32.5% | — |
| 净利润同比 | 61.3% | 1.0% |
| 每股收益（稀释后） | $0.37 | $1.54 |
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AFRMSLM
| Q1 26 | — | $560.0M | ||
| Q4 25 | $401.4M | $377.1M | ||
| Q3 25 | $320.5M | $373.0M | ||
| Q2 25 | $306.6M | $376.8M | ||
| Q1 25 | $272.5M | $375.0M | ||
| Q4 24 | $303.0M | $362.2M | ||
| Q3 24 | $231.8M | $359.4M | ||
| Q2 24 | $224.0M | $372.2M |
净利润AFRMSLM
| Q1 26 | — | $308.0M | ||
| Q4 25 | $129.6M | $233.2M | ||
| Q3 25 | $80.7M | $135.8M | ||
| Q2 25 | $69.2M | $71.3M | ||
| Q1 25 | $2.8M | $304.5M | ||
| Q4 24 | $80.4M | $111.6M | ||
| Q3 24 | $-100.2M | $-45.2M | ||
| Q2 24 | $-45.1M | $252.0M |
营业利润率AFRMSLM
| Q1 26 | — | — | ||
| Q4 25 | 29.3% | 83.8% | ||
| Q3 25 | 19.9% | 49.8% | ||
| Q2 25 | 18.9% | 23.3% | ||
| Q1 25 | -3.1% | — | ||
| Q4 24 | -1.4% | 36.5% | ||
| Q3 24 | -57.2% | -16.6% | ||
| Q2 24 | -32.8% | 91.0% |
净利率AFRMSLM
| Q1 26 | — | 55.0% | ||
| Q4 25 | 32.3% | 61.8% | ||
| Q3 25 | 25.2% | 36.4% | ||
| Q2 25 | 22.6% | 18.9% | ||
| Q1 25 | 1.0% | 81.2% | ||
| Q4 24 | 26.5% | 30.8% | ||
| Q3 24 | -43.2% | -12.6% | ||
| Q2 24 | -20.2% | 67.7% |
每股收益（稀释后）AFRMSLM
| Q1 26 | — | $1.54 | ||
| Q4 25 | $0.37 | $1.11 | ||
| Q3 25 | $0.23 | $0.63 | ||
| Q2 25 | $0.22 | $0.32 | ||
| Q1 25 | $0.01 | $1.40 | ||
| Q4 24 | $0.23 | $0.53 | ||
| Q3 24 | $-0.31 | $-0.23 | ||
| Q2 24 | $-0.13 | $1.11 |
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 | $5.2B |
| 总债务越低越好 | $9.0B | $6.2B |
| 股东权益账面价值 | $3.5B | $2.4B |
| 总资产 | $13.0B | $29.4B |
| 负债/权益比越低杠杆越低 | 2.54× | 2.53× |
8季度趋势，按日历期对齐
现金及短期投资AFRMSLM
| Q1 26 | — | $5.2B | ||
| Q4 25 | $1.5B | $4.2B | ||
| Q3 25 | $1.4B | $3.5B | ||
| Q2 25 | $1.4B | $4.1B | ||
| Q1 25 | $1.4B | $3.7B | ||
| Q4 24 | $1.2B | $4.7B | ||
| Q3 24 | $1.0B | $4.5B | ||
| Q2 24 | $1.0B | $5.3B |
总债务AFRMSLM
| Q1 26 | — | $6.2B | ||
| Q4 25 | $9.0B | $5.4B | ||
| Q3 25 | $7.7B | $6.8B | ||
| Q2 25 | $7.6B | $6.4B | ||
| Q1 25 | $7.1B | $6.1B | ||
| Q4 24 | $7.3B | $6.4B | ||
| Q3 24 | — | $6.0B | ||
| Q2 24 | $1.8B | $5.4B |
股东权益AFRMSLM
| Q1 26 | — | $2.4B | ||
| Q4 25 | $3.5B | $2.5B | ||
| Q3 25 | $3.3B | $2.3B | ||
| Q2 25 | $3.1B | $2.4B | ||
| Q1 25 | $2.9B | $2.4B | ||
| Q4 24 | $2.8B | $2.2B | ||
| Q3 24 | $2.8B | $2.1B | ||
| Q2 24 | $2.7B | $2.3B |
总资产AFRMSLM
| Q1 26 | — | $29.4B | ||
| Q4 25 | $13.0B | $29.7B | ||
| Q3 25 | $11.5B | $29.6B | ||
| Q2 25 | $11.2B | $29.6B | ||
| Q1 25 | $10.4B | $28.9B | ||
| Q4 24 | $10.5B | $30.1B | ||
| Q3 24 | $10.1B | $30.0B | ||
| Q2 24 | $9.5B | $28.8B |
负债/权益比AFRMSLM
| Q1 26 | — | 2.53× | ||
| Q4 25 | 2.54× | 2.19× | ||
| Q3 25 | 2.35× | 2.92× | ||
| Q2 25 | 2.48× | 2.70× | ||
| Q1 25 | 2.49× | 2.56× | ||
| Q4 24 | 2.62× | 2.98× | ||
| Q3 24 | — | 2.83× | ||
| Q2 24 | 0.67× | 2.37× |
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AFRMSLM
| Q1 26 | — | — | ||
| Q4 25 | $173.7M | $-64.5M | ||
| Q3 25 | $374.6M | $-49.3M | ||
| Q2 25 | $74.6M | $-138.7M | ||
| Q1 25 | $210.4M | $-146.1M | ||
| Q4 24 | $312.0M | $4.5M | ||
| Q3 24 | $196.9M | $-113.4M | ||
| Q2 24 | $68.8M | $-143.8M |
自由现金流AFRMSLM
| Q1 26 | — | — | ||
| 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 | — |
自由现金流率AFRMSLM
| Q1 26 | — | — | ||
| 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% | — |
资本支出强度AFRMSLM
| Q1 26 | — | — | ||
| 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% | — |
现金转化率AFRMSLM
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | -0.28× | ||
| Q3 25 | 4.64× | -0.36× | ||
| Q2 25 | 1.08× | -1.95× | ||
| Q1 25 | 75.03× | -0.48× | ||
| Q4 24 | 3.88× | 0.04× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.57× |
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% |
SLM
| Net Interest Income | $375.0M | 67% |
| Noninterest Income | $185.0M | 33% |
