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Affirm Holdings, Inc.（AFRM）与Sylvamo Corp（SLVM）财务数据对比。点击上方公司名可切换其他公司
Sylvamo Corp的季度营收约是Affirm Holdings, Inc.的1.9倍（$755.0M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs -0.4%，领先32.7%），Affirm Holdings, Inc.同比增速更快（32.5% vs -8.0%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $-59.0M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs -10.0%）
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。
西尔瓦莫公司是全球领先的可持续纸浆与纸品生产商，核心产品包括非涂布印刷纸、包装纸及商用纸浆，业务覆盖北美、欧洲、拉美地区，服务办公耗材、出版、商业印刷、包装等多个领域。
AFRM vs SLVM — 直观对比
营收规模更大
SLVM
是对方的1.9倍
$401.4M
营收增速更快
AFRM
高出40.5%
-8.0%
净利率更高
AFRM
高出32.7%
-0.4%
自由现金流更多
AFRM
多$177.0M
$-59.0M
两年增速更快
AFRM
近两年复合增速
-10.0%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $755.0M |
| 净利润 | $129.6M | $-3.0M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | — |
| 净利率 | 32.3% | -0.4% |
| 营收同比 | 32.5% | -8.0% |
| 净利润同比 | 61.3% | — |
| 每股收益（稀释后） | $0.37 | $-0.08 |
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AFRMSLVM
| Q1 26 | — | $755.0M | ||
| Q4 25 | $401.4M | $890.0M | ||
| Q3 25 | $320.5M | $846.0M | ||
| Q2 25 | $306.6M | $794.0M | ||
| Q1 25 | $272.5M | $821.0M | ||
| Q4 24 | $303.0M | $970.0M | ||
| Q3 24 | $231.8M | $965.0M | ||
| Q2 24 | $224.0M | $933.0M |
净利润AFRMSLVM
| Q1 26 | — | $-3.0M | ||
| Q4 25 | $129.6M | $33.0M | ||
| Q3 25 | $80.7M | $57.0M | ||
| Q2 25 | $69.2M | $15.0M | ||
| Q1 25 | $2.8M | $27.0M | ||
| Q4 24 | $80.4M | $81.0M | ||
| Q3 24 | $-100.2M | $95.0M | ||
| Q2 24 | $-45.1M | $83.0M |
营业利润率AFRMSLVM
| Q1 26 | — | — | ||
| Q4 25 | 29.3% | 8.9% | ||
| Q3 25 | 19.9% | 11.6% | ||
| Q2 25 | 18.9% | 3.8% | ||
| Q1 25 | -3.1% | 5.4% | ||
| Q4 24 | -1.4% | 11.2% | ||
| Q3 24 | -57.2% | 15.5% | ||
| Q2 24 | -32.8% | 13.1% |
净利率AFRMSLVM
| Q1 26 | — | -0.4% | ||
| Q4 25 | 32.3% | 3.7% | ||
| Q3 25 | 25.2% | 6.7% | ||
| Q2 25 | 22.6% | 1.9% | ||
| Q1 25 | 1.0% | 3.3% | ||
| Q4 24 | 26.5% | 8.4% | ||
| Q3 24 | -43.2% | 9.8% | ||
| Q2 24 | -20.2% | 8.9% |
每股收益（稀释后）AFRMSLVM
| Q1 26 | — | $-0.08 | ||
| Q4 25 | $0.37 | $0.81 | ||
| Q3 25 | $0.23 | $1.41 | ||
| Q2 25 | $0.22 | $0.37 | ||
| Q1 25 | $0.01 | $0.65 | ||
| Q4 24 | $0.23 | $1.91 | ||
| Q3 24 | $-0.31 | $2.27 | ||
| Q2 24 | $-0.13 | $1.98 |
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 | — |
| 总债务越低越好 | $9.0B | $766.0M |
| 股东权益账面价值 | $3.5B | $979.0M |
| 总资产 | $13.0B | $2.8B |
| 负债/权益比越低杠杆越低 | 2.54× | 0.78× |
8季度趋势，按日历期对齐
现金及短期投资AFRMSLVM
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $198.0M | ||
| Q3 25 | $1.4B | $146.0M | ||
| Q2 25 | $1.4B | $183.0M | ||
| Q1 25 | $1.4B | $220.0M | ||
| Q4 24 | $1.2B | $309.0M | ||
| Q3 24 | $1.0B | $414.0M | ||
| Q2 24 | $1.0B | $213.0M |
总债务AFRMSLVM
| Q1 26 | — | $766.0M | ||
| Q4 25 | $9.0B | $763.0M | ||
| Q3 25 | $7.7B | $778.0M | ||
| Q2 25 | $7.6B | $767.0M | ||
| Q1 25 | $7.1B | $794.0M | ||
| Q4 24 | $7.3B | $782.0M | ||
| Q3 24 | — | $883.0M | ||
| Q2 24 | $1.8B | $894.0M |
股东权益AFRMSLVM
| Q1 26 | — | $979.0M | ||
| Q4 25 | $3.5B | $966.0M | ||
| Q3 25 | $3.3B | $977.0M | ||
| Q2 25 | $3.1B | $959.0M | ||
| Q1 25 | $2.9B | $908.0M | ||
| Q4 24 | $2.8B | $847.0M | ||
| Q3 24 | $2.8B | $937.0M | ||
| Q2 24 | $2.7B | $830.0M |
总资产AFRMSLVM
| Q1 26 | — | $2.8B | ||
| Q4 25 | $13.0B | $2.8B | ||
| Q3 25 | $11.5B | $2.7B | ||
| Q2 25 | $11.2B | $2.7B | ||
| Q1 25 | $10.4B | $2.6B | ||
| Q4 24 | $10.5B | $2.6B | ||
| Q3 24 | $10.1B | $2.9B | ||
| Q2 24 | $9.5B | $2.7B |
负债/权益比AFRMSLVM
| Q1 26 | — | 0.78× | ||
| Q4 25 | 2.54× | 0.79× | ||
| Q3 25 | 2.35× | 0.80× | ||
| Q2 25 | 2.48× | 0.80× | ||
| Q1 25 | 2.49× | 0.87× | ||
| Q4 24 | 2.62× | 0.92× | ||
| Q3 24 | — | 0.94× | ||
| Q2 24 | 0.67× | 1.08× |
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 | $-59.0M |
| 自由现金流率自由现金流/营收 | 29.4% | -7.8% |
| 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 | $10.0M |
8季度趋势，按日历期对齐
经营现金流AFRMSLVM
| Q1 26 | — | — | ||
| Q4 25 | $173.7M | $94.0M | ||
| Q3 25 | $374.6M | $87.0M | ||
| Q2 25 | $74.6M | $64.0M | ||
| Q1 25 | $210.4M | $23.0M | ||
| Q4 24 | $312.0M | $164.0M | ||
| Q3 24 | $196.9M | $163.0M | ||
| Q2 24 | $68.8M | $115.0M |
自由现金流AFRMSLVM
| Q1 26 | — | $-59.0M | ||
| Q4 25 | $118.0M | $38.0M | ||
| Q3 25 | $320.2M | $33.0M | ||
| Q2 25 | $23.5M | $-2.0M | ||
| Q1 25 | $157.4M | $-25.0M | ||
| Q4 24 | $268.1M | $100.0M | ||
| Q3 24 | $152.7M | $119.0M | ||
| Q2 24 | $30.5M | $62.0M |
自由现金流率AFRMSLVM
| Q1 26 | — | -7.8% | ||
| Q4 25 | 29.4% | 4.3% | ||
| Q3 25 | 99.9% | 3.9% | ||
| Q2 25 | 7.7% | -0.3% | ||
| Q1 25 | 57.7% | -3.0% | ||
| Q4 24 | 88.5% | 10.3% | ||
| Q3 24 | 65.9% | 12.3% | ||
| Q2 24 | 13.6% | 6.6% |
资本支出强度AFRMSLVM
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 6.3% | ||
| Q3 25 | 17.0% | 6.4% | ||
| Q2 25 | 16.7% | 8.3% | ||
| Q1 25 | 19.5% | 5.8% | ||
| Q4 24 | 14.5% | 6.6% | ||
| Q3 24 | 19.0% | 4.6% | ||
| Q2 24 | 17.1% | 5.7% |
现金转化率AFRMSLVM
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | 2.85× | ||
| Q3 25 | 4.64× | 1.53× | ||
| Q2 25 | 1.08× | 4.27× | ||
| Q1 25 | 75.03× | 0.85× | ||
| Q4 24 | 3.88× | 2.02× | ||
| Q3 24 | — | 1.72× | ||
| Q2 24 | — | 1.39× |
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% |
SLVM
| North America | $390.0M | 52% |
| Europe | $190.0M | 25% |
| Latin America | $187.0M | 25% |
