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Affirm Holdings, Inc.（AFRM）与VinFast Auto Ltd.（VFS）财务数据对比。点击上方公司名可切换其他公司
VinFast Auto Ltd.的季度营收约是Affirm Holdings, Inc.的1.8倍（$718.6M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs -2.8%，领先35.1%）
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。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
AFRM vs VFS — 直观对比
营收规模更大
VFS
是对方的1.8倍
$401.4M
净利率更高
AFRM
高出35.1%
-2.8%
损益表 — Q2 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $718.6M |
| 净利润 | $129.6M | $-20.0M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | -96.1% |
| 净利率 | 32.3% | -2.8% |
| 营收同比 | 32.5% | — |
| 净利润同比 | 61.3% | — |
| 每股收益（稀释后） | $0.37 | — |
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AFRMVFS
| Q4 25 | $401.4M | — | ||
| Q3 25 | $320.5M | $718.6M | ||
| Q2 25 | $306.6M | $663.0M | ||
| Q1 25 | $272.5M | $656.5M | ||
| Q4 24 | $303.0M | — | ||
| Q3 24 | $231.8M | $511.6M | ||
| Q2 24 | $224.0M | — | ||
| Q1 24 | $195.0M | $302.6M |
净利润AFRMVFS
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $-20.0M | ||
| Q2 25 | $69.2M | $-51.8M | ||
| Q1 25 | $2.8M | $-26.1M | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | $-10.4M | ||
| Q2 24 | $-45.1M | — | ||
| Q1 24 | $-133.9M | $-618.3M |
营业利润率AFRMVFS
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | -96.1% | ||
| Q2 25 | 18.9% | -79.0% | ||
| Q1 25 | -3.1% | -74.0% | ||
| Q4 24 | -1.4% | — | ||
| Q3 24 | -57.2% | -65.9% | ||
| Q2 24 | -32.8% | — | ||
| Q1 24 | -82.5% | -139.4% |
净利率AFRMVFS
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | -2.8% | ||
| Q2 25 | 22.6% | -7.8% | ||
| Q1 25 | 1.0% | -4.0% | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | -2.0% | ||
| Q2 24 | -20.2% | — | ||
| Q1 24 | -68.7% | -204.3% |
每股收益（稀释后）AFRMVFS
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | — | ||
| Q2 25 | $0.22 | — | ||
| Q1 25 | $0.01 | — | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $-0.31 | — | ||
| Q2 24 | $-0.13 | — | ||
| Q1 24 | $-0.43 | — |
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 | $8.8M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | — |
| 总资产 | $13.0B | $183.2M |
| 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AFRMVFS
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $8.8M | ||
| Q2 25 | $1.4B | $650.0M | ||
| Q1 25 | $1.4B | $2.4M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | $1.9M | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.3B | $3.0M |
总债务AFRMVFS
| 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AFRMVFS
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.1B | $-7.2B | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.6B | — |
总资产AFRMVFS
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $183.2M | ||
| Q2 25 | $11.2B | $7.2B | ||
| Q1 25 | $10.4B | $158.2M | ||
| Q4 24 | $10.5B | — | ||
| Q3 24 | $10.1B | $151.8M | ||
| Q2 24 | $9.5B | — | ||
| Q1 24 | $9.2B | $145.6M |
负债/权益比AFRMVFS
| 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 | — |
| 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AFRMVFS
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | — | ||
| Q2 25 | $74.6M | — | ||
| Q1 25 | $210.4M | — | ||
| Q4 24 | $312.0M | — | ||
| Q3 24 | $196.9M | — | ||
| Q2 24 | $68.8M | — | ||
| Q1 24 | $208.2M | — |
自由现金流AFRMVFS
| 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AFRMVFS
| 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AFRMVFS
| 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AFRMVFS
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
