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Affirm Holdings, Inc.（AFRM）与Vestis Corp（VSTS）财务数据对比。点击上方公司名可切换其他公司
Vestis Corp的季度营收约是Affirm Holdings, Inc.的1.7倍（$663.4M vs $401.4M），Affirm Holdings, Inc.净利率更高（32.3% vs -1.0%，领先33.2%），Affirm Holdings, Inc.同比增速更快（32.5% vs -3.0%），Affirm Holdings, Inc.自由现金流更多（$118.0M vs $28.3M），过去两年Affirm Holdings, Inc.的营收复合增速更高（43.5% vs -3.0%）
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。
Vestis Corp是北美领先的工作制服、安全防护服饰及配套设施服务供应商，服务覆盖医疗、制造、零售、餐饮住宿、公共服务等多个领域，为企业客户提供定制化的制服租赁、清洁与日常维护解决方案。
AFRM vs VSTS — 直观对比
营收规模更大
VSTS
是对方的1.7倍
$401.4M
营收增速更快
AFRM
高出35.4%
-3.0%
净利率更高
AFRM
高出33.2%
-1.0%
自由现金流更多
AFRM
多$89.7M
$28.3M
两年增速更快
AFRM
近两年复合增速
-3.0%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $401.4M | $663.4M |
| 净利润 | $129.6M | $-6.4M |
| 毛利率 | — | — |
| 营业利润率 | 29.3% | 2.5% |
| 净利率 | 32.3% | -1.0% |
| 营收同比 | 32.5% | -3.0% |
| 净利润同比 | 61.3% | -868.1% |
| 每股收益（稀释后） | $0.37 | $-0.05 |
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AFRMVSTS
| Q1 26 | — | $663.4M | ||
| Q4 25 | $401.4M | $712.0M | ||
| Q3 25 | $320.5M | — | ||
| Q2 25 | $306.6M | $673.8M | ||
| Q1 25 | $272.5M | $665.2M | ||
| Q4 24 | $303.0M | $683.8M | ||
| Q3 24 | $231.8M | $684.3M | ||
| Q2 24 | $224.0M | $698.2M |
净利润AFRMVSTS
| Q1 26 | — | $-6.4M | ||
| Q4 25 | $129.6M | $-12.5M | ||
| Q3 25 | $80.7M | — | ||
| Q2 25 | $69.2M | $-676.0K | ||
| Q1 25 | $2.8M | $-27.8M | ||
| Q4 24 | $80.4M | $832.0K | ||
| Q3 24 | $-100.2M | $-2.3M | ||
| Q2 24 | $-45.1M | $5.0M |
营业利润率AFRMVSTS
| Q1 26 | — | 2.5% | ||
| Q4 25 | 29.3% | 2.5% | ||
| Q3 25 | 19.9% | — | ||
| Q2 25 | 18.9% | 3.7% | ||
| Q1 25 | -3.1% | -1.3% | ||
| Q4 24 | -1.4% | 4.4% | ||
| Q3 24 | -57.2% | 4.4% | ||
| Q2 24 | -32.8% | 5.4% |
净利率AFRMVSTS
| Q1 26 | — | -1.0% | ||
| Q4 25 | 32.3% | -1.8% | ||
| Q3 25 | 25.2% | — | ||
| Q2 25 | 22.6% | -0.1% | ||
| Q1 25 | 1.0% | -4.2% | ||
| Q4 24 | 26.5% | 0.1% | ||
| Q3 24 | -43.2% | -0.3% | ||
| Q2 24 | -20.2% | 0.7% |
每股收益（稀释后）AFRMVSTS
| Q1 26 | — | $-0.05 | ||
| Q4 25 | $0.37 | $-0.10 | ||
| Q3 25 | $0.23 | — | ||
| Q2 25 | $0.22 | $-0.01 | ||
| Q1 25 | $0.01 | $-0.21 | ||
| Q4 24 | $0.23 | $0.01 | ||
| Q3 24 | $-0.31 | $-0.02 | ||
| Q2 24 | $-0.13 | $0.04 |
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 | $41.5M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $3.5B | $864.4M |
| 总资产 | $13.0B | $2.9B |
| 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AFRMVSTS
| Q1 26 | — | $41.5M | ||
| Q4 25 | $1.5B | $29.7M | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | $23.7M | ||
| Q1 25 | $1.4B | $28.8M | ||
| Q4 24 | $1.2B | $18.6M | ||
| Q3 24 | $1.0B | $31.0M | ||
| Q2 24 | $1.0B | $29.1M |
总债务AFRMVSTS
| Q1 26 | — | — | ||
| Q4 25 | $9.0B | $1.2B | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | $1.8B | — |
股东权益AFRMVSTS
| Q1 26 | — | $864.4M | ||
| Q4 25 | $3.5B | $865.6M | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.1B | $882.2M | ||
| Q1 25 | $2.9B | $876.3M | ||
| Q4 24 | $2.8B | $899.6M | ||
| Q3 24 | $2.8B | $903.1M | ||
| Q2 24 | $2.7B | $901.2M |
总资产AFRMVSTS
| Q1 26 | — | $2.9B | ||
| Q4 25 | $13.0B | $2.9B | ||
| Q3 25 | $11.5B | — | ||
| Q2 25 | $11.2B | $2.9B | ||
| Q1 25 | $10.4B | $2.9B | ||
| Q4 24 | $10.5B | $2.9B | ||
| Q3 24 | $10.1B | $2.9B | ||
| Q2 24 | $9.5B | $3.1B |
负债/权益比AFRMVSTS
| Q1 26 | — | — | ||
| Q4 25 | 2.54× | 1.35× | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | — | ||
| Q3 24 | — | 1.29× | ||
| 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 | $37.7M |
| 自由现金流经营现金流 - 资本支出 | $118.0M | $28.3M |
| 自由现金流率自由现金流/营收 | 29.4% | 4.3% |
| 资本支出强度资本支出/营收 | 13.9% | 1.4% |
| 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 | $45.0M |
8季度趋势，按日历期对齐
经营现金流AFRMVSTS
| Q1 26 | — | $37.7M | ||
| Q4 25 | $173.7M | $30.9M | ||
| Q3 25 | $374.6M | — | ||
| Q2 25 | $74.6M | $22.9M | ||
| Q1 25 | $210.4M | $6.7M | ||
| Q4 24 | $312.0M | $3.8M | ||
| Q3 24 | $196.9M | $295.6M | ||
| Q2 24 | $68.8M | $48.7M |
自由现金流AFRMVSTS
| Q1 26 | — | $28.3M | ||
| Q4 25 | $118.0M | $15.6M | ||
| Q3 25 | $320.2M | — | ||
| Q2 25 | $23.5M | $8.0M | ||
| Q1 25 | $157.4M | $-6.9M | ||
| Q4 24 | $268.1M | $-11.0M | ||
| Q3 24 | $152.7M | $267.5M | ||
| Q2 24 | $30.5M | $27.7M |
自由现金流率AFRMVSTS
| Q1 26 | — | 4.3% | ||
| Q4 25 | 29.4% | 2.2% | ||
| Q3 25 | 99.9% | — | ||
| Q2 25 | 7.7% | 1.2% | ||
| Q1 25 | 57.7% | -1.0% | ||
| Q4 24 | 88.5% | -1.6% | ||
| Q3 24 | 65.9% | 39.1% | ||
| Q2 24 | 13.6% | 4.0% |
资本支出强度AFRMVSTS
| Q1 26 | — | 1.4% | ||
| Q4 25 | 13.9% | 2.2% | ||
| Q3 25 | 17.0% | — | ||
| Q2 25 | 16.7% | 2.2% | ||
| Q1 25 | 19.5% | 2.0% | ||
| Q4 24 | 14.5% | 2.2% | ||
| Q3 24 | 19.0% | 4.1% | ||
| Q2 24 | 17.1% | 3.0% |
现金转化率AFRMVSTS
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | 4.54× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.66× |
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% |
VSTS
| Workplace Supplies | $375.2M | 57% |
| Uniforms | $227.7M | 34% |
| Other | $60.5M | 9% |
