Affirm Holdings, Inc. (AFRM)财务
NASDAQ · Financial Services · Financial - Credit Services · 员工2,358人 · CEO Max Rafailovych Levchin
- 股价
- $73.47 -1.83%
- 市值
- $219亿
- 企业价值
- $293亿
- 最近财报
- Q4 '26 2026-08-27提交
- 下次财报
- 2026-11-05
营收(TTM)$41.8亿+29.8% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)15.5%+18.2 百分点 对比去年同期营业利润 $6.49亿
净利润(TTM)$19.3亿+3,597.9% 对比去年同期税后,含营业外收益
自由现金流(TTM)$9.93亿+65.0% 对比去年同期资本支出 $2.38亿
稀释EPS(TTM)$5.52+4,209.1% 对比去年同期最近4个季度之和
净现金-$67.4亿-19.8% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $219亿 EV $293亿
- 营收
- $41.8亿 过去12个月
- 营收增速
- +39% FY2027年一致预期
- 净利润率
- 46.1% 净利润 / 营收,TTM
- P/E
- 12.9× 预期 36.8×(FY2027)
- P/S
- 5.2× 股价 / 营收,TTM
- EV / EBITDA
- 23.5× TTM
- 自由现金流
- $9.93亿 过去12个月
- 净利润
- $19.3亿 过去12个月
- 营收预期
- $55亿 FY2027年一致预期
- 盈利
- 2026-11-05
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 营收增长放缓:同比24.3%Q4 '26营收$10.9亿,此前四个季度的平均值为32.2%。
- 营业利润率15.5%(TTM),较去年同期+18.2 百分点营收增长29.8%,营业利润增长843.4%。
- 税前利润的31.7%被营业外亏损吞噬税前利润$4.93亿,营业利润$6.49亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的5.7%(去年为6.0%)最近4个季度投入$2.38亿(同比+24.0%)。自由现金流$9.93亿,相当于净利润的51.5%。
- 股东回报$1.12亿 = 自由现金流的11.3%回购$1.12亿(去年为$0),股息$0,股权激励$1.64亿(TTM)。
- 稀释股数一年内增加2.1%Q4 '26稀释股数3.5亿,一年前为3.43亿。
- 净债务 $67.4亿现金 + 短期投资 $30.8亿,含租赁债务 $98.2亿;一年前净债务 $56.3亿。
上一季度:Q4 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q4 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $10.9亿 | $8.76亿 | +24.3% |
| 毛利率 | 69.4% | 67.7% | +1.7 百分点 |
| 营业利润 | $2.65亿 | $5810万 | +356.9% |
| 营业利润率 | 24.3% | 6.6% | +17.7 百分点 |
| 净利润 | $16.2亿 | $6920万 | +2,234.7% |
| 稀释EPS | $4.62 | $0.20 | +2,210.0% |
| 经营现金流 | $2.96亿 | $7460万 | +297.1% |
| 资本支出 | $6690万 | $5110万 | +30.8% |
| 自由现金流 | $2.29亿 | $2350万 | +875.9% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $0 | $6550万 | -100.0% |
营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q4 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Interest income | – | – | – | – | – | |
| Merchant network revenue | – | – | – | – | – | |
| Merchant Network | $3.02亿 | +26.3% | 78.0% | – | – | |
| Gain on sales of loans | – | – | – | – | – | |
| Virtual Card Network | $8520万 | +26.9% | 22.0% | – | – | |
| Card network revenue | – | – | – | – | – | |
| Servicing income | – | – | – | – | – |
按地区划分的营收
占总额比例| 分部 | Q4 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $3.9亿 | +11.4% | 97.7% | $14.4亿 | +31.5% | |
| CANADA | $912万 | -13.3% | 2.3% | $4470万 | +40.9% | |
| Other Geographical | $4.8万 | – | 0.0% | $17.8万 | – |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $12.3亿
- 资本支出
- -$2.38亿
- 股票回购
- -$1.12亿
- 股息
- $0
- 收购
- $0
- 债务净发行
- $21.5亿
- 股权激励费用
- $1.64亿
- 自由现金流
- $9.93亿
- 股东回报 / FCF
- 11.3%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 12.9× | 223.1× 5年中的2年 | 14.2× – 432.1× |
| EV / EBITDA | 23.5× | 34.1× 5年中的2年 | 27.8× – 40.5× |
| EV / 营收 | 7.0× | 7.2× | 5.7× – 8.9× |
| 股价 / FCF | 22.1× | 32.1× 5年中的3年 | 27.5× – 37.1× |
| 股价 / 净资产 | 4.5× | 3.9× | 1.8× – 7.3× |
| FCF收益率 | 4.5% | 0.3% | -5.4% – 3.6% |
| 投入资本回报率 | 11.6% | -3.8% | -14.8% – 15.6% |
| 净资产收益率 | 47.9% | -9.6% | -38.9% – 35.2% |
分析师
一致目标价 $95.50 (+30.0%)
区间 $75.00 – $115.00 · 评级 Buy
强烈买入0
买入28
持有10
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $55亿 | +39.2% | $2.00 | -63.9% | 36.8× | 16 |
| FY2028 | $68.6亿 | +24.7% | $2.91 | +45.6% | 25.3× | 14 |
| FY2029 | $85亿 | +24.1% | $3.93 | +35.4% | 18.7× | 15 |
| FY2030 | $114亿 | +33.5% | $5.56 | +41.4% | 13.2× | 6 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Affirm Holdings, Inc.在近期10-Q / 10-K文件中标记的全部315项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| – | – | – | $91万 | – | – | |
| – | – | – | $238万 | – | – | |
| – | – | – | $333万 | – | – | |
| Accounts Payable | $8460万 | $8280万 | +2.2% | $8460万 | $8280万 | +2.2% |
| Accounts Receivable, after Allowance for Credit Loss | $2.84亿 | $4.26亿 | -33.3% | $2.84亿 | $4.26亿 | -33.3% |
| Accounts Receivable, Allowance for Credit Loss | $2270万 | $1880万 | +20.7% | $2270万 | $1880万 | +20.7% |
| Accrued Liabilities | $1.19亿 | $7280万 | +63.1% | $1.19亿 | $7280万 | +63.1% |
| Accrued Liabilities and Other Liabilities | $1.99亿 | $1.57亿 | +26.8% | $1.99亿 | $1.57亿 | +26.8% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $7.17亿 | $4.55亿 | +57.4% | $7.17亿 | $4.55亿 | +57.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$3640万 | -$1510万 | -141.3% | -$3640万 | -$1510万 | -141.3% |
| Additional Paid in Capital | $66.5亿 | $61.4亿 | +8.2% | $66.5亿 | $61.4亿 | +8.2% |
| Adjustments to Additional Paid in Capital, Warrant Issued | $4050万2026-03-31 | $3610万 | +12.3% | $1.92亿 | $2.72亿 | -29.2% |
| Advertising Expense | – | – | – | $4080万 | $3080万 | +32.5% |
| Amortization of Debt Issuance Costs | $743万 | $709万 | +4.8% | $2820万 | $3040万 | -7.1% |
| Amortization of Intangible Assets | $20万 | $0 | – | $20万 | $130万 | -84.6% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | -365万 | -3240万 | +88.7% | 979万 | 903万 | +8.5% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1.15亿2026-03-31 | $1.2亿 | -3.7% | $4.85亿 | $5亿 | -3.1% |
| Assets | $158亿 | $112亿 | +41.6% | $158亿 | $112亿 | +41.6% |
| Assets Sold under Agreements to Repurchase, Carrying Amount | $100亿 | $78亿 | +28.2% | $100亿 | $78亿 | +28.2% |
| Assets Sold under Agreements to Repurchase, Repurchase Liability | $630万 | $870万 | -27.6% | $630万 | $870万 | -27.6% |
| Assets, Fair Value Disclosure | $12.8亿 | $10.1亿 | +26.5% | $12.8亿 | $10.1亿 | +26.5% |
| Cash and Cash Equivalents, at Carrying Value | $16.3亿 | $13.5亿 | +20.3% | $16.3亿 | $13.5亿 | +20.3% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $80万 | – | – | $150万 | -$30万 | +600.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $24.3亿 | $17.6亿 | +38.5% | $24.3亿 | $17.6亿 | +38.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$4130万 | $2050万 | -301.6% | $6.77亿 | $4.61亿 | +46.8% |
| Class of Warrant or Right, Exercise Price of Warrants or Rights | $68.75 | $81.08 | -15.2% | $68.75 | $81.08 | -15.2% |
| Class of Warrant or Right, Outstanding | 1850万 | 1850万 | 0.0% | 1850万 | 1850万 | 0.0% |
| Common Stock, Capital Shares Reserved for Future Issuance | 8900万 | 9300万 | -4.3% | 8900万 | 9300万 | -4.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $16亿 | $9870万 | +1,525.3% | $19.1亿 | $5870万 | +3,152.3% |
| Continuing Involvement with Transferred Financial Assets, Principal Amount Outstanding | $100亿 | $78亿 | +28.2% | $100亿 | $78亿 | +28.2% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $8800万 | $7690万 | +14.4% | $8800万 | $7690万 | +14.4% |
| Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset | $4610万 | $3390万 | +36.0% | $1.73亿 | $1.21亿 | +43.5% |
| Convertible Debt | $11.3亿 | $11.5亿 | -2.0% | $11.3亿 | $11.5亿 | -2.0% |
| Costs and Expenses | $10.2亿 | $8.18亿 | +24.5% | $38.4亿 | $33.1亿 | +16.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $24.1万 | $157万 | -84.6% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $464万 | $42.5万 | +992.5% |
| Current Income Tax Expense (Benefit) | – | – | – | $1820万 | $217万 | +738.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1330万 | $17.6万 | +7,437.5% |
| Debt Issuance Costs, Net | $5630万 | $4960万 | +13.6% | $5630万 | $4960万 | +13.6% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $185万 | $147万 | +26.2% | $185万 | $147万 | +26.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $176万 | $21.7万 | +712.0% | $176万 | $21.7万 | +712.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $0 | $1700万 | -100.0% | $0 | $1700万 | -100.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $0 | $1.4万 | -100.0% | $0 | $1.4万 | -100.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $6.88亿 | $3.38亿 | +103.7% | $6.88亿 | $3.38亿 | +103.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $168万 | $16.1万 | +945.3% | $168万 | $16.1万 | +945.3% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | $3.25亿 | $2.19亿 | +48.2% | $3.25亿 | $2.19亿 | +48.2% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | $3.25亿 | $2.19亿 | +48.4% | $3.25亿 | $2.19亿 | +48.4% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $6.8亿 | $6.73亿 | +1.0% | $6.8亿 | $6.73亿 | +1.0% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | $6.8亿 | $6.74亿 | +0.9% | $6.8亿 | $6.74亿 | +0.9% |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | $02026-03-31 | – | – | – | – | – |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $6.88亿 | $3.55亿 | +93.9% | $6.88亿 | $3.55亿 | +93.9% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $168万 | $17.5万 | +861.7% | $168万 | $17.5万 | +861.7% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 181 security | 67 security | +170.1% | 181 security | 67 security | +170.1% |
| DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest | $21.8万 | $94.1万 | -76.8% | $21.8万 | $94.1万 | -76.8% |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss | $10亿 | $8.92亿 | +12.6% | $10亿 | $8.92亿 | +12.6% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterest | $10亿 | $8.92亿 | +12.6% | $10亿 | $8.92亿 | +12.6% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | – | – | – | $02025-06-30 | $0 | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$10.2亿 | $13.9万 | -732,861.2% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $478万 | $719万 | -33.5% |
| Deferred Income Tax Assets, Net | $14.7亿 | $1390万 | +10,432.2% | $14.7亿 | $1390万 | +10,432.2% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标和预期均根据公司文件标准化。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-K 2026-06-30, 10-Q 2026-03-31, 10-Q 2025-12-31, 10-Q 2025-09-30, 10-K 2025-06-30, 10-Q 2025-03-31, 10-Q 2024-12-31, 10-Q 2024-09-30, 10-K 2024-06-30
数据截至 2026-11-02