vs
Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Alarm.com Holdings, Inc. (ALRM). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $261.7M, roughly 1.5× Alarm.com Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 13.2%, a 19.1% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 8.0%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $35.1M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 8.3%).
Affirm Holdings, Inc. is an American financial technology company and a point-of-sale lender. Founded in 2012 by PayPal co-founder Max Levchin, it is the largest U.S. based buy now, pay later (BNPL) financier. As of 2025, Affirm reports nearly 26 million users and processing $37 billion in annual payments.
Alarm.com, Inc. is an American technology company that provides cloud-based services for remote control, home automation, and alarm monitoring services. The company was founded in 2000 as a spinoff from MicroStrategy. The company is based in Tysons, Virginia.
AFRM vs ALRM — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $261.7M |
| Net Profit | $129.6M | $34.6M |
| Gross Margin | — | 66.0% |
| Operating Margin | 29.3% | 13.4% |
| Net Margin | 32.3% | 13.2% |
| Revenue YoY | 32.5% | 8.0% |
| Net Profit YoY | 61.3% | 14.8% |
| EPS (diluted) | $0.37 | $0.66 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $401.4M | $261.7M | ||
| Q3 25 | $320.5M | $256.4M | ||
| Q2 25 | $306.6M | $254.3M | ||
| Q1 25 | $272.5M | $238.8M | ||
| Q4 24 | $303.0M | $242.2M | ||
| Q3 24 | $231.8M | $240.5M | ||
| Q2 24 | $224.0M | $233.8M | ||
| Q1 24 | $195.0M | $223.3M |
| Q4 25 | $129.6M | $34.6M | ||
| Q3 25 | $80.7M | $35.1M | ||
| Q2 25 | $69.2M | $34.2M | ||
| Q1 25 | $2.8M | $27.7M | ||
| Q4 24 | $80.4M | $30.1M | ||
| Q3 24 | $-100.2M | $36.7M | ||
| Q2 24 | $-45.1M | $33.5M | ||
| Q1 24 | $-133.9M | $23.6M |
| Q4 25 | — | 66.0% | ||
| Q3 25 | — | 65.8% | ||
| Q2 25 | — | 65.6% | ||
| Q1 25 | — | 67.2% | ||
| Q4 24 | — | 65.5% | ||
| Q3 24 | — | 64.8% | ||
| Q2 24 | — | 65.2% | ||
| Q1 24 | — | 65.7% |
| Q4 25 | 29.3% | 13.4% | ||
| Q3 25 | 19.9% | 14.4% | ||
| Q2 25 | 18.9% | 12.6% | ||
| Q1 25 | -3.1% | 12.4% | ||
| Q4 24 | -1.4% | 12.7% | ||
| Q3 24 | -57.2% | 13.8% | ||
| Q2 24 | -32.8% | 11.0% | ||
| Q1 24 | -82.5% | 8.4% |
| Q4 25 | 32.3% | 13.2% | ||
| Q3 25 | 25.2% | 13.7% | ||
| Q2 25 | 22.6% | 13.5% | ||
| Q1 25 | 1.0% | 11.6% | ||
| Q4 24 | 26.5% | 12.4% | ||
| Q3 24 | -43.2% | 15.3% | ||
| Q2 24 | -20.2% | 14.3% | ||
| Q1 24 | -68.7% | 10.6% |
| Q4 25 | $0.37 | $0.66 | ||
| Q3 25 | $0.23 | $0.65 | ||
| Q2 25 | $0.22 | $0.63 | ||
| Q1 25 | $0.01 | $0.52 | ||
| Q4 24 | $0.23 | $0.56 | ||
| Q3 24 | $-0.31 | $0.67 | ||
| Q2 24 | $-0.13 | $0.62 | ||
| Q1 24 | $-0.43 | $0.44 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.5B | $960.6M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $848.2M |
| Total Assets | $13.0B | $2.1B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $960.6M | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.4B | $1.0B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.0B | $1.2B | ||
| Q2 24 | $1.0B | $1.1B | ||
| Q1 24 | $1.3B | $747.9M |
| 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 | — | — |
| Q4 25 | $3.5B | $848.2M | ||
| Q3 25 | $3.3B | $827.2M | ||
| Q2 25 | $3.1B | $797.3M | ||
| Q1 25 | $2.9B | $759.6M | ||
| Q4 24 | $2.8B | $726.5M | ||
| Q3 24 | $2.8B | $690.3M | ||
| Q2 24 | $2.7B | $645.5M | ||
| Q1 24 | $2.6B | $728.1M |
| Q4 25 | $13.0B | $2.1B | ||
| Q3 25 | $11.5B | $2.1B | ||
| Q2 25 | $11.2B | $2.1B | ||
| Q1 25 | $10.4B | $2.1B | ||
| Q4 24 | $10.5B | $2.0B | ||
| Q3 24 | $10.1B | $2.0B | ||
| Q2 24 | $9.5B | $1.9B | ||
| Q1 24 | $9.2B | $1.5B |
| 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 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $173.7M | $35.9M |
| Free Cash FlowOCF − Capex | $118.0M | $35.1M |
| FCF MarginFCF / Revenue | 29.4% | 13.4% |
| Capex IntensityCapex / Revenue | 13.9% | 0.3% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.04× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $137.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $35.9M | ||
| Q3 25 | $374.6M | $70.6M | ||
| Q2 25 | $74.6M | $22.7M | ||
| Q1 25 | $210.4M | $24.1M | ||
| Q4 24 | $312.0M | $56.3M | ||
| Q3 24 | $196.9M | $77.3M | ||
| Q2 24 | $68.8M | $23.0M | ||
| Q1 24 | $208.2M | $49.9M |
| Q4 25 | $118.0M | $35.1M | ||
| Q3 25 | $320.2M | $65.9M | ||
| Q2 25 | $23.5M | $18.2M | ||
| Q1 25 | $157.4M | $17.9M | ||
| Q4 24 | $268.1M | $54.0M | ||
| Q3 24 | $152.7M | $74.5M | ||
| Q2 24 | $30.5M | $21.0M | ||
| Q1 24 | $161.7M | $46.8M |
| Q4 25 | 29.4% | 13.4% | ||
| Q3 25 | 99.9% | 25.7% | ||
| Q2 25 | 7.7% | 7.1% | ||
| Q1 25 | 57.7% | 7.5% | ||
| Q4 24 | 88.5% | 22.3% | ||
| Q3 24 | 65.9% | 31.0% | ||
| Q2 24 | 13.6% | 9.0% | ||
| Q1 24 | 82.9% | 21.0% |
| Q4 25 | 13.9% | 0.3% | ||
| Q3 25 | 17.0% | 1.9% | ||
| Q2 25 | 16.7% | 1.8% | ||
| Q1 25 | 19.5% | 2.6% | ||
| Q4 24 | 14.5% | 0.9% | ||
| Q3 24 | 19.0% | 1.2% | ||
| Q2 24 | 17.1% | 0.9% | ||
| Q1 24 | 23.8% | 1.4% |
| Q4 25 | 1.34× | 1.04× | ||
| Q3 25 | 4.64× | 2.01× | ||
| Q2 25 | 1.08× | 0.66× | ||
| Q1 25 | 75.03× | 0.87× | ||
| Q4 24 | 3.88× | 1.87× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 2.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AFRM
| Merchant Network | $328.4M | 82% |
| Virtual Card Network | $73.0M | 18% |
| Commercial Agreement Amazon | $1.9M | 0% |
ALRM
| License And Service | $180.2M | 69% |
| Hardwareand Other Revenue | $81.4M | 31% |
