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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and AMN HEALTHCARE SERVICES INC (AMN). Click either name above to swap in a different company.
AMN HEALTHCARE SERVICES INC is the larger business by last-quarter revenue ($748.2M vs $401.4M, roughly 1.9× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -1.0%, a 33.3% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 1.8%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $67.6M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -4.5%).
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.
AMN Healthcare Services Inc. is a leading US healthcare sector workforce solutions and staffing provider. It offers temporary and permanent placement for nurses, physicians, allied health and other clinical/non-clinical staff, plus workforce management tools and consulting for hospitals, clinics and other medical facilities.
AFRM vs AMN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $748.2M |
| Net Profit | $129.6M | $-7.7M |
| Gross Margin | — | 26.1% |
| Operating Margin | 29.3% | 1.1% |
| Net Margin | 32.3% | -1.0% |
| Revenue YoY | 32.5% | 1.8% |
| Net Profit YoY | 61.3% | 95.9% |
| EPS (diluted) | $0.37 | $-0.19 |
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 | $748.2M | ||
| Q3 25 | $320.5M | $634.5M | ||
| Q2 25 | $306.6M | $658.2M | ||
| Q1 25 | $272.5M | $689.5M | ||
| Q4 24 | $303.0M | $734.7M | ||
| Q3 24 | $231.8M | $687.5M | ||
| Q2 24 | $224.0M | $740.7M | ||
| Q1 24 | $195.0M | $820.9M |
| Q4 25 | $129.6M | $-7.7M | ||
| Q3 25 | $80.7M | $29.3M | ||
| Q2 25 | $69.2M | $-116.2M | ||
| Q1 25 | $2.8M | $-1.1M | ||
| Q4 24 | $80.4M | $-187.5M | ||
| Q3 24 | $-100.2M | $7.0M | ||
| Q2 24 | $-45.1M | $16.2M | ||
| Q1 24 | $-133.9M | $17.3M |
| Q4 25 | — | 26.1% | ||
| Q3 25 | — | 29.1% | ||
| Q2 25 | — | 29.8% | ||
| Q1 25 | — | 28.7% | ||
| Q4 24 | — | 29.8% | ||
| Q3 24 | — | 31.0% | ||
| Q2 24 | — | 31.0% | ||
| Q1 24 | — | 31.4% |
| Q4 25 | 29.3% | 1.1% | ||
| Q3 25 | 19.9% | 7.5% | ||
| Q2 25 | 18.9% | -18.8% | ||
| Q1 25 | -3.1% | 1.8% | ||
| Q4 24 | -1.4% | -27.6% | ||
| Q3 24 | -57.2% | 3.2% | ||
| Q2 24 | -32.8% | 5.1% | ||
| Q1 24 | -82.5% | 4.9% |
| Q4 25 | 32.3% | -1.0% | ||
| Q3 25 | 25.2% | 4.6% | ||
| Q2 25 | 22.6% | -17.7% | ||
| Q1 25 | 1.0% | -0.2% | ||
| Q4 24 | 26.5% | -25.5% | ||
| Q3 24 | -43.2% | 1.0% | ||
| Q2 24 | -20.2% | 2.2% | ||
| Q1 24 | -68.7% | 2.1% |
| Q4 25 | $0.37 | $-0.19 | ||
| Q3 25 | $0.23 | $0.76 | ||
| Q2 25 | $0.22 | $-3.02 | ||
| Q1 25 | $0.01 | $-0.03 | ||
| Q4 24 | $0.23 | $-4.90 | ||
| Q3 24 | $-0.31 | $0.18 | ||
| Q2 24 | $-0.13 | $0.42 | ||
| Q1 24 | $-0.43 | $0.45 |
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 | $34.0M |
| Total DebtLower is stronger | $9.0B | $767.1M |
| Stockholders' EquityBook value | $3.5B | $642.1M |
| Total Assets | $13.0B | $2.1B |
| Debt / EquityLower = less leverage | 2.54× | 1.19× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $34.0M | ||
| Q3 25 | $1.4B | $52.6M | ||
| Q2 25 | $1.4B | $41.5M | ||
| Q1 25 | $1.4B | $55.8M | ||
| Q4 24 | $1.2B | $10.6M | ||
| Q3 24 | $1.0B | $30.6M | ||
| Q2 24 | $1.0B | $48.0M | ||
| Q1 24 | $1.3B | $50.6M |
| Q4 25 | $9.0B | $767.1M | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | $1.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $642.1M | ||
| Q3 25 | $3.3B | $644.4M | ||
| Q2 25 | $3.1B | $607.6M | ||
| Q1 25 | $2.9B | $715.1M | ||
| Q4 24 | $2.8B | $706.6M | ||
| Q3 24 | $2.8B | $890.7M | ||
| Q2 24 | $2.7B | $876.9M | ||
| Q1 24 | $2.6B | $854.2M |
| Q4 25 | $13.0B | $2.1B | ||
| Q3 25 | $11.5B | $2.1B | ||
| Q2 25 | $11.2B | $2.2B | ||
| Q1 25 | $10.4B | $2.4B | ||
| Q4 24 | $10.5B | $2.4B | ||
| Q3 24 | $10.1B | $2.7B | ||
| Q2 24 | $9.5B | $2.8B | ||
| Q1 24 | $9.2B | $2.9B |
| Q4 25 | 2.54× | 1.19× | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | 1.49× | ||
| 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 | $75.6M |
| Free Cash FlowOCF − Capex | $118.0M | $67.6M |
| FCF MarginFCF / Revenue | 29.4% | 9.0% |
| Capex IntensityCapex / Revenue | 13.9% | 1.1% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $233.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $75.6M | ||
| Q3 25 | $374.6M | $22.7M | ||
| Q2 25 | $74.6M | $78.5M | ||
| Q1 25 | $210.4M | $92.7M | ||
| Q4 24 | $312.0M | $72.8M | ||
| Q3 24 | $196.9M | $66.7M | ||
| Q2 24 | $68.8M | $99.5M | ||
| Q1 24 | $208.2M | $81.4M |
| Q4 25 | $118.0M | $67.6M | ||
| Q3 25 | $320.2M | $14.8M | ||
| Q2 25 | $23.5M | $68.7M | ||
| Q1 25 | $157.4M | $82.7M | ||
| Q4 24 | $268.1M | $56.6M | ||
| Q3 24 | $152.7M | $47.4M | ||
| Q2 24 | $30.5M | $72.2M | ||
| Q1 24 | $161.7M | $63.2M |
| Q4 25 | 29.4% | 9.0% | ||
| Q3 25 | 99.9% | 2.3% | ||
| Q2 25 | 7.7% | 10.4% | ||
| Q1 25 | 57.7% | 12.0% | ||
| Q4 24 | 88.5% | 7.7% | ||
| Q3 24 | 65.9% | 6.9% | ||
| Q2 24 | 13.6% | 9.8% | ||
| Q1 24 | 82.9% | 7.7% |
| Q4 25 | 13.9% | 1.1% | ||
| Q3 25 | 17.0% | 1.2% | ||
| Q2 25 | 16.7% | 1.5% | ||
| Q1 25 | 19.5% | 1.4% | ||
| Q4 24 | 14.5% | 2.2% | ||
| Q3 24 | 19.0% | 2.8% | ||
| Q2 24 | 17.1% | 3.7% | ||
| Q1 24 | 23.8% | 2.2% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 0.77× | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 9.54× | ||
| Q2 24 | — | 6.13× | ||
| Q1 24 | — | 4.70× |
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% |
AMN
| Travel Nurse Staffing | $208.3M | 28% |
| Allied Staffing | $146.9M | 20% |
| Labor Disruption Services | $124.3M | 17% |
| Technology And Workforce Solutions | $88.0M | 12% |
| Language Services | $69.9M | 9% |
| Other | $29.6M | 4% |
| International Nurse Staffing | $29.6M | 4% |
| Interim Leadership Staffing | $24.1M | 3% |
| Vendor Management Systems | $16.3M | 2% |
| Local Staffing | $8.6M | 1% |
| International Nurse Permanent Placement | $2.6M | 0% |
