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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and ANI PHARMACEUTICALS INC (ANIP). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $247.1M, roughly 1.6× ANI PHARMACEUTICALS INC). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 11.1%, a 21.2% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 29.6%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $29.1M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 34.1%).
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.
ANI Pharmaceuticals Inc is a U.S.-based specialty pharmaceutical firm that develops, manufactures and sells generic and branded prescription drugs. Its key segments cover dermatology, oncology, CNS therapies and anti-infectives, primarily serving U.S. healthcare providers, retail pharmacies and institutional medical clients.
AFRM vs ANIP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $247.1M |
| Net Profit | $129.6M | $27.5M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 14.1% |
| Net Margin | 32.3% | 11.1% |
| Revenue YoY | 32.5% | 29.6% |
| Net Profit YoY | 61.3% | 367.5% |
| EPS (diluted) | $0.37 | $1.14 |
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 | $247.1M | ||
| Q3 25 | $320.5M | $227.8M | ||
| Q2 25 | $306.6M | $211.4M | ||
| Q1 25 | $272.5M | $197.1M | ||
| Q4 24 | $303.0M | $190.6M | ||
| Q3 24 | $231.8M | $148.3M | ||
| Q2 24 | $224.0M | $138.0M | ||
| Q1 24 | $195.0M | $137.4M |
| Q4 25 | $129.6M | $27.5M | ||
| Q3 25 | $80.7M | $26.6M | ||
| Q2 25 | $69.2M | $8.5M | ||
| Q1 25 | $2.8M | $15.7M | ||
| Q4 24 | $80.4M | $-10.3M | ||
| Q3 24 | $-100.2M | $-24.2M | ||
| Q2 24 | $-45.1M | $-2.3M | ||
| Q1 24 | $-133.9M | $18.2M |
| Q4 25 | 29.3% | 14.1% | ||
| Q3 25 | 19.9% | 15.9% | ||
| Q2 25 | 18.9% | 6.6% | ||
| Q1 25 | -3.1% | 13.3% | ||
| Q4 24 | -1.4% | -2.3% | ||
| Q3 24 | -57.2% | -13.8% | ||
| Q2 24 | -32.8% | 3.7% | ||
| Q1 24 | -82.5% | 14.8% |
| Q4 25 | 32.3% | 11.1% | ||
| Q3 25 | 25.2% | 11.7% | ||
| Q2 25 | 22.6% | 4.0% | ||
| Q1 25 | 1.0% | 8.0% | ||
| Q4 24 | 26.5% | -5.4% | ||
| Q3 24 | -43.2% | -16.3% | ||
| Q2 24 | -20.2% | -1.7% | ||
| Q1 24 | -68.7% | 13.2% |
| Q4 25 | $0.37 | $1.14 | ||
| Q3 25 | $0.23 | $1.13 | ||
| Q2 25 | $0.22 | $0.36 | ||
| Q1 25 | $0.01 | $0.69 | ||
| Q4 24 | $0.23 | $-0.45 | ||
| Q3 24 | $-0.31 | $-1.27 | ||
| Q2 24 | $-0.13 | $-0.14 | ||
| Q1 24 | $-0.43 | $0.82 |
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 | $285.6M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $540.7M |
| Total Assets | $13.0B | $1.4B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $285.6M | ||
| Q3 25 | $1.4B | $262.6M | ||
| Q2 25 | $1.4B | $217.8M | ||
| Q1 25 | $1.4B | $149.8M | ||
| Q4 24 | $1.2B | $144.9M | ||
| Q3 24 | $1.0B | $145.0M | ||
| Q2 24 | $1.0B | $240.1M | ||
| Q1 24 | $1.3B | $228.6M |
| 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 | $540.7M | ||
| Q3 25 | $3.3B | $505.8M | ||
| Q2 25 | $3.1B | $436.8M | ||
| Q1 25 | $2.9B | $418.6M | ||
| Q4 24 | $2.8B | $403.7M | ||
| Q3 24 | $2.8B | $405.9M | ||
| Q2 24 | $2.7B | $455.8M | ||
| Q1 24 | $2.6B | $452.0M |
| Q4 25 | $13.0B | $1.4B | ||
| Q3 25 | $11.5B | $1.4B | ||
| Q2 25 | $11.2B | $1.3B | ||
| Q1 25 | $10.4B | $1.3B | ||
| Q4 24 | $10.5B | $1.3B | ||
| Q3 24 | $10.1B | $1.3B | ||
| Q2 24 | $9.5B | $920.8M | ||
| Q1 24 | $9.2B | $914.5M |
| 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 | $30.4M |
| Free Cash FlowOCF − Capex | $118.0M | $29.1M |
| FCF MarginFCF / Revenue | 29.4% | 11.8% |
| Capex IntensityCapex / Revenue | 13.9% | 0.5% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.10× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $171.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $30.4M | ||
| Q3 25 | $374.6M | $44.1M | ||
| Q2 25 | $74.6M | $75.8M | ||
| Q1 25 | $210.4M | $35.0M | ||
| Q4 24 | $312.0M | $15.9M | ||
| Q3 24 | $196.9M | $12.5M | ||
| Q2 24 | $68.8M | $17.4M | ||
| Q1 24 | $208.2M | $18.3M |
| Q4 25 | $118.0M | $29.1M | ||
| Q3 25 | $320.2M | $38.0M | ||
| Q2 25 | $23.5M | $71.8M | ||
| Q1 25 | $157.4M | $32.5M | ||
| Q4 24 | $268.1M | $13.5M | ||
| Q3 24 | $152.7M | $7.7M | ||
| Q2 24 | $30.5M | $13.0M | ||
| Q1 24 | $161.7M | $13.7M |
| Q4 25 | 29.4% | 11.8% | ||
| Q3 25 | 99.9% | 16.7% | ||
| Q2 25 | 7.7% | 34.0% | ||
| Q1 25 | 57.7% | 16.5% | ||
| Q4 24 | 88.5% | 7.1% | ||
| Q3 24 | 65.9% | 5.2% | ||
| Q2 24 | 13.6% | 9.4% | ||
| Q1 24 | 82.9% | 10.0% |
| Q4 25 | 13.9% | 0.5% | ||
| Q3 25 | 17.0% | 2.7% | ||
| Q2 25 | 16.7% | 1.9% | ||
| Q1 25 | 19.5% | 1.3% | ||
| Q4 24 | 14.5% | 1.3% | ||
| Q3 24 | 19.0% | 3.2% | ||
| Q2 24 | 17.1% | 3.2% | ||
| Q1 24 | 23.8% | 3.3% |
| Q4 25 | 1.34× | 1.10× | ||
| Q3 25 | 4.64× | 1.66× | ||
| Q2 25 | 1.08× | 8.87× | ||
| Q1 25 | 75.03× | 2.23× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.00× |
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% |
ANIP
| Sales Of Cortrophin Gel | $111.4M | 45% |
| Sales Of Generic Pharmaceutical Products | $100.8M | 41% |
| Sales Of ILUVIEN And YUTIQ | $19.8M | 8% |
| Sales Of Established Brands | $12.3M | 5% |
| Unapproved Products | $6.5M | 3% |
| Sales Of Royalties And Other Pharmaceutical Services | $2.7M | 1% |
