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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and APPFOLIO INC (APPF). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $262.2M, roughly 1.5× APPFOLIO INC). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 16.2%, a 16.1% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 20.4%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 15.3%).
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.
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
AFRM vs APPF — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $262.2M |
| Net Profit | $129.6M | $42.4M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 19.4% |
| Net Margin | 32.3% | 16.2% |
| Revenue YoY | 32.5% | 20.4% |
| Net Profit YoY | 61.3% | 35.2% |
| EPS (diluted) | $0.37 | $1.18 |
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.
| Q1 26 | — | $262.2M | ||
| Q4 25 | $401.4M | $248.2M | ||
| Q3 25 | $320.5M | $249.4M | ||
| Q2 25 | $306.6M | $235.6M | ||
| Q1 25 | $272.5M | $217.7M | ||
| Q4 24 | $303.0M | $203.7M | ||
| Q3 24 | $231.8M | $205.7M | ||
| Q2 24 | $224.0M | $197.4M |
| Q1 26 | — | $42.4M | ||
| Q4 25 | $129.6M | $39.9M | ||
| Q3 25 | $80.7M | $33.6M | ||
| Q2 25 | $69.2M | $36.0M | ||
| Q1 25 | $2.8M | $31.4M | ||
| Q4 24 | $80.4M | $102.7M | ||
| Q3 24 | $-100.2M | $33.0M | ||
| Q2 24 | $-45.1M | $29.7M |
| Q1 26 | — | 19.4% | ||
| Q4 25 | 29.3% | 17.6% | ||
| Q3 25 | 19.9% | 14.1% | ||
| Q2 25 | 18.9% | 17.2% | ||
| Q1 25 | -3.1% | 15.5% | ||
| Q4 24 | -1.4% | 11.3% | ||
| Q3 24 | -57.2% | 20.7% | ||
| Q2 24 | -32.8% | 18.3% |
| Q1 26 | — | 16.2% | ||
| Q4 25 | 32.3% | 16.1% | ||
| Q3 25 | 25.2% | 13.5% | ||
| Q2 25 | 22.6% | 15.3% | ||
| Q1 25 | 1.0% | 14.4% | ||
| Q4 24 | 26.5% | 50.4% | ||
| Q3 24 | -43.2% | 16.0% | ||
| Q2 24 | -20.2% | 15.0% |
| Q1 26 | — | $1.18 | ||
| Q4 25 | $0.37 | $1.10 | ||
| Q3 25 | $0.23 | $0.93 | ||
| Q2 25 | $0.22 | $0.99 | ||
| Q1 25 | $0.01 | $0.86 | ||
| Q4 24 | $0.23 | $2.79 | ||
| Q3 24 | $-0.31 | $0.90 | ||
| Q2 24 | $-0.13 | $0.81 |
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 | $147.4M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $470.2M |
| Total Assets | $13.0B | $580.6M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $147.4M | ||
| Q4 25 | $1.5B | $107.0M | ||
| Q3 25 | $1.4B | $76.1M | ||
| Q2 25 | $1.4B | $73.5M | ||
| Q1 25 | $1.4B | $56.9M | ||
| Q4 24 | $1.2B | $42.5M | ||
| Q3 24 | $1.0B | $62.4M | ||
| Q2 24 | $1.0B | $59.6M |
| Q1 26 | — | — | ||
| 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 26 | — | $470.2M | ||
| Q4 25 | $3.5B | $542.6M | ||
| Q3 25 | $3.3B | $498.9M | ||
| Q2 25 | $3.1B | $455.6M | ||
| Q1 25 | $2.9B | $462.1M | ||
| Q4 24 | $2.8B | $519.3M | ||
| Q3 24 | $2.8B | $412.8M | ||
| Q2 24 | $2.7B | $371.4M |
| Q1 26 | — | $580.6M | ||
| Q4 25 | $13.0B | $689.0M | ||
| Q3 25 | $11.5B | $640.5M | ||
| Q2 25 | $11.2B | $567.4M | ||
| Q1 25 | $10.4B | $564.7M | ||
| Q4 24 | $10.5B | $626.7M | ||
| Q3 24 | $10.1B | $523.3M | ||
| Q2 24 | $9.5B | $479.3M |
| Q1 26 | — | — | ||
| 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× | — |
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 | $34.3M |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | 0.81× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $34.3M | ||
| Q4 25 | $173.7M | $65.0M | ||
| Q3 25 | $374.6M | $86.0M | ||
| Q2 25 | $74.6M | $52.6M | ||
| Q1 25 | $210.4M | $38.5M | ||
| Q4 24 | $312.0M | $36.6M | ||
| Q3 24 | $196.9M | $57.8M | ||
| Q2 24 | $68.8M | $50.9M |
| Q1 26 | — | — | ||
| Q4 25 | $118.0M | $63.7M | ||
| Q3 25 | $320.2M | $84.7M | ||
| Q2 25 | $23.5M | $52.4M | ||
| Q1 25 | $157.4M | $38.2M | ||
| Q4 24 | $268.1M | $36.4M | ||
| Q3 24 | $152.7M | $57.4M | ||
| Q2 24 | $30.5M | $50.8M |
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | 25.7% | ||
| Q3 25 | 99.9% | 34.0% | ||
| Q2 25 | 7.7% | 22.2% | ||
| Q1 25 | 57.7% | 17.6% | ||
| Q4 24 | 88.5% | 17.9% | ||
| Q3 24 | 65.9% | 27.9% | ||
| Q2 24 | 13.6% | 25.8% |
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 0.5% | ||
| Q3 25 | 17.0% | 0.5% | ||
| Q2 25 | 16.7% | 0.1% | ||
| Q1 25 | 19.5% | 0.1% | ||
| Q4 24 | 14.5% | 0.1% | ||
| Q3 24 | 19.0% | 0.2% | ||
| Q2 24 | 17.1% | 0.0% |
| Q1 26 | — | 0.81× | ||
| Q4 25 | 1.34× | 1.63× | ||
| Q3 25 | 4.64× | 2.56× | ||
| Q2 25 | 1.08× | 1.46× | ||
| Q1 25 | 75.03× | 1.23× | ||
| Q4 24 | 3.88× | 0.36× | ||
| Q3 24 | — | 1.75× | ||
| Q2 24 | — | 1.71× |
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% |
APPF
| Value Added Services | $201.4M | 77% |
| Subscription Services | $58.2M | 22% |
