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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Alexandria Real Estate Equities (ARE). Click either name above to swap in a different company.
Alexandria Real Estate Equities is the larger business by last-quarter revenue ($671.0M vs $401.4M, roughly 1.7× Affirm Holdings, Inc.). Alexandria Real Estate Equities runs the higher net margin — 59.4% vs 32.3%, a 27.1% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -11.5%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -6.4%).
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.
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office real estate investment trust (REIT), is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech campuses in AAA innovation cluster locations, with a total market capitalization of $31.9 billion as of December 31, 2020, and an asset base in North America of 49.7 million square feet (SF). The asset base in North America includes 31.9...
AFRM vs ARE — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $671.0M |
| Net Profit | $129.6M | $398.4M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | — |
| Net Margin | 32.3% | 59.4% |
| Revenue YoY | 32.5% | -11.5% |
| Net Profit YoY | 61.3% | 740.6% |
| EPS (diluted) | $0.37 | $2.10 |
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 | — | $671.0M | ||
| Q4 25 | $401.4M | $754.4M | ||
| Q3 25 | $320.5M | $751.9M | ||
| Q2 25 | $306.6M | $762.0M | ||
| Q1 25 | $272.5M | $758.2M | ||
| Q4 24 | $303.0M | $788.9M | ||
| Q3 24 | $231.8M | $791.6M | ||
| Q2 24 | $224.0M | $766.7M |
| Q1 26 | — | $398.4M | ||
| Q4 25 | $129.6M | $-1.1B | ||
| Q3 25 | $80.7M | $-232.8M | ||
| Q2 25 | $69.2M | $-107.0M | ||
| Q1 25 | $2.8M | $-8.9M | ||
| Q4 24 | $80.4M | $-62.2M | ||
| Q3 24 | $-100.2M | $167.9M | ||
| Q2 24 | $-45.1M | $46.7M |
| Q1 26 | — | — | ||
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | — | ||
| Q2 25 | 18.9% | — | ||
| Q1 25 | -3.1% | — | ||
| Q4 24 | -1.4% | — | ||
| Q3 24 | -57.2% | — | ||
| Q2 24 | -32.8% | — |
| Q1 26 | — | 59.4% | ||
| Q4 25 | 32.3% | -143.3% | ||
| Q3 25 | 25.2% | -31.0% | ||
| Q2 25 | 22.6% | -14.0% | ||
| Q1 25 | 1.0% | -1.2% | ||
| Q4 24 | 26.5% | -7.9% | ||
| Q3 24 | -43.2% | 21.2% | ||
| Q2 24 | -20.2% | 6.1% |
| Q1 26 | — | $2.10 | ||
| Q4 25 | $0.37 | $-6.35 | ||
| Q3 25 | $0.23 | $-1.38 | ||
| Q2 25 | $0.22 | $-0.64 | ||
| Q1 25 | $0.01 | $-0.07 | ||
| Q4 24 | $0.23 | $-0.38 | ||
| Q3 24 | $-0.31 | $0.96 | ||
| Q2 24 | $-0.13 | $0.25 |
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 | $418.7M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $19.4B |
| Total Assets | $13.0B | $34.2B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $418.7M | ||
| Q4 25 | $1.5B | $549.1M | ||
| Q3 25 | $1.4B | $579.5M | ||
| Q2 25 | $1.4B | $520.5M | ||
| Q1 25 | $1.4B | $476.4M | ||
| Q4 24 | $1.2B | $552.1M | ||
| Q3 24 | $1.0B | $562.6M | ||
| Q2 24 | $1.0B | $561.0M |
| Q1 26 | — | — | ||
| Q4 25 | $9.0B | $12.4B | ||
| Q3 25 | $7.7B | $13.6B | ||
| Q2 25 | $7.6B | $13.3B | ||
| Q1 25 | $7.1B | $13.1B | ||
| Q4 24 | $7.3B | $12.2B | ||
| Q3 24 | — | $12.7B | ||
| Q2 24 | $1.8B | $12.4B |
| Q1 26 | — | $19.4B | ||
| Q4 25 | $3.5B | $15.5B | ||
| Q3 25 | $3.3B | $16.6B | ||
| Q2 25 | $3.1B | $17.2B | ||
| Q1 25 | $2.9B | $17.5B | ||
| Q4 24 | $2.8B | $17.9B | ||
| Q3 24 | $2.8B | $18.2B | ||
| Q2 24 | $2.7B | $18.3B |
| Q1 26 | — | $34.2B | ||
| Q4 25 | $13.0B | $34.1B | ||
| Q3 25 | $11.5B | $37.4B | ||
| Q2 25 | $11.2B | $37.6B | ||
| Q1 25 | $10.4B | $37.6B | ||
| Q4 24 | $10.5B | $37.5B | ||
| Q3 24 | $10.1B | $38.5B | ||
| Q2 24 | $9.5B | $37.8B |
| Q1 26 | — | — | ||
| Q4 25 | 2.54× | 0.80× | ||
| Q3 25 | 2.35× | 0.82× | ||
| Q2 25 | 2.48× | 0.77× | ||
| Q1 25 | 2.49× | 0.75× | ||
| Q4 24 | 2.62× | 0.68× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | 0.67× | 0.68× |
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 | $475.0M |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | 76.0% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $475.0M | ||
| Q4 25 | $173.7M | $312.4M | ||
| Q3 25 | $374.6M | $433.5M | ||
| Q2 25 | $74.6M | $460.2M | ||
| Q1 25 | $210.4M | $207.9M | ||
| Q4 24 | $312.0M | $274.2M | ||
| Q3 24 | $196.9M | $477.4M | ||
| Q2 24 | $68.8M | $411.8M |
| Q1 26 | — | — | ||
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | — | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | — | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | — | ||
| Q2 24 | $30.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | — | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | — | ||
| Q2 24 | 13.6% | — |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | — | ||
| Q2 25 | 16.7% | — | ||
| Q1 25 | 19.5% | — | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 17.1% | — |
| Q1 26 | — | 1.19× | ||
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 2.84× | ||
| Q2 24 | — | 8.82× |
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% |
ARE
| Same properties | $431.4M | 64% |
| Tenant recoveries | $178.2M | 27% |
| Non-same properties | $43.3M | 6% |
| Other | $18.0M | 3% |
