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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and ASTRONICS CORP (ATRO). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $240.1M, roughly 1.7× ASTRONICS CORP). On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 15.1%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $15.8M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 13.9%).
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.
Astronics Corporation is an American aerospace electronics corporation founded in 1968, headquartered in East Aurora, New York. It is traded on NASDAQ as Nasdaq: ATRO. It is known for lighting and electronics integrations on military, commercial, and business aircraft and semiconductor test systems.
AFRM vs ATRO — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $240.1M |
| Net Profit | $129.6M | — |
| Gross Margin | — | 33.3% |
| Operating Margin | 29.3% | 14.8% |
| Net Margin | 32.3% | — |
| Revenue YoY | 32.5% | 15.1% |
| Net Profit YoY | 61.3% | — |
| EPS (diluted) | $0.37 | $0.82 |
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 | $240.1M | ||
| Q3 25 | $320.5M | $211.4M | ||
| Q2 25 | $306.6M | $204.7M | ||
| Q1 25 | $272.5M | $205.9M | ||
| Q4 24 | $303.0M | $208.5M | ||
| Q3 24 | $231.8M | $203.7M | ||
| Q2 24 | $224.0M | $198.1M | ||
| Q1 24 | $195.0M | $185.1M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $-11.1M | ||
| Q2 25 | $69.2M | $1.3M | ||
| Q1 25 | $2.8M | $9.5M | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | $-11.7M | ||
| Q2 24 | $-45.1M | $1.5M | ||
| Q1 24 | $-133.9M | $-3.2M |
| Q4 25 | — | 33.3% | ||
| Q3 25 | — | 30.5% | ||
| Q2 25 | — | 25.8% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 29.8% | ||
| Q3 24 | — | 27.1% | ||
| Q2 24 | — | 28.0% | ||
| Q1 24 | — | 25.7% |
| Q4 25 | 29.3% | 14.8% | ||
| Q3 25 | 19.9% | 10.9% | ||
| Q2 25 | 18.9% | 2.3% | ||
| Q1 25 | -3.1% | 6.4% | ||
| Q4 24 | -1.4% | 4.3% | ||
| Q3 24 | -57.2% | 4.1% | ||
| Q2 24 | -32.8% | 3.8% | ||
| Q1 24 | -82.5% | 0.9% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | -5.2% | ||
| Q2 25 | 22.6% | 0.6% | ||
| Q1 25 | 1.0% | 4.6% | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | -5.8% | ||
| Q2 24 | -20.2% | 0.8% | ||
| Q1 24 | -68.7% | -1.7% |
| Q4 25 | $0.37 | $0.82 | ||
| Q3 25 | $0.23 | $-0.31 | ||
| Q2 25 | $0.22 | $0.04 | ||
| Q1 25 | $0.01 | $0.26 | ||
| Q4 24 | $0.23 | $-0.07 | ||
| Q3 24 | $-0.31 | $-0.34 | ||
| Q2 24 | $-0.13 | $0.04 | ||
| Q1 24 | $-0.43 | $-0.09 |
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 | $18.2M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $140.1M |
| Total Assets | $13.0B | $706.7M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $18.2M | ||
| Q3 25 | $1.4B | $13.5M | ||
| Q2 25 | $1.4B | $13.5M | ||
| Q1 25 | $1.4B | $24.8M | ||
| Q4 24 | $1.2B | $9.3M | ||
| Q3 24 | $1.0B | $5.2M | ||
| Q2 24 | $1.0B | $2.9M | ||
| Q1 24 | $1.3B | $5.3M |
| 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 | $140.1M | ||
| Q3 25 | $3.3B | $108.9M | ||
| Q2 25 | $3.1B | $271.6M | ||
| Q1 25 | $2.9B | $266.8M | ||
| Q4 24 | $2.8B | $256.1M | ||
| Q3 24 | $2.8B | $249.2M | ||
| Q2 24 | $2.7B | $257.9M | ||
| Q1 24 | $2.6B | $251.7M |
| Q4 25 | $13.0B | $706.7M | ||
| Q3 25 | $11.5B | $682.2M | ||
| Q2 25 | $11.2B | $646.7M | ||
| Q1 25 | $10.4B | $662.2M | ||
| Q4 24 | $10.5B | $648.8M | ||
| Q3 24 | $10.1B | $651.6M | ||
| Q2 24 | $9.5B | $644.9M | ||
| Q1 24 | $9.2B | $630.0M |
| 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 | $27.6M |
| Free Cash FlowOCF − Capex | $118.0M | $15.8M |
| FCF MarginFCF / Revenue | 29.4% | 6.6% |
| Capex IntensityCapex / Revenue | 13.9% | 4.9% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $43.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $27.6M | ||
| Q3 25 | $374.6M | $34.2M | ||
| Q2 25 | $74.6M | $-7.6M | ||
| Q1 25 | $210.4M | $20.6M | ||
| Q4 24 | $312.0M | $26.4M | ||
| Q3 24 | $196.9M | $8.4M | ||
| Q2 24 | $68.8M | $-6.3M | ||
| Q1 24 | $208.2M | $2.0M |
| Q4 25 | $118.0M | $15.8M | ||
| Q3 25 | $320.2M | $21.0M | ||
| Q2 25 | $23.5M | $-12.2M | ||
| Q1 25 | $157.4M | $18.5M | ||
| Q4 24 | $268.1M | $23.2M | ||
| Q3 24 | $152.7M | $6.5M | ||
| Q2 24 | $30.5M | $-8.1M | ||
| Q1 24 | $161.7M | $439.0K |
| Q4 25 | 29.4% | 6.6% | ||
| Q3 25 | 99.9% | 9.9% | ||
| Q2 25 | 7.7% | -6.0% | ||
| Q1 25 | 57.7% | 9.0% | ||
| Q4 24 | 88.5% | 11.1% | ||
| Q3 24 | 65.9% | 3.2% | ||
| Q2 24 | 13.6% | -4.1% | ||
| Q1 24 | 82.9% | 0.2% |
| Q4 25 | 13.9% | 4.9% | ||
| Q3 25 | 17.0% | 6.2% | ||
| Q2 25 | 16.7% | 2.2% | ||
| Q1 25 | 19.5% | 1.0% | ||
| Q4 24 | 14.5% | 1.5% | ||
| Q3 24 | 19.0% | 0.9% | ||
| Q2 24 | 17.1% | 0.9% | ||
| Q1 24 | 23.8% | 0.9% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | -5.81× | ||
| Q1 25 | 75.03× | 2.17× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -4.08× | ||
| Q1 24 | — | — |
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% |
ATRO
| Product Line Electrical Power And Motion | $113.8M | 47% |
| Product Line Avionics | $32.0M | 13% |
| Military Aircraft | $28.0M | 12% |
| General Aviation | $22.3M | 9% |
| Government And Defense | $20.5M | 9% |
| Product Line Systems Certification | $13.2M | 6% |
| Product Line Structures | $3.7M | 2% |
| Product Line Other | $2.3M | 1% |
