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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and AeroVironment Inc (AVAV). Click either name above to swap in a different company.
AeroVironment Inc is the larger business by last-quarter revenue ($472.5M vs $401.4M, roughly 1.2× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -3.6%, a 35.9% gap on every dollar of revenue. On growth, AeroVironment Inc posted the faster year-over-year revenue change (181.9% vs 32.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-55.9M). Over the past eight quarters, AeroVironment Inc's revenue compounded faster (59.1% CAGR vs 43.5%).
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.
AeroVironment, Inc., also known as AV, is an American defense technology company headquartered in Arlington, Virginia that designs and manufactures autonomous systems, counter-UAS systems, and space systems. The company was founded in 1971 by Paul B. MacCready Jr., a designer of human-powered aircraft. The company provides the US Department of Defense and foreign militaries with small and medium-sized drones—notably the Raven, Switchblade, Wasp, and Puma. Through its acquisition of BlueHalo i...
AFRM vs AVAV — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $472.5M |
| Net Profit | $129.6M | $-17.1M |
| Gross Margin | — | 22.0% |
| Operating Margin | 29.3% | -6.4% |
| Net Margin | 32.3% | -3.6% |
| Revenue YoY | 32.5% | 181.9% |
| Net Profit YoY | 61.3% | -875.1% |
| EPS (diluted) | $0.37 | $-0.34 |
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 | $472.5M | ||
| Q3 25 | $320.5M | $454.7M | ||
| Q2 25 | $306.6M | $275.1M | ||
| Q1 25 | $272.5M | $167.6M | ||
| Q4 24 | $303.0M | $188.5M | ||
| Q3 24 | $231.8M | $189.5M | ||
| Q2 24 | $224.0M | $197.0M | ||
| Q1 24 | $195.0M | $186.6M |
| Q4 25 | $129.6M | $-17.1M | ||
| Q3 25 | $80.7M | $-67.4M | ||
| Q2 25 | $69.2M | $16.7M | ||
| Q1 25 | $2.8M | $-1.8M | ||
| Q4 24 | $80.4M | $7.5M | ||
| Q3 24 | $-100.2M | $21.2M | ||
| Q2 24 | $-45.1M | $6.0M | ||
| Q1 24 | $-133.9M | $13.9M |
| Q4 25 | — | 22.0% | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | 36.5% | ||
| Q1 25 | — | 37.7% | ||
| Q4 24 | — | 39.1% | ||
| Q3 24 | — | 43.0% | ||
| Q2 24 | — | 38.4% | ||
| Q1 24 | — | 36.1% |
| Q4 25 | 29.3% | -6.4% | ||
| Q3 25 | 19.9% | -15.2% | ||
| Q2 25 | 18.9% | 5.0% | ||
| Q1 25 | -3.1% | -1.8% | ||
| Q4 24 | -1.4% | 3.7% | ||
| Q3 24 | -57.2% | 12.2% | ||
| Q2 24 | -32.8% | 3.0% | ||
| Q1 24 | -82.5% | 7.7% |
| Q4 25 | 32.3% | -3.6% | ||
| Q3 25 | 25.2% | -14.8% | ||
| Q2 25 | 22.6% | 6.1% | ||
| Q1 25 | 1.0% | -1.0% | ||
| Q4 24 | 26.5% | 4.0% | ||
| Q3 24 | -43.2% | 11.2% | ||
| Q2 24 | -20.2% | 3.1% | ||
| Q1 24 | -68.7% | 7.4% |
| Q4 25 | $0.37 | $-0.34 | ||
| Q3 25 | $0.23 | $-1.44 | ||
| Q2 25 | $0.22 | $0.59 | ||
| Q1 25 | $0.01 | $-0.06 | ||
| Q4 24 | $0.23 | $0.27 | ||
| Q3 24 | $-0.31 | $0.75 | ||
| Q2 24 | $-0.13 | $0.18 | ||
| Q1 24 | $-0.43 | $0.50 |
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 | $588.5M |
| Total DebtLower is stronger | $9.0B | $747.5M |
| Stockholders' EquityBook value | $3.5B | $4.4B |
| Total Assets | $13.0B | $5.6B |
| Debt / EquityLower = less leverage | 2.54× | 0.17× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $588.5M | ||
| Q3 25 | $1.4B | $685.8M | ||
| Q2 25 | $1.4B | $40.9M | ||
| Q1 25 | $1.4B | $47.0M | ||
| Q4 24 | $1.2B | $69.0M | ||
| Q3 24 | $1.0B | $81.2M | ||
| Q2 24 | $1.0B | $73.3M | ||
| Q1 24 | $1.3B | $107.7M |
| Q4 25 | $9.0B | $747.5M | ||
| Q3 25 | $7.7B | $747.5M | ||
| Q2 25 | $7.6B | $30.0M | ||
| Q1 25 | $7.1B | $25.0M | ||
| Q4 24 | $7.3B | $15.0M | ||
| Q3 24 | — | $17.5M | ||
| Q2 24 | $1.8B | $28.0M | ||
| Q1 24 | — | $40.0M |
| Q4 25 | $3.5B | $4.4B | ||
| Q3 25 | $3.3B | $4.4B | ||
| Q2 25 | $3.1B | $886.5M | ||
| Q1 25 | $2.9B | $861.1M | ||
| Q4 24 | $2.8B | $858.4M | ||
| Q3 24 | $2.8B | $845.5M | ||
| Q2 24 | $2.7B | $822.7M | ||
| Q1 24 | $2.6B | $813.0M |
| Q4 25 | $13.0B | $5.6B | ||
| Q3 25 | $11.5B | $5.6B | ||
| Q2 25 | $11.2B | $1.1B | ||
| Q1 25 | $10.4B | $1.0B | ||
| Q4 24 | $10.5B | $1.0B | ||
| Q3 24 | $10.1B | $999.2M | ||
| Q2 24 | $9.5B | $1.0B | ||
| Q1 24 | $9.2B | $980.3M |
| Q4 25 | 2.54× | 0.17× | ||
| Q3 25 | 2.35× | 0.17× | ||
| Q2 25 | 2.48× | 0.03× | ||
| Q1 25 | 2.49× | 0.03× | ||
| Q4 24 | 2.62× | 0.02× | ||
| Q3 24 | — | 0.02× | ||
| Q2 24 | 0.67× | 0.03× | ||
| Q1 24 | — | 0.05× |
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 | $-45.1M |
| Free Cash FlowOCF − Capex | $118.0M | $-55.9M |
| FCF MarginFCF / Revenue | 29.4% | -11.8% |
| Capex IntensityCapex / Revenue | 13.9% | 2.3% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-240.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $-45.1M | ||
| Q3 25 | $374.6M | $-123.7M | ||
| Q2 25 | $74.6M | $-264.0K | ||
| Q1 25 | $210.4M | $-25.8M | ||
| Q4 24 | $312.0M | $-3.6M | ||
| Q3 24 | $196.9M | $28.4M | ||
| Q2 24 | $68.8M | $-11.7M | ||
| Q1 24 | $208.2M | $52.6M |
| Q4 25 | $118.0M | $-55.9M | ||
| Q3 25 | $320.2M | $-146.5M | ||
| Q2 25 | $23.5M | $-8.8M | ||
| Q1 25 | $157.4M | $-29.6M | ||
| Q4 24 | $268.1M | $-8.7M | ||
| Q3 24 | $152.7M | $22.9M | ||
| Q2 24 | $30.5M | $-20.8M | ||
| Q1 24 | $161.7M | $48.8M |
| Q4 25 | 29.4% | -11.8% | ||
| Q3 25 | 99.9% | -32.2% | ||
| Q2 25 | 7.7% | -3.2% | ||
| Q1 25 | 57.7% | -17.7% | ||
| Q4 24 | 88.5% | -4.6% | ||
| Q3 24 | 65.9% | 12.1% | ||
| Q2 24 | 13.6% | -10.5% | ||
| Q1 24 | 82.9% | 26.1% |
| Q4 25 | 13.9% | 2.3% | ||
| Q3 25 | 17.0% | 5.0% | ||
| Q2 25 | 16.7% | 3.1% | ||
| Q1 25 | 19.5% | 2.3% | ||
| Q4 24 | 14.5% | 2.7% | ||
| Q3 24 | 19.0% | 2.9% | ||
| Q2 24 | 17.1% | 4.6% | ||
| Q1 24 | 23.8% | 2.0% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | -0.02× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | -0.48× | ||
| Q3 24 | — | 1.34× | ||
| Q2 24 | — | -1.93× | ||
| Q1 24 | — | 3.79× |
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% |
AVAV
| Services | $130.2M | 28% |
| Cost Plus | $95.8M | 20% |
| Uncrewed Aircraft Systems | $89.8M | 19% |
| Space And Directed Energy | $53.2M | 11% |
| Non U.s.Government | $42.2M | 9% |
| TM | $31.9M | 7% |
| Other | $30.7M | 7% |
