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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and AvalonBay Communities (AVB). Click either name above to swap in a different company.
AvalonBay Communities is the larger business by last-quarter revenue ($767.9M vs $401.4M, roughly 1.9× Affirm Holdings, Inc.). AvalonBay Communities runs the higher net margin — 9040.6% vs 32.3%, a 9008.3% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 3.7%). AvalonBay Communities produced more free cash flow last quarter ($1.4B vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 3.8%).
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.
AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.
AFRM vs AVB — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $767.9M |
| Net Profit | $129.6M | $166.0M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 64.2% |
| Net Margin | 32.3% | 9040.6% |
| Revenue YoY | 32.5% | 3.7% |
| Net Profit YoY | 61.3% | -41.2% |
| 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.
| Q4 25 | $401.4M | $767.9M | ||
| Q3 25 | $320.5M | $766.8M | ||
| Q2 25 | $306.6M | $760.2M | ||
| Q1 25 | $272.5M | $745.9M | ||
| Q4 24 | $303.0M | $740.5M | ||
| Q3 24 | $231.8M | $734.3M | ||
| Q2 24 | $224.0M | $726.0M | ||
| Q1 24 | $195.0M | $712.9M |
| Q4 25 | $129.6M | $166.0M | ||
| Q3 25 | $80.7M | $381.3M | ||
| Q2 25 | $69.2M | $268.7M | ||
| Q1 25 | $2.8M | $236.6M | ||
| Q4 24 | $80.4M | $282.1M | ||
| Q3 24 | $-100.2M | $372.5M | ||
| Q2 24 | $-45.1M | $253.9M | ||
| Q1 24 | $-133.9M | $173.4M |
| Q4 25 | 29.3% | 64.2% | ||
| Q3 25 | 19.9% | 65.7% | ||
| Q2 25 | 18.9% | 67.6% | ||
| Q1 25 | -3.1% | 68.5% | ||
| Q4 24 | -1.4% | 63.1% | ||
| Q3 24 | -57.2% | 65.4% | ||
| Q2 24 | -32.8% | 66.6% | ||
| Q1 24 | -82.5% | 67.2% |
| Q4 25 | 32.3% | 9040.6% | ||
| Q3 25 | 25.2% | 49.7% | ||
| Q2 25 | 22.6% | 35.3% | ||
| Q1 25 | 1.0% | 31.7% | ||
| Q4 24 | 26.5% | 38.1% | ||
| Q3 24 | -43.2% | 50.7% | ||
| Q2 24 | -20.2% | 35.0% | ||
| Q1 24 | -68.7% | 24.3% |
| Q4 25 | $0.37 | $1.18 | ||
| Q3 25 | $0.23 | $2.68 | ||
| Q2 25 | $0.22 | $1.88 | ||
| Q1 25 | $0.01 | $1.66 | ||
| Q4 24 | $0.23 | $1.99 | ||
| Q3 24 | $-0.31 | $2.61 | ||
| Q2 24 | $-0.13 | $1.78 | ||
| Q1 24 | $-0.43 | $1.22 |
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 | $187.2M |
| Total DebtLower is stronger | $9.0B | $9.3B |
| Stockholders' EquityBook value | $3.5B | $11.6B |
| Total Assets | $13.0B | $22.2B |
| Debt / EquityLower = less leverage | 2.54× | 0.80× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $187.2M | ||
| Q3 25 | $1.4B | $123.3M | ||
| Q2 25 | $1.4B | $102.8M | ||
| Q1 25 | $1.4B | $53.3M | ||
| Q4 24 | $1.2B | $108.6M | ||
| Q3 24 | $1.0B | $552.4M | ||
| Q2 24 | $1.0B | $545.8M | ||
| Q1 24 | $1.3B | $287.9M |
| Q4 25 | $9.0B | $9.3B | ||
| Q3 25 | $7.7B | $8.7B | ||
| Q2 25 | $7.6B | $8.7B | ||
| Q1 25 | $7.1B | $8.3B | ||
| Q4 24 | $7.3B | $8.1B | ||
| Q3 24 | — | $8.4B | ||
| Q2 24 | $1.8B | $8.4B | ||
| Q1 24 | — | $8.0B |
| Q4 25 | $3.5B | $11.6B | ||
| Q3 25 | $3.3B | $11.9B | ||
| Q2 25 | $3.1B | $11.9B | ||
| Q1 25 | $2.9B | $11.9B | ||
| Q4 24 | $2.8B | $11.9B | ||
| Q3 24 | $2.8B | $11.9B | ||
| Q2 24 | $2.7B | $11.7B | ||
| Q1 24 | $2.6B | $11.7B |
| Q4 25 | $13.0B | $22.2B | ||
| Q3 25 | $11.5B | $21.9B | ||
| Q2 25 | $11.2B | $21.8B | ||
| Q1 25 | $10.4B | $21.2B | ||
| Q4 24 | $10.5B | $21.0B | ||
| Q3 24 | $10.1B | $21.3B | ||
| Q2 24 | $9.5B | $21.0B | ||
| Q1 24 | $9.2B | $20.6B |
| Q4 25 | 2.54× | 0.80× | ||
| Q3 25 | 2.35× | 0.73× | ||
| Q2 25 | 2.48× | 0.72× | ||
| Q1 25 | 2.49× | 0.70× | ||
| Q4 24 | 2.62× | 0.68× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | 0.67× | 0.71× | ||
| Q1 24 | — | 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 | $1.7B |
| Free Cash FlowOCF − Capex | $118.0M | $1.4B |
| FCF MarginFCF / Revenue | 29.4% | 183.5% |
| Capex IntensityCapex / Revenue | 13.9% | 34.1% |
| Cash ConversionOCF / Net Profit | 1.34× | 10.07× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $2.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $1.7B | ||
| Q3 25 | $374.6M | $477.0M | ||
| Q2 25 | $74.6M | $377.8M | ||
| Q1 25 | $210.4M | $415.9M | ||
| Q4 24 | $312.0M | $1.6B | ||
| Q3 24 | $196.9M | $486.2M | ||
| Q2 24 | $68.8M | $380.0M | ||
| Q1 24 | $208.2M | $412.9M |
| Q4 25 | $118.0M | $1.4B | ||
| Q3 25 | $320.2M | $402.2M | ||
| Q2 25 | $23.5M | $317.1M | ||
| Q1 25 | $157.4M | $367.5M | ||
| Q4 24 | $268.1M | $1.4B | ||
| Q3 24 | $152.7M | $434.2M | ||
| Q2 24 | $30.5M | $333.0M | ||
| Q1 24 | $161.7M | $375.4M |
| Q4 25 | 29.4% | 183.5% | ||
| Q3 25 | 99.9% | 52.5% | ||
| Q2 25 | 7.7% | 41.7% | ||
| Q1 25 | 57.7% | 49.3% | ||
| Q4 24 | 88.5% | 191.0% | ||
| Q3 24 | 65.9% | 59.1% | ||
| Q2 24 | 13.6% | 45.9% | ||
| Q1 24 | 82.9% | 52.7% |
| Q4 25 | 13.9% | 34.1% | ||
| Q3 25 | 17.0% | 9.8% | ||
| Q2 25 | 16.7% | 8.0% | ||
| Q1 25 | 19.5% | 6.5% | ||
| Q4 24 | 14.5% | 26.1% | ||
| Q3 24 | 19.0% | 7.1% | ||
| Q2 24 | 17.1% | 6.5% | ||
| Q1 24 | 23.8% | 5.3% |
| Q4 25 | 1.34× | 10.07× | ||
| Q3 25 | 4.64× | 1.25× | ||
| Q2 25 | 1.08× | 1.41× | ||
| Q1 25 | 75.03× | 1.76× | ||
| Q4 24 | 3.88× | 5.70× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | 1.50× | ||
| Q1 24 | — | 2.38× |
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% |
AVB
Segment breakdown not available.
