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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and BELDEN INC. (BDC). Click either name above to swap in a different company.
BELDEN INC. is the larger business by last-quarter revenue ($696.4M vs $401.4M, roughly 1.7× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 7.3%, a 25.0% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 11.4%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-63.1M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 7.3%).
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.
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G markets.
AFRM vs BDC — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $696.4M |
| Net Profit | $129.6M | $51.0M |
| Gross Margin | — | 37.1% |
| Operating Margin | 29.3% | 11.2% |
| Net Margin | 32.3% | 7.3% |
| Revenue YoY | 32.5% | 11.4% |
| Net Profit YoY | 61.3% | -1.8% |
| EPS (diluted) | $0.37 | $1.30 |
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 | — | $696.4M | ||
| Q4 25 | $401.4M | $720.1M | ||
| Q3 25 | $320.5M | $698.2M | ||
| Q2 25 | $306.6M | $672.0M | ||
| Q1 25 | $272.5M | $624.9M | ||
| Q4 24 | $303.0M | $666.0M | ||
| Q3 24 | $231.8M | $654.9M | ||
| Q2 24 | $224.0M | $604.3M |
| Q1 26 | — | $51.0M | ||
| Q4 25 | $129.6M | $67.9M | ||
| Q3 25 | $80.7M | $56.7M | ||
| Q2 25 | $69.2M | $61.0M | ||
| Q1 25 | $2.8M | $51.9M | ||
| Q4 24 | $80.4M | $58.4M | ||
| Q3 24 | $-100.2M | $53.7M | ||
| Q2 24 | $-45.1M | $49.0M |
| Q1 26 | — | 37.1% | ||
| Q4 25 | — | 36.6% | ||
| Q3 25 | — | 37.7% | ||
| Q2 25 | — | 38.5% | ||
| Q1 25 | — | 39.3% | ||
| Q4 24 | — | 37.5% | ||
| Q3 24 | — | 37.3% | ||
| Q2 24 | — | 37.5% |
| Q1 26 | — | 11.2% | ||
| Q4 25 | 29.3% | 12.2% | ||
| Q3 25 | 19.9% | 10.9% | ||
| Q2 25 | 18.9% | 11.8% | ||
| Q1 25 | -3.1% | 11.6% | ||
| Q4 24 | -1.4% | 10.4% | ||
| Q3 24 | -57.2% | 11.5% | ||
| Q2 24 | -32.8% | 11.4% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 32.3% | 9.4% | ||
| Q3 25 | 25.2% | 8.1% | ||
| Q2 25 | 22.6% | 9.1% | ||
| Q1 25 | 1.0% | 8.3% | ||
| Q4 24 | 26.5% | 8.8% | ||
| Q3 24 | -43.2% | 8.2% | ||
| Q2 24 | -20.2% | 8.1% |
| Q1 26 | — | $1.30 | ||
| Q4 25 | $0.37 | $1.70 | ||
| Q3 25 | $0.23 | $1.41 | ||
| Q2 25 | $0.22 | $1.53 | ||
| Q1 25 | $0.01 | $1.27 | ||
| Q4 24 | $0.23 | $1.41 | ||
| Q3 24 | $-0.31 | $1.30 | ||
| Q2 24 | $-0.13 | $1.19 |
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 | $272.2M |
| Total DebtLower is stronger | $9.0B | $1.3B |
| Stockholders' EquityBook value | $3.5B | $1.3B |
| Total Assets | $13.0B | — |
| Debt / EquityLower = less leverage | 2.54× | 0.98× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $272.2M | ||
| Q4 25 | $1.5B | $389.9M | ||
| Q3 25 | $1.4B | $314.3M | ||
| Q2 25 | $1.4B | $301.5M | ||
| Q1 25 | $1.4B | $259.0M | ||
| Q4 24 | $1.2B | $370.3M | ||
| Q3 24 | $1.0B | $323.0M | ||
| Q2 24 | $1.0B | $564.8M |
| Q1 26 | — | $1.3B | ||
| 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 | — | $1.3B | ||
| Q4 25 | $3.5B | $1.3B | ||
| Q3 25 | $3.3B | $1.2B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $2.9B | $1.2B | ||
| Q4 24 | $2.8B | $1.3B | ||
| Q3 24 | $2.8B | $1.2B | ||
| Q2 24 | $2.7B | $1.2B |
| Q1 26 | — | — | ||
| Q4 25 | $13.0B | $3.5B | ||
| Q3 25 | $11.5B | $3.4B | ||
| Q2 25 | $11.2B | $3.4B | ||
| Q1 25 | $10.4B | $3.3B | ||
| Q4 24 | $10.5B | $3.3B | ||
| Q3 24 | $10.1B | $3.3B | ||
| Q2 24 | $9.5B | $3.5B |
| Q1 26 | — | 0.98× | ||
| 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 | — |
| Free Cash FlowOCF − Capex | $118.0M | $-63.1M |
| FCF MarginFCF / Revenue | 29.4% | -9.1% |
| Capex IntensityCapex / Revenue | 13.9% | 6.4% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $180.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $173.7M | $160.4M | ||
| Q3 25 | $374.6M | $105.0M | ||
| Q2 25 | $74.6M | $82.0M | ||
| Q1 25 | $210.4M | $7.4M | ||
| Q4 24 | $312.0M | $174.7M | ||
| Q3 24 | $196.9M | $91.7M | ||
| Q2 24 | $68.8M | $83.0M |
| Q1 26 | — | $-63.1M | ||
| Q4 25 | $118.0M | $121.3M | ||
| Q3 25 | $320.2M | $65.3M | ||
| Q2 25 | $23.5M | $56.9M | ||
| Q1 25 | $157.4M | $-24.8M | ||
| Q4 24 | $268.1M | $116.4M | ||
| Q3 24 | $152.7M | $67.2M | ||
| Q2 24 | $30.5M | $61.0M |
| Q1 26 | — | -9.1% | ||
| Q4 25 | 29.4% | 16.8% | ||
| Q3 25 | 99.9% | 9.4% | ||
| Q2 25 | 7.7% | 8.5% | ||
| Q1 25 | 57.7% | -4.0% | ||
| Q4 24 | 88.5% | 17.5% | ||
| Q3 24 | 65.9% | 10.3% | ||
| Q2 24 | 13.6% | 10.1% |
| Q1 26 | — | 6.4% | ||
| Q4 25 | 13.9% | 5.4% | ||
| Q3 25 | 17.0% | 5.7% | ||
| Q2 25 | 16.7% | 3.7% | ||
| Q1 25 | 19.5% | 5.2% | ||
| Q4 24 | 14.5% | 8.8% | ||
| Q3 24 | 19.0% | 3.7% | ||
| Q2 24 | 17.1% | 3.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | 2.36× | ||
| Q3 25 | 4.64× | 1.85× | ||
| Q2 25 | 1.08× | 1.34× | ||
| Q1 25 | 75.03× | 0.14× | ||
| Q4 24 | 3.88× | 2.99× | ||
| Q3 24 | — | 1.71× | ||
| Q2 24 | — | 1.69× |
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% |
BDC
Segment breakdown not available.
