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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and B&G Foods, Inc. (BGS). Click either name above to swap in a different company.
B&G Foods, Inc. is the larger business by last-quarter revenue ($439.3M vs $401.4M, roughly 1.1× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -4.4%, a 36.6% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -4.7%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-70.7M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -12.8%).
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.
B&G Foods, Inc. is an American branded foods holding company based in Parsippany, New Jersey. The company was formed in 1996 to acquire Bloch & Guggenheimer, a Manhattan-based producer of pickles, relish and condiments which had been founded in 1889.
AFRM vs BGS — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $439.3M |
| Net Profit | $129.6M | $-19.1M |
| Gross Margin | — | 22.5% |
| Operating Margin | 29.3% | 2.5% |
| Net Margin | 32.3% | -4.4% |
| Revenue YoY | 32.5% | -4.7% |
| Net Profit YoY | 61.3% | -356.5% |
| EPS (diluted) | $0.37 | $-0.24 |
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 | — | ||
| Q3 25 | $320.5M | $439.3M | ||
| Q2 25 | $306.6M | $424.4M | ||
| Q1 25 | $272.5M | $425.4M | ||
| Q4 24 | $303.0M | $551.6M | ||
| Q3 24 | $231.8M | $461.1M | ||
| Q2 24 | $224.0M | $444.6M | ||
| Q1 24 | $195.0M | $475.2M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $-19.1M | ||
| Q2 25 | $69.2M | $-9.8M | ||
| Q1 25 | $2.8M | $835.0K | ||
| Q4 24 | $80.4M | $-222.4M | ||
| Q3 24 | $-100.2M | $7.5M | ||
| Q2 24 | $-45.1M | $3.9M | ||
| Q1 24 | $-133.9M | $-40.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | 22.5% | ||
| Q2 25 | — | 20.5% | ||
| Q1 25 | — | 21.2% | ||
| Q4 24 | — | 21.5% | ||
| Q3 24 | — | 22.2% | ||
| Q2 24 | — | 20.7% | ||
| Q1 24 | — | 22.9% |
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | 2.5% | ||
| Q2 25 | 18.9% | 5.2% | ||
| Q1 25 | -3.1% | 8.4% | ||
| Q4 24 | -1.4% | -46.6% | ||
| Q3 24 | -57.2% | 11.1% | ||
| Q2 24 | -32.8% | 9.9% | ||
| Q1 24 | -82.5% | -3.3% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | -4.4% | ||
| Q2 25 | 22.6% | -2.3% | ||
| Q1 25 | 1.0% | 0.2% | ||
| Q4 24 | 26.5% | -40.3% | ||
| Q3 24 | -43.2% | 1.6% | ||
| Q2 24 | -20.2% | 0.9% | ||
| Q1 24 | -68.7% | -8.5% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $-0.24 | ||
| Q2 25 | $0.22 | $-0.12 | ||
| Q1 25 | $0.01 | $0.01 | ||
| Q4 24 | $0.23 | $-2.81 | ||
| Q3 24 | $-0.31 | $0.09 | ||
| Q2 24 | $-0.13 | $0.05 | ||
| Q1 24 | $-0.43 | $-0.51 |
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 | $60.9M |
| Total DebtLower is stronger | $9.0B | $2.0B |
| Stockholders' EquityBook value | $3.5B | $470.7M |
| Total Assets | $13.0B | $2.9B |
| Debt / EquityLower = less leverage | 2.54× | 4.30× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $60.9M | ||
| Q2 25 | $1.4B | $54.1M | ||
| Q1 25 | $1.4B | $61.2M | ||
| Q4 24 | $1.2B | $50.6M | ||
| Q3 24 | $1.0B | $54.7M | ||
| Q2 24 | $1.0B | $40.3M | ||
| Q1 24 | $1.3B | $42.5M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $2.0B | ||
| Q2 25 | $7.6B | $2.0B | ||
| Q1 25 | $7.1B | $2.0B | ||
| Q4 24 | $7.3B | $2.0B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | $1.8B | $2.0B | ||
| Q1 24 | — | $2.0B |
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $470.7M | ||
| Q2 25 | $3.1B | $501.4M | ||
| Q1 25 | $2.9B | $513.1M | ||
| Q4 24 | $2.8B | $524.8M | ||
| Q3 24 | $2.8B | $755.3M | ||
| Q2 24 | $2.7B | $765.0M | ||
| Q1 24 | $2.6B | $781.2M |
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $2.9B | ||
| Q2 25 | $11.2B | $2.9B | ||
| Q1 25 | $10.4B | $3.0B | ||
| Q4 24 | $10.5B | $3.0B | ||
| Q3 24 | $10.1B | $3.4B | ||
| Q2 24 | $9.5B | $3.4B | ||
| Q1 24 | $9.2B | $3.4B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 4.30× | ||
| Q2 25 | 2.48× | 3.97× | ||
| Q1 25 | 2.49× | 3.91× | ||
| Q4 24 | 2.62× | 3.85× | ||
| Q3 24 | — | 2.75× | ||
| Q2 24 | 0.67× | 2.67× | ||
| Q1 24 | — | 2.61× |
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 | $-64.6M |
| Free Cash FlowOCF − Capex | $118.0M | $-70.7M |
| FCF MarginFCF / Revenue | 29.4% | -16.1% |
| Capex IntensityCapex / Revenue | 13.9% | 1.4% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $54.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $-64.6M | ||
| Q2 25 | $74.6M | $17.8M | ||
| Q1 25 | $210.4M | $52.7M | ||
| Q4 24 | $312.0M | $80.3M | ||
| Q3 24 | $196.9M | $4.2M | ||
| Q2 24 | $68.8M | $11.3M | ||
| Q1 24 | $208.2M | $35.1M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $-70.7M | ||
| Q2 25 | $23.5M | $11.5M | ||
| Q1 25 | $157.4M | $42.4M | ||
| Q4 24 | $268.1M | $71.7M | ||
| Q3 24 | $152.7M | $-679.0K | ||
| Q2 24 | $30.5M | $5.2M | ||
| Q1 24 | $161.7M | $27.5M |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | -16.1% | ||
| Q2 25 | 7.7% | 2.7% | ||
| Q1 25 | 57.7% | 10.0% | ||
| Q4 24 | 88.5% | 13.0% | ||
| Q3 24 | 65.9% | -0.1% | ||
| Q2 24 | 13.6% | 1.2% | ||
| Q1 24 | 82.9% | 5.8% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 1.4% | ||
| Q2 25 | 16.7% | 1.5% | ||
| Q1 25 | 19.5% | 2.4% | ||
| Q4 24 | 14.5% | 1.6% | ||
| Q3 24 | 19.0% | 1.0% | ||
| Q2 24 | 17.1% | 1.4% | ||
| Q1 24 | 23.8% | 1.6% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | 63.17× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 0.56× | ||
| Q2 24 | — | 2.87× | ||
| 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% |
BGS
| Specialty Segment | $150.5M | 34% |
| Meals Segment | $110.0M | 25% |
| Spices And Flavor Solutions Segment | $101.4M | 23% |
| Frozen And Vegetables Segment | $77.4M | 18% |
