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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and BADGER METER INC (BMI). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $234.1M, roughly 1.7× BADGER METER INC). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 14.3%, a 17.9% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 14.1%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $50.8M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 9.2%).
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.
Badger Meter Inc. is a leading global provider of flow measurement and control solutions, serving water utilities, industrial, commercial, and residential customer segments. Its core offerings include smart water meters, IoT-enabled usage monitoring systems, and supporting software that help clients track resource consumption, cut waste, and boost operational efficiency, with key markets spanning North America, Europe, and the Asia-Pacific region.
AFRM vs BMI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $234.1M |
| Net Profit | $129.6M | $33.6M |
| Gross Margin | — | 39.7% |
| Operating Margin | 29.3% | 18.4% |
| Net Margin | 32.3% | 14.3% |
| Revenue YoY | 32.5% | 14.1% |
| Net Profit YoY | 61.3% | 9.3% |
| EPS (diluted) | $0.37 | $1.13 |
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 | $234.1M | ||
| Q3 25 | $320.5M | $222.2M | ||
| Q2 25 | $306.6M | $238.1M | ||
| Q1 25 | $272.5M | $222.2M | ||
| Q4 24 | $303.0M | $205.2M | ||
| Q3 24 | $231.8M | $208.4M | ||
| Q2 24 | $224.0M | $216.7M | ||
| Q1 24 | $195.0M | $196.3M |
| Q4 25 | $129.6M | $33.6M | ||
| Q3 25 | $80.7M | $35.1M | ||
| Q2 25 | $69.2M | $34.6M | ||
| Q1 25 | $2.8M | $38.4M | ||
| Q4 24 | $80.4M | $30.7M | ||
| Q3 24 | $-100.2M | $32.0M | ||
| Q2 24 | $-45.1M | $33.1M | ||
| Q1 24 | $-133.9M | $29.1M |
| Q4 25 | — | 39.7% | ||
| Q3 25 | — | 43.1% | ||
| Q2 25 | — | 41.1% | ||
| Q1 25 | — | 42.9% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 40.2% | ||
| Q2 24 | — | 39.4% | ||
| Q1 24 | — | 39.3% |
| Q4 25 | 29.3% | 18.4% | ||
| Q3 25 | 19.9% | 20.7% | ||
| Q2 25 | 18.9% | 18.8% | ||
| Q1 25 | -3.1% | 22.2% | ||
| Q4 24 | -1.4% | 19.1% | ||
| Q3 24 | -57.2% | 19.5% | ||
| Q2 24 | -32.8% | 19.2% | ||
| Q1 24 | -82.5% | 18.6% |
| Q4 25 | 32.3% | 14.3% | ||
| Q3 25 | 25.2% | 15.8% | ||
| Q2 25 | 22.6% | 14.5% | ||
| Q1 25 | 1.0% | 17.3% | ||
| Q4 24 | 26.5% | 15.0% | ||
| Q3 24 | -43.2% | 15.4% | ||
| Q2 24 | -20.2% | 15.3% | ||
| Q1 24 | -68.7% | 14.8% |
| Q4 25 | $0.37 | $1.13 | ||
| Q3 25 | $0.23 | $1.19 | ||
| Q2 25 | $0.22 | $1.17 | ||
| Q1 25 | $0.01 | $1.30 | ||
| Q4 24 | $0.23 | $1.04 | ||
| Q3 24 | $-0.31 | $1.08 | ||
| Q2 24 | $-0.13 | $1.12 | ||
| Q1 24 | $-0.43 | $0.99 |
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 | — |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $713.3M |
| Total Assets | $13.0B | $973.6M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $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 24 | — | — |
| Q4 25 | $3.5B | $713.3M | ||
| Q3 25 | $3.3B | $702.5M | ||
| Q2 25 | $3.1B | $677.6M | ||
| Q1 25 | $2.9B | $641.7M | ||
| Q4 24 | $2.8B | $606.2M | ||
| Q3 24 | $2.8B | $591.2M | ||
| Q2 24 | $2.7B | $563.1M | ||
| Q1 24 | $2.6B | $535.6M |
| Q4 25 | $13.0B | $973.6M | ||
| Q3 25 | $11.5B | $978.3M | ||
| Q2 25 | $11.2B | $936.4M | ||
| Q1 25 | $10.4B | $899.6M | ||
| Q4 24 | $10.5B | $816.4M | ||
| Q3 24 | $10.1B | $802.9M | ||
| Q2 24 | $9.5B | $781.3M | ||
| Q1 24 | $9.2B | $743.5M |
| 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 | $54.8M |
| Free Cash FlowOCF − Capex | $118.0M | $50.8M |
| FCF MarginFCF / Revenue | 29.4% | 21.7% |
| Capex IntensityCapex / Revenue | 13.9% | 1.7% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $169.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $54.8M | ||
| Q3 25 | $374.6M | $51.3M | ||
| Q2 25 | $74.6M | $44.6M | ||
| Q1 25 | $210.4M | $33.0M | ||
| Q4 24 | $312.0M | $52.1M | ||
| Q3 24 | $196.9M | $45.1M | ||
| Q2 24 | $68.8M | $36.4M | ||
| Q1 24 | $208.2M | $21.5M |
| Q4 25 | $118.0M | $50.8M | ||
| Q3 25 | $320.2M | $48.2M | ||
| Q2 25 | $23.5M | $40.6M | ||
| Q1 25 | $157.4M | $30.1M | ||
| Q4 24 | $268.1M | $47.4M | ||
| Q3 24 | $152.7M | $42.0M | ||
| Q2 24 | $30.5M | $34.1M | ||
| Q1 24 | $161.7M | $18.8M |
| Q4 25 | 29.4% | 21.7% | ||
| Q3 25 | 99.9% | 21.7% | ||
| Q2 25 | 7.7% | 17.1% | ||
| Q1 25 | 57.7% | 13.5% | ||
| Q4 24 | 88.5% | 23.1% | ||
| Q3 24 | 65.9% | 20.1% | ||
| Q2 24 | 13.6% | 15.7% | ||
| Q1 24 | 82.9% | 9.6% |
| Q4 25 | 13.9% | 1.7% | ||
| Q3 25 | 17.0% | 1.4% | ||
| Q2 25 | 16.7% | 1.7% | ||
| Q1 25 | 19.5% | 1.3% | ||
| Q4 24 | 14.5% | 2.3% | ||
| Q3 24 | 19.0% | 1.5% | ||
| Q2 24 | 17.1% | 1.1% | ||
| Q1 24 | 23.8% | 1.4% |
| Q4 25 | 1.34× | 1.63× | ||
| Q3 25 | 4.64× | 1.46× | ||
| Q2 25 | 1.08× | 1.29× | ||
| Q1 25 | 75.03× | 0.86× | ||
| Q4 24 | 3.88× | 1.70× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 1.10× | ||
| Q1 24 | — | 0.74× |
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% |
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
