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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Compass Diversified Holdings (CODI). Click either name above to swap in a different company.
Compass Diversified Holdings is the larger business by last-quarter revenue ($468.6M vs $401.4M, roughly 1.2× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -16.8%, a 49.1% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -5.1%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $36.9M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 6.8%).
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.
Compass Diversified Holdings is a publicly traded holding firm that acquires and operates a diverse portfolio of middle-market businesses across sectors including consumer goods, industrial manufacturing, outdoor recreation, and food & beverage. It partners with portfolio company leadership teams to drive long-term operational growth and value creation, primarily serving North American markets.
AFRM vs CODI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $468.6M |
| Net Profit | $129.6M | $-78.8M |
| Gross Margin | — | 43.1% |
| Operating Margin | 29.3% | 9.8% |
| Net Margin | 32.3% | -16.8% |
| Revenue YoY | 32.5% | -5.1% |
| Net Profit YoY | 61.3% | -14.4% |
| EPS (diluted) | $0.37 | $-0.91 |
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 | $468.6M | ||
| Q3 25 | $320.5M | $472.6M | ||
| Q2 25 | $306.6M | $478.7M | ||
| Q1 25 | $272.5M | $453.8M | ||
| Q4 24 | $303.0M | $493.9M | ||
| Q3 24 | $231.8M | $456.6M | ||
| Q2 24 | $224.0M | $426.7M | ||
| Q1 24 | $195.0M | $410.8M |
| Q4 25 | $129.6M | $-78.8M | ||
| Q3 25 | $80.7M | $-74.0M | ||
| Q2 25 | $69.2M | $-51.2M | ||
| Q1 25 | $2.8M | $-30.0M | ||
| Q4 24 | $80.4M | $-68.9M | ||
| Q3 24 | $-100.2M | $-36.0M | ||
| Q2 24 | $-45.1M | $-73.1M | ||
| Q1 24 | $-133.9M | $-56.2M |
| Q4 25 | — | 43.1% | ||
| Q3 25 | — | 44.0% | ||
| Q2 25 | — | 43.6% | ||
| Q1 25 | — | 43.2% | ||
| Q4 24 | — | 38.6% | ||
| Q3 24 | — | 43.1% | ||
| Q2 24 | — | 44.1% | ||
| Q1 24 | — | 42.6% |
| Q4 25 | 29.3% | 9.8% | ||
| Q3 25 | 19.9% | -2.3% | ||
| Q2 25 | 18.9% | -5.7% | ||
| Q1 25 | -3.1% | 0.8% | ||
| Q4 24 | -1.4% | -3.8% | ||
| Q3 24 | -57.2% | 1.8% | ||
| Q2 24 | -32.8% | 1.8% | ||
| Q1 24 | -82.5% | -2.9% |
| Q4 25 | 32.3% | -16.8% | ||
| Q3 25 | 25.2% | -15.7% | ||
| Q2 25 | 22.6% | -10.7% | ||
| Q1 25 | 1.0% | -6.6% | ||
| Q4 24 | 26.5% | -13.9% | ||
| Q3 24 | -43.2% | -7.9% | ||
| Q2 24 | -20.2% | -17.1% | ||
| Q1 24 | -68.7% | -13.7% |
| Q4 25 | $0.37 | $-0.91 | ||
| Q3 25 | $0.23 | $-1.21 | ||
| Q2 25 | $0.22 | $-0.88 | ||
| Q1 25 | $0.01 | $-0.59 | ||
| Q4 24 | $0.23 | $-0.57 | ||
| Q3 24 | $-0.31 | $-0.62 | ||
| Q2 24 | $-0.13 | $-1.12 | ||
| Q1 24 | $-0.43 | $-1.52 |
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 | $68.0M |
| Total DebtLower is stronger | $9.0B | $1.9B |
| Stockholders' EquityBook value | $3.5B | $442.0M |
| Total Assets | $13.0B | $3.0B |
| Debt / EquityLower = less leverage | 2.54× | 4.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $68.0M | ||
| Q3 25 | $1.4B | $61.1M | ||
| Q2 25 | $1.4B | $73.8M | ||
| Q1 25 | $1.4B | $146.2M | ||
| Q4 24 | $1.2B | $59.7M | ||
| Q3 24 | $1.0B | $64.9M | ||
| Q2 24 | $1.0B | $61.5M | ||
| Q1 24 | $1.3B | $59.5M |
| Q4 25 | $9.0B | $1.9B | ||
| Q3 25 | $7.7B | $1.9B | ||
| Q2 25 | $7.6B | $1.9B | ||
| Q1 25 | $7.1B | $1.9B | ||
| Q4 24 | $7.3B | $1.8B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | $1.8B | $1.7B | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $3.5B | $442.0M | ||
| Q3 25 | $3.3B | $519.2M | ||
| Q2 25 | $3.1B | $601.9M | ||
| Q1 25 | $2.9B | $680.7M | ||
| Q4 24 | $2.8B | $678.6M | ||
| Q3 24 | $2.8B | $672.2M | ||
| Q2 24 | $2.7B | $711.3M | ||
| Q1 24 | $2.6B | $799.7M |
| Q4 25 | $13.0B | $3.0B | ||
| Q3 25 | $11.5B | $3.2B | ||
| Q2 25 | $11.2B | $3.3B | ||
| Q1 25 | $10.4B | $3.4B | ||
| Q4 24 | $10.5B | $3.3B | ||
| Q3 24 | $10.1B | $3.3B | ||
| Q2 24 | $9.5B | $3.2B | ||
| Q1 24 | $9.2B | $3.3B |
| Q4 25 | 2.54× | 4.25× | ||
| Q3 25 | 2.35× | 3.62× | ||
| Q2 25 | 2.48× | 3.09× | ||
| Q1 25 | 2.49× | 2.73× | ||
| Q4 24 | 2.62× | 2.61× | ||
| Q3 24 | — | 2.64× | ||
| Q2 24 | 0.67× | 2.42× | ||
| Q1 24 | — | 2.15× |
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 | $47.0M |
| Free Cash FlowOCF − Capex | $118.0M | $36.9M |
| FCF MarginFCF / Revenue | 29.4% | 7.9% |
| Capex IntensityCapex / Revenue | 13.9% | 2.2% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-51.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $47.0M | ||
| Q3 25 | $374.6M | $10.7M | ||
| Q2 25 | $74.6M | $-35.2M | ||
| Q1 25 | $210.4M | $-29.3M | ||
| Q4 24 | $312.0M | $-16.1M | ||
| Q3 24 | $196.9M | $-48.4M | ||
| Q2 24 | $68.8M | $-61.3M | ||
| Q1 24 | $208.2M | $-25.4M |
| Q4 25 | $118.0M | $36.9M | ||
| Q3 25 | $320.2M | $481.0K | ||
| Q2 25 | $23.5M | $-46.0M | ||
| Q1 25 | $157.4M | $-42.4M | ||
| Q4 24 | $268.1M | $-39.0M | ||
| Q3 24 | $152.7M | $-63.5M | ||
| Q2 24 | $30.5M | $-72.2M | ||
| Q1 24 | $161.7M | $-33.1M |
| Q4 25 | 29.4% | 7.9% | ||
| Q3 25 | 99.9% | 0.1% | ||
| Q2 25 | 7.7% | -9.6% | ||
| Q1 25 | 57.7% | -9.4% | ||
| Q4 24 | 88.5% | -7.9% | ||
| Q3 24 | 65.9% | -13.9% | ||
| Q2 24 | 13.6% | -16.9% | ||
| Q1 24 | 82.9% | -8.1% |
| Q4 25 | 13.9% | 2.2% | ||
| Q3 25 | 17.0% | 2.2% | ||
| Q2 25 | 16.7% | 2.3% | ||
| Q1 25 | 19.5% | 2.9% | ||
| Q4 24 | 14.5% | 4.6% | ||
| Q3 24 | 19.0% | 3.3% | ||
| Q2 24 | 17.1% | 2.6% | ||
| Q1 24 | 23.8% | 1.9% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
CODI
| Other | $119.5M | 26% |
| A5.11Tactical | $113.9M | 24% |
| Sterno Products | $85.9M | 18% |
| Altor | $60.8M | 13% |
| The Honey Pot | $36.0M | 8% |
| Arnold | $25.4M | 5% |
| Velocity Outdoor | $18.7M | 4% |
| Lugano | $8.3M | 2% |
