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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and COLLEGIUM PHARMACEUTICAL, INC (COLL). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $205.4M, roughly 2.0× COLLEGIUM PHARMACEUTICAL, INC). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 8.3%, a 24.0% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 12.9%). COLLEGIUM PHARMACEUTICAL, INC produced more free cash flow last quarter ($122.4M vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 19.1%).
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.
Collegium Pharmaceutical, Inc. is a specialty pharmaceutical firm focused on developing and commercializing innovative, abuse-deterrent pain management therapies. Operating primarily in the U.S. market, it offers extended-release analgesics for chronic pain patients, serving providers across primary and specialty care segments.
AFRM vs COLL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $205.4M |
| Net Profit | $129.6M | $17.0M |
| Gross Margin | — | 62.5% |
| Operating Margin | 29.3% | 29.6% |
| Net Margin | 32.3% | 8.3% |
| Revenue YoY | 32.5% | 12.9% |
| Net Profit YoY | 61.3% | 35.3% |
| EPS (diluted) | $0.37 | $0.48 |
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 | $205.4M | ||
| Q3 25 | $320.5M | $209.4M | ||
| Q2 25 | $306.6M | $188.0M | ||
| Q1 25 | $272.5M | $177.8M | ||
| Q4 24 | $303.0M | $181.9M | ||
| Q3 24 | $231.8M | $159.3M | ||
| Q2 24 | $224.0M | $145.3M | ||
| Q1 24 | $195.0M | $144.9M |
| Q4 25 | $129.6M | $17.0M | ||
| Q3 25 | $80.7M | $31.5M | ||
| Q2 25 | $69.2M | $12.0M | ||
| Q1 25 | $2.8M | $2.4M | ||
| Q4 24 | $80.4M | $12.5M | ||
| Q3 24 | $-100.2M | $9.3M | ||
| Q2 24 | $-45.1M | $19.6M | ||
| Q1 24 | $-133.9M | $27.7M |
| Q4 25 | — | 62.5% | ||
| Q3 25 | — | 61.7% | ||
| Q2 25 | — | 57.7% | ||
| Q1 25 | — | 54.8% | ||
| Q4 24 | — | 54.0% | ||
| Q3 24 | — | 60.8% | ||
| Q2 24 | — | 62.5% | ||
| Q1 24 | — | 63.1% |
| Q4 25 | 29.3% | 29.6% | ||
| Q3 25 | 19.9% | 29.7% | ||
| Q2 25 | 18.9% | 18.7% | ||
| Q1 25 | -3.1% | 12.2% | ||
| Q4 24 | -1.4% | 20.9% | ||
| Q3 24 | -57.2% | 21.9% | ||
| Q2 24 | -32.8% | 32.7% | ||
| Q1 24 | -82.5% | 34.1% |
| Q4 25 | 32.3% | 8.3% | ||
| Q3 25 | 25.2% | 15.0% | ||
| Q2 25 | 22.6% | 6.4% | ||
| Q1 25 | 1.0% | 1.4% | ||
| Q4 24 | 26.5% | 6.9% | ||
| Q3 24 | -43.2% | 5.9% | ||
| Q2 24 | -20.2% | 13.5% | ||
| Q1 24 | -68.7% | 19.1% |
| Q4 25 | $0.37 | $0.48 | ||
| Q3 25 | $0.23 | $0.84 | ||
| Q2 25 | $0.22 | $0.34 | ||
| Q1 25 | $0.01 | $0.07 | ||
| Q4 24 | $0.23 | $0.36 | ||
| Q3 24 | $-0.31 | $0.27 | ||
| Q2 24 | $-0.13 | $0.52 | ||
| Q1 24 | $-0.43 | $0.71 |
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 | $386.7M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $301.7M |
| Total Assets | $13.0B | $1.7B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $386.7M | ||
| Q3 25 | $1.4B | $285.9M | ||
| Q2 25 | $1.4B | $222.2M | ||
| Q1 25 | $1.4B | $197.8M | ||
| Q4 24 | $1.2B | $162.8M | ||
| Q3 24 | $1.0B | $120.0M | ||
| Q2 24 | $1.0B | $271.6M | ||
| Q1 24 | $1.3B | $318.0M |
| 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 | $301.7M | ||
| Q3 25 | $3.3B | $274.8M | ||
| Q2 25 | $3.1B | $232.2M | ||
| Q1 25 | $2.9B | $234.4M | ||
| Q4 24 | $2.8B | $228.8M | ||
| Q3 24 | $2.8B | $234.3M | ||
| Q2 24 | $2.7B | $216.6M | ||
| Q1 24 | $2.6B | $222.2M |
| Q4 25 | $13.0B | $1.7B | ||
| Q3 25 | $11.5B | $1.6B | ||
| Q2 25 | $11.2B | $1.6B | ||
| Q1 25 | $10.4B | $1.6B | ||
| Q4 24 | $10.5B | $1.7B | ||
| Q3 24 | $10.1B | $1.6B | ||
| Q2 24 | $9.5B | $1.1B | ||
| Q1 24 | $9.2B | $1.1B |
| 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 | $123.0M |
| Free Cash FlowOCF − Capex | $118.0M | $122.4M |
| FCF MarginFCF / Revenue | 29.4% | 59.6% |
| Capex IntensityCapex / Revenue | 13.9% | 0.3% |
| Cash ConversionOCF / Net Profit | 1.34× | 7.25× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $327.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $123.0M | ||
| Q3 25 | $374.6M | $78.4M | ||
| Q2 25 | $74.6M | $72.4M | ||
| Q1 25 | $210.4M | $55.4M | ||
| Q4 24 | $312.0M | $84.6M | ||
| Q3 24 | $196.9M | $-9.0M | ||
| Q2 24 | $68.8M | $67.4M | ||
| Q1 24 | $208.2M | $61.9M |
| Q4 25 | $118.0M | $122.4M | ||
| Q3 25 | $320.2M | $78.3M | ||
| Q2 25 | $23.5M | $72.4M | ||
| Q1 25 | $157.4M | $54.6M | ||
| Q4 24 | $268.1M | $84.1M | ||
| Q3 24 | $152.7M | $-9.2M | ||
| Q2 24 | $30.5M | $67.1M | ||
| Q1 24 | $161.7M | $61.4M |
| Q4 25 | 29.4% | 59.6% | ||
| Q3 25 | 99.9% | 37.4% | ||
| Q2 25 | 7.7% | 38.5% | ||
| Q1 25 | 57.7% | 30.7% | ||
| Q4 24 | 88.5% | 46.2% | ||
| Q3 24 | 65.9% | -5.8% | ||
| Q2 24 | 13.6% | 46.2% | ||
| Q1 24 | 82.9% | 42.3% |
| Q4 25 | 13.9% | 0.3% | ||
| Q3 25 | 17.0% | 0.1% | ||
| Q2 25 | 16.7% | 0.0% | ||
| Q1 25 | 19.5% | 0.4% | ||
| Q4 24 | 14.5% | 0.3% | ||
| Q3 24 | 19.0% | 0.2% | ||
| Q2 24 | 17.1% | 0.2% | ||
| Q1 24 | 23.8% | 0.4% |
| Q4 25 | 1.34× | 7.25× | ||
| Q3 25 | 4.64× | 2.49× | ||
| Q2 25 | 1.08× | 6.05× | ||
| Q1 25 | 75.03× | 22.92× | ||
| Q4 24 | 3.88× | 6.75× | ||
| Q3 24 | — | -0.96× | ||
| Q2 24 | — | 3.44× | ||
| Q1 24 | — | 2.23× |
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% |
COLL
Segment breakdown not available.
