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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Credo Technology Group Holding Ltd (CRDO). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $268.0M, roughly 1.5× Credo Technology Group Holding Ltd). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 30.8%, a 1.5% gap on every dollar of revenue. On growth, Credo Technology Group Holding Ltd posted the faster year-over-year revenue change (272.1% vs 32.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $38.5M). Over the past eight quarters, Credo Technology Group Holding Ltd's revenue compounded faster (124.8% CAGR vs 43.5%).
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.
Seiko Group is a corporate group composed of Seiko Group Corporation and its subsidiaries and affiliates. It used to be recognized as a corporate group consisting of three core companies Seiko Holdings Corp., Seiko Instruments Inc., and Seiko Epson Corp. The three companies were linked by a common thread of timepiece technology. Although Epson still develops and manufactures wristwatches for the Seiko Group, Epson and its subsidiaries are not considered part of the group.
AFRM vs CRDO — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $268.0M |
| Net Profit | $129.6M | $82.6M |
| Gross Margin | — | 67.5% |
| Operating Margin | 29.3% | 29.4% |
| Net Margin | 32.3% | 30.8% |
| Revenue YoY | 32.5% | 272.1% |
| Net Profit YoY | 61.3% | 2055.9% |
| EPS (diluted) | $0.37 | $0.44 |
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 | $268.0M | ||
| Q3 25 | $320.5M | $223.1M | ||
| Q2 25 | $306.6M | $170.0M | ||
| Q1 25 | $272.5M | $135.0M | ||
| Q4 24 | $303.0M | $72.0M | ||
| Q3 24 | $231.8M | $59.7M | ||
| Q2 24 | $224.0M | $60.8M | ||
| Q1 24 | $195.0M | $53.1M |
| Q4 25 | $129.6M | $82.6M | ||
| Q3 25 | $80.7M | $63.4M | ||
| Q2 25 | $69.2M | $36.6M | ||
| Q1 25 | $2.8M | $29.4M | ||
| Q4 24 | $80.4M | $-4.2M | ||
| Q3 24 | $-100.2M | $-9.5M | ||
| Q2 24 | $-45.1M | $-10.5M | ||
| Q1 24 | $-133.9M | $428.0K |
| Q4 25 | — | 67.5% | ||
| Q3 25 | — | 67.4% | ||
| Q2 25 | — | 67.2% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | — | 63.2% | ||
| Q3 24 | — | 62.4% | ||
| Q2 24 | — | 65.8% | ||
| Q1 24 | — | 61.4% |
| Q4 25 | 29.3% | 29.4% | ||
| Q3 25 | 19.9% | 27.2% | ||
| Q2 25 | 18.9% | 19.9% | ||
| Q1 25 | -3.1% | 19.4% | ||
| Q4 24 | -1.4% | -11.7% | ||
| Q3 24 | -57.2% | -24.2% | ||
| Q2 24 | -32.8% | -13.0% | ||
| Q1 24 | -82.5% | -11.1% |
| Q4 25 | 32.3% | 30.8% | ||
| Q3 25 | 25.2% | 28.4% | ||
| Q2 25 | 22.6% | 21.5% | ||
| Q1 25 | 1.0% | 21.7% | ||
| Q4 24 | 26.5% | -5.9% | ||
| Q3 24 | -43.2% | -16.0% | ||
| Q2 24 | -20.2% | -17.2% | ||
| Q1 24 | -68.7% | 0.8% |
| Q4 25 | $0.37 | $0.44 | ||
| Q3 25 | $0.23 | $0.34 | ||
| Q2 25 | $0.22 | $0.22 | ||
| Q1 25 | $0.01 | $0.16 | ||
| Q4 24 | $0.23 | $-0.03 | ||
| Q3 24 | $-0.31 | $-0.06 | ||
| Q2 24 | $-0.13 | $-0.06 | ||
| Q1 24 | $-0.43 | $0.00 |
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 | $813.6M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $1.3B |
| Total Assets | $13.0B | $1.4B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $813.6M | ||
| Q3 25 | $1.4B | $479.6M | ||
| Q2 25 | $1.4B | $431.3M | ||
| Q1 25 | $1.4B | $379.2M | ||
| Q4 24 | $1.2B | $383.0M | ||
| Q3 24 | $1.0B | $398.6M | ||
| Q2 24 | $1.0B | $410.0M | ||
| Q1 24 | $1.3B | $409.1M |
| 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 | $1.3B | ||
| Q3 25 | $3.3B | $781.4M | ||
| Q2 25 | $3.1B | $681.6M | ||
| Q1 25 | $2.9B | $618.2M | ||
| Q4 24 | $2.8B | $567.9M | ||
| Q3 24 | $2.8B | $553.1M | ||
| Q2 24 | $2.7B | $540.2M | ||
| Q1 24 | $2.6B | $534.0M |
| Q4 25 | $13.0B | $1.4B | ||
| Q3 25 | $11.5B | $905.2M | ||
| Q2 25 | $11.2B | $809.3M | ||
| Q1 25 | $10.4B | $719.9M | ||
| Q4 24 | $10.5B | $638.6M | ||
| Q3 24 | $10.1B | $644.9M | ||
| Q2 24 | $9.5B | $601.9M | ||
| Q1 24 | $9.2B | $592.5M |
| 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 | $61.7M |
| Free Cash FlowOCF − Capex | $118.0M | $38.5M |
| FCF MarginFCF / Revenue | 29.4% | 14.4% |
| Capex IntensityCapex / Revenue | 13.9% | 8.7% |
| Cash ConversionOCF / Net Profit | 1.34× | 0.75× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $143.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $61.7M | ||
| Q3 25 | $374.6M | $54.2M | ||
| Q2 25 | $74.6M | $57.8M | ||
| Q1 25 | $210.4M | $4.2M | ||
| Q4 24 | $312.0M | $10.3M | ||
| Q3 24 | $196.9M | $-7.2M | ||
| Q2 24 | $68.8M | $4.2M | ||
| Q1 24 | $208.2M | $-1.0M |
| Q4 25 | $118.0M | $38.5M | ||
| Q3 25 | $320.2M | $51.3M | ||
| Q2 25 | $23.5M | $54.2M | ||
| Q1 25 | $157.4M | $-383.0K | ||
| Q4 24 | $268.1M | $-11.7M | ||
| Q3 24 | $152.7M | $-13.1M | ||
| Q2 24 | $30.5M | $962.0K | ||
| Q1 24 | $161.7M | $-6.1M |
| Q4 25 | 29.4% | 14.4% | ||
| Q3 25 | 99.9% | 23.0% | ||
| Q2 25 | 7.7% | 31.9% | ||
| Q1 25 | 57.7% | -0.3% | ||
| Q4 24 | 88.5% | -16.2% | ||
| Q3 24 | 65.9% | -21.9% | ||
| Q2 24 | 13.6% | 1.6% | ||
| Q1 24 | 82.9% | -11.6% |
| Q4 25 | 13.9% | 8.7% | ||
| Q3 25 | 17.0% | 1.3% | ||
| Q2 25 | 16.7% | 2.1% | ||
| Q1 25 | 19.5% | 3.4% | ||
| Q4 24 | 14.5% | 30.5% | ||
| Q3 24 | 19.0% | 9.8% | ||
| Q2 24 | 17.1% | 5.3% | ||
| Q1 24 | 23.8% | 9.6% |
| Q4 25 | 1.34× | 0.75× | ||
| Q3 25 | 4.64× | 0.85× | ||
| Q2 25 | 1.08× | 1.58× | ||
| Q1 25 | 75.03× | 0.14× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -2.42× |
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% |
CRDO
| Other | $132.1M | 49% |
| HK | $104.4M | 39% |
| RESTOFTHEWORLD | $31.5M | 12% |
