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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and CSW INDUSTRIALS, INC. (CSW). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $233.0M, roughly 1.7× CSW INDUSTRIALS, INC.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 4.4%, a 27.9% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 20.3%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $22.7M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 5.1%).
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.
AFRM vs CSW — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $233.0M |
| Net Profit | $129.6M | $10.3M |
| Gross Margin | — | 39.7% |
| Operating Margin | 29.3% | 7.4% |
| Net Margin | 32.3% | 4.4% |
| Revenue YoY | 32.5% | 20.3% |
| Net Profit YoY | 61.3% | -61.9% |
| EPS (diluted) | $0.37 | $0.62 |
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 | $233.0M | ||
| Q3 25 | $320.5M | $277.0M | ||
| Q2 25 | $306.6M | $263.6M | ||
| Q1 25 | $272.5M | $230.5M | ||
| Q4 24 | $303.0M | $193.6M | ||
| Q3 24 | $231.8M | $227.9M | ||
| Q2 24 | $224.0M | $226.2M | ||
| Q1 24 | $195.0M | $210.9M |
| Q4 25 | $129.6M | $10.3M | ||
| Q3 25 | $80.7M | $40.7M | ||
| Q2 25 | $69.2M | $40.9M | ||
| Q1 25 | $2.8M | $35.1M | ||
| Q4 24 | $80.4M | $26.9M | ||
| Q3 24 | $-100.2M | $36.1M | ||
| Q2 24 | $-45.1M | $38.6M | ||
| Q1 24 | $-133.9M | $31.8M |
| Q4 25 | — | 39.7% | ||
| Q3 25 | — | 43.0% | ||
| Q2 25 | — | 43.8% | ||
| Q1 25 | — | 44.2% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 47.5% | ||
| Q1 24 | — | 44.4% |
| Q4 25 | 29.3% | 7.4% | ||
| Q3 25 | 19.9% | 20.5% | ||
| Q2 25 | 18.9% | 20.8% | ||
| Q1 25 | -3.1% | 19.5% | ||
| Q4 24 | -1.4% | 15.3% | ||
| Q3 24 | -57.2% | 22.6% | ||
| Q2 24 | -32.8% | 24.3% | ||
| Q1 24 | -82.5% | 21.0% |
| Q4 25 | 32.3% | 4.4% | ||
| Q3 25 | 25.2% | 14.7% | ||
| Q2 25 | 22.6% | 15.5% | ||
| Q1 25 | 1.0% | 15.2% | ||
| Q4 24 | 26.5% | 13.9% | ||
| Q3 24 | -43.2% | 15.8% | ||
| Q2 24 | -20.2% | 17.1% | ||
| Q1 24 | -68.7% | 15.1% |
| Q4 25 | $0.37 | $0.62 | ||
| Q3 25 | $0.23 | $2.41 | ||
| Q2 25 | $0.22 | $2.43 | ||
| Q1 25 | $0.01 | $2.05 | ||
| Q4 24 | $0.23 | $1.60 | ||
| Q3 24 | $-0.31 | $2.26 | ||
| Q2 24 | $-0.13 | $2.47 | ||
| Q1 24 | $-0.43 | $2.03 |
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 | $40.2M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $1.1B |
| Total Assets | $13.0B | $2.3B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $40.2M | ||
| Q3 25 | $1.4B | $31.5M | ||
| Q2 25 | $1.4B | $38.0M | ||
| Q1 25 | $1.4B | $225.8M | ||
| Q4 24 | $1.2B | $213.8M | ||
| Q3 24 | $1.0B | $273.2M | ||
| Q2 24 | $1.0B | $18.9M | ||
| Q1 24 | $1.3B | $22.2M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | $800.1M | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | $166.0M |
| Q4 25 | $3.5B | $1.1B | ||
| Q3 25 | $3.3B | $1.1B | ||
| Q2 25 | $3.1B | $1.1B | ||
| Q1 25 | $2.9B | $1.1B | ||
| Q4 24 | $2.8B | $1.0B | ||
| Q3 24 | $2.8B | $1.0B | ||
| Q2 24 | $2.7B | $650.2M | ||
| Q1 24 | $2.6B | $615.7M |
| Q4 25 | $13.0B | $2.3B | ||
| Q3 25 | $11.5B | $1.5B | ||
| Q2 25 | $11.2B | $1.5B | ||
| Q1 25 | $10.4B | $1.4B | ||
| Q4 24 | $10.5B | $1.4B | ||
| Q3 24 | $10.1B | $1.4B | ||
| Q2 24 | $9.5B | $1.1B | ||
| Q1 24 | $9.2B | $1.0B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | 0.75× | ||
| Q4 24 | 2.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.67× | — | ||
| Q1 24 | — | 0.27× |
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 | $28.9M |
| Free Cash FlowOCF − Capex | $118.0M | $22.7M |
| FCF MarginFCF / Revenue | 29.4% | 9.8% |
| Capex IntensityCapex / Revenue | 13.9% | 2.6% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $162.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $28.9M | ||
| Q3 25 | $374.6M | $61.8M | ||
| Q2 25 | $74.6M | $60.6M | ||
| Q1 25 | $210.4M | $27.3M | ||
| Q4 24 | $312.0M | $11.6M | ||
| Q3 24 | $196.9M | $66.8M | ||
| Q2 24 | $68.8M | $62.7M | ||
| Q1 24 | $208.2M | $22.4M |
| Q4 25 | $118.0M | $22.7M | ||
| Q3 25 | $320.2M | $58.7M | ||
| Q2 25 | $23.5M | $57.7M | ||
| Q1 25 | $157.4M | $22.8M | ||
| Q4 24 | $268.1M | $8.5M | ||
| Q3 24 | $152.7M | $61.3M | ||
| Q2 24 | $30.5M | $59.6M | ||
| Q1 24 | $161.7M | $17.5M |
| Q4 25 | 29.4% | 9.8% | ||
| Q3 25 | 99.9% | 21.2% | ||
| Q2 25 | 7.7% | 21.9% | ||
| Q1 25 | 57.7% | 9.9% | ||
| Q4 24 | 88.5% | 4.4% | ||
| Q3 24 | 65.9% | 26.9% | ||
| Q2 24 | 13.6% | 26.3% | ||
| Q1 24 | 82.9% | 8.3% |
| Q4 25 | 13.9% | 2.6% | ||
| Q3 25 | 17.0% | 1.1% | ||
| Q2 25 | 16.7% | 1.1% | ||
| Q1 25 | 19.5% | 2.0% | ||
| Q4 24 | 14.5% | 1.6% | ||
| Q3 24 | 19.0% | 2.4% | ||
| Q2 24 | 17.1% | 1.4% | ||
| Q1 24 | 23.8% | 2.3% |
| Q4 25 | 1.34× | 2.81× | ||
| Q3 25 | 4.64× | 1.52× | ||
| Q2 25 | 1.08× | 1.48× | ||
| Q1 25 | 75.03× | 0.78× | ||
| Q4 24 | 3.88× | 0.43× | ||
| Q3 24 | — | 1.85× | ||
| Q2 24 | — | 1.62× | ||
| Q1 24 | — | 0.71× |
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% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
