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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Claritev Corp (CTEV). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $246.6M, roughly 1.6× Claritev Corp). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -32.7%, a 65.0% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 6.2%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $36.4M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 2.5%).
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.
AFRM vs CTEV — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $246.6M |
| Net Profit | $129.6M | $-80.6M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | -3.1% |
| Net Margin | 32.3% | -32.7% |
| Revenue YoY | 32.5% | 6.2% |
| Net Profit YoY | 61.3% | 41.6% |
| EPS (diluted) | $0.37 | $-4.88 |
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 | $246.6M | ||
| Q3 25 | $320.5M | $246.0M | ||
| Q2 25 | $306.6M | $241.6M | ||
| Q1 25 | $272.5M | $231.3M | ||
| Q4 24 | $303.0M | $232.1M | ||
| Q3 24 | $231.8M | $230.5M | ||
| Q2 24 | $224.0M | $233.5M | ||
| Q1 24 | $195.0M | $234.5M |
| Q4 25 | $129.6M | $-80.6M | ||
| Q3 25 | $80.7M | $-69.8M | ||
| Q2 25 | $69.2M | $-62.6M | ||
| Q1 25 | $2.8M | $-71.3M | ||
| Q4 24 | $80.4M | $-138.0M | ||
| Q3 24 | $-100.2M | $-391.4M | ||
| Q2 24 | $-45.1M | $-576.7M | ||
| Q1 24 | $-133.9M | $-539.7M |
| Q4 25 | 29.3% | -3.1% | ||
| Q3 25 | 19.9% | 4.1% | ||
| Q2 25 | 18.9% | 6.9% | ||
| Q1 25 | -3.1% | 4.2% | ||
| Q4 24 | -1.4% | -17.8% | ||
| Q3 24 | -57.2% | -146.7% | ||
| Q2 24 | -32.8% | -224.4% | ||
| Q1 24 | -82.5% | -207.4% |
| Q4 25 | 32.3% | -32.7% | ||
| Q3 25 | 25.2% | -28.4% | ||
| Q2 25 | 22.6% | -25.9% | ||
| Q1 25 | 1.0% | -30.8% | ||
| Q4 24 | 26.5% | -59.4% | ||
| Q3 24 | -43.2% | -169.8% | ||
| Q2 24 | -20.2% | -247.0% | ||
| Q1 24 | -68.7% | -230.1% |
| Q4 25 | $0.37 | $-4.88 | ||
| Q3 25 | $0.23 | $-4.23 | ||
| Q2 25 | $0.22 | $-3.81 | ||
| Q1 25 | $0.01 | $-4.38 | ||
| Q4 24 | $0.23 | $-8.49 | ||
| Q3 24 | $-0.31 | $-24.25 | ||
| Q2 24 | $-0.13 | $-35.78 | ||
| Q1 24 | $-0.43 | $-33.40 |
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 | $16.8M |
| Total DebtLower is stronger | $9.0B | $4.6B |
| Stockholders' EquityBook value | $3.5B | $-173.9M |
| Total Assets | $13.0B | $4.9B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $16.8M | ||
| Q3 25 | $1.4B | $39.2M | ||
| Q2 25 | $1.4B | $56.4M | ||
| Q1 25 | $1.4B | $23.1M | ||
| Q4 24 | $1.2B | $16.8M | ||
| Q3 24 | $1.0B | $86.6M | ||
| Q2 24 | $1.0B | $48.8M | ||
| Q1 24 | $1.3B | $58.7M |
| Q4 25 | $9.0B | $4.6B | ||
| Q3 25 | $7.7B | $4.5B | ||
| Q2 25 | $7.6B | $4.5B | ||
| Q1 25 | $7.1B | $4.5B | ||
| Q4 24 | $7.3B | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | $1.8B | $4.5B | ||
| Q1 24 | — | $4.5B |
| Q4 25 | $3.5B | $-173.9M | ||
| Q3 25 | $3.3B | $-101.8M | ||
| Q2 25 | $3.1B | $-39.9M | ||
| Q1 25 | $2.9B | $14.8M | ||
| Q4 24 | $2.8B | $84.0M | ||
| Q3 24 | $2.8B | $207.6M | ||
| Q2 24 | $2.7B | $603.4M | ||
| Q1 24 | $2.6B | $1.2B |
| Q4 25 | $13.0B | $4.9B | ||
| Q3 25 | $11.5B | $5.0B | ||
| Q2 25 | $11.2B | $5.1B | ||
| Q1 25 | $10.4B | $5.1B | ||
| Q4 24 | $10.5B | $5.2B | ||
| Q3 24 | $10.1B | $5.3B | ||
| Q2 24 | $9.5B | $5.7B | ||
| Q1 24 | $9.2B | $6.4B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | 304.87× | ||
| Q4 24 | 2.62× | 53.67× | ||
| Q3 24 | — | 21.73× | ||
| Q2 24 | 0.67× | 7.48× | ||
| Q1 24 | — | 3.85× |
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 | $66.3M |
| Free Cash FlowOCF − Capex | $118.0M | $36.4M |
| FCF MarginFCF / Revenue | 29.4% | 14.8% |
| Capex IntensityCapex / Revenue | 13.9% | 12.1% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $66.3M | ||
| Q3 25 | $374.6M | $19.9M | ||
| Q2 25 | $74.6M | $61.2M | ||
| Q1 25 | $210.4M | $-30.1M | ||
| Q4 24 | $312.0M | $-33.4M | ||
| Q3 24 | $196.9M | $72.8M | ||
| Q2 24 | $68.8M | $18.5M | ||
| Q1 24 | $208.2M | $49.7M |
| Q4 25 | $118.0M | $36.4M | ||
| Q3 25 | $320.2M | $-16.3M | ||
| Q2 25 | $23.5M | $36.6M | ||
| Q1 25 | $157.4M | $-68.9M | ||
| Q4 24 | $268.1M | $-63.8M | ||
| Q3 24 | $152.7M | $41.1M | ||
| Q2 24 | $30.5M | $-7.0M | ||
| Q1 24 | $161.7M | $19.2M |
| Q4 25 | 29.4% | 14.8% | ||
| Q3 25 | 99.9% | -6.6% | ||
| Q2 25 | 7.7% | 15.2% | ||
| Q1 25 | 57.7% | -29.8% | ||
| Q4 24 | 88.5% | -27.5% | ||
| Q3 24 | 65.9% | 17.8% | ||
| Q2 24 | 13.6% | -3.0% | ||
| Q1 24 | 82.9% | 8.2% |
| Q4 25 | 13.9% | 12.1% | ||
| Q3 25 | 17.0% | 14.7% | ||
| Q2 25 | 16.7% | 10.2% | ||
| Q1 25 | 19.5% | 16.8% | ||
| Q4 24 | 14.5% | 13.1% | ||
| Q3 24 | 19.0% | 13.8% | ||
| Q2 24 | 17.1% | 10.9% | ||
| Q1 24 | 23.8% | 13.0% |
| 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% |
CTEV
Segment breakdown not available.
