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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Clearwater Analytics Holdings, Inc. (CWAN). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $217.5M, roughly 1.8× Clearwater Analytics Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -5.4%, a 37.7% gap on every dollar of revenue. On growth, Clearwater Analytics Holdings, Inc. posted the faster year-over-year revenue change (72.0% vs 32.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $52.3M). Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% 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.
Clearwater Analytics Holdings, Inc. is an American software-as-a-service (SaaS) fintech company that provides automated investment accounting, performance, compliance, and risk reporting worldwide. Clearwater is a publicly traded company headquartered in Boise, Idaho, with additional offices in London, Edinburgh, New York City and Noida.
AFRM vs CWAN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $217.5M |
| Net Profit | $129.6M | $-11.8M |
| Gross Margin | — | 67.2% |
| Operating Margin | 29.3% | -3.1% |
| Net Margin | 32.3% | -5.4% |
| Revenue YoY | 32.5% | 72.0% |
| Net Profit YoY | 61.3% | -102.8% |
| EPS (diluted) | $0.37 | $-0.04 |
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 | $217.5M | ||
| Q3 25 | $320.5M | $205.1M | ||
| Q2 25 | $306.6M | $181.9M | ||
| Q1 25 | $272.5M | $126.9M | ||
| Q4 24 | $303.0M | $126.5M | ||
| Q3 24 | $231.8M | $115.8M | ||
| Q2 24 | $224.0M | $106.8M | ||
| Q1 24 | $195.0M | $102.7M |
| Q4 25 | $129.6M | $-11.8M | ||
| Q3 25 | $80.7M | $-10.3M | ||
| Q2 25 | $69.2M | $-23.2M | ||
| Q1 25 | $2.8M | $6.5M | ||
| Q4 24 | $80.4M | $419.3M | ||
| Q3 24 | $-100.2M | $3.6M | ||
| Q2 24 | $-45.1M | $-430.0K | ||
| Q1 24 | $-133.9M | $1.9M |
| Q4 25 | — | 67.2% | ||
| Q3 25 | — | 65.6% | ||
| Q2 25 | — | 65.1% | ||
| Q1 25 | — | 73.3% | ||
| Q4 24 | — | 73.5% | ||
| Q3 24 | — | 72.9% | ||
| Q2 24 | — | 72.0% | ||
| Q1 24 | — | 72.6% |
| Q4 25 | 29.3% | -3.1% | ||
| Q3 25 | 19.9% | 3.2% | ||
| Q2 25 | 18.9% | -8.0% | ||
| Q1 25 | -3.1% | 5.6% | ||
| Q4 24 | -1.4% | 1.0% | ||
| Q3 24 | -57.2% | 6.3% | ||
| Q2 24 | -32.8% | 3.6% | ||
| Q1 24 | -82.5% | -0.2% |
| Q4 25 | 32.3% | -5.4% | ||
| Q3 25 | 25.2% | -5.0% | ||
| Q2 25 | 22.6% | -12.8% | ||
| Q1 25 | 1.0% | 5.1% | ||
| Q4 24 | 26.5% | 331.5% | ||
| Q3 24 | -43.2% | 3.1% | ||
| Q2 24 | -20.2% | -0.4% | ||
| Q1 24 | -68.7% | 1.8% |
| Q4 25 | $0.37 | $-0.04 | ||
| Q3 25 | $0.23 | $-0.04 | ||
| Q2 25 | $0.22 | $-0.09 | ||
| Q1 25 | $0.01 | $0.03 | ||
| Q4 24 | $0.23 | $1.65 | ||
| Q3 24 | $-0.31 | $0.02 | ||
| Q2 24 | $-0.13 | $0.00 | ||
| Q1 24 | $-0.43 | $0.01 |
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 | $91.2M |
| Total DebtLower is stronger | $9.0B | $822.6M |
| Stockholders' EquityBook value | $3.5B | $2.0B |
| Total Assets | $13.0B | $3.0B |
| Debt / EquityLower = less leverage | 2.54× | 0.41× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $91.2M | ||
| Q3 25 | $1.4B | $64.1M | ||
| Q2 25 | $1.4B | $71.9M | ||
| Q1 25 | $1.4B | $282.9M | ||
| Q4 24 | $1.2B | $255.5M | ||
| Q3 24 | $1.0B | $305.8M | ||
| Q2 24 | $1.0B | $257.9M | ||
| Q1 24 | $1.3B | $267.6M |
| Q4 25 | $9.0B | $822.6M | ||
| Q3 25 | $7.7B | $838.9M | ||
| Q2 25 | $7.6B | $878.1M | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | $43.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $2.0B | ||
| Q3 25 | $3.3B | $2.0B | ||
| Q2 25 | $3.1B | $2.0B | ||
| Q1 25 | $2.9B | $1.1B | ||
| Q4 24 | $2.8B | $1.0B | ||
| Q3 24 | $2.8B | $403.2M | ||
| Q2 24 | $2.7B | $380.6M | ||
| Q1 24 | $2.6B | $406.2M |
| Q4 25 | $13.0B | $3.0B | ||
| Q3 25 | $11.5B | $3.0B | ||
| Q2 25 | $11.2B | $3.0B | ||
| Q1 25 | $10.4B | $1.3B | ||
| Q4 24 | $10.5B | $1.2B | ||
| Q3 24 | $10.1B | $623.5M | ||
| Q2 24 | $9.5B | $585.1M | ||
| Q1 24 | $9.2B | $547.8M |
| Q4 25 | 2.54× | 0.41× | ||
| Q3 25 | 2.35× | 0.42× | ||
| Q2 25 | 2.48× | 0.45× | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | 0.04× | ||
| 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 | $55.3M |
| Free Cash FlowOCF − Capex | $118.0M | $52.3M |
| FCF MarginFCF / Revenue | 29.4% | 24.0% |
| Capex IntensityCapex / Revenue | 13.9% | 1.4% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $164.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $55.3M | ||
| Q3 25 | $374.6M | $49.0M | ||
| Q2 25 | $74.6M | $47.1M | ||
| Q1 25 | $210.4M | $24.5M | ||
| Q4 24 | $312.0M | $-29.2M | ||
| Q3 24 | $196.9M | $49.6M | ||
| Q2 24 | $68.8M | $43.9M | ||
| Q1 24 | $208.2M | $10.0M |
| Q4 25 | $118.0M | $52.3M | ||
| Q3 25 | $320.2M | $44.9M | ||
| Q2 25 | $23.5M | $44.1M | ||
| Q1 25 | $157.4M | $23.0M | ||
| Q4 24 | $268.1M | $-30.0M | ||
| Q3 24 | $152.7M | $48.1M | ||
| Q2 24 | $30.5M | $42.4M | ||
| Q1 24 | $161.7M | $8.6M |
| Q4 25 | 29.4% | 24.0% | ||
| Q3 25 | 99.9% | 21.9% | ||
| Q2 25 | 7.7% | 24.2% | ||
| Q1 25 | 57.7% | 18.2% | ||
| Q4 24 | 88.5% | -23.7% | ||
| Q3 24 | 65.9% | 41.5% | ||
| Q2 24 | 13.6% | 39.7% | ||
| Q1 24 | 82.9% | 8.4% |
| Q4 25 | 13.9% | 1.4% | ||
| Q3 25 | 17.0% | 2.0% | ||
| Q2 25 | 16.7% | 1.6% | ||
| Q1 25 | 19.5% | 1.2% | ||
| Q4 24 | 14.5% | 0.6% | ||
| Q3 24 | 19.0% | 1.3% | ||
| Q2 24 | 17.1% | 1.4% | ||
| Q1 24 | 23.8% | 1.4% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | 3.76× | ||
| Q4 24 | 3.88× | -0.07× | ||
| Q3 24 | — | 13.66× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 5.29× |
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% |
CWAN
Segment breakdown not available.
