vs
Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and DIODES INC (DIOD). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $391.6M, roughly 1.0× DIODES INC). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 2.6%, a 29.7% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 15.4%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $12.4M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 13.9%).
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.
Diodes Incorporated is a global semiconductor manufacturer that designs, produces and supplies discrete, analog and mixed-signal semiconductor products. Its solutions serve key end markets including automotive, industrial, consumer electronics, personal computing and communications infrastructure, with a worldwide customer base.
AFRM vs DIOD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $391.6M |
| Net Profit | $129.6M | $10.2M |
| Gross Margin | — | 31.1% |
| Operating Margin | 29.3% | 3.4% |
| Net Margin | 32.3% | 2.6% |
| Revenue YoY | 32.5% | 15.4% |
| Net Profit YoY | 61.3% | 23.8% |
| EPS (diluted) | $0.37 | $0.23 |
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 | $391.6M | ||
| Q3 25 | $320.5M | $392.2M | ||
| Q2 25 | $306.6M | $366.2M | ||
| Q1 25 | $272.5M | $332.1M | ||
| Q4 24 | $303.0M | $339.3M | ||
| Q3 24 | $231.8M | $350.1M | ||
| Q2 24 | $224.0M | $319.8M | ||
| Q1 24 | $195.0M | $302.0M |
| Q4 25 | $129.6M | $10.2M | ||
| Q3 25 | $80.7M | $14.3M | ||
| Q2 25 | $69.2M | $46.1M | ||
| Q1 25 | $2.8M | $-4.4M | ||
| Q4 24 | $80.4M | $8.2M | ||
| Q3 24 | $-100.2M | $13.7M | ||
| Q2 24 | $-45.1M | $8.0M | ||
| Q1 24 | $-133.9M | $14.0M |
| Q4 25 | — | 31.1% | ||
| Q3 25 | — | 30.7% | ||
| Q2 25 | — | 31.5% | ||
| Q1 25 | — | 31.5% | ||
| Q4 24 | — | 32.7% | ||
| Q3 24 | — | 33.7% | ||
| Q2 24 | — | 33.6% | ||
| Q1 24 | — | 33.0% |
| Q4 25 | 29.3% | 3.4% | ||
| Q3 25 | 19.9% | 3.0% | ||
| Q2 25 | 18.9% | 2.6% | ||
| Q1 25 | -3.1% | 0.4% | ||
| Q4 24 | -1.4% | 3.5% | ||
| Q3 24 | -57.2% | 6.2% | ||
| Q2 24 | -32.8% | 1.2% | ||
| Q1 24 | -82.5% | 4.3% |
| Q4 25 | 32.3% | 2.6% | ||
| Q3 25 | 25.2% | 3.6% | ||
| Q2 25 | 22.6% | 12.6% | ||
| Q1 25 | 1.0% | -1.3% | ||
| Q4 24 | 26.5% | 2.4% | ||
| Q3 24 | -43.2% | 3.9% | ||
| Q2 24 | -20.2% | 2.5% | ||
| Q1 24 | -68.7% | 4.6% |
| Q4 25 | $0.37 | $0.23 | ||
| Q3 25 | $0.23 | $0.31 | ||
| Q2 25 | $0.22 | $0.99 | ||
| Q1 25 | $0.01 | $-0.10 | ||
| Q4 24 | $0.23 | $0.18 | ||
| Q3 24 | $-0.31 | $0.30 | ||
| Q2 24 | $-0.13 | $0.17 | ||
| Q1 24 | $-0.43 | $0.30 |
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 | $377.0M |
| Total DebtLower is stronger | $9.0B | $25.7M |
| Stockholders' EquityBook value | $3.5B | $1.9B |
| Total Assets | $13.0B | $2.4B |
| Debt / EquityLower = less leverage | 2.54× | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $377.0M | ||
| Q3 25 | $1.4B | $386.4M | ||
| Q2 25 | $1.4B | $327.3M | ||
| Q1 25 | $1.4B | $343.9M | ||
| Q4 24 | $1.2B | $316.1M | ||
| Q3 24 | $1.0B | $319.3M | ||
| Q2 24 | $1.0B | $273.9M | ||
| Q1 24 | $1.3B | $276.0M |
| Q4 25 | $9.0B | $25.7M | ||
| Q3 25 | $7.7B | $24.9M | ||
| Q2 25 | $7.6B | $26.4M | ||
| Q1 25 | $7.1B | $20.5M | ||
| Q4 24 | $7.3B | $20.7M | ||
| Q3 24 | — | $22.2M | ||
| Q2 24 | $1.8B | $20.3M | ||
| Q1 24 | — | $20.9M |
| Q4 25 | $3.5B | $1.9B | ||
| Q3 25 | $3.3B | $1.9B | ||
| Q2 25 | $3.1B | $1.9B | ||
| Q1 25 | $2.9B | $1.8B | ||
| Q4 24 | $2.8B | $1.8B | ||
| Q3 24 | $2.8B | $1.8B | ||
| Q2 24 | $2.7B | $1.8B | ||
| Q1 24 | $2.6B | $1.7B |
| Q4 25 | $13.0B | $2.4B | ||
| Q3 25 | $11.5B | $2.5B | ||
| Q2 25 | $11.2B | $2.5B | ||
| Q1 25 | $10.4B | $2.4B | ||
| Q4 24 | $10.5B | $2.4B | ||
| Q3 24 | $10.1B | $2.4B | ||
| Q2 24 | $9.5B | $2.4B | ||
| Q1 24 | $9.2B | $2.4B |
| Q4 25 | 2.54× | 0.01× | ||
| Q3 25 | 2.35× | 0.01× | ||
| Q2 25 | 2.48× | 0.01× | ||
| Q1 25 | 2.49× | 0.01× | ||
| Q4 24 | 2.62× | 0.01× | ||
| Q3 24 | — | 0.01× | ||
| Q2 24 | 0.67× | 0.01× | ||
| Q1 24 | — | 0.01× |
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 | $38.1M |
| Free Cash FlowOCF − Capex | $118.0M | $12.4M |
| FCF MarginFCF / Revenue | 29.4% | 3.2% |
| Capex IntensityCapex / Revenue | 13.9% | 6.6% |
| Cash ConversionOCF / Net Profit | 1.34× | 3.74× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $137.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $38.1M | ||
| Q3 25 | $374.6M | $79.1M | ||
| Q2 25 | $74.6M | $41.5M | ||
| Q1 25 | $210.4M | $56.7M | ||
| Q4 24 | $312.0M | $81.8M | ||
| Q3 24 | $196.9M | $54.4M | ||
| Q2 24 | $68.8M | $14.4M | ||
| Q1 24 | $208.2M | $-31.1M |
| Q4 25 | $118.0M | $12.4M | ||
| Q3 25 | $320.2M | $62.8M | ||
| Q2 25 | $23.5M | $21.1M | ||
| Q1 25 | $157.4M | $40.8M | ||
| Q4 24 | $268.1M | $62.1M | ||
| Q3 24 | $152.7M | $39.4M | ||
| Q2 24 | $30.5M | $-3.5M | ||
| Q1 24 | $161.7M | $-51.5M |
| Q4 25 | 29.4% | 3.2% | ||
| Q3 25 | 99.9% | 16.0% | ||
| Q2 25 | 7.7% | 5.8% | ||
| Q1 25 | 57.7% | 12.3% | ||
| Q4 24 | 88.5% | 18.3% | ||
| Q3 24 | 65.9% | 11.2% | ||
| Q2 24 | 13.6% | -1.1% | ||
| Q1 24 | 82.9% | -17.1% |
| Q4 25 | 13.9% | 6.6% | ||
| Q3 25 | 17.0% | 4.2% | ||
| Q2 25 | 16.7% | 5.6% | ||
| Q1 25 | 19.5% | 4.8% | ||
| Q4 24 | 14.5% | 5.8% | ||
| Q3 24 | 19.0% | 4.3% | ||
| Q2 24 | 17.1% | 5.6% | ||
| Q1 24 | 23.8% | 6.7% |
| Q4 25 | 1.34× | 3.74× | ||
| Q3 25 | 4.64× | 5.54× | ||
| Q2 25 | 1.08× | 0.90× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | 9.93× | ||
| Q3 24 | — | 3.95× | ||
| Q2 24 | — | 1.80× | ||
| Q1 24 | — | -2.22× |
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% |
DIOD
| Distributor | $253.1M | 65% |
| Direct Sales | $138.5M | 35% |
