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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Distribution Solutions Group, Inc. (DSGR). Click either name above to swap in a different company.
Distribution Solutions Group, Inc. is the larger business by last-quarter revenue ($518.0M vs $401.4M, roughly 1.3× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 1.2%, a 31.0% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 10.7%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $32.9M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 13.1%).
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.
Univar Solutions Inc. is a global chemical and ingredients distributor and provider of value-added services.
AFRM vs DSGR — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $518.0M |
| Net Profit | $129.6M | $6.5M |
| Gross Margin | — | 32.9% |
| Operating Margin | 29.3% | 4.6% |
| Net Margin | 32.3% | 1.2% |
| Revenue YoY | 32.5% | 10.7% |
| Net Profit YoY | 61.3% | -70.6% |
| EPS (diluted) | $0.37 | $0.14 |
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 | — | ||
| Q3 25 | $320.5M | $518.0M | ||
| Q2 25 | $306.6M | $502.4M | ||
| Q1 25 | $272.5M | $478.0M | ||
| Q4 24 | $303.0M | $480.5M | ||
| Q3 24 | $231.8M | $468.0M | ||
| Q2 24 | $224.0M | $439.5M | ||
| Q1 24 | $195.0M | $416.1M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $6.5M | ||
| Q2 25 | $69.2M | $5.0M | ||
| Q1 25 | $2.8M | $3.3M | ||
| Q4 24 | $80.4M | $-25.9M | ||
| Q3 24 | $-100.2M | $21.9M | ||
| Q2 24 | $-45.1M | $1.9M | ||
| Q1 24 | $-133.9M | $-5.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | 32.9% | ||
| Q2 25 | — | 33.9% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | 33.3% | ||
| Q3 24 | — | 33.9% | ||
| Q2 24 | — | 34.5% | ||
| Q1 24 | — | 34.5% |
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | 4.6% | ||
| Q2 25 | 18.9% | 5.3% | ||
| Q1 25 | -3.1% | 4.2% | ||
| Q4 24 | -1.4% | 4.2% | ||
| Q3 24 | -57.2% | 4.0% | ||
| Q2 24 | -32.8% | 3.2% | ||
| Q1 24 | -82.5% | 0.7% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | 1.2% | ||
| Q2 25 | 22.6% | 1.0% | ||
| Q1 25 | 1.0% | 0.7% | ||
| Q4 24 | 26.5% | -5.4% | ||
| Q3 24 | -43.2% | 4.7% | ||
| Q2 24 | -20.2% | 0.4% | ||
| Q1 24 | -68.7% | -1.3% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $0.14 | ||
| Q2 25 | $0.22 | $0.11 | ||
| Q1 25 | $0.01 | $0.07 | ||
| Q4 24 | $0.23 | $-0.55 | ||
| Q3 24 | $-0.31 | $0.46 | ||
| Q2 24 | $-0.13 | $0.04 | ||
| Q1 24 | $-0.43 | $-0.11 |
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 | $69.2M |
| Total DebtLower is stronger | $9.0B | $665.5M |
| Stockholders' EquityBook value | $3.5B | $653.9M |
| Total Assets | $13.0B | $1.8B |
| Debt / EquityLower = less leverage | 2.54× | 1.02× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $69.2M | ||
| Q2 25 | $1.4B | $47.4M | ||
| Q1 25 | $1.4B | $65.4M | ||
| Q4 24 | $1.2B | $66.5M | ||
| Q3 24 | $1.0B | $61.3M | ||
| Q2 24 | $1.0B | $46.8M | ||
| Q1 24 | $1.3B | $73.1M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $665.5M | ||
| Q2 25 | $7.6B | $675.0M | ||
| Q1 25 | $7.1B | $712.4M | ||
| Q4 24 | $7.3B | $693.9M | ||
| Q3 24 | — | $704.1M | ||
| Q2 24 | $1.8B | $573.7M | ||
| Q1 24 | — | $535.7M |
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $653.9M | ||
| Q2 25 | $3.1B | $649.4M | ||
| Q1 25 | $2.9B | $636.7M | ||
| Q4 24 | $2.8B | $640.5M | ||
| Q3 24 | $2.8B | $680.8M | ||
| Q2 24 | $2.7B | $653.3M | ||
| Q1 24 | $2.6B | $654.7M |
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $1.8B | ||
| Q2 25 | $11.2B | $1.8B | ||
| Q1 25 | $10.4B | $1.8B | ||
| Q4 24 | $10.5B | $1.7B | ||
| Q3 24 | $10.1B | $1.8B | ||
| Q2 24 | $9.5B | $1.6B | ||
| Q1 24 | $9.2B | $1.5B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 1.02× | ||
| Q2 25 | 2.48× | 1.04× | ||
| Q1 25 | 2.49× | 1.12× | ||
| Q4 24 | 2.62× | 1.08× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | 0.67× | 0.88× | ||
| Q1 24 | — | 0.82× |
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 | $38.4M |
| Free Cash FlowOCF − Capex | $118.0M | $32.9M |
| FCF MarginFCF / Revenue | 29.4% | 6.3% |
| Capex IntensityCapex / Revenue | 13.9% | 1.1% |
| Cash ConversionOCF / Net Profit | 1.34× | 5.95× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $92.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $38.4M | ||
| Q2 25 | $74.6M | $33.3M | ||
| Q1 25 | $210.4M | $-4.8M | ||
| Q4 24 | $312.0M | $45.7M | ||
| Q3 24 | $196.9M | $-17.3M | ||
| Q2 24 | $68.8M | $21.4M | ||
| Q1 24 | $208.2M | $6.6M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $32.9M | ||
| Q2 25 | $23.5M | $28.7M | ||
| Q1 25 | $157.4M | $-10.4M | ||
| Q4 24 | $268.1M | $41.1M | ||
| Q3 24 | $152.7M | $-20.5M | ||
| Q2 24 | $30.5M | $18.0M | ||
| Q1 24 | $161.7M | $4.2M |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 6.3% | ||
| Q2 25 | 7.7% | 5.7% | ||
| Q1 25 | 57.7% | -2.2% | ||
| Q4 24 | 88.5% | 8.6% | ||
| Q3 24 | 65.9% | -4.4% | ||
| Q2 24 | 13.6% | 4.1% | ||
| Q1 24 | 82.9% | 1.0% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 1.1% | ||
| Q2 25 | 16.7% | 0.9% | ||
| Q1 25 | 19.5% | 1.2% | ||
| Q4 24 | 14.5% | 1.0% | ||
| Q3 24 | 19.0% | 0.7% | ||
| Q2 24 | 17.1% | 0.8% | ||
| Q1 24 | 23.8% | 0.6% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 5.95× | ||
| Q2 25 | 1.08× | 6.66× | ||
| Q1 25 | 75.03× | -1.46× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | -0.79× | ||
| Q2 24 | — | 11.28× | ||
| 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% |
DSGR
| Test Equity Segment | $206.5M | 40% |
| Gexpro Services Segment | $130.5M | 25% |
| Lawson Segment | $121.5M | 23% |
| Canada Branch Division Segment | $60.0M | 12% |
