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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Enhabit, Inc. (EHAB). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $270.4M, roughly 1.5× Enhabit, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -14.3%, a 46.6% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 4.7%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $3.3M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 1.5%).
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.
Enhabit, Inc., is a Dallas, Texas-based provider of home health and hospice services. The company operates 255 home health and 110 hospice locations in 34 states with a concentration in Texas, Alabama, Florida, Georgia, Oklahoma and Mississippi. Enhabit is the fourth-largest provider of home health services in the United States and is a leading provider of hospice services. The company was formed in 2022 when Encompass Health spun off its home health and hospice business.
AFRM vs EHAB — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $270.4M |
| Net Profit | $129.6M | $-38.7M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | -12.3% |
| Net Margin | 32.3% | -14.3% |
| Revenue YoY | 32.5% | 4.7% |
| Net Profit YoY | 61.3% | 15.9% |
| EPS (diluted) | $0.37 | $-0.76 |
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 | $270.4M | ||
| Q3 25 | $320.5M | $263.6M | ||
| Q2 25 | $306.6M | $266.1M | ||
| Q1 25 | $272.5M | $259.9M | ||
| Q4 24 | $303.0M | $258.2M | ||
| Q3 24 | $231.8M | $253.6M | ||
| Q2 24 | $224.0M | $260.6M | ||
| Q1 24 | $195.0M | $262.4M |
| Q4 25 | $129.6M | $-38.7M | ||
| Q3 25 | $80.7M | $11.1M | ||
| Q2 25 | $69.2M | $5.2M | ||
| Q1 25 | $2.8M | $17.8M | ||
| Q4 24 | $80.4M | $-46.0M | ||
| Q3 24 | $-100.2M | $-110.2M | ||
| Q2 24 | $-45.1M | $-200.0K | ||
| Q1 24 | $-133.9M | $200.0K |
| Q4 25 | 29.3% | -12.3% | ||
| Q3 25 | 19.9% | 6.4% | ||
| Q2 25 | 18.9% | 6.3% | ||
| Q1 25 | -3.1% | 6.1% | ||
| Q4 24 | -1.4% | -16.0% | ||
| Q3 24 | -57.2% | -38.6% | ||
| Q2 24 | -32.8% | 4.3% | ||
| Q1 24 | -82.5% | 4.9% |
| Q4 25 | 32.3% | -14.3% | ||
| Q3 25 | 25.2% | 4.2% | ||
| Q2 25 | 22.6% | 2.0% | ||
| Q1 25 | 1.0% | 6.8% | ||
| Q4 24 | 26.5% | -17.8% | ||
| Q3 24 | -43.2% | -43.5% | ||
| Q2 24 | -20.2% | -0.1% | ||
| Q1 24 | -68.7% | 0.1% |
| Q4 25 | $0.37 | $-0.76 | ||
| Q3 25 | $0.23 | $0.22 | ||
| Q2 25 | $0.22 | $0.10 | ||
| Q1 25 | $0.01 | $0.35 | ||
| Q4 24 | $0.23 | $-0.92 | ||
| Q3 24 | $-0.31 | $-2.20 | ||
| 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 | $43.6M |
| Total DebtLower is stronger | $9.0B | $426.0M |
| Stockholders' EquityBook value | $3.5B | $534.0M |
| Total Assets | $13.0B | $1.2B |
| Debt / EquityLower = less leverage | 2.54× | 0.80× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $43.6M | ||
| Q3 25 | $1.4B | $56.9M | ||
| Q2 25 | $1.4B | $37.1M | ||
| Q1 25 | $1.4B | $39.5M | ||
| Q4 24 | $1.2B | $28.4M | ||
| Q3 24 | $1.0B | $45.7M | ||
| Q2 24 | $1.0B | $28.5M | ||
| Q1 24 | $1.3B | $36.5M |
| Q4 25 | $9.0B | $426.0M | ||
| Q3 25 | $7.7B | $441.5M | ||
| Q2 25 | $7.6B | $456.9M | ||
| Q1 25 | $7.1B | $467.3M | ||
| Q4 24 | $7.3B | $492.6M | ||
| Q3 24 | — | $502.9M | ||
| Q2 24 | $1.8B | $512.7M | ||
| Q1 24 | — | $526.7M |
| Q4 25 | $3.5B | $534.0M | ||
| Q3 25 | $3.3B | $566.8M | ||
| Q2 25 | $3.1B | $552.4M | ||
| Q1 25 | $2.9B | $543.2M | ||
| Q4 24 | $2.8B | $523.5M | ||
| Q3 24 | $2.8B | $566.1M | ||
| Q2 24 | $2.7B | $674.3M | ||
| Q1 24 | $2.6B | $672.3M |
| Q4 25 | $13.0B | $1.2B | ||
| Q3 25 | $11.5B | $1.2B | ||
| Q2 25 | $11.2B | $1.2B | ||
| Q1 25 | $10.4B | $1.2B | ||
| Q4 24 | $10.5B | $1.2B | ||
| Q3 24 | $10.1B | $1.3B | ||
| Q2 24 | $9.5B | $1.4B | ||
| Q1 24 | $9.2B | $1.4B |
| Q4 25 | 2.54× | 0.80× | ||
| Q3 25 | 2.35× | 0.78× | ||
| Q2 25 | 2.48× | 0.83× | ||
| Q1 25 | 2.49× | 0.86× | ||
| Q4 24 | 2.62× | 0.94× | ||
| Q3 24 | — | 0.89× | ||
| Q2 24 | 0.67× | 0.76× | ||
| Q1 24 | — | 0.78× |
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 | $4.4M |
| Free Cash FlowOCF − Capex | $118.0M | $3.3M |
| FCF MarginFCF / Revenue | 29.4% | 1.2% |
| Capex IntensityCapex / Revenue | 13.9% | 0.4% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $65.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $4.4M | ||
| Q3 25 | $374.6M | $37.8M | ||
| Q2 25 | $74.6M | $10.6M | ||
| Q1 25 | $210.4M | $17.9M | ||
| Q4 24 | $312.0M | $-4.1M | ||
| Q3 24 | $196.9M | $28.4M | ||
| Q2 24 | $68.8M | $9.6M | ||
| Q1 24 | $208.2M | $17.3M |
| Q4 25 | $118.0M | $3.3M | ||
| Q3 25 | $320.2M | $36.2M | ||
| Q2 25 | $23.5M | $8.7M | ||
| Q1 25 | $157.4M | $17.6M | ||
| Q4 24 | $268.1M | $-4.7M | ||
| Q3 24 | $152.7M | $27.7M | ||
| Q2 24 | $30.5M | $8.9M | ||
| Q1 24 | $161.7M | $15.5M |
| Q4 25 | 29.4% | 1.2% | ||
| Q3 25 | 99.9% | 13.7% | ||
| Q2 25 | 7.7% | 3.3% | ||
| Q1 25 | 57.7% | 6.8% | ||
| Q4 24 | 88.5% | -1.8% | ||
| Q3 24 | 65.9% | 10.9% | ||
| Q2 24 | 13.6% | 3.4% | ||
| Q1 24 | 82.9% | 5.9% |
| Q4 25 | 13.9% | 0.4% | ||
| Q3 25 | 17.0% | 0.6% | ||
| Q2 25 | 16.7% | 0.7% | ||
| Q1 25 | 19.5% | 0.1% | ||
| Q4 24 | 14.5% | 0.2% | ||
| Q3 24 | 19.0% | 0.3% | ||
| Q2 24 | 17.1% | 0.3% | ||
| Q1 24 | 23.8% | 0.7% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 3.41× | ||
| Q2 25 | 1.08× | 2.04× | ||
| Q1 25 | 75.03× | 1.01× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 86.50× |
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% |
EHAB
| Third Party Payor Medicare | $111.6M | 41% |
| Third Party Payor Medicare Advantage | $67.5M | 25% |
| Hospice Segment | $63.6M | 24% |
| Third Party Payor Managed Care | $24.9M | 9% |
| Third Party Payor Medicaid | $1.7M | 1% |
