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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Enphase Energy (ENPH). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $282.9M, roughly 1.4× Enphase Energy). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -2.6%, a 34.9% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -20.6%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $83.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -3.4%).
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.
Enphase Energy, Inc. is an American energy technology company headquartered in Fremont, California, that develops and manufactures solar micro-inverters, battery energy storage, and EV charging stations primarily for residential customers. Enphase was established in 2006 and is the first company to successfully commercialize solar micro-inverters, which convert the direct current (DC) power generated by solar panels into grid-compatible alternating current (AC) for use or export.
AFRM vs ENPH — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $282.9M |
| Net Profit | $129.6M | $-7.4M |
| Gross Margin | — | 35.5% |
| Operating Margin | 29.3% | — |
| Net Margin | 32.3% | -2.6% |
| Revenue YoY | 32.5% | -20.6% |
| Net Profit YoY | 61.3% | -124.9% |
| EPS (diluted) | $0.37 | $-0.06 |
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.
| Q1 26 | — | $282.9M | ||
| Q4 25 | $401.4M | $343.3M | ||
| Q3 25 | $320.5M | $410.4M | ||
| Q2 25 | $306.6M | $363.2M | ||
| Q1 25 | $272.5M | $356.1M | ||
| Q4 24 | $303.0M | $382.7M | ||
| Q3 24 | $231.8M | $380.9M | ||
| Q2 24 | $224.0M | $303.5M |
| Q1 26 | — | $-7.4M | ||
| Q4 25 | $129.6M | $38.7M | ||
| Q3 25 | $80.7M | $66.6M | ||
| Q2 25 | $69.2M | $37.1M | ||
| Q1 25 | $2.8M | $29.7M | ||
| Q4 24 | $80.4M | $62.2M | ||
| Q3 24 | $-100.2M | $45.8M | ||
| Q2 24 | $-45.1M | $10.8M |
| Q1 26 | — | 35.5% | ||
| Q4 25 | — | 44.3% | ||
| Q3 25 | — | 47.8% | ||
| Q2 25 | — | 46.9% | ||
| Q1 25 | — | 47.2% | ||
| Q4 24 | — | 51.8% | ||
| Q3 24 | — | 46.8% | ||
| Q2 24 | — | 45.2% |
| Q1 26 | — | — | ||
| Q4 25 | 29.3% | 6.5% | ||
| Q3 25 | 19.9% | 16.1% | ||
| Q2 25 | 18.9% | 10.2% | ||
| Q1 25 | -3.1% | 9.0% | ||
| Q4 24 | -1.4% | 14.3% | ||
| Q3 24 | -57.2% | 13.1% | ||
| Q2 24 | -32.8% | 0.6% |
| Q1 26 | — | -2.6% | ||
| Q4 25 | 32.3% | 11.3% | ||
| Q3 25 | 25.2% | 16.2% | ||
| Q2 25 | 22.6% | 10.2% | ||
| Q1 25 | 1.0% | 8.3% | ||
| Q4 24 | 26.5% | 16.2% | ||
| Q3 24 | -43.2% | 12.0% | ||
| Q2 24 | -20.2% | 3.6% |
| Q1 26 | — | $-0.06 | ||
| Q4 25 | $0.37 | $0.29 | ||
| Q3 25 | $0.23 | $0.50 | ||
| Q2 25 | $0.22 | $0.28 | ||
| Q1 25 | $0.01 | $0.22 | ||
| Q4 24 | $0.23 | $0.46 | ||
| Q3 24 | $-0.31 | $0.33 | ||
| Q2 24 | $-0.13 | $0.08 |
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 | $497.5M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $1.1B |
| Total Assets | $13.0B | $2.7B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $497.5M | ||
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.0B | $1.8B | ||
| Q2 24 | $1.0B | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | $9.0B | $1.2B | ||
| Q3 25 | $7.7B | $1.2B | ||
| Q2 25 | $7.6B | $1.2B | ||
| Q1 25 | $7.1B | $1.2B | ||
| Q4 24 | $7.3B | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | $1.8B | $1.3B |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $3.5B | $1.1B | ||
| Q3 25 | $3.3B | $995.0M | ||
| Q2 25 | $3.1B | $880.6M | ||
| Q1 25 | $2.9B | $810.7M | ||
| Q4 24 | $2.8B | $833.0M | ||
| Q3 24 | $2.8B | $931.4M | ||
| Q2 24 | $2.7B | $884.5M |
| Q1 26 | — | $2.7B | ||
| Q4 25 | $13.0B | $3.5B | ||
| Q3 25 | $11.5B | $3.3B | ||
| Q2 25 | $11.2B | $3.2B | ||
| Q1 25 | $10.4B | $3.1B | ||
| Q4 24 | $10.5B | $3.2B | ||
| Q3 24 | $10.1B | $3.3B | ||
| Q2 24 | $9.5B | $3.2B |
| Q1 26 | — | — | ||
| Q4 25 | 2.54× | 1.11× | ||
| Q3 25 | 2.35× | 1.21× | ||
| Q2 25 | 2.48× | 1.37× | ||
| Q1 25 | 2.49× | 1.48× | ||
| Q4 24 | 2.62× | 1.56× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | 0.67× | 1.47× |
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 | $102.9M |
| Free Cash FlowOCF − Capex | $118.0M | $83.0M |
| FCF MarginFCF / Revenue | 29.4% | 29.3% |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $145.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $102.9M | ||
| Q4 25 | $173.7M | $47.6M | ||
| Q3 25 | $374.6M | $13.9M | ||
| Q2 25 | $74.6M | $26.6M | ||
| Q1 25 | $210.4M | $48.4M | ||
| Q4 24 | $312.0M | $167.3M | ||
| Q3 24 | $196.9M | $170.1M | ||
| Q2 24 | $68.8M | $127.1M |
| Q1 26 | — | $83.0M | ||
| Q4 25 | $118.0M | $37.8M | ||
| Q3 25 | $320.2M | $5.9M | ||
| Q2 25 | $23.5M | $18.4M | ||
| Q1 25 | $157.4M | $33.8M | ||
| Q4 24 | $268.1M | $159.2M | ||
| Q3 24 | $152.7M | $161.6M | ||
| Q2 24 | $30.5M | $117.4M |
| Q1 26 | — | 29.3% | ||
| Q4 25 | 29.4% | 11.0% | ||
| Q3 25 | 99.9% | 1.4% | ||
| Q2 25 | 7.7% | 5.1% | ||
| Q1 25 | 57.7% | 9.5% | ||
| Q4 24 | 88.5% | 41.6% | ||
| Q3 24 | 65.9% | 42.4% | ||
| Q2 24 | 13.6% | 38.7% |
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 2.8% | ||
| Q3 25 | 17.0% | 2.0% | ||
| Q2 25 | 16.7% | 2.3% | ||
| Q1 25 | 19.5% | 4.1% | ||
| Q4 24 | 14.5% | 2.1% | ||
| Q3 24 | 19.0% | 2.2% | ||
| Q2 24 | 17.1% | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | 1.23× | ||
| Q3 25 | 4.64× | 0.21× | ||
| Q2 25 | 1.08× | 0.72× | ||
| Q1 25 | 75.03× | 1.63× | ||
| Q4 24 | 3.88× | 2.69× | ||
| Q3 24 | — | 3.72× | ||
| Q2 24 | — | 11.73× |
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% |
ENPH
Segment breakdown not available.
