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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and ESAB Corp (ESAB). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($727.8M vs $401.4M, roughly 1.8× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 7.5%, a 24.7% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 8.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $70.3M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 2.8%).
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.
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
AFRM vs ESAB — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $727.8M |
| Net Profit | $129.6M | $54.8M |
| Gross Margin | — | 37.0% |
| Operating Margin | 29.3% | 14.6% |
| Net Margin | 32.3% | 7.5% |
| Revenue YoY | 32.5% | 8.5% |
| Net Profit YoY | 61.3% | 2.1% |
| EPS (diluted) | $0.37 | $0.90 |
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 | $727.8M | ||
| Q3 25 | $320.5M | $715.6M | ||
| Q2 25 | $306.6M | $678.1M | ||
| Q1 25 | $272.5M | — | ||
| Q4 24 | $303.0M | $670.8M | ||
| Q3 24 | $231.8M | $673.3M | ||
| Q2 24 | $224.0M | $707.1M | ||
| Q1 24 | $195.0M | $689.7M |
| Q4 25 | $129.6M | $54.8M | ||
| Q3 25 | $80.7M | $66.9M | ||
| Q2 25 | $69.2M | $67.4M | ||
| Q1 25 | $2.8M | — | ||
| Q4 24 | $80.4M | $53.7M | ||
| Q3 24 | $-100.2M | $68.2M | ||
| Q2 24 | $-45.1M | $82.9M | ||
| Q1 24 | $-133.9M | $60.0M |
| Q4 25 | — | 37.0% | ||
| Q3 25 | — | 37.2% | ||
| Q2 25 | — | 37.6% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 38.5% | ||
| Q3 24 | — | 37.7% | ||
| Q2 24 | — | 38.2% | ||
| Q1 24 | — | 37.0% |
| Q4 25 | 29.3% | 14.6% | ||
| Q3 25 | 19.9% | 15.2% | ||
| Q2 25 | 18.9% | 16.2% | ||
| Q1 25 | -3.1% | — | ||
| Q4 24 | -1.4% | 16.6% | ||
| Q3 24 | -57.2% | 15.7% | ||
| Q2 24 | -32.8% | 16.9% | ||
| Q1 24 | -82.5% | 16.0% |
| Q4 25 | 32.3% | 7.5% | ||
| Q3 25 | 25.2% | 9.3% | ||
| Q2 25 | 22.6% | 9.9% | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 26.5% | 8.0% | ||
| Q3 24 | -43.2% | 10.1% | ||
| Q2 24 | -20.2% | 11.7% | ||
| Q1 24 | -68.7% | 8.7% |
| Q4 25 | $0.37 | $0.90 | ||
| Q3 25 | $0.23 | $1.09 | ||
| Q2 25 | $0.22 | $1.10 | ||
| Q1 25 | $0.01 | — | ||
| Q4 24 | $0.23 | $0.87 | ||
| Q3 24 | $-0.31 | $1.11 | ||
| Q2 24 | $-0.13 | $1.35 | ||
| Q1 24 | $-0.43 | $0.98 |
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 | $218.2M |
| Total DebtLower is stronger | $9.0B | $1.3B |
| Stockholders' EquityBook value | $3.5B | $2.1B |
| Total Assets | $13.0B | $4.9B |
| Debt / EquityLower = less leverage | 2.54× | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $218.2M | ||
| Q3 25 | $1.4B | $258.2M | ||
| Q2 25 | $1.4B | $291.3M | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.2B | $249.4M | ||
| Q3 24 | $1.0B | $253.7M | ||
| Q2 24 | $1.0B | $228.5M | ||
| Q1 24 | $1.3B | $76.5M |
| Q4 25 | $9.0B | $1.3B | ||
| Q3 25 | $7.7B | $1.1B | ||
| Q2 25 | $7.6B | $1.1B | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $1.8B | $1.1B | ||
| Q1 24 | — | $992.8M |
| Q4 25 | $3.5B | $2.1B | ||
| Q3 25 | $3.3B | $2.1B | ||
| Q2 25 | $3.1B | $1.9B | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.8B | $1.8B | ||
| Q3 24 | $2.8B | $1.8B | ||
| Q2 24 | $2.7B | $1.7B | ||
| Q1 24 | $2.6B | $1.6B |
| Q4 25 | $13.0B | $4.9B | ||
| Q3 25 | $11.5B | $4.4B | ||
| Q2 25 | $11.2B | $4.2B | ||
| Q1 25 | $10.4B | — | ||
| Q4 24 | $10.5B | $4.0B | ||
| Q3 24 | $10.1B | $4.1B | ||
| Q2 24 | $9.5B | $4.0B | ||
| Q1 24 | $9.2B | $3.8B |
| Q4 25 | 2.54× | 0.63× | ||
| Q3 25 | 2.35× | 0.51× | ||
| Q2 25 | 2.48× | 0.55× | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | 0.60× | ||
| Q3 24 | — | 0.59× | ||
| Q2 24 | 0.67× | 0.63× | ||
| Q1 24 | — | 0.61× |
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 | $81.5M |
| Free Cash FlowOCF − Capex | $118.0M | $70.3M |
| FCF MarginFCF / Revenue | 29.4% | 9.7% |
| Capex IntensityCapex / Revenue | 13.9% | 1.5% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.49× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $238.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $81.5M | ||
| Q3 25 | $374.6M | $46.6M | ||
| Q2 25 | $74.6M | $35.4M | ||
| Q1 25 | $210.4M | — | ||
| Q4 24 | $312.0M | $126.9M | ||
| Q3 24 | $196.9M | $101.0M | ||
| Q2 24 | $68.8M | $83.0M | ||
| Q1 24 | $208.2M | $44.5M |
| Q4 25 | $118.0M | $70.3M | ||
| Q3 25 | $320.2M | $37.4M | ||
| Q2 25 | $23.5M | $28.1M | ||
| Q1 25 | $157.4M | — | ||
| Q4 24 | $268.1M | $102.2M | ||
| Q3 24 | $152.7M | $90.4M | ||
| Q2 24 | $30.5M | $74.0M | ||
| Q1 24 | $161.7M | $37.1M |
| Q4 25 | 29.4% | 9.7% | ||
| Q3 25 | 99.9% | 5.2% | ||
| Q2 25 | 7.7% | 4.1% | ||
| Q1 25 | 57.7% | — | ||
| Q4 24 | 88.5% | 15.2% | ||
| Q3 24 | 65.9% | 13.4% | ||
| Q2 24 | 13.6% | 10.5% | ||
| Q1 24 | 82.9% | 5.4% |
| Q4 25 | 13.9% | 1.5% | ||
| Q3 25 | 17.0% | 1.3% | ||
| Q2 25 | 16.7% | 1.1% | ||
| Q1 25 | 19.5% | — | ||
| Q4 24 | 14.5% | 3.7% | ||
| Q3 24 | 19.0% | 1.6% | ||
| Q2 24 | 17.1% | 1.3% | ||
| Q1 24 | 23.8% | 1.1% |
| Q4 25 | 1.34× | 1.49× | ||
| Q3 25 | 4.64× | 0.70× | ||
| Q2 25 | 1.08× | 0.53× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | 2.36× | ||
| Q3 24 | — | 1.48× | ||
| Q2 24 | — | 1.00× | ||
| Q1 24 | — | 0.74× |
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% |
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
