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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and ESCO TECHNOLOGIES INC (ESE). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $289.7M, roughly 1.4× ESCO TECHNOLOGIES INC). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 9.9%, a 22.4% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 17.3%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $63.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 7.8%).
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.
Esco is a Singaporean brand that develops, manufactures, and sells products and services for laboratories.
AFRM vs ESE — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $289.7M |
| Net Profit | $129.6M | $28.7M |
| Gross Margin | — | 41.4% |
| Operating Margin | 29.3% | 13.2% |
| Net Margin | 32.3% | 9.9% |
| Revenue YoY | 32.5% | 17.3% |
| Net Profit YoY | 61.3% | 22.2% |
| EPS (diluted) | $0.37 | $1.11 |
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 | $289.7M | ||
| Q3 25 | $320.5M | $286.5M | ||
| Q2 25 | $306.6M | $296.3M | ||
| Q1 25 | $272.5M | $265.5M | ||
| Q4 24 | $303.0M | $247.0M | ||
| Q3 24 | $231.8M | $298.5M | ||
| Q2 24 | $224.0M | $260.8M | ||
| Q1 24 | $195.0M | $249.1M |
| Q4 25 | $129.6M | $28.7M | ||
| Q3 25 | $80.7M | $218.7M | ||
| Q2 25 | $69.2M | $26.1M | ||
| Q1 25 | $2.8M | $31.0M | ||
| Q4 24 | $80.4M | $23.5M | ||
| Q3 24 | $-100.2M | $34.3M | ||
| Q2 24 | $-45.1M | $29.2M | ||
| Q1 24 | $-133.9M | $23.2M |
| Q4 25 | — | 41.4% | ||
| Q3 25 | — | 45.9% | ||
| Q2 25 | — | 41.2% | ||
| Q1 25 | — | 41.1% | ||
| Q4 24 | — | 39.8% | ||
| Q3 24 | — | 40.1% | ||
| Q2 24 | — | 39.6% | ||
| Q1 24 | — | 38.8% |
| Q4 25 | 29.3% | 13.2% | ||
| Q3 25 | 19.9% | 17.2% | ||
| Q2 25 | 18.9% | 11.2% | ||
| Q1 25 | -3.1% | 15.3% | ||
| Q4 24 | -1.4% | 11.4% | ||
| Q3 24 | -57.2% | 14.8% | ||
| Q2 24 | -32.8% | 14.3% | ||
| Q1 24 | -82.5% | 11.7% |
| Q4 25 | 32.3% | 9.9% | ||
| Q3 25 | 25.2% | 76.3% | ||
| Q2 25 | 22.6% | 8.8% | ||
| Q1 25 | 1.0% | 11.7% | ||
| Q4 24 | 26.5% | 9.5% | ||
| Q3 24 | -43.2% | 11.5% | ||
| Q2 24 | -20.2% | 11.2% | ||
| Q1 24 | -68.7% | 9.3% |
| Q4 25 | $0.37 | $1.11 | ||
| Q3 25 | $0.23 | $8.43 | ||
| Q2 25 | $0.22 | $1.01 | ||
| Q1 25 | $0.01 | $1.20 | ||
| Q4 24 | $0.23 | $0.91 | ||
| Q3 24 | $-0.31 | $1.32 | ||
| Q2 24 | $-0.13 | $1.13 | ||
| Q1 24 | $-0.43 | $0.90 |
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 | $103.8M |
| Total DebtLower is stronger | $9.0B | $145.5M |
| Stockholders' EquityBook value | $3.5B | $1.6B |
| Total Assets | $13.0B | $2.4B |
| Debt / EquityLower = less leverage | 2.54× | 0.09× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $103.8M | ||
| Q3 25 | $1.4B | $101.3M | ||
| Q2 25 | $1.4B | $78.7M | ||
| Q1 25 | $1.4B | $57.4M | ||
| Q4 24 | $1.2B | $71.3M | ||
| Q3 24 | $1.0B | $66.0M | ||
| Q2 24 | $1.0B | $63.0M | ||
| Q1 24 | $1.3B | $59.4M |
| Q4 25 | $9.0B | $145.5M | ||
| Q3 25 | $7.7B | $186.0M | ||
| Q2 25 | $7.6B | $525.0M | ||
| Q1 25 | $7.1B | $88.0M | ||
| Q4 24 | $7.3B | $112.0M | ||
| Q3 24 | — | $122.0M | ||
| Q2 24 | $1.8B | $173.0M | ||
| Q1 24 | — | $191.0M |
| Q4 25 | $3.5B | $1.6B | ||
| Q3 25 | $3.3B | $1.5B | ||
| Q2 25 | $3.1B | $1.3B | ||
| Q1 25 | $2.9B | $1.3B | ||
| Q4 24 | $2.8B | $1.2B | ||
| Q3 24 | $2.8B | $1.2B | ||
| Q2 24 | $2.7B | $1.2B | ||
| Q1 24 | $2.6B | $1.2B |
| Q4 25 | $13.0B | $2.4B | ||
| Q3 25 | $11.5B | $2.4B | ||
| Q2 25 | $11.2B | $2.5B | ||
| Q1 25 | $10.4B | $1.8B | ||
| Q4 24 | $10.5B | $1.8B | ||
| Q3 24 | $10.1B | $1.8B | ||
| Q2 24 | $9.5B | $1.8B | ||
| Q1 24 | $9.2B | $1.8B |
| Q4 25 | 2.54× | 0.09× | ||
| Q3 25 | 2.35× | 0.12× | ||
| Q2 25 | 2.48× | 0.40× | ||
| Q1 25 | 2.49× | 0.07× | ||
| Q4 24 | 2.62× | 0.09× | ||
| Q3 24 | — | 0.10× | ||
| Q2 24 | 0.67× | 0.14× | ||
| Q1 24 | — | 0.16× |
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 | $68.9M |
| Free Cash FlowOCF − Capex | $118.0M | $63.0M |
| FCF MarginFCF / Revenue | 29.4% | 21.7% |
| Capex IntensityCapex / Revenue | 13.9% | 2.0% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.40× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $239.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $68.9M | ||
| Q3 25 | $374.6M | $109.9M | ||
| Q2 25 | $74.6M | $73.7M | ||
| Q1 25 | $210.4M | $24.1M | ||
| Q4 24 | $312.0M | $34.2M | ||
| Q3 24 | $196.9M | $72.1M | ||
| Q2 24 | $68.8M | $36.2M | ||
| Q1 24 | $208.2M | $10.5M |
| Q4 25 | $118.0M | $63.0M | ||
| Q3 25 | $320.2M | $97.8M | ||
| Q2 25 | $23.5M | $64.9M | ||
| Q1 25 | $157.4M | $14.0M | ||
| Q4 24 | $268.1M | $29.0M | ||
| Q3 24 | $152.7M | $60.9M | ||
| Q2 24 | $30.5M | $27.6M | ||
| Q1 24 | $161.7M | $2.0M |
| Q4 25 | 29.4% | 21.7% | ||
| Q3 25 | 99.9% | 34.1% | ||
| Q2 25 | 7.7% | 21.9% | ||
| Q1 25 | 57.7% | 5.3% | ||
| Q4 24 | 88.5% | 11.7% | ||
| Q3 24 | 65.9% | 20.4% | ||
| Q2 24 | 13.6% | 10.6% | ||
| Q1 24 | 82.9% | 0.8% |
| Q4 25 | 13.9% | 2.0% | ||
| Q3 25 | 17.0% | 4.2% | ||
| Q2 25 | 16.7% | 3.0% | ||
| Q1 25 | 19.5% | 3.8% | ||
| Q4 24 | 14.5% | 2.1% | ||
| Q3 24 | 19.0% | 3.8% | ||
| Q2 24 | 17.1% | 3.3% | ||
| Q1 24 | 23.8% | 3.4% |
| Q4 25 | 1.34× | 2.40× | ||
| Q3 25 | 4.64× | 0.50× | ||
| Q2 25 | 1.08× | 2.83× | ||
| Q1 25 | 75.03× | 0.78× | ||
| Q4 24 | 3.88× | 1.46× | ||
| Q3 24 | — | 2.10× | ||
| Q2 24 | — | 1.24× | ||
| Q1 24 | — | 0.45× |
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% |
ESE
| US Government | $98.0M | 34% |
| Utility Solutions Group | $87.5M | 30% |
| RF Shielding And Test | $58.3M | 20% |
| Commercial | $45.8M | 16% |
| Related Party | $1.3M | 0% |
