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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Essex Property Trust (ESS). Click either name above to swap in a different company.
Essex Property Trust is the larger business by last-quarter revenue ($479.6M vs $401.4M, roughly 1.2× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 17.9%, a 14.4% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 5.5%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 6.0%).
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.
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.
AFRM vs ESS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $479.6M |
| Net Profit | $129.6M | $85.7M |
| Gross Margin | — | 70.0% |
| Operating Margin | 29.3% | 31.7% |
| Net Margin | 32.3% | 17.9% |
| Revenue YoY | 32.5% | 5.5% |
| Net Profit YoY | 61.3% | -71.6% |
| EPS (diluted) | $0.37 | $1.24 |
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 | $479.6M | ||
| Q3 25 | $320.5M | $473.3M | ||
| Q2 25 | $306.6M | $469.8M | ||
| Q1 25 | $272.5M | $464.6M | ||
| Q4 24 | $303.0M | $454.5M | ||
| Q3 24 | $231.8M | $450.7M | ||
| Q2 24 | $224.0M | $442.4M | ||
| Q1 24 | $195.0M | $426.9M |
| Q4 25 | $129.6M | $85.7M | ||
| Q3 25 | $80.7M | $172.7M | ||
| Q2 25 | $69.2M | $231.5M | ||
| Q1 25 | $2.8M | $212.8M | ||
| Q4 24 | $80.4M | $301.7M | ||
| Q3 24 | $-100.2M | $125.5M | ||
| Q2 24 | $-45.1M | $99.0M | ||
| Q1 24 | $-133.9M | $285.1M |
| Q4 25 | — | 70.0% | ||
| Q3 25 | — | 69.2% | ||
| Q2 25 | — | 70.7% | ||
| Q1 25 | — | 69.6% | ||
| Q4 24 | — | 70.0% | ||
| Q3 24 | — | 69.5% | ||
| Q2 24 | — | 70.8% | ||
| Q1 24 | — | 69.7% |
| Q4 25 | 29.3% | 31.7% | ||
| Q3 25 | 19.9% | 44.5% | ||
| Q2 25 | 18.9% | 59.5% | ||
| Q1 25 | -3.1% | 55.3% | ||
| Q4 24 | -1.4% | 67.0% | ||
| Q3 24 | -57.2% | 28.6% | ||
| Q2 24 | -32.8% | 31.1% | ||
| Q1 24 | -82.5% | 31.0% |
| Q4 25 | 32.3% | 17.9% | ||
| Q3 25 | 25.2% | 36.5% | ||
| Q2 25 | 22.6% | 49.3% | ||
| Q1 25 | 1.0% | 45.8% | ||
| Q4 24 | 26.5% | 66.4% | ||
| Q3 24 | -43.2% | 27.8% | ||
| Q2 24 | -20.2% | 22.4% | ||
| Q1 24 | -68.7% | 66.8% |
| Q4 25 | $0.37 | $1.24 | ||
| Q3 25 | $0.23 | $2.56 | ||
| Q2 25 | $0.22 | $3.44 | ||
| Q1 25 | $0.01 | $3.16 | ||
| Q4 24 | $0.23 | $4.00 | ||
| Q3 24 | $-0.31 | $1.84 | ||
| Q2 24 | $-0.13 | $1.45 | ||
| Q1 24 | $-0.43 | $4.25 |
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 | $76.2M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $5.5B |
| Total Assets | $13.0B | $13.2B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $76.2M | ||
| Q3 25 | $1.4B | $66.0M | ||
| Q2 25 | $1.4B | $58.7M | ||
| Q1 25 | $1.4B | $98.7M | ||
| Q4 24 | $1.2B | $66.8M | ||
| Q3 24 | $1.0B | $71.3M | ||
| Q2 24 | $1.0B | $55.2M | ||
| Q1 24 | $1.3B | $499.0M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $6.4B | ||
| Q2 25 | $7.6B | $6.4B | ||
| Q1 25 | $7.1B | $6.8B | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | $1.8B | $6.2B | ||
| Q1 24 | — | $6.6B |
| Q4 25 | $3.5B | $5.5B | ||
| Q3 25 | $3.3B | $5.6B | ||
| Q2 25 | $3.1B | $5.6B | ||
| Q1 25 | $2.9B | $5.6B | ||
| Q4 24 | $2.8B | $5.5B | ||
| Q3 24 | $2.8B | $5.4B | ||
| Q2 24 | $2.7B | $5.5B | ||
| Q1 24 | $2.6B | $5.5B |
| Q4 25 | $13.0B | $13.2B | ||
| Q3 25 | $11.5B | $13.2B | ||
| Q2 25 | $11.2B | $13.2B | ||
| Q1 25 | $10.4B | $13.2B | ||
| Q4 24 | $10.5B | $12.9B | ||
| Q3 24 | $10.1B | $12.6B | ||
| Q2 24 | $9.5B | $12.5B | ||
| Q1 24 | $9.2B | $12.9B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 1.15× | ||
| Q2 25 | 2.48× | 1.14× | ||
| Q1 25 | 2.49× | 1.22× | ||
| Q4 24 | 2.62× | — | ||
| Q3 24 | — | 1.18× | ||
| Q2 24 | 0.67× | 1.13× | ||
| Q1 24 | — | 1.19× |
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 | $1.1B |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | 12.53× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $1.1B | ||
| Q3 25 | $374.6M | $342.6M | ||
| Q2 25 | $74.6M | $216.1M | ||
| Q1 25 | $210.4M | $281.5M | ||
| Q4 24 | $312.0M | $1.1B | ||
| Q3 24 | $196.9M | $316.2M | ||
| Q2 24 | $68.8M | $218.9M | ||
| Q1 24 | $208.2M | $314.9M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | — | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | — | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | — | ||
| Q2 24 | $30.5M | — | ||
| Q1 24 | $161.7M | — |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | — | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | — | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 82.9% | — |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | — | ||
| Q2 25 | 16.7% | — | ||
| Q1 25 | 19.5% | — | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 17.1% | — | ||
| Q1 24 | 23.8% | — |
| Q4 25 | 1.34× | 12.53× | ||
| Q3 25 | 4.64× | 1.98× | ||
| Q2 25 | 1.08× | 0.93× | ||
| Q1 25 | 75.03× | 1.32× | ||
| Q4 24 | 3.88× | 3.54× | ||
| Q3 24 | — | 2.52× | ||
| Q2 24 | — | 2.21× | ||
| Q1 24 | — | 1.10× |
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% |
ESS
Segment breakdown not available.
