vs
Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and EZCORP INC (EZPW). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $382.0M, roughly 1.1× EZCORP INC). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 11.6%, a 20.7% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 19.3%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $31.7M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 15.6%).
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.
EZCORP, Inc. is an American pawn shop operator based in Austin, Texas which provides services across the United States and Latin America. It is a publicly traded company listed on the NASDAQ stock exchange and is the second largest pawn shop operator in the U.S. after Cash America International.
AFRM vs EZPW — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $382.0M |
| Net Profit | $129.6M | $44.3M |
| Gross Margin | — | 58.4% |
| Operating Margin | 29.3% | 15.9% |
| Net Margin | 32.3% | 11.6% |
| Revenue YoY | 32.5% | 19.3% |
| Net Profit YoY | 61.3% | 42.8% |
| EPS (diluted) | $0.37 | $0.55 |
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 | $382.0M | ||
| Q3 25 | $320.5M | $336.8M | ||
| Q2 25 | $306.6M | $311.0M | ||
| Q1 25 | $272.5M | $306.3M | ||
| Q4 24 | $303.0M | $320.2M | ||
| Q3 24 | $231.8M | $294.6M | ||
| Q2 24 | $224.0M | $281.4M | ||
| Q1 24 | $195.0M | $285.6M |
| Q4 25 | $129.6M | $44.3M | ||
| Q3 25 | $80.7M | $26.7M | ||
| Q2 25 | $69.2M | $26.5M | ||
| Q1 25 | $2.8M | $25.4M | ||
| Q4 24 | $80.4M | $31.0M | ||
| Q3 24 | $-100.2M | $15.2M | ||
| Q2 24 | $-45.1M | $17.9M | ||
| Q1 24 | $-133.9M | $21.5M |
| Q4 25 | — | 58.4% | ||
| Q3 25 | — | 59.0% | ||
| Q2 25 | — | 59.1% | ||
| Q1 25 | — | 58.3% | ||
| Q4 24 | — | 57.9% | ||
| Q3 24 | — | 59.5% | ||
| Q2 24 | — | 59.2% | ||
| Q1 24 | — | 58.7% |
| Q4 25 | 29.3% | 15.9% | ||
| Q3 25 | 19.9% | 11.0% | ||
| Q2 25 | 18.9% | 11.6% | ||
| Q1 25 | -3.1% | 11.2% | ||
| Q4 24 | -1.4% | 13.1% | ||
| Q3 24 | -57.2% | 8.8% | ||
| Q2 24 | -32.8% | 7.9% | ||
| Q1 24 | -82.5% | 9.6% |
| Q4 25 | 32.3% | 11.6% | ||
| Q3 25 | 25.2% | 7.9% | ||
| Q2 25 | 22.6% | 8.5% | ||
| Q1 25 | 1.0% | 8.3% | ||
| Q4 24 | 26.5% | 9.7% | ||
| Q3 24 | -43.2% | 5.2% | ||
| Q2 24 | -20.2% | 6.4% | ||
| Q1 24 | -68.7% | 7.5% |
| Q4 25 | $0.37 | $0.55 | ||
| Q3 25 | $0.23 | $0.35 | ||
| Q2 25 | $0.22 | $0.34 | ||
| Q1 25 | $0.01 | $0.33 | ||
| Q4 24 | $0.23 | $0.40 | ||
| Q3 24 | $-0.31 | $0.20 | ||
| Q2 24 | $-0.13 | $0.25 | ||
| Q1 24 | $-0.43 | $0.29 |
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 | $465.9M |
| Total DebtLower is stronger | $9.0B | $518.6M |
| Stockholders' EquityBook value | $3.5B | $1.1B |
| Total Assets | $13.0B | $2.0B |
| Debt / EquityLower = less leverage | 2.54× | 0.48× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $465.9M | ||
| Q3 25 | $1.4B | $469.5M | ||
| Q2 25 | $1.4B | $472.1M | ||
| Q1 25 | $1.4B | $505.2M | ||
| Q4 24 | $1.2B | $174.5M | ||
| Q3 24 | $1.0B | $170.5M | ||
| Q2 24 | $1.0B | $218.0M | ||
| Q1 24 | $1.3B | $229.1M |
| Q4 25 | $9.0B | $518.6M | ||
| Q3 25 | $7.7B | $518.1M | ||
| Q2 25 | $7.6B | $517.6M | ||
| Q1 25 | $7.1B | $620.5M | ||
| Q4 24 | $7.3B | $327.7M | ||
| Q3 24 | — | $327.3M | ||
| Q2 24 | $1.8B | $361.3M | ||
| Q1 24 | — | $360.9M |
| Q4 25 | $3.5B | $1.1B | ||
| Q3 25 | $3.3B | $1.0B | ||
| Q2 25 | $3.1B | $990.1M | ||
| Q1 25 | $2.9B | $851.6M | ||
| Q4 24 | $2.8B | $823.9M | ||
| Q3 24 | $2.8B | $804.6M | ||
| Q2 24 | $2.7B | $801.5M | ||
| Q1 24 | $2.6B | $800.4M |
| Q4 25 | $13.0B | $2.0B | ||
| Q3 25 | $11.5B | $2.0B | ||
| Q2 25 | $11.2B | $1.9B | ||
| Q1 25 | $10.4B | $1.8B | ||
| Q4 24 | $10.5B | $1.5B | ||
| Q3 24 | $10.1B | $1.5B | ||
| Q2 24 | $9.5B | $1.5B | ||
| Q1 24 | $9.2B | $1.5B |
| Q4 25 | 2.54× | 0.48× | ||
| Q3 25 | 2.35× | 0.51× | ||
| Q2 25 | 2.48× | 0.52× | ||
| Q1 25 | 2.49× | 0.73× | ||
| Q4 24 | 2.62× | 0.40× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | 0.67× | 0.45× | ||
| Q1 24 | — | 0.45× |
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 | $39.1M |
| Free Cash FlowOCF − Capex | $118.0M | $31.7M |
| FCF MarginFCF / Revenue | 29.4% | 8.3% |
| Capex IntensityCapex / Revenue | 13.9% | 2.0% |
| Cash ConversionOCF / Net Profit | 1.34× | 0.88× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $121.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $39.1M | ||
| Q3 25 | $374.6M | $51.3M | ||
| Q2 25 | $74.6M | $34.8M | ||
| Q1 25 | $210.4M | $36.9M | ||
| Q4 24 | $312.0M | $26.0M | ||
| Q3 24 | $196.9M | $43.3M | ||
| Q2 24 | $68.8M | $33.7M | ||
| Q1 24 | $208.2M | $15.1M |
| Q4 25 | $118.0M | $31.7M | ||
| Q3 25 | $320.2M | $35.7M | ||
| Q2 25 | $23.5M | $25.7M | ||
| Q1 25 | $157.4M | $28.6M | ||
| Q4 24 | $268.1M | $20.4M | ||
| Q3 24 | $152.7M | $24.4M | ||
| Q2 24 | $30.5M | $30.5M | ||
| Q1 24 | $161.7M | $8.6M |
| Q4 25 | 29.4% | 8.3% | ||
| Q3 25 | 99.9% | 10.6% | ||
| Q2 25 | 7.7% | 8.3% | ||
| Q1 25 | 57.7% | 9.3% | ||
| Q4 24 | 88.5% | 6.4% | ||
| Q3 24 | 65.9% | 8.3% | ||
| Q2 24 | 13.6% | 10.8% | ||
| Q1 24 | 82.9% | 3.0% |
| Q4 25 | 13.9% | 2.0% | ||
| Q3 25 | 17.0% | 4.6% | ||
| Q2 25 | 16.7% | 2.9% | ||
| Q1 25 | 19.5% | 2.7% | ||
| Q4 24 | 14.5% | 1.8% | ||
| Q3 24 | 19.0% | 6.4% | ||
| Q2 24 | 17.1% | 1.1% | ||
| Q1 24 | 23.8% | 2.3% |
| Q4 25 | 1.34× | 0.88× | ||
| Q3 25 | 4.64× | 1.92× | ||
| Q2 25 | 1.08× | 1.31× | ||
| Q1 25 | 75.03× | 1.45× | ||
| Q4 24 | 3.88× | 0.84× | ||
| Q3 24 | — | 2.85× | ||
| Q2 24 | — | 1.88× | ||
| Q1 24 | — | 0.70× |
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% |
EZPW
| Merchandise | $210.1M | 55% |
| Pawn Service | $131.9M | 35% |
| Jewelry Scrap | $39.9M | 10% |
