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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and FORUM ENERGY TECHNOLOGIES, INC. (FET). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $208.7M, roughly 1.9× FORUM ENERGY TECHNOLOGIES, INC.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 2.2%, a 30.1% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 3.2%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $1.4M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 0.8%).
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.
Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.
AFRM vs FET — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $208.7M |
| Net Profit | $129.6M | $4.5M |
| Gross Margin | — | 29.2% |
| Operating Margin | 29.3% | 5.3% |
| Net Margin | 32.3% | 2.2% |
| Revenue YoY | 32.5% | 3.2% |
| Net Profit YoY | 61.3% | 300.4% |
| EPS (diluted) | $0.37 | $0.39 |
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 | — | $208.7M | ||
| Q4 25 | $401.4M | $202.2M | ||
| Q3 25 | $320.5M | $196.2M | ||
| Q2 25 | $306.6M | $199.8M | ||
| Q1 25 | $272.5M | $193.3M | ||
| Q4 24 | $303.0M | $201.0M | ||
| Q3 24 | $231.8M | $207.8M | ||
| Q2 24 | $224.0M | $205.2M |
| Q1 26 | — | $4.5M | ||
| Q4 25 | $129.6M | $2.1M | ||
| Q3 25 | $80.7M | $-20.6M | ||
| Q2 25 | $69.2M | $7.7M | ||
| Q1 25 | $2.8M | $1.1M | ||
| Q4 24 | $80.4M | $-103.5M | ||
| Q3 24 | $-100.2M | $-14.8M | ||
| Q2 24 | $-45.1M | $-6.7M |
| Q1 26 | — | 29.2% | ||
| Q4 25 | — | 30.2% | ||
| Q3 25 | — | 20.5% | ||
| Q2 25 | — | 29.7% | ||
| Q1 25 | — | 30.2% | ||
| Q4 24 | — | 31.1% | ||
| Q3 24 | — | 31.6% | ||
| Q2 24 | — | 30.7% |
| Q1 26 | — | 5.3% | ||
| Q4 25 | 29.3% | 6.3% | ||
| Q3 25 | 19.9% | -3.1% | ||
| Q2 25 | 18.9% | 7.4% | ||
| Q1 25 | -3.1% | 4.6% | ||
| Q4 24 | -1.4% | -53.1% | ||
| Q3 24 | -57.2% | 4.3% | ||
| Q2 24 | -32.8% | 3.9% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 32.3% | 1.0% | ||
| Q3 25 | 25.2% | -10.5% | ||
| Q2 25 | 22.6% | 3.9% | ||
| Q1 25 | 1.0% | 0.6% | ||
| Q4 24 | 26.5% | -51.5% | ||
| Q3 24 | -43.2% | -7.1% | ||
| Q2 24 | -20.2% | -3.3% |
| Q1 26 | — | $0.39 | ||
| Q4 25 | $0.37 | $0.25 | ||
| Q3 25 | $0.23 | $-1.76 | ||
| Q2 25 | $0.22 | $0.61 | ||
| Q1 25 | $0.01 | $0.09 | ||
| Q4 24 | $0.23 | $-8.41 | ||
| Q3 24 | $-0.31 | $-1.20 | ||
| Q2 24 | $-0.13 | $-0.54 |
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 | $37.5M |
| Total DebtLower is stronger | $9.0B | $153.7M |
| Stockholders' EquityBook value | $3.5B | $280.7M |
| Total Assets | $13.0B | $763.1M |
| Debt / EquityLower = less leverage | 2.54× | 0.55× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $37.5M | ||
| Q4 25 | $1.5B | $34.7M | ||
| Q3 25 | $1.4B | $31.7M | ||
| Q2 25 | $1.4B | $39.0M | ||
| Q1 25 | $1.4B | $31.1M | ||
| Q4 24 | $1.2B | $44.7M | ||
| Q3 24 | $1.0B | $33.3M | ||
| Q2 24 | $1.0B | $31.8M |
| Q1 26 | — | $153.7M | ||
| Q4 25 | $9.0B | $135.9M | ||
| Q3 25 | $7.7B | $140.0M | ||
| Q2 25 | $7.6B | $159.3M | ||
| Q1 25 | $7.1B | $171.4M | ||
| Q4 24 | $7.3B | $188.4M | ||
| Q3 24 | — | $231.5M | ||
| Q2 24 | $1.8B | $252.9M |
| Q1 26 | — | $280.7M | ||
| Q4 25 | $3.5B | $291.1M | ||
| Q3 25 | $3.3B | $297.3M | ||
| Q2 25 | $3.1B | $334.2M | ||
| Q1 25 | $2.9B | $320.0M | ||
| Q4 24 | $2.8B | $319.9M | ||
| Q3 24 | $2.8B | $443.5M | ||
| Q2 24 | $2.7B | $442.0M |
| Q1 26 | — | $763.1M | ||
| Q4 25 | $13.0B | $752.5M | ||
| Q3 25 | $11.5B | $770.1M | ||
| Q2 25 | $11.2B | $810.1M | ||
| Q1 25 | $10.4B | $790.1M | ||
| Q4 24 | $10.5B | $816.0M | ||
| Q3 24 | $10.1B | $973.7M | ||
| Q2 24 | $9.5B | $976.8M |
| Q1 26 | — | 0.55× | ||
| Q4 25 | 2.54× | 0.47× | ||
| Q3 25 | 2.35× | 0.47× | ||
| Q2 25 | 2.48× | 0.48× | ||
| Q1 25 | 2.49× | 0.54× | ||
| Q4 24 | 2.62× | 0.59× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | 0.67× | 0.57× |
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 | $1.6M |
| Free Cash FlowOCF − Capex | $118.0M | $1.4M |
| FCF MarginFCF / Revenue | 29.4% | 0.7% |
| Capex IntensityCapex / Revenue | 13.9% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.34× | 0.36× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $58.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.6M | ||
| Q4 25 | $173.7M | $22.4M | ||
| Q3 25 | $374.6M | $22.9M | ||
| Q2 25 | $74.6M | $15.8M | ||
| Q1 25 | $210.4M | $9.3M | ||
| Q4 24 | $312.0M | $38.5M | ||
| Q3 24 | $196.9M | $25.6M | ||
| Q2 24 | $68.8M | $23.1M |
| Q1 26 | — | $1.4M | ||
| Q4 25 | $118.0M | $20.9M | ||
| Q3 25 | $320.2M | $21.5M | ||
| Q2 25 | $23.5M | $14.8M | ||
| Q1 25 | $157.4M | $7.2M | ||
| Q4 24 | $268.1M | $36.1M | ||
| Q3 24 | $152.7M | $24.3M | ||
| Q2 24 | $30.5M | $21.6M |
| Q1 26 | — | 0.7% | ||
| Q4 25 | 29.4% | 10.3% | ||
| Q3 25 | 99.9% | 10.9% | ||
| Q2 25 | 7.7% | 7.4% | ||
| Q1 25 | 57.7% | 3.7% | ||
| Q4 24 | 88.5% | 18.0% | ||
| Q3 24 | 65.9% | 11.7% | ||
| Q2 24 | 13.6% | 10.5% |
| Q1 26 | — | 0.1% | ||
| Q4 25 | 13.9% | 0.8% | ||
| Q3 25 | 17.0% | 0.7% | ||
| Q2 25 | 16.7% | 0.5% | ||
| Q1 25 | 19.5% | 1.1% | ||
| Q4 24 | 14.5% | 1.2% | ||
| Q3 24 | 19.0% | 0.6% | ||
| Q2 24 | 17.1% | 0.7% |
| Q1 26 | — | 0.36× | ||
| Q4 25 | 1.34× | 10.83× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | 2.05× | ||
| Q1 25 | 75.03× | 8.31× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
FET
| Drilling and Completions | $126.7M | 61% |
| Downhole | $50.6M | 24% |
| Production Equipment | $18.8M | 9% |
| Valve Solutions | $12.8M | 6% |
