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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Forestar Group Inc. (FOR). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $273.0M, roughly 1.5× Forestar Group Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 5.6%, a 26.6% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 9.0%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-157.1M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -9.6%).
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.
Forestar Group Inc. is a residential lot development company based in Arlington, Texas. The company has operations in 51 markets in 21 states and delivered 11,518 residential lots during the twelve-month period ended December 31, 2020. The company is publicly traded on the New York Stock Exchange and in October 2017 became a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002. The company primarily acquires entitled real estate and...
AFRM vs FOR — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $273.0M |
| Net Profit | $129.6M | $15.4M |
| Gross Margin | — | 20.1% |
| Operating Margin | 29.3% | 7.6% |
| Net Margin | 32.3% | 5.6% |
| Revenue YoY | 32.5% | 9.0% |
| Net Profit YoY | 61.3% | -6.7% |
| EPS (diluted) | $0.37 | $0.30 |
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 | $273.0M | ||
| Q3 25 | $320.5M | $670.5M | ||
| Q2 25 | $306.6M | $390.5M | ||
| Q1 25 | $272.5M | $351.0M | ||
| Q4 24 | $303.0M | $250.4M | ||
| Q3 24 | $231.8M | $551.3M | ||
| Q2 24 | $224.0M | $318.4M | ||
| Q1 24 | $195.0M | $333.8M |
| Q4 25 | $129.6M | $15.4M | ||
| Q3 25 | $80.7M | $86.9M | ||
| Q2 25 | $69.2M | $32.9M | ||
| Q1 25 | $2.8M | $31.6M | ||
| Q4 24 | $80.4M | $16.5M | ||
| Q3 24 | $-100.2M | $81.5M | ||
| Q2 24 | $-45.1M | $38.7M | ||
| Q1 24 | $-133.9M | $45.0M |
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 22.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 22.6% | ||
| Q4 24 | — | 22.0% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 22.5% | ||
| Q1 24 | — | 24.9% |
| Q4 25 | 29.3% | 7.6% | ||
| Q3 25 | 19.9% | 16.9% | ||
| Q2 25 | 18.9% | 11.2% | ||
| Q1 25 | -3.1% | 11.6% | ||
| Q4 24 | -1.4% | 8.7% | ||
| Q3 24 | -57.2% | 19.7% | ||
| Q2 24 | -32.8% | 16.2% | ||
| Q1 24 | -82.5% | 17.6% |
| Q4 25 | 32.3% | 5.6% | ||
| Q3 25 | 25.2% | 13.0% | ||
| Q2 25 | 22.6% | 8.4% | ||
| Q1 25 | 1.0% | 9.0% | ||
| Q4 24 | 26.5% | 6.6% | ||
| Q3 24 | -43.2% | 14.8% | ||
| Q2 24 | -20.2% | 12.2% | ||
| Q1 24 | -68.7% | 13.5% |
| Q4 25 | $0.37 | $0.30 | ||
| Q3 25 | $0.23 | $1.70 | ||
| Q2 25 | $0.22 | $0.65 | ||
| Q1 25 | $0.01 | $0.62 | ||
| Q4 24 | $0.23 | $0.32 | ||
| Q3 24 | $-0.31 | $1.59 | ||
| Q2 24 | $-0.13 | $0.76 | ||
| Q1 24 | $-0.43 | $0.89 |
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 | $211.7M |
| Total DebtLower is stronger | $9.0B | $793.2M |
| Stockholders' EquityBook value | $3.5B | $1.8B |
| Total Assets | $13.0B | $3.2B |
| Debt / EquityLower = less leverage | 2.54× | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $211.7M | ||
| Q3 25 | $1.4B | $379.2M | ||
| Q2 25 | $1.4B | $189.2M | ||
| Q1 25 | $1.4B | $174.3M | ||
| Q4 24 | $1.2B | $132.0M | ||
| Q3 24 | $1.0B | $481.2M | ||
| Q2 24 | $1.0B | $359.2M | ||
| Q1 24 | $1.3B | $416.2M |
| Q4 25 | $9.0B | $793.2M | ||
| Q3 25 | $7.7B | $802.7M | ||
| Q2 25 | $7.6B | $872.8M | ||
| Q1 25 | $7.1B | $872.5M | ||
| Q4 24 | $7.3B | $806.8M | ||
| Q3 24 | — | $706.4M | ||
| Q2 24 | $1.8B | $706.1M | ||
| Q1 24 | — | $705.7M |
| Q4 25 | $3.5B | $1.8B | ||
| Q3 25 | $3.3B | $1.8B | ||
| Q2 25 | $3.1B | $1.7B | ||
| Q1 25 | $2.9B | $1.6B | ||
| Q4 24 | $2.8B | $1.6B | ||
| Q3 24 | $2.8B | $1.6B | ||
| Q2 24 | $2.7B | $1.5B | ||
| Q1 24 | $2.6B | $1.5B |
| Q4 25 | $13.0B | $3.2B | ||
| Q3 25 | $11.5B | $3.1B | ||
| Q2 25 | $11.2B | $3.1B | ||
| Q1 25 | $10.4B | $3.0B | ||
| Q4 24 | $10.5B | $3.0B | ||
| Q3 24 | $10.1B | $2.8B | ||
| Q2 24 | $9.5B | $2.7B | ||
| Q1 24 | $9.2B | $2.6B |
| Q4 25 | 2.54× | 0.44× | ||
| Q3 25 | 2.35× | 0.45× | ||
| Q2 25 | 2.48× | 0.52× | ||
| Q1 25 | 2.49× | 0.53× | ||
| Q4 24 | 2.62× | 0.50× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | 0.67× | 0.47× | ||
| Q1 24 | — | 0.48× |
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 | $-157.0M |
| Free Cash FlowOCF − Capex | $118.0M | $-157.1M |
| FCF MarginFCF / Revenue | 29.4% | -57.5% |
| Capex IntensityCapex / Revenue | 13.9% | 0.0% |
| Cash ConversionOCF / Net Profit | 1.34× | -10.19× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $93.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $-157.0M | ||
| Q3 25 | $374.6M | $256.3M | ||
| Q2 25 | $74.6M | $15.8M | ||
| Q1 25 | $210.4M | $-19.8M | ||
| Q4 24 | $312.0M | $-450.0M | ||
| Q3 24 | $196.9M | $119.2M | ||
| Q2 24 | $68.8M | $-61.7M | ||
| Q1 24 | $208.2M | $-59.2M |
| Q4 25 | $118.0M | $-157.1M | ||
| Q3 25 | $320.2M | $255.6M | ||
| Q2 25 | $23.5M | $15.0M | ||
| Q1 25 | $157.4M | $-20.5M | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | $118.4M | ||
| Q2 24 | $30.5M | $-62.3M | ||
| Q1 24 | $161.7M | $-59.8M |
| Q4 25 | 29.4% | -57.5% | ||
| Q3 25 | 99.9% | 38.1% | ||
| Q2 25 | 7.7% | 3.8% | ||
| Q1 25 | 57.7% | -5.8% | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | 21.5% | ||
| Q2 24 | 13.6% | -19.6% | ||
| Q1 24 | 82.9% | -17.9% |
| Q4 25 | 13.9% | 0.0% | ||
| Q3 25 | 17.0% | 0.1% | ||
| Q2 25 | 16.7% | 0.2% | ||
| Q1 25 | 19.5% | 0.2% | ||
| Q4 24 | 14.5% | 0.0% | ||
| Q3 24 | 19.0% | 0.1% | ||
| Q2 24 | 17.1% | 0.2% | ||
| Q1 24 | 23.8% | 0.2% |
| Q4 25 | 1.34× | -10.19× | ||
| Q3 25 | 4.64× | 2.95× | ||
| Q2 25 | 1.08× | 0.48× | ||
| Q1 25 | 75.03× | -0.63× | ||
| Q4 24 | 3.88× | -27.27× | ||
| Q3 24 | — | 1.46× | ||
| Q2 24 | — | -1.59× | ||
| Q1 24 | — | -1.32× |
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% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
