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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Frontdoor, Inc. (FTDR). Click either name above to swap in a different company.
Frontdoor, Inc. is the larger business by last-quarter revenue ($432.0M vs $401.4M, roughly 1.1× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 0.2%, a 32.1% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 12.8%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $95.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 6.9%).
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.
Frontdoor, Inc. operates a leading U.S.-focused home services and protection platform. It offers customizable home warranty plans covering repairs and replacements for household appliances, HVAC, plumbing, and electrical systems, plus on-demand access to a network of pre-vetted local service professionals for residential maintenance and repairs.
AFRM vs FTDR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $432.0M |
| Net Profit | $129.6M | $1.0M |
| Gross Margin | — | 49.3% |
| Operating Margin | 29.3% | 0.5% |
| Net Margin | 32.3% | 0.2% |
| Revenue YoY | 32.5% | 12.8% |
| Net Profit YoY | 61.3% | -88.9% |
| EPS (diluted) | $0.37 | $0.03 |
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 | $432.0M | ||
| Q3 25 | $320.5M | $618.0M | ||
| Q2 25 | $306.6M | $617.0M | ||
| Q1 25 | $272.5M | $426.0M | ||
| Q4 24 | $303.0M | $383.0M | ||
| Q3 24 | $231.8M | $540.0M | ||
| Q2 24 | $224.0M | $542.0M | ||
| Q1 24 | $195.0M | $378.0M |
| Q4 25 | $129.6M | $1.0M | ||
| Q3 25 | $80.7M | $106.0M | ||
| Q2 25 | $69.2M | $111.0M | ||
| Q1 25 | $2.8M | $37.0M | ||
| Q4 24 | $80.4M | $9.0M | ||
| Q3 24 | $-100.2M | $100.0M | ||
| Q2 24 | $-45.1M | $92.0M | ||
| Q1 24 | $-133.9M | $34.0M |
| Q4 25 | — | 49.3% | ||
| Q3 25 | — | 57.1% | ||
| Q2 25 | — | 57.7% | ||
| Q1 25 | — | 55.2% | ||
| Q4 24 | — | 48.0% | ||
| Q3 24 | — | 56.7% | ||
| Q2 24 | — | 56.5% | ||
| Q1 24 | — | 51.6% |
| Q4 25 | 29.3% | 0.5% | ||
| Q3 25 | 19.9% | 23.0% | ||
| Q2 25 | 18.9% | 23.7% | ||
| Q1 25 | -3.1% | 11.3% | ||
| Q4 24 | -1.4% | 1.6% | ||
| Q3 24 | -57.2% | 24.8% | ||
| Q2 24 | -32.8% | 22.9% | ||
| Q1 24 | -82.5% | 11.9% |
| Q4 25 | 32.3% | 0.2% | ||
| Q3 25 | 25.2% | 17.2% | ||
| Q2 25 | 22.6% | 18.0% | ||
| Q1 25 | 1.0% | 8.7% | ||
| Q4 24 | 26.5% | 2.3% | ||
| Q3 24 | -43.2% | 18.5% | ||
| Q2 24 | -20.2% | 17.0% | ||
| Q1 24 | -68.7% | 9.0% |
| Q4 25 | $0.37 | $0.03 | ||
| Q3 25 | $0.23 | $1.42 | ||
| Q2 25 | $0.22 | $1.48 | ||
| Q1 25 | $0.01 | $0.49 | ||
| Q4 24 | $0.23 | $0.10 | ||
| Q3 24 | $-0.31 | $1.30 | ||
| Q2 24 | $-0.13 | $1.18 | ||
| Q1 24 | $-0.43 | $0.43 |
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 | $566.0M |
| Total DebtLower is stronger | $9.0B | $1.1B |
| Stockholders' EquityBook value | $3.5B | $242.0M |
| Total Assets | $13.0B | $2.1B |
| Debt / EquityLower = less leverage | 2.54× | 4.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $566.0M | ||
| Q3 25 | $1.4B | $563.0M | ||
| Q2 25 | $1.4B | $562.0M | ||
| Q1 25 | $1.4B | $506.0M | ||
| Q4 24 | $1.2B | $436.0M | ||
| Q3 24 | $1.0B | $375.0M | ||
| Q2 24 | $1.0B | $419.0M | ||
| Q1 24 | $1.3B | $378.0M |
| Q4 25 | $9.0B | $1.1B | ||
| Q3 25 | $7.7B | $1.2B | ||
| Q2 25 | $7.6B | $1.2B | ||
| Q1 25 | $7.1B | $1.2B | ||
| Q4 24 | $7.3B | $1.2B | ||
| Q3 24 | — | $565.0M | ||
| Q2 24 | $1.8B | $569.0M | ||
| Q1 24 | — | $573.0M |
| Q4 25 | $3.5B | $242.0M | ||
| Q3 25 | $3.3B | $316.0M | ||
| Q2 25 | $3.1B | $254.0M | ||
| Q1 25 | $2.9B | $198.0M | ||
| Q4 24 | $2.8B | $239.0M | ||
| Q3 24 | $2.8B | $261.0M | ||
| Q2 24 | $2.7B | $214.0M | ||
| Q1 24 | $2.6B | $162.0M |
| Q4 25 | $13.0B | $2.1B | ||
| Q3 25 | $11.5B | $2.2B | ||
| Q2 25 | $11.2B | $2.2B | ||
| Q1 25 | $10.4B | $2.1B | ||
| Q4 24 | $10.5B | $2.1B | ||
| Q3 24 | $10.1B | $1.2B | ||
| Q2 24 | $9.5B | $1.2B | ||
| Q1 24 | $9.2B | $1.1B |
| Q4 25 | 2.54× | 4.73× | ||
| Q3 25 | 2.35× | 3.64× | ||
| Q2 25 | 2.48× | 4.56× | ||
| Q1 25 | 2.49× | 5.88× | ||
| Q4 24 | 2.62× | 4.90× | ||
| Q3 24 | — | 2.16× | ||
| Q2 24 | 0.67× | 2.66× | ||
| Q1 24 | — | 3.54× |
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 | $101.0M |
| Free Cash FlowOCF − Capex | $118.0M | $95.0M |
| FCF MarginFCF / Revenue | 29.4% | 22.0% |
| Capex IntensityCapex / Revenue | 13.9% | 1.4% |
| Cash ConversionOCF / Net Profit | 1.34× | 101.00× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $390.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $101.0M | ||
| Q3 25 | $374.6M | $64.0M | ||
| Q2 25 | $74.6M | $127.0M | ||
| Q1 25 | $210.4M | $124.0M | ||
| Q4 24 | $312.0M | $58.0M | ||
| Q3 24 | $196.9M | $25.0M | ||
| Q2 24 | $68.8M | $103.0M | ||
| Q1 24 | $208.2M | $84.0M |
| Q4 25 | $118.0M | $95.0M | ||
| Q3 25 | $320.2M | $58.0M | ||
| Q2 25 | $23.5M | $120.0M | ||
| Q1 25 | $157.4M | $117.0M | ||
| Q4 24 | $268.1M | $50.0M | ||
| Q3 24 | $152.7M | $16.0M | ||
| Q2 24 | $30.5M | $91.0M | ||
| Q1 24 | $161.7M | $74.0M |
| Q4 25 | 29.4% | 22.0% | ||
| Q3 25 | 99.9% | 9.4% | ||
| Q2 25 | 7.7% | 19.4% | ||
| Q1 25 | 57.7% | 27.5% | ||
| Q4 24 | 88.5% | 13.1% | ||
| Q3 24 | 65.9% | 3.0% | ||
| Q2 24 | 13.6% | 16.8% | ||
| Q1 24 | 82.9% | 19.6% |
| Q4 25 | 13.9% | 1.4% | ||
| Q3 25 | 17.0% | 1.0% | ||
| Q2 25 | 16.7% | 1.1% | ||
| Q1 25 | 19.5% | 1.6% | ||
| Q4 24 | 14.5% | 2.1% | ||
| Q3 24 | 19.0% | 1.7% | ||
| Q2 24 | 17.1% | 2.2% | ||
| Q1 24 | 23.8% | 2.6% |
| Q4 25 | 1.34× | 101.00× | ||
| Q3 25 | 4.64× | 0.60× | ||
| Q2 25 | 1.08× | 1.14× | ||
| Q1 25 | 75.03× | 3.35× | ||
| Q4 24 | 3.88× | 6.44× | ||
| Q3 24 | — | 0.25× | ||
| Q2 24 | — | 1.12× | ||
| Q1 24 | — | 2.47× |
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% |
FTDR
| Renewals | $332.0M | 77% |
| Other | $43.0M | 10% |
| Direct To Consumer Home Service Plan Contracts | $30.0M | 7% |
| Real Estate Home Service Plan Contracts | $27.0M | 6% |
