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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and GRACO INC (GGG). Click either name above to swap in a different company.
GRACO INC is the larger business by last-quarter revenue ($593.2M vs $401.4M, roughly 1.5× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 22.3%, a 9.9% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 8.1%). GRACO INC produced more free cash flow last quarter ($184.3M vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 9.8%).
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.
Graco Inc. is an American industrial company that specializes in the development and manufacturing of fluid-handling systems and products. The company is headquartered in Minneapolis, Minnesota, and markets its products to customers worldwide.
AFRM vs GGG — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $593.2M |
| Net Profit | $129.6M | $132.5M |
| Gross Margin | — | 51.7% |
| Operating Margin | 29.3% | 26.7% |
| Net Margin | 32.3% | 22.3% |
| Revenue YoY | 32.5% | 8.1% |
| Net Profit YoY | 61.3% | 21.9% |
| EPS (diluted) | $0.37 | $0.78 |
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 | $593.2M | ||
| Q3 25 | $320.5M | $543.4M | ||
| Q2 25 | $306.6M | $571.8M | ||
| Q1 25 | $272.5M | $528.3M | ||
| Q4 24 | $303.0M | $548.7M | ||
| Q3 24 | $231.8M | $519.2M | ||
| Q2 24 | $224.0M | $553.2M | ||
| Q1 24 | $195.0M | $492.2M |
| Q4 25 | $129.6M | $132.5M | ||
| Q3 25 | $80.7M | $137.6M | ||
| Q2 25 | $69.2M | $127.6M | ||
| Q1 25 | $2.8M | $124.1M | ||
| Q4 24 | $80.4M | $108.7M | ||
| Q3 24 | $-100.2M | $122.2M | ||
| Q2 24 | $-45.1M | $133.0M | ||
| Q1 24 | $-133.9M | $122.2M |
| Q4 25 | — | 51.7% | ||
| Q3 25 | — | 53.2% | ||
| Q2 25 | — | 52.4% | ||
| Q1 25 | — | 52.6% | ||
| Q4 24 | — | 50.9% | ||
| Q3 24 | — | 53.2% | ||
| Q2 24 | — | 54.4% | ||
| Q1 24 | — | 54.1% |
| Q4 25 | 29.3% | 26.7% | ||
| Q3 25 | 19.9% | 30.3% | ||
| Q2 25 | 18.9% | 27.5% | ||
| Q1 25 | -3.1% | 27.3% | ||
| Q4 24 | -1.4% | 23.7% | ||
| Q3 24 | -57.2% | 28.1% | ||
| Q2 24 | -32.8% | 29.2% | ||
| Q1 24 | -82.5% | 27.0% |
| Q4 25 | 32.3% | 22.3% | ||
| Q3 25 | 25.2% | 25.3% | ||
| Q2 25 | 22.6% | 22.3% | ||
| Q1 25 | 1.0% | 23.5% | ||
| Q4 24 | 26.5% | 19.8% | ||
| Q3 24 | -43.2% | 23.5% | ||
| Q2 24 | -20.2% | 24.0% | ||
| Q1 24 | -68.7% | 24.8% |
| Q4 25 | $0.37 | $0.78 | ||
| Q3 25 | $0.23 | $0.82 | ||
| Q2 25 | $0.22 | $0.76 | ||
| Q1 25 | $0.01 | $0.72 | ||
| Q4 24 | $0.23 | $0.63 | ||
| Q3 24 | $-0.31 | $0.71 | ||
| Q2 24 | $-0.13 | $0.77 | ||
| Q1 24 | $-0.43 | $0.71 |
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 | $624.1M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $2.7B |
| Total Assets | $13.0B | $3.3B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $624.1M | ||
| Q3 25 | $1.4B | $618.7M | ||
| Q2 25 | $1.4B | $534.9M | ||
| Q1 25 | $1.4B | $536.1M | ||
| Q4 24 | $1.2B | $675.3M | ||
| Q3 24 | $1.0B | $764.5M | ||
| Q2 24 | $1.0B | $666.0M | ||
| Q1 24 | $1.3B | $622.7M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $2.7B | ||
| Q3 25 | $3.3B | $2.6B | ||
| Q2 25 | $3.1B | $2.5B | ||
| Q1 25 | $2.9B | $2.5B | ||
| Q4 24 | $2.8B | $2.6B | ||
| Q3 24 | $2.8B | $2.5B | ||
| Q2 24 | $2.7B | $2.4B | ||
| Q1 24 | $2.6B | $2.3B |
| Q4 25 | $13.0B | $3.3B | ||
| Q3 25 | $11.5B | $3.2B | ||
| Q2 25 | $11.2B | $3.0B | ||
| Q1 25 | $10.4B | $3.0B | ||
| Q4 24 | $10.5B | $3.1B | ||
| Q3 24 | $10.1B | $3.0B | ||
| Q2 24 | $9.5B | $2.9B | ||
| Q1 24 | $9.2B | $2.8B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.67× | — | ||
| Q1 24 | — | — |
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 | $196.3M |
| Free Cash FlowOCF − Capex | $118.0M | $184.3M |
| FCF MarginFCF / Revenue | 29.4% | 31.1% |
| Capex IntensityCapex / Revenue | 13.9% | 2.0% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $637.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $196.3M | ||
| Q3 25 | $374.6M | $179.2M | ||
| Q2 25 | $74.6M | $182.7M | ||
| Q1 25 | $210.4M | $125.4M | ||
| Q4 24 | $312.0M | $185.2M | ||
| Q3 24 | $196.9M | $178.6M | ||
| Q2 24 | $68.8M | $139.0M | ||
| Q1 24 | $208.2M | $118.9M |
| Q4 25 | $118.0M | $184.3M | ||
| Q3 25 | $320.2M | $175.7M | ||
| Q2 25 | $23.5M | $163.1M | ||
| Q1 25 | $157.4M | $114.8M | ||
| Q4 24 | $268.1M | $171.3M | ||
| Q3 24 | $152.7M | $159.2M | ||
| Q2 24 | $30.5M | $102.7M | ||
| Q1 24 | $161.7M | $81.7M |
| Q4 25 | 29.4% | 31.1% | ||
| Q3 25 | 99.9% | 32.3% | ||
| Q2 25 | 7.7% | 28.5% | ||
| Q1 25 | 57.7% | 21.7% | ||
| Q4 24 | 88.5% | 31.2% | ||
| Q3 24 | 65.9% | 30.7% | ||
| Q2 24 | 13.6% | 18.6% | ||
| Q1 24 | 82.9% | 16.6% |
| Q4 25 | 13.9% | 2.0% | ||
| Q3 25 | 17.0% | 0.6% | ||
| Q2 25 | 16.7% | 3.4% | ||
| Q1 25 | 19.5% | 2.0% | ||
| Q4 24 | 14.5% | 2.5% | ||
| Q3 24 | 19.0% | 3.7% | ||
| Q2 24 | 17.1% | 6.6% | ||
| Q1 24 | 23.8% | 7.6% |
| Q4 25 | 1.34× | 1.48× | ||
| Q3 25 | 4.64× | 1.30× | ||
| Q2 25 | 1.08× | 1.43× | ||
| Q1 25 | 75.03× | 1.01× | ||
| Q4 24 | 3.88× | 1.70× | ||
| Q3 24 | — | 1.46× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 0.97× |
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% |
GGG
| Industrial | $284.3M | 48% |
| Contractor | $265.5M | 45% |
| Other | $43.4M | 7% |
