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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Guardant Health, Inc. (GH). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $281.3M, roughly 1.4× Guardant Health, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -45.7%, a 78.0% gap on every dollar of revenue. On growth, Guardant Health, Inc. posted the faster year-over-year revenue change (39.4% vs 32.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-54.2M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 29.2%).
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.
Guardant Health, Inc. is an American biotechnology company based in Palo Alto, California. Co-founders Helmy Eltoukhy and AmirAli Talasaz serve as co-chief executive officers.
AFRM vs GH — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $281.3M |
| Net Profit | $129.6M | $-128.5M |
| Gross Margin | — | 64.6% |
| Operating Margin | 29.3% | -43.0% |
| Net Margin | 32.3% | -45.7% |
| Revenue YoY | 32.5% | 39.4% |
| Net Profit YoY | 61.3% | -15.8% |
| EPS (diluted) | $0.37 | $-1.01 |
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 | $281.3M | ||
| Q3 25 | $320.5M | $265.2M | ||
| Q2 25 | $306.6M | $232.1M | ||
| Q1 25 | $272.5M | $203.5M | ||
| Q4 24 | $303.0M | $201.8M | ||
| Q3 24 | $231.8M | $191.5M | ||
| Q2 24 | $224.0M | $177.2M | ||
| Q1 24 | $195.0M | $168.5M |
| Q4 25 | $129.6M | $-128.5M | ||
| Q3 25 | $80.7M | $-92.7M | ||
| Q2 25 | $69.2M | $-99.9M | ||
| Q1 25 | $2.8M | $-95.2M | ||
| Q4 24 | $80.4M | $-111.0M | ||
| Q3 24 | $-100.2M | $-107.8M | ||
| Q2 24 | $-45.1M | $-102.6M | ||
| Q1 24 | $-133.9M | $-115.0M |
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 64.7% | ||
| Q2 25 | — | 65.0% | ||
| Q1 25 | — | 63.3% | ||
| Q4 24 | — | 61.6% | ||
| Q3 24 | — | 61.1% | ||
| Q2 24 | — | 59.1% | ||
| Q1 24 | — | 61.2% |
| Q4 25 | 29.3% | -43.0% | ||
| Q3 25 | 19.9% | -37.3% | ||
| Q2 25 | 18.9% | -45.9% | ||
| Q1 25 | -3.1% | -54.6% | ||
| Q4 24 | -1.4% | -62.4% | ||
| Q3 24 | -57.2% | -61.3% | ||
| Q2 24 | -32.8% | -56.8% | ||
| Q1 24 | -82.5% | -59.2% |
| Q4 25 | 32.3% | -45.7% | ||
| Q3 25 | 25.2% | -35.0% | ||
| Q2 25 | 22.6% | -43.0% | ||
| Q1 25 | 1.0% | -46.8% | ||
| Q4 24 | 26.5% | -55.0% | ||
| Q3 24 | -43.2% | -56.3% | ||
| Q2 24 | -20.2% | -57.9% | ||
| Q1 24 | -68.7% | -68.2% |
| Q4 25 | $0.37 | $-1.01 | ||
| Q3 25 | $0.23 | $-0.74 | ||
| Q2 25 | $0.22 | $-0.80 | ||
| Q1 25 | $0.01 | $-0.77 | ||
| Q4 24 | $0.23 | $-0.90 | ||
| Q3 24 | $-0.31 | $-0.88 | ||
| Q2 24 | $-0.13 | $-0.84 | ||
| Q1 24 | $-0.43 | $-0.94 |
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 | $378.2M |
| Total DebtLower is stronger | $9.0B | $1.5B |
| Stockholders' EquityBook value | $3.5B | $-99.3M |
| Total Assets | $13.0B | $2.0B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $378.2M | ||
| Q3 25 | $1.4B | $580.0M | ||
| Q2 25 | $1.4B | $629.1M | ||
| Q1 25 | $1.4B | $698.6M | ||
| Q4 24 | $1.2B | $525.5M | ||
| Q3 24 | $1.0B | $585.0M | ||
| Q2 24 | $1.0B | $933.7M | ||
| Q1 24 | $1.3B | $1.0B |
| Q4 25 | $9.0B | $1.5B | ||
| Q3 25 | $7.7B | $1.1B | ||
| Q2 25 | $7.6B | $1.1B | ||
| Q1 25 | $7.1B | $1.1B | ||
| Q4 24 | $7.3B | $1.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $-99.3M | ||
| Q3 25 | $3.3B | $-354.5M | ||
| Q2 25 | $3.1B | $-305.5M | ||
| Q1 25 | $2.9B | $-250.8M | ||
| Q4 24 | $2.8B | $-139.6M | ||
| Q3 24 | $2.8B | $-60.1M | ||
| Q2 24 | $2.7B | $-1.6M | ||
| Q1 24 | $2.6B | $68.3M |
| Q4 25 | $13.0B | $2.0B | ||
| Q3 25 | $11.5B | $1.3B | ||
| Q2 25 | $11.2B | $1.3B | ||
| Q1 25 | $10.4B | $1.3B | ||
| Q4 24 | $10.5B | $1.5B | ||
| Q3 24 | $10.1B | $1.5B | ||
| Q2 24 | $9.5B | $1.6B | ||
| Q1 24 | $9.2B | $1.7B |
| 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 | $-26.4M |
| Free Cash FlowOCF − Capex | $118.0M | $-54.2M |
| FCF MarginFCF / Revenue | 29.4% | -19.3% |
| Capex IntensityCapex / Revenue | 13.9% | 9.9% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-233.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $-26.4M | ||
| Q3 25 | $374.6M | $-35.4M | ||
| Q2 25 | $74.6M | $-60.3M | ||
| Q1 25 | $210.4M | $-62.7M | ||
| Q4 24 | $312.0M | $-64.5M | ||
| Q3 24 | $196.9M | $-51.1M | ||
| Q2 24 | $68.8M | $-94.0M | ||
| Q1 24 | $208.2M | $-30.3M |
| Q4 25 | $118.0M | $-54.2M | ||
| Q3 25 | $320.2M | $-45.8M | ||
| Q2 25 | $23.5M | $-65.9M | ||
| Q1 25 | $157.4M | $-67.1M | ||
| Q4 24 | $268.1M | $-83.4M | ||
| Q3 24 | $152.7M | $-55.3M | ||
| Q2 24 | $30.5M | $-99.1M | ||
| Q1 24 | $161.7M | $-37.2M |
| Q4 25 | 29.4% | -19.3% | ||
| Q3 25 | 99.9% | -17.3% | ||
| Q2 25 | 7.7% | -28.4% | ||
| Q1 25 | 57.7% | -33.0% | ||
| Q4 24 | 88.5% | -41.3% | ||
| Q3 24 | 65.9% | -28.9% | ||
| Q2 24 | 13.6% | -55.9% | ||
| Q1 24 | 82.9% | -22.1% |
| Q4 25 | 13.9% | 9.9% | ||
| Q3 25 | 17.0% | 3.9% | ||
| Q2 25 | 16.7% | 2.4% | ||
| Q1 25 | 19.5% | 2.2% | ||
| Q4 24 | 14.5% | 9.4% | ||
| Q3 24 | 19.0% | 2.2% | ||
| Q2 24 | 17.1% | 2.9% | ||
| Q1 24 | 23.8% | 4.1% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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% |
GH
| Oncology | $189.9M | 68% |
| Biopharma Data | $54.0M | 19% |
| Screening | $35.1M | 12% |
| Licensing Other | $2.2M | 1% |
