vs
Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Acushnet Holdings Corp. (GOLF). Click either name above to swap in a different company.
Acushnet Holdings Corp. is the larger business by last-quarter revenue ($477.2M vs $401.4M, roughly 1.2× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -7.3%, a 39.6% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 7.2%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-23.3M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -17.9%).
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.
The Acushnet Company is an American company focused on the golf market. The company operates a series of brands that manufacture golf equipment, clothing and accessories.
AFRM vs GOLF — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $477.2M |
| Net Profit | $129.6M | $-34.9M |
| Gross Margin | — | 44.1% |
| Operating Margin | 29.3% | -3.8% |
| Net Margin | 32.3% | -7.3% |
| Revenue YoY | 32.5% | 7.2% |
| Net Profit YoY | 61.3% | -3027.3% |
| EPS (diluted) | $0.37 | $-0.57 |
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 | $477.2M | ||
| Q3 25 | $320.5M | $657.7M | ||
| Q2 25 | $306.6M | $720.5M | ||
| Q1 25 | $272.5M | $703.4M | ||
| Q4 24 | $303.0M | $445.2M | ||
| Q3 24 | $231.8M | $620.5M | ||
| Q2 24 | $224.0M | $683.9M | ||
| Q1 24 | $195.0M | $707.6M |
| Q4 25 | $129.6M | $-34.9M | ||
| Q3 25 | $80.7M | $48.5M | ||
| Q2 25 | $69.2M | $75.6M | ||
| Q1 25 | $2.8M | $99.4M | ||
| Q4 24 | $80.4M | $-1.1M | ||
| Q3 24 | $-100.2M | $56.2M | ||
| Q2 24 | $-45.1M | $71.4M | ||
| Q1 24 | $-133.9M | $87.8M |
| Q4 25 | — | 44.1% | ||
| Q3 25 | — | 48.5% | ||
| Q2 25 | — | 49.2% | ||
| Q1 25 | — | 47.9% | ||
| Q4 24 | — | 22.6% | ||
| Q3 24 | — | 54.4% | ||
| Q2 24 | — | 54.4% | ||
| Q1 24 | — | 53.4% |
| Q4 25 | 29.3% | -3.8% | ||
| Q3 25 | 19.9% | 14.1% | ||
| Q2 25 | 18.9% | 15.2% | ||
| Q1 25 | -3.1% | 16.3% | ||
| Q4 24 | -1.4% | -1.2% | ||
| Q3 24 | -57.2% | 13.2% | ||
| Q2 24 | -32.8% | 15.5% | ||
| Q1 24 | -82.5% | 17.2% |
| Q4 25 | 32.3% | -7.3% | ||
| Q3 25 | 25.2% | 7.4% | ||
| Q2 25 | 22.6% | 10.5% | ||
| Q1 25 | 1.0% | 14.1% | ||
| Q4 24 | 26.5% | -0.3% | ||
| Q3 24 | -43.2% | 9.1% | ||
| Q2 24 | -20.2% | 10.4% | ||
| Q1 24 | -68.7% | 12.4% |
| Q4 25 | $0.37 | $-0.57 | ||
| Q3 25 | $0.23 | $0.81 | ||
| Q2 25 | $0.22 | $1.25 | ||
| Q1 25 | $0.01 | $1.62 | ||
| Q4 24 | $0.23 | $0.02 | ||
| Q3 24 | $-0.31 | $0.89 | ||
| Q2 24 | $-0.13 | $1.11 | ||
| Q1 24 | $-0.43 | $1.35 |
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 | — |
| Total DebtLower is stronger | $9.0B | $926.2M |
| Stockholders' EquityBook value | $3.5B | $783.6M |
| Total Assets | $13.0B | $2.3B |
| Debt / EquityLower = less leverage | 2.54× | 1.18× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $9.0B | $926.2M | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | $753.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $783.6M | ||
| Q3 25 | $3.3B | $852.3M | ||
| Q2 25 | $3.1B | $808.5M | ||
| Q1 25 | $2.9B | $780.3M | ||
| Q4 24 | $2.8B | $765.2M | ||
| Q3 24 | $2.8B | $863.9M | ||
| Q2 24 | $2.7B | $863.7M | ||
| Q1 24 | $2.6B | $883.7M |
| Q4 25 | $13.0B | $2.3B | ||
| Q3 25 | $11.5B | $2.4B | ||
| Q2 25 | $11.2B | $2.4B | ||
| Q1 25 | $10.4B | $2.4B | ||
| Q4 24 | $10.5B | $2.2B | ||
| Q3 24 | $10.1B | $2.3B | ||
| Q2 24 | $9.5B | $2.3B | ||
| Q1 24 | $9.2B | $2.4B |
| Q4 25 | 2.54× | 1.18× | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | 0.98× | ||
| 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 | $-338.0K |
| Free Cash FlowOCF − Capex | $118.0M | $-23.3M |
| FCF MarginFCF / Revenue | 29.4% | -4.9% |
| Capex IntensityCapex / Revenue | 13.9% | 4.8% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $120.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $-338.0K | ||
| Q3 25 | $374.6M | $163.1M | ||
| Q2 25 | $74.6M | $151.9M | ||
| Q1 25 | $210.4M | $-120.3M | ||
| Q4 24 | $312.0M | $-1.1M | ||
| Q3 24 | $196.9M | $144.1M | ||
| Q2 24 | $68.8M | $211.6M | ||
| Q1 24 | $208.2M | $-109.5M |
| Q4 25 | $118.0M | $-23.3M | ||
| Q3 25 | $320.2M | $136.9M | ||
| Q2 25 | $23.5M | $138.0M | ||
| Q1 25 | $157.4M | $-131.5M | ||
| Q4 24 | $268.1M | $-33.2M | ||
| Q3 24 | $152.7M | $123.7M | ||
| Q2 24 | $30.5M | $196.8M | ||
| Q1 24 | $161.7M | $-116.8M |
| Q4 25 | 29.4% | -4.9% | ||
| Q3 25 | 99.9% | 20.8% | ||
| Q2 25 | 7.7% | 19.2% | ||
| Q1 25 | 57.7% | -18.7% | ||
| Q4 24 | 88.5% | -7.5% | ||
| Q3 24 | 65.9% | 19.9% | ||
| Q2 24 | 13.6% | 28.8% | ||
| Q1 24 | 82.9% | -16.5% |
| Q4 25 | 13.9% | 4.8% | ||
| Q3 25 | 17.0% | 4.0% | ||
| Q2 25 | 16.7% | 1.9% | ||
| Q1 25 | 19.5% | 1.6% | ||
| Q4 24 | 14.5% | 7.2% | ||
| Q3 24 | 19.0% | 3.3% | ||
| Q2 24 | 17.1% | 2.2% | ||
| Q1 24 | 23.8% | 1.0% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 3.36× | ||
| Q2 25 | 1.08× | 2.01× | ||
| Q1 25 | 75.03× | -1.21× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.96× | ||
| Q1 24 | — | -1.25× |
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% |
GOLF
| Titleist Golf Equipment | $293.8M | 62% |
| Footjoy Golf Wear | $102.0M | 21% |
| Other | $45.3M | 9% |
| Golf Gear | $36.1M | 8% |
