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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and HUTCHMED (China) Ltd (HCM). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $270.8M, roughly 1.5× HUTCHMED (China) Ltd). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 0.7%, a 31.6% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -16.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $3.4M).
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.
HUTCHMED (China) LtdHCMEarnings & Financial Report
HUTCHMED (China) Ltd is a biopharmaceutical firm focused on discovering, developing and commercializing targeted and immunotherapies for oncology and immunological diseases. It operates across China and global markets, with multiple marketed oncology drugs and a robust pipeline of late-stage clinical candidates addressing unmet patient needs.
AFRM vs HCM — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $270.8M |
| Net Profit | $129.6M | $2.0M |
| Gross Margin | — | 37.7% |
| Operating Margin | 29.3% | -13.2% |
| Net Margin | 32.3% | 0.7% |
| Revenue YoY | 32.5% | -16.5% |
| Net Profit YoY | 61.3% | -83.6% |
| EPS (diluted) | $0.37 | $0.00 |
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 | $270.8M | ||
| Q3 25 | $320.5M | — | ||
| Q2 25 | $306.6M | $277.7M | ||
| Q1 25 | $272.5M | $324.5M | ||
| Q4 24 | $303.0M | — | ||
| Q3 24 | $231.8M | — | ||
| Q2 24 | $224.0M | $305.7M | ||
| Q1 24 | $195.0M | — |
| Q4 25 | $129.6M | $2.0M | ||
| Q3 25 | $80.7M | — | ||
| Q2 25 | $69.2M | $455.0M | ||
| Q1 25 | $2.8M | $11.9M | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | — | ||
| Q2 24 | $-45.1M | $25.8M | ||
| Q1 24 | $-133.9M | — |
| Q4 25 | — | 37.7% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 41.1% | ||
| Q1 24 | — | — |
| Q4 25 | 29.3% | -13.2% | ||
| Q3 25 | 19.9% | — | ||
| Q2 25 | 18.9% | -1.3% | ||
| Q1 25 | -3.1% | -5.0% | ||
| Q4 24 | -1.4% | — | ||
| Q3 24 | -57.2% | — | ||
| Q2 24 | -32.8% | -9.0% | ||
| Q1 24 | -82.5% | — |
| Q4 25 | 32.3% | 0.7% | ||
| Q3 25 | 25.2% | — | ||
| Q2 25 | 22.6% | 163.8% | ||
| Q1 25 | 1.0% | 3.7% | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | — | ||
| Q2 24 | -20.2% | 8.4% | ||
| Q1 24 | -68.7% | — |
| Q4 25 | $0.37 | $0.00 | ||
| Q3 25 | $0.23 | — | ||
| Q2 25 | $0.22 | $0.52 | ||
| Q1 25 | $0.01 | $0.01 | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $-0.31 | — | ||
| Q2 24 | $-0.13 | $0.03 | ||
| Q1 24 | $-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 | $1.4B |
| Total DebtLower is stronger | $9.0B | $93.2M |
| Stockholders' EquityBook value | $3.5B | $1.2B |
| Total Assets | $13.0B | $1.8B |
| Debt / EquityLower = less leverage | 2.54× | 0.08× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | $1.4B | ||
| Q1 25 | $1.4B | $836.1M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | $802.5M | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $9.0B | $93.2M | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | $93.4M | ||
| Q1 25 | $7.1B | $82.8M | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | $82.1M | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $1.2B | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $2.9B | $759.9M | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.7B | $740.1M | ||
| Q1 24 | $2.6B | — |
| Q4 25 | $13.0B | $1.8B | ||
| Q3 25 | $11.5B | — | ||
| Q2 25 | $11.2B | $1.8B | ||
| Q1 25 | $10.4B | $1.3B | ||
| Q4 24 | $10.5B | — | ||
| Q3 24 | $10.1B | — | ||
| Q2 24 | $9.5B | $1.3B | ||
| Q1 24 | $9.2B | — |
| Q4 25 | 2.54× | 0.08× | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | 0.08× | ||
| Q1 25 | 2.49× | 0.11× | ||
| Q4 24 | 2.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.67× | 0.11× | ||
| 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 | $8.2M |
| Free Cash FlowOCF − Capex | $118.0M | $3.4M |
| FCF MarginFCF / Revenue | 29.4% | 1.2% |
| Capex IntensityCapex / Revenue | 13.9% | 1.8% |
| Cash ConversionOCF / Net Profit | 1.34× | 4.21× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-96.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $8.2M | ||
| Q3 25 | $374.6M | — | ||
| Q2 25 | $74.6M | $-72.9M | ||
| Q1 25 | $210.4M | $40.3M | ||
| Q4 24 | $312.0M | — | ||
| Q3 24 | $196.9M | — | ||
| Q2 24 | $68.8M | $-39.8M | ||
| Q1 24 | $208.2M | — |
| Q4 25 | $118.0M | $3.4M | ||
| Q3 25 | $320.2M | — | ||
| Q2 25 | $23.5M | $-82.2M | ||
| Q1 25 | $157.4M | $32.5M | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | — | ||
| Q2 24 | $30.5M | $-49.9M | ||
| Q1 24 | $161.7M | — |
| Q4 25 | 29.4% | 1.2% | ||
| Q3 25 | 99.9% | — | ||
| Q2 25 | 7.7% | -29.6% | ||
| Q1 25 | 57.7% | 10.0% | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | — | ||
| Q2 24 | 13.6% | -16.3% | ||
| Q1 24 | 82.9% | — |
| Q4 25 | 13.9% | 1.8% | ||
| Q3 25 | 17.0% | — | ||
| Q2 25 | 16.7% | 3.3% | ||
| Q1 25 | 19.5% | 2.4% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 17.1% | 3.3% | ||
| Q1 24 | 23.8% | — |
| Q4 25 | 1.34× | 4.21× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | -0.16× | ||
| Q1 25 | 75.03× | 3.38× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.54× | ||
| 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% |
HCM
Segment breakdown not available.
