vs
Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Hillenbrand, Inc. (HI). Click either name above to swap in a different company.
Hillenbrand, Inc. is the larger business by last-quarter revenue ($550.2M vs $401.4M, roughly 1.4× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -0.4%, a 32.7% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -22.2%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-31.6M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -16.3%).
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.
Hillenbrand, Inc. is a global diversified industrial firm that designs, manufactures, and distributes specialized processing equipment and durable industrial solutions. It serves food & beverage, agriculture, manufacturing, waste management sectors, with operations across North America, Europe, and APAC.
AFRM vs HI — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $550.2M |
| Net Profit | $129.6M | $-2.2M |
| Gross Margin | — | 33.4% |
| Operating Margin | 29.3% | -2.2% |
| Net Margin | 32.3% | -0.4% |
| Revenue YoY | 32.5% | -22.2% |
| Net Profit YoY | 61.3% | -134.4% |
| EPS (diluted) | $0.37 | — |
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 | $550.2M | ||
| Q3 25 | $320.5M | $652.1M | ||
| Q2 25 | $306.6M | $598.9M | ||
| Q1 25 | $272.5M | $715.9M | ||
| Q4 24 | $303.0M | $706.9M | ||
| Q3 24 | $231.8M | $837.6M | ||
| Q2 24 | $224.0M | $786.6M | ||
| Q1 24 | $195.0M | $785.3M |
| Q4 25 | $129.6M | $-2.2M | ||
| Q3 25 | $80.7M | $75.7M | ||
| Q2 25 | $69.2M | $1.9M | ||
| Q1 25 | $2.8M | $-40.9M | ||
| Q4 24 | $80.4M | $6.4M | ||
| Q3 24 | $-100.2M | $14.6M | ||
| Q2 24 | $-45.1M | $-248.9M | ||
| Q1 24 | $-133.9M | $6.1M |
| Q4 25 | — | 33.4% | ||
| Q3 25 | — | 34.8% | ||
| Q2 25 | — | 33.8% | ||
| Q1 25 | — | 33.0% | ||
| Q4 24 | — | 33.2% | ||
| Q3 24 | — | 34.4% | ||
| Q2 24 | — | 33.9% | ||
| Q1 24 | — | 31.9% |
| Q4 25 | 29.3% | -2.2% | ||
| Q3 25 | 19.9% | — | ||
| Q2 25 | 18.9% | 1.8% | ||
| Q1 25 | -3.1% | -6.2% | ||
| Q4 24 | -1.4% | 2.2% | ||
| Q3 24 | -57.2% | — | ||
| Q2 24 | -32.8% | -32.7% | ||
| Q1 24 | -82.5% | 1.6% |
| Q4 25 | 32.3% | -0.4% | ||
| Q3 25 | 25.2% | 11.6% | ||
| Q2 25 | 22.6% | 0.3% | ||
| Q1 25 | 1.0% | -5.7% | ||
| Q4 24 | 26.5% | 0.9% | ||
| Q3 24 | -43.2% | 1.7% | ||
| Q2 24 | -20.2% | -31.6% | ||
| Q1 24 | -68.7% | 0.8% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $1.07 | ||
| Q2 25 | $0.22 | $0.03 | ||
| Q1 25 | $0.01 | $-0.58 | ||
| Q4 24 | $0.23 | $0.09 | ||
| Q3 24 | $-0.31 | $0.20 | ||
| Q2 24 | $-0.13 | $-3.53 | ||
| Q1 24 | $-0.43 | $0.09 |
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 | $173.1M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $1.4B |
| Total Assets | $13.0B | $4.5B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $173.1M | ||
| Q3 25 | $1.4B | $164.8M | ||
| Q2 25 | $1.4B | $162.8M | ||
| Q1 25 | $1.4B | $458.4M | ||
| Q4 24 | $1.2B | $208.0M | ||
| Q3 24 | $1.0B | $199.3M | ||
| Q2 24 | $1.0B | $223.8M | ||
| Q1 24 | $1.3B | $224.4M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $1.5B | ||
| Q2 25 | $7.6B | $1.7B | ||
| Q1 25 | $7.1B | $1.9B | ||
| Q4 24 | $7.3B | $1.9B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | $1.8B | $2.1B | ||
| Q1 24 | — | $2.1B |
| Q4 25 | $3.5B | $1.4B | ||
| Q3 25 | $3.3B | $1.4B | ||
| Q2 25 | $3.1B | $1.3B | ||
| Q1 25 | $2.9B | $1.3B | ||
| Q4 24 | $2.8B | $1.4B | ||
| Q3 24 | $2.8B | $1.4B | ||
| Q2 24 | $2.7B | $1.4B | ||
| Q1 24 | $2.6B | $1.7B |
| Q4 25 | $13.0B | $4.5B | ||
| Q3 25 | $11.5B | $4.5B | ||
| Q2 25 | $11.2B | $4.7B | ||
| Q1 25 | $10.4B | $4.8B | ||
| Q4 24 | $10.5B | $5.1B | ||
| Q3 24 | $10.1B | $5.2B | ||
| Q2 24 | $9.5B | $5.3B | ||
| Q1 24 | $9.2B | $5.6B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 1.10× | ||
| Q2 25 | 2.48× | 1.27× | ||
| Q1 25 | 2.49× | 1.44× | ||
| Q4 24 | 2.62× | 1.38× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | 0.67× | 1.48× | ||
| Q1 24 | — | 1.28× |
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 | $-27.4M |
| Free Cash FlowOCF − Capex | $118.0M | $-31.6M |
| FCF MarginFCF / Revenue | 29.4% | -5.7% |
| Capex IntensityCapex / Revenue | 13.9% | 0.8% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $7.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $-27.4M | ||
| Q3 25 | $374.6M | $67.7M | ||
| Q2 25 | $74.6M | $-1.5M | ||
| Q1 25 | $210.4M | $1.3M | ||
| Q4 24 | $312.0M | $-11.3M | ||
| Q3 24 | $196.9M | $166.5M | ||
| Q2 24 | $68.8M | $45.6M | ||
| Q1 24 | $208.2M | $3.2M |
| Q4 25 | $118.0M | $-31.6M | ||
| Q3 25 | $320.2M | $58.6M | ||
| Q2 25 | $23.5M | $-11.2M | ||
| Q1 25 | $157.4M | $-8.0M | ||
| Q4 24 | $268.1M | $-21.5M | ||
| Q3 24 | $152.7M | $153.4M | ||
| Q2 24 | $30.5M | $29.7M | ||
| Q1 24 | $161.7M | $-9.6M |
| Q4 25 | 29.4% | -5.7% | ||
| Q3 25 | 99.9% | 9.0% | ||
| Q2 25 | 7.7% | -1.9% | ||
| Q1 25 | 57.7% | -1.1% | ||
| Q4 24 | 88.5% | -3.0% | ||
| Q3 24 | 65.9% | 18.3% | ||
| Q2 24 | 13.6% | 3.8% | ||
| Q1 24 | 82.9% | -1.2% |
| Q4 25 | 13.9% | 0.8% | ||
| Q3 25 | 17.0% | 1.4% | ||
| Q2 25 | 16.7% | 1.6% | ||
| Q1 25 | 19.5% | 1.3% | ||
| Q4 24 | 14.5% | 1.4% | ||
| Q3 24 | 19.0% | 1.6% | ||
| Q2 24 | 17.1% | 2.0% | ||
| Q1 24 | 23.8% | 1.6% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 0.89× | ||
| Q2 25 | 1.08× | -0.79× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | -1.77× | ||
| Q3 24 | — | 11.40× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.52× |
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% |
HI
| Transferred At Point In Time | $256.5M | 47% |
| Transferred Over Time | $207.1M | 38% |
| Molding Technology Solutions | $86.6M | 16% |
