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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Hims & Hers Health, Inc. (HIMS). Click either name above to swap in a different company.
Hims & Hers Health, Inc. is the larger business by last-quarter revenue ($617.8M vs $401.4M, roughly 1.5× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 3.3%, a 28.9% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 28.4%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-2.5M). Over the past eight quarters, Hims & Hers Health, Inc.'s revenue compounded faster (49.0% CAGR vs 43.5%).
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.
Hims & Hers Health, Inc. is an American telehealth company established in 2017. The company provides prescription medications, over-the-counter medications, and personal care products.
AFRM vs HIMS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $617.8M |
| Net Profit | $129.6M | $20.6M |
| Gross Margin | — | 71.9% |
| Operating Margin | 29.3% | 1.5% |
| Net Margin | 32.3% | 3.3% |
| Revenue YoY | 32.5% | 28.4% |
| Net Profit YoY | 61.3% | -20.8% |
| EPS (diluted) | $0.37 | $0.08 |
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 | $617.8M | ||
| Q3 25 | $320.5M | $599.0M | ||
| Q2 25 | $306.6M | $544.8M | ||
| Q1 25 | $272.5M | $586.0M | ||
| Q4 24 | $303.0M | $481.1M | ||
| Q3 24 | $231.8M | $401.6M | ||
| Q2 24 | $224.0M | $315.6M | ||
| Q1 24 | $195.0M | $278.2M |
| Q4 25 | $129.6M | $20.6M | ||
| Q3 25 | $80.7M | $15.8M | ||
| Q2 25 | $69.2M | $42.5M | ||
| Q1 25 | $2.8M | $49.5M | ||
| Q4 24 | $80.4M | $26.0M | ||
| Q3 24 | $-100.2M | $75.6M | ||
| Q2 24 | $-45.1M | $13.3M | ||
| Q1 24 | $-133.9M | $11.1M |
| Q4 25 | — | 71.9% | ||
| Q3 25 | — | 73.8% | ||
| Q2 25 | — | 76.4% | ||
| Q1 25 | — | 73.5% | ||
| Q4 24 | — | 76.8% | ||
| Q3 24 | — | 79.2% | ||
| Q2 24 | — | 81.3% | ||
| Q1 24 | — | 82.4% |
| Q4 25 | 29.3% | 1.5% | ||
| Q3 25 | 19.9% | 2.0% | ||
| Q2 25 | 18.9% | 4.9% | ||
| Q1 25 | -3.1% | 9.9% | ||
| Q4 24 | -1.4% | 3.9% | ||
| Q3 24 | -57.2% | 5.6% | ||
| Q2 24 | -32.8% | 3.5% | ||
| Q1 24 | -82.5% | 3.6% |
| Q4 25 | 32.3% | 3.3% | ||
| Q3 25 | 25.2% | 2.6% | ||
| Q2 25 | 22.6% | 7.8% | ||
| Q1 25 | 1.0% | 8.4% | ||
| Q4 24 | 26.5% | 5.4% | ||
| Q3 24 | -43.2% | 18.8% | ||
| Q2 24 | -20.2% | 4.2% | ||
| Q1 24 | -68.7% | 4.0% |
| Q4 25 | $0.37 | $0.08 | ||
| Q3 25 | $0.23 | $0.06 | ||
| Q2 25 | $0.22 | $0.17 | ||
| Q1 25 | $0.01 | $0.20 | ||
| Q4 24 | $0.23 | $0.10 | ||
| Q3 24 | $-0.31 | $0.32 | ||
| Q2 24 | $-0.13 | $0.06 | ||
| Q1 24 | $-0.43 | $0.05 |
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 | $228.6M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $540.9M |
| Total Assets | $13.0B | $2.2B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $228.6M | ||
| Q3 25 | $1.4B | $345.8M | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $1.4B | $273.7M | ||
| Q4 24 | $1.2B | $220.6M | ||
| Q3 24 | $1.0B | $165.5M | ||
| Q2 24 | $1.0B | $129.3M | ||
| Q1 24 | $1.3B | $105.2M |
| 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 | $540.9M | ||
| Q3 25 | $3.3B | $581.0M | ||
| Q2 25 | $3.1B | $562.7M | ||
| Q1 25 | $2.9B | $549.3M | ||
| Q4 24 | $2.8B | $476.7M | ||
| Q3 24 | $2.8B | $440.1M | ||
| Q2 24 | $2.7B | $362.0M | ||
| Q1 24 | $2.6B | $344.5M |
| Q4 25 | $13.0B | $2.2B | ||
| Q3 25 | $11.5B | $2.2B | ||
| Q2 25 | $11.2B | $1.9B | ||
| Q1 25 | $10.4B | $891.7M | ||
| Q4 24 | $10.5B | $707.5M | ||
| Q3 24 | $10.1B | $602.3M | ||
| Q2 24 | $9.5B | $480.5M | ||
| Q1 24 | $9.2B | $448.1M |
| 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 | $61.3M |
| Free Cash FlowOCF − Capex | $118.0M | $-2.5M |
| FCF MarginFCF / Revenue | 29.4% | -0.4% |
| Capex IntensityCapex / Revenue | 13.9% | 10.3% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.98× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $57.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $61.3M | ||
| Q3 25 | $374.6M | $148.7M | ||
| Q2 25 | $74.6M | $-19.1M | ||
| Q1 25 | $210.4M | $109.1M | ||
| Q4 24 | $312.0M | $86.4M | ||
| Q3 24 | $196.9M | $85.3M | ||
| Q2 24 | $68.8M | $53.6M | ||
| Q1 24 | $208.2M | $25.8M |
| Q4 25 | $118.0M | $-2.5M | ||
| Q3 25 | $320.2M | $79.3M | ||
| Q2 25 | $23.5M | $-69.5M | ||
| Q1 25 | $157.4M | $50.1M | ||
| Q4 24 | $268.1M | $59.5M | ||
| Q3 24 | $152.7M | $79.4M | ||
| Q2 24 | $30.5M | $47.6M | ||
| Q1 24 | $161.7M | $11.8M |
| Q4 25 | 29.4% | -0.4% | ||
| Q3 25 | 99.9% | 13.2% | ||
| Q2 25 | 7.7% | -12.8% | ||
| Q1 25 | 57.7% | 8.5% | ||
| Q4 24 | 88.5% | 12.4% | ||
| Q3 24 | 65.9% | 19.8% | ||
| Q2 24 | 13.6% | 15.1% | ||
| Q1 24 | 82.9% | 4.3% |
| Q4 25 | 13.9% | 10.3% | ||
| Q3 25 | 17.0% | 11.6% | ||
| Q2 25 | 16.7% | 9.3% | ||
| Q1 25 | 19.5% | 10.1% | ||
| Q4 24 | 14.5% | 5.6% | ||
| Q3 24 | 19.0% | 1.5% | ||
| Q2 24 | 17.1% | 1.9% | ||
| Q1 24 | 23.8% | 5.0% |
| Q4 25 | 1.34× | 2.98× | ||
| Q3 25 | 4.64× | 9.43× | ||
| Q2 25 | 1.08× | -0.45× | ||
| Q1 25 | 75.03× | 2.20× | ||
| Q4 24 | 3.88× | 3.32× | ||
| Q3 24 | — | 1.13× | ||
| Q2 24 | — | 4.03× | ||
| Q1 24 | — | 2.32× |
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% |
HIMS
Segment breakdown not available.
