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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Hillman Solutions Corp. (HLMN). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $370.1M, roughly 1.1× Hillman Solutions Corp.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -1.3%, a 33.6% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 3.0%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-34.3M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -1.2%).
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.
Hillman Solutions is an American hardware manufacturing, distribution and consumer fabrication services company.
AFRM vs HLMN — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $370.1M |
| Net Profit | $129.6M | $-4.7M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 1.9% |
| Net Margin | 32.3% | -1.3% |
| Revenue YoY | 32.5% | 3.0% |
| Net Profit YoY | 61.3% | — |
| EPS (diluted) | $0.37 | $-0.02 |
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.
| Q1 26 | — | $370.1M | ||
| Q4 25 | $401.4M | $365.1M | ||
| Q3 25 | $320.5M | $424.9M | ||
| Q2 25 | $306.6M | $402.8M | ||
| Q1 25 | $272.5M | $359.3M | ||
| Q4 24 | $303.0M | $349.6M | ||
| Q3 24 | $231.8M | $393.3M | ||
| Q2 24 | $224.0M | $379.4M |
| Q1 26 | — | $-4.7M | ||
| Q4 25 | $129.6M | $1.6M | ||
| Q3 25 | $80.7M | $23.2M | ||
| Q2 25 | $69.2M | $15.8M | ||
| Q1 25 | $2.8M | $-317.0K | ||
| Q4 24 | $80.4M | $-1.2M | ||
| Q3 24 | $-100.2M | $7.4M | ||
| Q2 24 | $-45.1M | $12.5M |
| Q1 26 | — | 1.9% | ||
| Q4 25 | 29.3% | 4.6% | ||
| Q3 25 | 19.9% | 10.8% | ||
| Q2 25 | 18.9% | 9.0% | ||
| Q1 25 | -3.1% | 4.2% | ||
| Q4 24 | -1.4% | 4.0% | ||
| Q3 24 | -57.2% | 6.8% | ||
| Q2 24 | -32.8% | 8.3% |
| Q1 26 | — | -1.3% | ||
| Q4 25 | 32.3% | 0.4% | ||
| Q3 25 | 25.2% | 5.5% | ||
| Q2 25 | 22.6% | 3.9% | ||
| Q1 25 | 1.0% | -0.1% | ||
| Q4 24 | 26.5% | -0.3% | ||
| Q3 24 | -43.2% | 1.9% | ||
| Q2 24 | -20.2% | 3.3% |
| Q1 26 | — | $-0.02 | ||
| Q4 25 | $0.37 | $0.00 | ||
| Q3 25 | $0.23 | $0.12 | ||
| Q2 25 | $0.22 | $0.08 | ||
| Q1 25 | $0.01 | $0.00 | ||
| Q4 24 | $0.23 | $-0.00 | ||
| Q3 24 | $-0.31 | $0.04 | ||
| Q2 24 | $-0.13 | $0.06 |
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 | $27.7M |
| Total DebtLower is stronger | $9.0B | $714.1M |
| Stockholders' EquityBook value | $3.5B | $1.2B |
| Total Assets | $13.0B | $2.4B |
| Debt / EquityLower = less leverage | 2.54× | 0.59× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $27.7M | ||
| Q4 25 | $1.5B | $27.3M | ||
| Q3 25 | $1.4B | $37.7M | ||
| Q2 25 | $1.4B | $34.2M | ||
| Q1 25 | $1.4B | $36.3M | ||
| Q4 24 | $1.2B | $44.5M | ||
| Q3 24 | $1.0B | $59.8M | ||
| Q2 24 | $1.0B | $54.0M |
| Q1 26 | — | $714.1M | ||
| Q4 25 | $9.0B | $668.3M | ||
| Q3 25 | $7.7B | $683.2M | ||
| Q2 25 | $7.6B | $683.1M | ||
| Q1 25 | $7.1B | $713.5M | ||
| Q4 24 | $7.3B | $691.7M | ||
| Q3 24 | — | $730.7M | ||
| Q2 24 | $1.8B | $732.1M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $3.5B | $1.2B | ||
| Q3 25 | $3.3B | $1.2B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $2.9B | $1.2B | ||
| Q4 24 | $2.8B | $1.2B | ||
| Q3 24 | $2.8B | $1.2B | ||
| Q2 24 | $2.7B | $1.2B |
| Q1 26 | — | $2.4B | ||
| Q4 25 | $13.0B | $2.4B | ||
| Q3 25 | $11.5B | $2.4B | ||
| Q2 25 | $11.2B | $2.4B | ||
| Q1 25 | $10.4B | $2.3B | ||
| Q4 24 | $10.5B | $2.3B | ||
| Q3 24 | $10.1B | $2.4B | ||
| Q2 24 | $9.5B | $2.4B |
| Q1 26 | — | 0.59× | ||
| Q4 25 | 2.54× | 0.54× | ||
| Q3 25 | 2.35× | 0.56× | ||
| Q2 25 | 2.48× | 0.57× | ||
| Q1 25 | 2.49× | 0.60× | ||
| Q4 24 | 2.62× | 0.59× | ||
| Q3 24 | — | 0.62× | ||
| Q2 24 | 0.67× | 0.62× |
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 | — |
| Free Cash FlowOCF − Capex | $118.0M | $-34.3M |
| FCF MarginFCF / Revenue | 29.4% | -9.3% |
| Capex IntensityCapex / Revenue | 13.9% | 4.0% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $22.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $173.7M | $30.9M | ||
| Q3 25 | $374.6M | $26.2M | ||
| Q2 25 | $74.6M | $48.7M | ||
| Q1 25 | $210.4M | $-655.0K | ||
| Q4 24 | $312.0M | $43.1M | ||
| Q3 24 | $196.9M | $63.7M | ||
| Q2 24 | $68.8M | $64.8M |
| Q1 26 | — | $-34.3M | ||
| Q4 25 | $118.0M | $16.1M | ||
| Q3 25 | $320.2M | $9.1M | ||
| Q2 25 | $23.5M | $31.2M | ||
| Q1 25 | $157.4M | $-21.3M | ||
| Q4 24 | $268.1M | $22.1M | ||
| Q3 24 | $152.7M | $39.6M | ||
| Q2 24 | $30.5M | $42.5M |
| Q1 26 | — | -9.3% | ||
| Q4 25 | 29.4% | 4.4% | ||
| Q3 25 | 99.9% | 2.1% | ||
| Q2 25 | 7.7% | 7.7% | ||
| Q1 25 | 57.7% | -5.9% | ||
| Q4 24 | 88.5% | 6.3% | ||
| Q3 24 | 65.9% | 10.1% | ||
| Q2 24 | 13.6% | 11.2% |
| Q1 26 | — | 4.0% | ||
| Q4 25 | 13.9% | 4.0% | ||
| Q3 25 | 17.0% | 4.0% | ||
| Q2 25 | 16.7% | 4.3% | ||
| Q1 25 | 19.5% | 5.7% | ||
| Q4 24 | 14.5% | 6.0% | ||
| Q3 24 | 19.0% | 6.1% | ||
| Q2 24 | 17.1% | 5.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | 19.33× | ||
| Q3 25 | 4.64× | 1.13× | ||
| Q2 25 | 1.08× | 3.08× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 8.57× | ||
| Q2 24 | — | 5.17× |
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% |
HLMN
Segment breakdown not available.
