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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and MARINEMAX INC (HZO). Click either name above to swap in a different company.
MARINEMAX INC is the larger business by last-quarter revenue ($527.4M vs $401.4M, roughly 1.3× Affirm Holdings, Inc.). On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -16.5%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -16.6%).
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.
MarineMax Inc. is a leading recreational boat and yacht retailer primarily operating in the United States. It offers new and pre-owned leisure vessels, alongside related services including maintenance, repair, financing, insurance coverage, yacht chartering, and boating lifestyle events, catering to private boating enthusiasts across North America.
AFRM vs HZO — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $527.4M |
| Net Profit | $129.6M | — |
| Gross Margin | — | 34.4% |
| Operating Margin | 29.3% | 2.1% |
| Net Margin | 32.3% | — |
| Revenue YoY | 32.5% | -16.5% |
| Net Profit YoY | 61.3% | — |
| EPS (diluted) | $0.37 | $0.14 |
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 | — | $527.4M | ||
| Q4 25 | $401.4M | $505.2M | ||
| Q3 25 | $320.5M | $552.2M | ||
| Q2 25 | $306.6M | $657.2M | ||
| Q1 25 | $272.5M | $631.5M | ||
| Q4 24 | $303.0M | $468.5M | ||
| Q3 24 | $231.8M | $563.1M | ||
| Q2 24 | $224.0M | $757.7M |
| Q1 26 | — | — | ||
| Q4 25 | $129.6M | $-7.9M | ||
| Q3 25 | $80.7M | $-851.0K | ||
| Q2 25 | $69.2M | $-52.1M | ||
| Q1 25 | $2.8M | $3.3M | ||
| Q4 24 | $80.4M | $18.1M | ||
| Q3 24 | $-100.2M | $4.0M | ||
| Q2 24 | $-45.1M | $31.6M |
| Q1 26 | — | 34.4% | ||
| Q4 25 | — | 31.8% | ||
| Q3 25 | — | 34.7% | ||
| Q2 25 | — | 30.4% | ||
| Q1 25 | — | 30.0% | ||
| Q4 24 | — | 36.2% | ||
| Q3 24 | — | 34.3% | ||
| Q2 24 | — | 32.0% |
| Q1 26 | — | 2.1% | ||
| Q4 25 | 29.3% | 1.0% | ||
| Q3 25 | 19.9% | 2.5% | ||
| Q2 25 | 18.9% | -6.3% | ||
| Q1 25 | -3.1% | 3.6% | ||
| Q4 24 | -1.4% | 8.3% | ||
| Q3 24 | -57.2% | 4.8% | ||
| Q2 24 | -32.8% | 8.1% |
| Q1 26 | — | — | ||
| Q4 25 | 32.3% | -1.6% | ||
| Q3 25 | 25.2% | -0.2% | ||
| Q2 25 | 22.6% | -7.9% | ||
| Q1 25 | 1.0% | 0.5% | ||
| Q4 24 | 26.5% | 3.9% | ||
| Q3 24 | -43.2% | 0.7% | ||
| Q2 24 | -20.2% | 4.2% |
| Q1 26 | — | $0.14 | ||
| Q4 25 | $0.37 | $-0.36 | ||
| Q3 25 | $0.23 | $0.08 | ||
| Q2 25 | $0.22 | $-2.42 | ||
| Q1 25 | $0.01 | $0.14 | ||
| Q4 24 | $0.23 | $0.77 | ||
| Q3 24 | $-0.31 | $0.17 | ||
| Q2 24 | $-0.13 | $1.37 |
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 | $189.1M |
| Total DebtLower is stronger | $9.0B | $338.7M |
| Stockholders' EquityBook value | $3.5B | — |
| Total Assets | $13.0B | $2.4B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $189.1M | ||
| Q4 25 | $1.5B | $164.6M | ||
| Q3 25 | $1.4B | $170.4M | ||
| Q2 25 | $1.4B | $151.0M | ||
| Q1 25 | $1.4B | $203.5M | ||
| Q4 24 | $1.2B | $145.0M | ||
| Q3 24 | $1.0B | $224.3M | ||
| Q2 24 | $1.0B | $242.4M |
| Q1 26 | — | $338.7M | ||
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $393.2M | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | $391.2M | ||
| Q2 24 | $1.8B | — |
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $932.8M | ||
| Q3 25 | $3.3B | $937.2M | ||
| Q2 25 | $3.1B | $940.5M | ||
| Q1 25 | $2.9B | $993.4M | ||
| Q4 24 | $2.8B | $993.5M | ||
| Q3 24 | $2.8B | $975.8M | ||
| Q2 24 | $2.7B | $967.6M |
| Q1 26 | — | $2.4B | ||
| Q4 25 | $13.0B | $2.4B | ||
| Q3 25 | $11.5B | $2.5B | ||
| Q2 25 | $11.2B | $2.5B | ||
| Q1 25 | $10.4B | $2.7B | ||
| Q4 24 | $10.5B | $2.6B | ||
| Q3 24 | $10.1B | $2.6B | ||
| Q2 24 | $9.5B | $2.6B |
| Q1 26 | — | — | ||
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 0.42× | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | — | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | 0.67× | — |
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 | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $173.7M | $16.9M | ||
| Q3 25 | $374.6M | $61.5M | ||
| Q2 25 | $74.6M | $84.9M | ||
| Q1 25 | $210.4M | $72.5M | ||
| Q4 24 | $312.0M | $-146.1M | ||
| Q3 24 | $196.9M | $-782.0K | ||
| Q2 24 | $68.8M | $86.3M |
| Q1 26 | — | — | ||
| Q4 25 | $118.0M | $8.3M | ||
| Q3 25 | $320.2M | $48.0M | ||
| Q2 25 | $23.5M | $68.5M | ||
| Q1 25 | $157.4M | $59.8M | ||
| Q4 24 | $268.1M | $-164.4M | ||
| Q3 24 | $152.7M | $-17.5M | ||
| Q2 24 | $30.5M | $71.1M |
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | 1.7% | ||
| Q3 25 | 99.9% | 8.7% | ||
| Q2 25 | 7.7% | 10.4% | ||
| Q1 25 | 57.7% | 9.5% | ||
| Q4 24 | 88.5% | -35.1% | ||
| Q3 24 | 65.9% | -3.1% | ||
| Q2 24 | 13.6% | 9.4% |
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 1.7% | ||
| Q3 25 | 17.0% | 2.4% | ||
| Q2 25 | 16.7% | 2.5% | ||
| Q1 25 | 19.5% | 2.0% | ||
| Q4 24 | 14.5% | 3.9% | ||
| Q3 24 | 19.0% | 3.0% | ||
| Q2 24 | 17.1% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | 21.97× | ||
| Q4 24 | 3.88× | -8.09× | ||
| Q3 24 | — | -0.20× | ||
| Q2 24 | — | 2.74× |
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% |
HZO
| Retail Operations | $525.3M | 100% |
| Product Manufacturing | $23.7M | 4% |
