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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Installed Building Products, Inc. (IBP). Click either name above to swap in a different company.
Installed Building Products, Inc. is the larger business by last-quarter revenue ($747.5M vs $401.4M, roughly 1.9× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 10.2%, a 22.0% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -0.4%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $49.3M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 3.9%).
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.
Installed Building Products, Inc. is a leading US-based provider of professional installation services for building products. Core offerings include insulation, gutters, garage doors, fire protection systems and window treatments, serving residential new construction, repair & remodel, and commercial construction segments across most US regions.
AFRM vs IBP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $747.5M |
| Net Profit | $129.6M | $76.6M |
| Gross Margin | — | 35.0% |
| Operating Margin | 29.3% | 14.6% |
| Net Margin | 32.3% | 10.2% |
| Revenue YoY | 32.5% | -0.4% |
| Net Profit YoY | 61.3% | 14.5% |
| EPS (diluted) | $0.37 | $2.81 |
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 | $747.5M | ||
| Q3 25 | $320.5M | $778.2M | ||
| Q2 25 | $306.6M | $760.3M | ||
| Q1 25 | $272.5M | $684.8M | ||
| Q4 24 | $303.0M | $750.2M | ||
| Q3 24 | $231.8M | $760.6M | ||
| Q2 24 | $224.0M | $737.6M | ||
| Q1 24 | $195.0M | $692.9M |
| Q4 25 | $129.6M | $76.6M | ||
| Q3 25 | $80.7M | $74.4M | ||
| Q2 25 | $69.2M | $69.0M | ||
| Q1 25 | $2.8M | $45.4M | ||
| Q4 24 | $80.4M | $66.9M | ||
| Q3 24 | $-100.2M | $68.6M | ||
| Q2 24 | $-45.1M | $65.2M | ||
| Q1 24 | $-133.9M | $55.9M |
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 34.0% | ||
| Q2 25 | — | 34.2% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 33.6% | ||
| Q3 24 | — | 33.8% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 33.8% |
| Q4 25 | 29.3% | 14.6% | ||
| Q3 25 | 19.9% | 13.7% | ||
| Q2 25 | 18.9% | 13.3% | ||
| Q1 25 | -3.1% | 10.2% | ||
| Q4 24 | -1.4% | 13.1% | ||
| Q3 24 | -57.2% | 13.3% | ||
| Q2 24 | -32.8% | 12.9% | ||
| Q1 24 | -82.5% | 12.7% |
| Q4 25 | 32.3% | 10.2% | ||
| Q3 25 | 25.2% | 9.6% | ||
| Q2 25 | 22.6% | 9.1% | ||
| Q1 25 | 1.0% | 6.6% | ||
| Q4 24 | 26.5% | 8.9% | ||
| Q3 24 | -43.2% | 9.0% | ||
| Q2 24 | -20.2% | 8.8% | ||
| Q1 24 | -68.7% | 8.1% |
| Q4 25 | $0.37 | $2.81 | ||
| Q3 25 | $0.23 | $2.74 | ||
| Q2 25 | $0.22 | $2.52 | ||
| Q1 25 | $0.01 | $1.64 | ||
| Q4 24 | $0.23 | $2.39 | ||
| Q3 24 | $-0.31 | $2.44 | ||
| Q2 24 | $-0.13 | $2.30 | ||
| Q1 24 | $-0.43 | $1.97 |
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 | $321.9M |
| Total DebtLower is stronger | $9.0B | $886.6M |
| Stockholders' EquityBook value | $3.5B | $709.9M |
| Total Assets | $13.0B | $2.1B |
| Debt / EquityLower = less leverage | 2.54× | 1.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $321.9M | ||
| Q3 25 | $1.4B | $333.3M | ||
| Q2 25 | $1.4B | $305.2M | ||
| Q1 25 | $1.4B | $298.7M | ||
| Q4 24 | $1.2B | $327.6M | ||
| Q3 24 | $1.0B | $406.2M | ||
| Q2 24 | $1.0B | $380.3M | ||
| Q1 24 | $1.3B | $399.9M |
| Q4 25 | $9.0B | $886.6M | ||
| Q3 25 | $7.7B | $880.8M | ||
| Q2 25 | $7.6B | $876.1M | ||
| Q1 25 | $7.1B | $872.4M | ||
| Q4 24 | $7.3B | $874.8M | ||
| Q3 24 | — | $872.3M | ||
| Q2 24 | $1.8B | $875.8M | ||
| Q1 24 | — | $875.0M |
| Q4 25 | $3.5B | $709.9M | ||
| Q3 25 | $3.3B | $678.6M | ||
| Q2 25 | $3.1B | $664.5M | ||
| Q1 25 | $2.9B | $660.9M | ||
| Q4 24 | $2.8B | $705.3M | ||
| Q3 24 | $2.8B | $716.4M | ||
| Q2 24 | $2.7B | $685.3M | ||
| Q1 24 | $2.6B | $679.2M |
| Q4 25 | $13.0B | $2.1B | ||
| Q3 25 | $11.5B | $2.1B | ||
| Q2 25 | $11.2B | $2.0B | ||
| Q1 25 | $10.4B | $2.0B | ||
| Q4 24 | $10.5B | $2.1B | ||
| Q3 24 | $10.1B | $2.1B | ||
| Q2 24 | $9.5B | $2.0B | ||
| Q1 24 | $9.2B | $2.0B |
| Q4 25 | 2.54× | 1.25× | ||
| Q3 25 | 2.35× | 1.30× | ||
| Q2 25 | 2.48× | 1.32× | ||
| Q1 25 | 2.49× | 1.32× | ||
| Q4 24 | 2.62× | 1.24× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | 0.67× | 1.28× | ||
| Q1 24 | — | 1.29× |
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 | $64.9M |
| Free Cash FlowOCF − Capex | $118.0M | $49.3M |
| FCF MarginFCF / Revenue | 29.4% | 6.6% |
| Capex IntensityCapex / Revenue | 13.9% | 2.1% |
| Cash ConversionOCF / Net Profit | 1.34× | 0.85× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $300.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $64.9M | ||
| Q3 25 | $374.6M | $124.0M | ||
| Q2 25 | $74.6M | $90.4M | ||
| Q1 25 | $210.4M | $92.1M | ||
| Q4 24 | $312.0M | $74.8M | ||
| Q3 24 | $196.9M | $101.4M | ||
| Q2 24 | $68.8M | $79.0M | ||
| Q1 24 | $208.2M | $84.8M |
| Q4 25 | $118.0M | $49.3M | ||
| Q3 25 | $320.2M | $104.8M | ||
| Q2 25 | $23.5M | $74.8M | ||
| Q1 25 | $157.4M | $71.9M | ||
| Q4 24 | $268.1M | $52.9M | ||
| Q3 24 | $152.7M | $77.3M | ||
| Q2 24 | $30.5M | $58.2M | ||
| Q1 24 | $161.7M | $63.0M |
| Q4 25 | 29.4% | 6.6% | ||
| Q3 25 | 99.9% | 13.5% | ||
| Q2 25 | 7.7% | 9.8% | ||
| Q1 25 | 57.7% | 10.5% | ||
| Q4 24 | 88.5% | 7.1% | ||
| Q3 24 | 65.9% | 10.2% | ||
| Q2 24 | 13.6% | 7.9% | ||
| Q1 24 | 82.9% | 9.1% |
| Q4 25 | 13.9% | 2.1% | ||
| Q3 25 | 17.0% | 2.5% | ||
| Q2 25 | 16.7% | 2.1% | ||
| Q1 25 | 19.5% | 2.9% | ||
| Q4 24 | 14.5% | 2.9% | ||
| Q3 24 | 19.0% | 3.2% | ||
| Q2 24 | 17.1% | 2.8% | ||
| Q1 24 | 23.8% | 3.1% |
| Q4 25 | 1.34× | 0.85× | ||
| Q3 25 | 4.64× | 1.67× | ||
| Q2 25 | 1.08× | 1.31× | ||
| Q1 25 | 75.03× | 2.03× | ||
| Q4 24 | 3.88× | 1.12× | ||
| Q3 24 | — | 1.48× | ||
| Q2 24 | — | 1.21× | ||
| Q1 24 | — | 1.52× |
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% |
IBP
| Residential New Construction | $488.6M | 65% |
| Other Customer Installation | $67.8M | 9% |
| Shower Doors Shelving And Mirrors | $53.5M | 7% |
| Other Building Products | $47.7M | 6% |
| Fireproofing And Firestopping | $37.6M | 5% |
| Rain Gutters | $31.3M | 4% |
| Window Blinds | $18.0M | 2% |
| Related Party | $6.7M | 1% |
