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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $274.5M, roughly 1.5× IPG PHOTONICS CORP). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 4.8%, a 27.4% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 17.1%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $10.9M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 4.4%).
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.
IPG Photonics Corporation is a manufacturer of fiber lasers. IPG Photonics developed and commercialized optical fiber lasers, which are used in a variety of applications including materials processing, medical applications and telecommunications. IPG has manufacturing facilities in the United States, Germany, Russia and Italy.
AFRM vs IPGP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $274.5M |
| Net Profit | $129.6M | $13.3M |
| Gross Margin | — | 36.1% |
| Operating Margin | 29.3% | 1.2% |
| Net Margin | 32.3% | 4.8% |
| Revenue YoY | 32.5% | 17.1% |
| Net Profit YoY | 61.3% | 69.8% |
| EPS (diluted) | $0.37 | $0.30 |
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 | $274.5M | ||
| Q3 25 | $320.5M | $250.8M | ||
| Q2 25 | $306.6M | $250.7M | ||
| Q1 25 | $272.5M | $227.8M | ||
| Q4 24 | $303.0M | $234.3M | ||
| Q3 24 | $231.8M | $233.1M | ||
| Q2 24 | $224.0M | $257.6M | ||
| Q1 24 | $195.0M | $252.0M |
| Q4 25 | $129.6M | $13.3M | ||
| Q3 25 | $80.7M | $7.5M | ||
| Q2 25 | $69.2M | $6.6M | ||
| Q1 25 | $2.8M | $3.8M | ||
| Q4 24 | $80.4M | $7.8M | ||
| Q3 24 | $-100.2M | $-233.6M | ||
| Q2 24 | $-45.1M | $20.2M | ||
| Q1 24 | $-133.9M | $24.1M |
| Q4 25 | — | 36.1% | ||
| Q3 25 | — | 39.5% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.6% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 37.3% | ||
| Q1 24 | — | 38.7% |
| Q4 25 | 29.3% | 1.2% | ||
| Q3 25 | 19.9% | 3.1% | ||
| Q2 25 | 18.9% | 0.0% | ||
| Q1 25 | -3.1% | 0.8% | ||
| Q4 24 | -1.4% | 6.0% | ||
| Q3 24 | -57.2% | -108.7% | ||
| Q2 24 | -32.8% | 4.7% | ||
| Q1 24 | -82.5% | 7.6% |
| Q4 25 | 32.3% | 4.8% | ||
| Q3 25 | 25.2% | 3.0% | ||
| Q2 25 | 22.6% | 2.6% | ||
| Q1 25 | 1.0% | 1.6% | ||
| Q4 24 | 26.5% | 3.3% | ||
| Q3 24 | -43.2% | -100.2% | ||
| Q2 24 | -20.2% | 7.8% | ||
| Q1 24 | -68.7% | 9.6% |
| Q4 25 | $0.37 | $0.30 | ||
| Q3 25 | $0.23 | $0.18 | ||
| Q2 25 | $0.22 | $0.16 | ||
| Q1 25 | $0.01 | $0.09 | ||
| Q4 24 | $0.23 | $0.27 | ||
| Q3 24 | $-0.31 | $-5.33 | ||
| Q2 24 | $-0.13 | $0.45 | ||
| Q1 24 | $-0.43 | $0.52 |
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 | $839.3M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $2.1B |
| Total Assets | $13.0B | $2.4B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $839.3M | ||
| Q3 25 | $1.4B | $870.4M | ||
| Q2 25 | $1.4B | $899.6M | ||
| Q1 25 | $1.4B | $926.9M | ||
| Q4 24 | $1.2B | $930.2M | ||
| Q3 24 | $1.0B | $1.0B | ||
| Q2 24 | $1.0B | $1.1B | ||
| Q1 24 | $1.3B | $1.1B |
| 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 | $2.1B | ||
| Q3 25 | $3.3B | $2.1B | ||
| Q2 25 | $3.1B | $2.1B | ||
| Q1 25 | $2.9B | $2.1B | ||
| Q4 24 | $2.8B | $2.0B | ||
| Q3 24 | $2.8B | $2.1B | ||
| Q2 24 | $2.7B | $2.3B | ||
| Q1 24 | $2.6B | $2.3B |
| 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 | $2.5B | ||
| Q1 24 | $9.2B | $2.6B |
| 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 | $28.8M |
| Free Cash FlowOCF − Capex | $118.0M | $10.9M |
| FCF MarginFCF / Revenue | 29.4% | 4.0% |
| Capex IntensityCapex / Revenue | 13.9% | 6.5% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $28.8M | ||
| Q3 25 | $374.6M | $35.3M | ||
| Q2 25 | $74.6M | $-2.2M | ||
| Q1 25 | $210.4M | $13.4M | ||
| Q4 24 | $312.0M | $73.8M | ||
| Q3 24 | $196.9M | $66.1M | ||
| Q2 24 | $68.8M | $53.5M | ||
| Q1 24 | $208.2M | $54.6M |
| Q4 25 | $118.0M | $10.9M | ||
| Q3 25 | $320.2M | $14.6M | ||
| Q2 25 | $23.5M | $-17.6M | ||
| Q1 25 | $157.4M | $-11.4M | ||
| Q4 24 | $268.1M | $50.6M | ||
| Q3 24 | $152.7M | $43.0M | ||
| Q2 24 | $30.5M | $29.2M | ||
| Q1 24 | $161.7M | $26.5M |
| Q4 25 | 29.4% | 4.0% | ||
| Q3 25 | 99.9% | 5.8% | ||
| Q2 25 | 7.7% | -7.0% | ||
| Q1 25 | 57.7% | -5.0% | ||
| Q4 24 | 88.5% | 21.6% | ||
| Q3 24 | 65.9% | 18.4% | ||
| Q2 24 | 13.6% | 11.3% | ||
| Q1 24 | 82.9% | 10.5% |
| Q4 25 | 13.9% | 6.5% | ||
| Q3 25 | 17.0% | 8.3% | ||
| Q2 25 | 16.7% | 6.1% | ||
| Q1 25 | 19.5% | 10.9% | ||
| Q4 24 | 14.5% | 9.9% | ||
| Q3 24 | 19.0% | 9.9% | ||
| Q2 24 | 17.1% | 9.4% | ||
| Q1 24 | 23.8% | 11.1% |
| Q4 25 | 1.34× | 2.17× | ||
| Q3 25 | 4.64× | 4.73× | ||
| Q2 25 | 1.08× | -0.34× | ||
| Q1 25 | 75.03× | 3.58× | ||
| Q4 24 | 3.88× | 9.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.65× | ||
| Q1 24 | — | 2.27× |
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% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
