vs
Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $208.9M, roughly 1.9× iRhythm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 2.7%, a 29.6% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 27.1%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $14.5M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 25.8%).
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.
iRhythm Holdings is a digital healthcare company focused on cardiac care, developing and commercializing wearable ambulatory heart monitoring devices paired with AI-powered analytical tools. It primarily serves healthcare providers and patients across the United States, helping to detect undiagnosed arrhythmias such as atrial fibrillation through convenient long-term heart rhythm tracking that delivers actionable clinical insights.
AFRM vs IRTC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $208.9M |
| Net Profit | $129.6M | $5.6M |
| Gross Margin | — | 70.9% |
| Operating Margin | 29.3% | 1.1% |
| Net Margin | 32.3% | 2.7% |
| Revenue YoY | 32.5% | 27.1% |
| Net Profit YoY | 61.3% | 518.5% |
| EPS (diluted) | $0.37 | $0.18 |
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 | $208.9M | ||
| Q3 25 | $320.5M | $192.9M | ||
| Q2 25 | $306.6M | $186.7M | ||
| Q1 25 | $272.5M | $158.7M | ||
| Q4 24 | $303.0M | $164.3M | ||
| Q3 24 | $231.8M | $147.5M | ||
| Q2 24 | $224.0M | $148.0M | ||
| Q1 24 | $195.0M | $131.9M |
| Q4 25 | $129.6M | $5.6M | ||
| Q3 25 | $80.7M | $-5.2M | ||
| Q2 25 | $69.2M | $-14.2M | ||
| Q1 25 | $2.8M | $-30.7M | ||
| Q4 24 | $80.4M | $-1.3M | ||
| Q3 24 | $-100.2M | $-46.2M | ||
| Q2 24 | $-45.1M | $-20.1M | ||
| Q1 24 | $-133.9M | $-45.7M |
| Q4 25 | — | 70.9% | ||
| Q3 25 | — | 71.1% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 68.8% | ||
| Q4 24 | — | 70.0% | ||
| Q3 24 | — | 68.8% | ||
| Q2 24 | — | 69.9% | ||
| Q1 24 | — | 66.3% |
| Q4 25 | 29.3% | 1.1% | ||
| Q3 25 | 19.9% | -4.4% | ||
| Q2 25 | 18.9% | -10.0% | ||
| Q1 25 | -3.1% | -20.5% | ||
| Q4 24 | -1.4% | -2.5% | ||
| Q3 24 | -57.2% | -34.1% | ||
| Q2 24 | -32.8% | -15.5% | ||
| Q1 24 | -82.5% | -28.9% |
| Q4 25 | 32.3% | 2.7% | ||
| Q3 25 | 25.2% | -2.7% | ||
| Q2 25 | 22.6% | -7.6% | ||
| Q1 25 | 1.0% | -19.3% | ||
| Q4 24 | 26.5% | -0.8% | ||
| Q3 24 | -43.2% | -31.3% | ||
| Q2 24 | -20.2% | -13.6% | ||
| Q1 24 | -68.7% | -34.6% |
| Q4 25 | $0.37 | $0.18 | ||
| Q3 25 | $0.23 | $-0.16 | ||
| Q2 25 | $0.22 | $-0.44 | ||
| Q1 25 | $0.01 | $-0.97 | ||
| Q4 24 | $0.23 | $-0.03 | ||
| Q3 24 | $-0.31 | $-1.48 | ||
| Q2 24 | $-0.13 | $-0.65 | ||
| Q1 24 | $-0.43 | $-1.47 |
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 | $583.8M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $152.7M |
| Total Assets | $13.0B | $1.0B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $583.8M | ||
| Q3 25 | $1.4B | $565.2M | ||
| Q2 25 | $1.4B | $545.5M | ||
| Q1 25 | $1.4B | $520.6M | ||
| Q4 24 | $1.2B | $535.6M | ||
| Q3 24 | $1.0B | $522.0M | ||
| Q2 24 | $1.0B | $561.5M | ||
| Q1 24 | $1.3B | $569.1M |
| 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 | $152.7M | ||
| Q3 25 | $3.3B | $121.9M | ||
| Q2 25 | $3.1B | $103.7M | ||
| Q1 25 | $2.9B | $86.7M | ||
| Q4 24 | $2.8B | $90.9M | ||
| Q3 24 | $2.8B | $71.8M | ||
| Q2 24 | $2.7B | $99.2M | ||
| Q1 24 | $2.6B | $90.3M |
| Q4 25 | $13.0B | $1.0B | ||
| Q3 25 | $11.5B | $995.2M | ||
| Q2 25 | $11.2B | $964.0M | ||
| Q1 25 | $10.4B | $926.1M | ||
| Q4 24 | $10.5B | $931.4M | ||
| Q3 24 | $10.1B | $909.7M | ||
| Q2 24 | $9.5B | $919.2M | ||
| Q1 24 | $9.2B | $909.8M |
| 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 | $26.2M |
| Free Cash FlowOCF − Capex | $118.0M | $14.5M |
| FCF MarginFCF / Revenue | 29.4% | 6.9% |
| Capex IntensityCapex / Revenue | 13.9% | 5.6% |
| Cash ConversionOCF / Net Profit | 1.34× | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $26.2M | ||
| Q3 25 | $374.6M | $34.9M | ||
| Q2 25 | $74.6M | $27.7M | ||
| Q1 25 | $210.4M | $-7.9M | ||
| Q4 24 | $312.0M | $19.2M | ||
| Q3 24 | $196.9M | $24.3M | ||
| Q2 24 | $68.8M | $11.8M | ||
| Q1 24 | $208.2M | $-52.0M |
| Q4 25 | $118.0M | $14.5M | ||
| Q3 25 | $320.2M | $20.1M | ||
| Q2 25 | $23.5M | $17.3M | ||
| Q1 25 | $157.4M | $-17.3M | ||
| Q4 24 | $268.1M | $12.4M | ||
| Q3 24 | $152.7M | $15.5M | ||
| Q2 24 | $30.5M | $3.4M | ||
| Q1 24 | $161.7M | $-61.8M |
| Q4 25 | 29.4% | 6.9% | ||
| Q3 25 | 99.9% | 10.4% | ||
| Q2 25 | 7.7% | 9.3% | ||
| Q1 25 | 57.7% | -10.9% | ||
| Q4 24 | 88.5% | 7.5% | ||
| Q3 24 | 65.9% | 10.5% | ||
| Q2 24 | 13.6% | 2.3% | ||
| Q1 24 | 82.9% | -46.8% |
| Q4 25 | 13.9% | 5.6% | ||
| Q3 25 | 17.0% | 7.7% | ||
| Q2 25 | 16.7% | 5.6% | ||
| Q1 25 | 19.5% | 5.9% | ||
| Q4 24 | 14.5% | 4.2% | ||
| Q3 24 | 19.0% | 6.0% | ||
| Q2 24 | 17.1% | 5.7% | ||
| Q1 24 | 23.8% | 7.4% |
| Q4 25 | 1.34× | 4.70× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
IRTC
| Commercial Payors | $111.7M | 53% |
| Centers For Medicare And Medicaid | $49.2M | 24% |
| Healthcare Institutions | $34.3M | 16% |
| Non Contracted Third Party Payors | $13.7M | 7% |
