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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and KENNAMETAL INC (KMT). Click either name above to swap in a different company.
KENNAMETAL INC is the larger business by last-quarter revenue ($529.5M vs $401.4M, roughly 1.3× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 6.4%, a 25.9% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 9.8%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $42.4M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 1.3%).
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.
Kennametal, Inc. is a manufacturer of high-performance cutting tools and engineered components used in the aerospace, defense, transportation and oil and gas drilling industries. Its customer base is global.
AFRM vs KMT — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $529.5M |
| Net Profit | $129.6M | $33.9M |
| Gross Margin | — | 32.8% |
| Operating Margin | 29.3% | 9.9% |
| Net Margin | 32.3% | 6.4% |
| Revenue YoY | 32.5% | 9.8% |
| Net Profit YoY | 61.3% | 89.0% |
| EPS (diluted) | $0.37 | $0.44 |
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 | $529.5M | ||
| Q3 25 | $320.5M | $498.0M | ||
| Q2 25 | $306.6M | $516.4M | ||
| Q1 25 | $272.5M | $486.4M | ||
| Q4 24 | $303.0M | $482.1M | ||
| Q3 24 | $231.8M | $481.9M | ||
| Q2 24 | $224.0M | $543.3M | ||
| Q1 24 | $195.0M | $515.8M |
| Q4 25 | $129.6M | $33.9M | ||
| Q3 25 | $80.7M | $23.3M | ||
| Q2 25 | $69.2M | $21.6M | ||
| Q1 25 | $2.8M | $31.5M | ||
| Q4 24 | $80.4M | $17.9M | ||
| Q3 24 | $-100.2M | $22.1M | ||
| Q2 24 | $-45.1M | $37.2M | ||
| Q1 24 | $-133.9M | $19.0M |
| Q4 25 | — | 32.8% | ||
| Q3 25 | — | 31.0% | ||
| Q2 25 | — | 28.2% | ||
| Q1 25 | — | 32.1% | ||
| Q4 24 | — | 30.1% | ||
| Q3 24 | — | 31.3% | ||
| Q2 24 | — | 31.5% | ||
| Q1 24 | — | 29.7% |
| Q4 25 | 29.3% | 9.9% | ||
| Q3 25 | 19.9% | 7.5% | ||
| Q2 25 | 18.9% | 6.1% | ||
| Q1 25 | -3.1% | 9.1% | ||
| Q4 24 | -1.4% | 6.6% | ||
| Q3 24 | -57.2% | 7.5% | ||
| Q2 24 | -32.8% | 11.3% | ||
| Q1 24 | -82.5% | 6.8% |
| Q4 25 | 32.3% | 6.4% | ||
| Q3 25 | 25.2% | 4.7% | ||
| Q2 25 | 22.6% | 4.2% | ||
| Q1 25 | 1.0% | 6.5% | ||
| Q4 24 | 26.5% | 3.7% | ||
| Q3 24 | -43.2% | 4.6% | ||
| Q2 24 | -20.2% | 6.8% | ||
| Q1 24 | -68.7% | 3.7% |
| Q4 25 | $0.37 | $0.44 | ||
| Q3 25 | $0.23 | $0.30 | ||
| Q2 25 | $0.22 | $0.28 | ||
| Q1 25 | $0.01 | $0.41 | ||
| Q4 24 | $0.23 | $0.23 | ||
| Q3 24 | $-0.31 | $0.28 | ||
| Q2 24 | $-0.13 | $0.47 | ||
| Q1 24 | $-0.43 | $0.24 |
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 | $129.3M |
| Total DebtLower is stronger | $9.0B | $597.2M |
| Stockholders' EquityBook value | $3.5B | $1.3B |
| Total Assets | $13.0B | $2.6B |
| Debt / EquityLower = less leverage | 2.54× | 0.45× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $129.3M | ||
| Q3 25 | $1.4B | $103.5M | ||
| Q2 25 | $1.4B | $140.5M | ||
| Q1 25 | $1.4B | $97.5M | ||
| Q4 24 | $1.2B | $121.2M | ||
| Q3 24 | $1.0B | $119.6M | ||
| Q2 24 | $1.0B | $128.0M | ||
| Q1 24 | $1.3B | $92.1M |
| Q4 25 | $9.0B | $597.2M | ||
| Q3 25 | $7.7B | $597.0M | ||
| Q2 25 | $7.6B | $596.8M | ||
| Q1 25 | $7.1B | $596.6M | ||
| Q4 24 | $7.3B | $596.4M | ||
| Q3 24 | — | $596.2M | ||
| Q2 24 | $1.8B | $596.0M | ||
| Q1 24 | — | $595.8M |
| Q4 25 | $3.5B | $1.3B | ||
| Q3 25 | $3.3B | $1.3B | ||
| Q2 25 | $3.1B | $1.3B | ||
| Q1 25 | $2.9B | $1.2B | ||
| Q4 24 | $2.8B | $1.2B | ||
| Q3 24 | $2.8B | $1.3B | ||
| Q2 24 | $2.7B | $1.2B | ||
| Q1 24 | $2.6B | $1.3B |
| Q4 25 | $13.0B | $2.6B | ||
| Q3 25 | $11.5B | $2.5B | ||
| Q2 25 | $11.2B | $2.5B | ||
| Q1 25 | $10.4B | $2.5B | ||
| Q4 24 | $10.5B | $2.4B | ||
| Q3 24 | $10.1B | $2.5B | ||
| Q2 24 | $9.5B | $2.5B | ||
| Q1 24 | $9.2B | $2.5B |
| Q4 25 | 2.54× | 0.45× | ||
| Q3 25 | 2.35× | 0.46× | ||
| Q2 25 | 2.48× | 0.46× | ||
| Q1 25 | 2.49× | 0.48× | ||
| Q4 24 | 2.62× | 0.49× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | 0.67× | 0.48× | ||
| Q1 24 | — | 0.47× |
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 | $55.1M |
| Free Cash FlowOCF − Capex | $118.0M | $42.4M |
| FCF MarginFCF / Revenue | 29.4% | 8.0% |
| Capex IntensityCapex / Revenue | 13.9% | 2.4% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $99.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $55.1M | ||
| Q3 25 | $374.6M | $17.5M | ||
| Q2 25 | $74.6M | $78.6M | ||
| Q1 25 | $210.4M | $28.8M | ||
| Q4 24 | $312.0M | $55.2M | ||
| Q3 24 | $196.9M | $45.7M | ||
| Q2 24 | $68.8M | $113.6M | ||
| Q1 24 | $208.2M | $75.2M |
| Q4 25 | $118.0M | $42.4M | ||
| Q3 25 | $320.2M | $-5.5M | ||
| Q2 25 | $23.5M | $57.1M | ||
| Q1 25 | $157.4M | $5.3M | ||
| Q4 24 | $268.1M | $35.9M | ||
| Q3 24 | $152.7M | $21.0M | ||
| Q2 24 | $30.5M | $90.3M | ||
| Q1 24 | $161.7M | $48.4M |
| Q4 25 | 29.4% | 8.0% | ||
| Q3 25 | 99.9% | -1.1% | ||
| Q2 25 | 7.7% | 11.1% | ||
| Q1 25 | 57.7% | 1.1% | ||
| Q4 24 | 88.5% | 7.5% | ||
| Q3 24 | 65.9% | 4.4% | ||
| Q2 24 | 13.6% | 16.6% | ||
| Q1 24 | 82.9% | 9.4% |
| Q4 25 | 13.9% | 2.4% | ||
| Q3 25 | 17.0% | 4.6% | ||
| Q2 25 | 16.7% | 4.2% | ||
| Q1 25 | 19.5% | 4.8% | ||
| Q4 24 | 14.5% | 4.0% | ||
| Q3 24 | 19.0% | 5.1% | ||
| Q2 24 | 17.1% | 4.3% | ||
| Q1 24 | 23.8% | 5.2% |
| Q4 25 | 1.34× | 1.63× | ||
| Q3 25 | 4.64× | 0.75× | ||
| Q2 25 | 1.08× | 3.64× | ||
| Q1 25 | 75.03× | 0.92× | ||
| Q4 24 | 3.88× | 3.08× | ||
| Q3 24 | — | 2.07× | ||
| Q2 24 | — | 3.06× | ||
| Q1 24 | — | 3.96× |
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% |
KMT
| Metal Cutting | $331.1M | 63% |
| Infrastructure | $198.5M | 37% |
