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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Koppers Holdings Inc. (KOP). Click either name above to swap in a different company.
Koppers Holdings Inc. is the larger business by last-quarter revenue ($432.7M vs $401.4M, roughly 1.1× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 6.9%, a 25.4% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -9.3%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $28.5M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -6.7%).
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.
Koppers is a global chemical and materials company based in Pittsburgh, Pennsylvania, United States. Its headquarters is an art-deco 1920s skyscraper, the Koppers Tower.
AFRM vs KOP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $432.7M |
| Net Profit | $129.6M | $29.7M |
| Gross Margin | — | 25.6% |
| Operating Margin | 29.3% | 11.5% |
| Net Margin | 32.3% | 6.9% |
| Revenue YoY | 32.5% | -9.3% |
| Net Profit YoY | 61.3% | 391.2% |
| EPS (diluted) | $0.37 | $1.44 |
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 | $432.7M | ||
| Q3 25 | $320.5M | $485.3M | ||
| Q2 25 | $306.6M | $504.8M | ||
| Q1 25 | $272.5M | $456.5M | ||
| Q4 24 | $303.0M | $477.0M | ||
| Q3 24 | $231.8M | $554.3M | ||
| Q2 24 | $224.0M | $563.2M | ||
| Q1 24 | $195.0M | $497.6M |
| Q4 25 | $129.6M | $29.7M | ||
| Q3 25 | $80.7M | $23.8M | ||
| Q2 25 | $69.2M | $16.4M | ||
| Q1 25 | $2.8M | $-13.9M | ||
| Q4 24 | $80.4M | $-10.2M | ||
| Q3 24 | $-100.2M | $22.8M | ||
| Q2 24 | $-45.1M | $26.8M | ||
| Q1 24 | $-133.9M | $13.0M |
| Q4 25 | — | 25.6% | ||
| Q3 25 | — | 24.1% | ||
| Q2 25 | — | 22.6% | ||
| Q1 25 | — | 23.2% | ||
| Q4 24 | — | 17.5% | ||
| Q3 24 | — | 21.9% | ||
| Q2 24 | — | 21.6% | ||
| Q1 24 | — | 19.3% |
| Q4 25 | 29.3% | 11.5% | ||
| Q3 25 | 19.9% | 10.7% | ||
| Q2 25 | 18.9% | 7.7% | ||
| Q1 25 | -3.1% | 5.9% | ||
| Q4 24 | -1.4% | 1.3% | ||
| Q3 24 | -57.2% | 9.0% | ||
| Q2 24 | -32.8% | 10.2% | ||
| Q1 24 | -82.5% | 7.0% |
| Q4 25 | 32.3% | 6.9% | ||
| Q3 25 | 25.2% | 4.9% | ||
| Q2 25 | 22.6% | 3.2% | ||
| Q1 25 | 1.0% | -3.0% | ||
| Q4 24 | 26.5% | -2.1% | ||
| Q3 24 | -43.2% | 4.1% | ||
| Q2 24 | -20.2% | 4.8% | ||
| Q1 24 | -68.7% | 2.6% |
| Q4 25 | $0.37 | $1.44 | ||
| Q3 25 | $0.23 | $1.17 | ||
| Q2 25 | $0.22 | $0.81 | ||
| Q1 25 | $0.01 | $-0.68 | ||
| Q4 24 | $0.23 | $-0.47 | ||
| Q3 24 | $-0.31 | $1.09 | ||
| Q2 24 | $-0.13 | $1.25 | ||
| Q1 24 | $-0.43 | $0.59 |
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 | — |
| Total DebtLower is stronger | $9.0B | $928.3M |
| Stockholders' EquityBook value | $3.5B | $574.0M |
| Total Assets | $13.0B | $1.9B |
| Debt / EquityLower = less leverage | 2.54× | 1.62× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $9.0B | $928.3M | ||
| Q3 25 | $7.7B | $932.9M | ||
| Q2 25 | $7.6B | $977.5M | ||
| Q1 25 | $7.1B | $989.0M | ||
| Q4 24 | $7.3B | $939.5M | ||
| Q3 24 | — | $989.4M | ||
| Q2 24 | $1.8B | $1.0B | ||
| Q1 24 | — | $877.6M |
| Q4 25 | $3.5B | $574.0M | ||
| Q3 25 | $3.3B | $545.6M | ||
| Q2 25 | $3.1B | $526.8M | ||
| Q1 25 | $2.9B | $498.0M | ||
| Q4 24 | $2.8B | $488.7M | ||
| Q3 24 | $2.8B | $532.3M | ||
| Q2 24 | $2.7B | $509.2M | ||
| Q1 24 | $2.6B | $505.8M |
| Q4 25 | $13.0B | $1.9B | ||
| Q3 25 | $11.5B | $1.9B | ||
| Q2 25 | $11.2B | $1.9B | ||
| Q1 25 | $10.4B | $1.9B | ||
| Q4 24 | $10.5B | $1.9B | ||
| Q3 24 | $10.1B | $2.0B | ||
| Q2 24 | $9.5B | $1.9B | ||
| Q1 24 | $9.2B | $1.8B |
| Q4 25 | 2.54× | 1.62× | ||
| Q3 25 | 2.35× | 1.71× | ||
| Q2 25 | 2.48× | 1.86× | ||
| Q1 25 | 2.49× | 1.99× | ||
| Q4 24 | 2.62× | 1.92× | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | 0.67× | 1.97× | ||
| Q1 24 | — | 1.74× |
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 | $45.1M |
| Free Cash FlowOCF − Capex | $118.0M | $28.5M |
| FCF MarginFCF / Revenue | 29.4% | 6.6% |
| Capex IntensityCapex / Revenue | 13.9% | 3.8% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.52× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $67.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $45.1M | ||
| Q3 25 | $374.6M | $49.6M | ||
| Q2 25 | $74.6M | $50.5M | ||
| Q1 25 | $210.4M | $-22.7M | ||
| Q4 24 | $312.0M | $74.7M | ||
| Q3 24 | $196.9M | $29.8M | ||
| Q2 24 | $68.8M | $27.2M | ||
| Q1 24 | $208.2M | $-12.3M |
| Q4 25 | $118.0M | $28.5M | ||
| Q3 25 | $320.2M | $37.6M | ||
| Q2 25 | $23.5M | $38.4M | ||
| Q1 25 | $157.4M | $-37.0M | ||
| Q4 24 | $268.1M | $56.1M | ||
| Q3 24 | $152.7M | $14.4M | ||
| Q2 24 | $30.5M | $10.1M | ||
| Q1 24 | $161.7M | $-38.6M |
| Q4 25 | 29.4% | 6.6% | ||
| Q3 25 | 99.9% | 7.7% | ||
| Q2 25 | 7.7% | 7.6% | ||
| Q1 25 | 57.7% | -8.1% | ||
| Q4 24 | 88.5% | 11.8% | ||
| Q3 24 | 65.9% | 2.6% | ||
| Q2 24 | 13.6% | 1.8% | ||
| Q1 24 | 82.9% | -7.8% |
| Q4 25 | 13.9% | 3.8% | ||
| Q3 25 | 17.0% | 2.5% | ||
| Q2 25 | 16.7% | 2.4% | ||
| Q1 25 | 19.5% | 3.1% | ||
| Q4 24 | 14.5% | 3.9% | ||
| Q3 24 | 19.0% | 2.8% | ||
| Q2 24 | 17.1% | 3.0% | ||
| Q1 24 | 23.8% | 5.3% |
| Q4 25 | 1.34× | 1.52× | ||
| Q3 25 | 4.64× | 2.08× | ||
| Q2 25 | 1.08× | 3.08× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | 1.01× | ||
| Q1 24 | — | -0.95× |
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% |
KOP
| Other | $127.8M | 30% |
| Railroad Treated Products | $119.0M | 28% |
| Utility Poles | $79.8M | 18% |
| Pitch And Related Products | $74.1M | 17% |
| Carbon Black Feedstock And Distillates | $14.4M | 3% |
| Railroad Infrastructure Products And Services | $9.9M | 2% |
| Phthalic Anhydride Naphthalene And Other Chemicals | $7.7M | 2% |
