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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Life Time Group Holdings, Inc. (LTH). Click either name above to swap in a different company.
Life Time Group Holdings, Inc. is the larger business by last-quarter revenue ($745.1M vs $401.4M, roughly 1.9× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 16.5%, a 15.8% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 12.3%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-64.6M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 11.7%).
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.
Life Time Group Holdings, Inc. operates a network of premium athletic, fitness and wellness destinations across the United States. It offers diverse services including state-of-the-art gym facilities, group exercise classes, personal training, spa treatments, nutrition coaching, youth programs and co-working spaces for consumers pursuing holistic healthy lifestyles.
AFRM vs LTH — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $745.1M |
| Net Profit | $129.6M | $123.0M |
| Gross Margin | — | 49.1% |
| Operating Margin | 29.3% | 17.4% |
| Net Margin | 32.3% | 16.5% |
| Revenue YoY | 32.5% | 12.3% |
| Net Profit YoY | 61.3% | 231.0% |
| EPS (diluted) | $0.37 | $0.55 |
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 | $745.1M | ||
| Q3 25 | $320.5M | $782.6M | ||
| Q2 25 | $306.6M | $761.5M | ||
| Q1 25 | $272.5M | $706.0M | ||
| Q4 24 | $303.0M | $663.3M | ||
| Q3 24 | $231.8M | $693.2M | ||
| Q2 24 | $224.0M | $667.8M | ||
| Q1 24 | $195.0M | $596.7M |
| Q4 25 | $129.6M | $123.0M | ||
| Q3 25 | $80.7M | $102.4M | ||
| Q2 25 | $69.2M | $72.1M | ||
| Q1 25 | $2.8M | $76.1M | ||
| Q4 24 | $80.4M | $37.2M | ||
| Q3 24 | $-100.2M | $41.4M | ||
| Q2 24 | $-45.1M | $52.8M | ||
| Q1 24 | $-133.9M | $24.9M |
| Q4 25 | — | 49.1% | ||
| Q3 25 | — | 47.1% | ||
| Q2 25 | — | 47.0% | ||
| Q1 25 | — | 47.5% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | — | 46.5% | ||
| Q2 24 | — | 46.8% | ||
| Q1 24 | — | 46.1% |
| Q4 25 | 29.3% | 17.4% | ||
| Q3 25 | 19.9% | 17.3% | ||
| Q2 25 | 18.9% | 14.2% | ||
| Q1 25 | -3.1% | 15.2% | ||
| Q4 24 | -1.4% | 13.1% | ||
| Q3 24 | -57.2% | 13.5% | ||
| Q2 24 | -32.8% | 15.7% | ||
| Q1 24 | -82.5% | 12.1% |
| Q4 25 | 32.3% | 16.5% | ||
| Q3 25 | 25.2% | 13.1% | ||
| Q2 25 | 22.6% | 9.5% | ||
| Q1 25 | 1.0% | 10.8% | ||
| Q4 24 | 26.5% | 5.6% | ||
| Q3 24 | -43.2% | 6.0% | ||
| Q2 24 | -20.2% | 7.9% | ||
| Q1 24 | -68.7% | 4.2% |
| Q4 25 | $0.37 | $0.55 | ||
| Q3 25 | $0.23 | $0.45 | ||
| Q2 25 | $0.22 | $0.32 | ||
| Q1 25 | $0.01 | $0.34 | ||
| Q4 24 | $0.23 | $0.17 | ||
| Q3 24 | $-0.31 | $0.19 | ||
| Q2 24 | $-0.13 | $0.26 | ||
| Q1 24 | $-0.43 | $0.12 |
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 | $204.8M |
| Total DebtLower is stronger | $9.0B | $1.5B |
| Stockholders' EquityBook value | $3.5B | $3.1B |
| Total Assets | $13.0B | $8.0B |
| Debt / EquityLower = less leverage | 2.54× | 0.48× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $204.8M | ||
| Q3 25 | $1.4B | $218.9M | ||
| Q2 25 | $1.4B | $175.5M | ||
| Q1 25 | $1.4B | $59.0M | ||
| Q4 24 | $1.2B | $10.9M | ||
| Q3 24 | $1.0B | $120.9M | ||
| Q2 24 | $1.0B | $34.5M | ||
| Q1 24 | $1.3B | $18.6M |
| Q4 25 | $9.0B | $1.5B | ||
| Q3 25 | $7.7B | $1.5B | ||
| Q2 25 | $7.6B | $1.5B | ||
| Q1 25 | $7.1B | $1.5B | ||
| Q4 24 | $7.3B | $1.5B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | $1.8B | $1.8B | ||
| Q1 24 | — | $2.0B |
| Q4 25 | $3.5B | $3.1B | ||
| Q3 25 | $3.3B | $3.0B | ||
| Q2 25 | $3.1B | $2.9B | ||
| Q1 25 | $2.9B | $2.7B | ||
| Q4 24 | $2.8B | $2.6B | ||
| Q3 24 | $2.8B | $2.6B | ||
| Q2 24 | $2.7B | $2.4B | ||
| Q1 24 | $2.6B | $2.3B |
| Q4 25 | $13.0B | $8.0B | ||
| Q3 25 | $11.5B | $7.8B | ||
| Q2 25 | $11.2B | $7.6B | ||
| Q1 25 | $10.4B | $7.3B | ||
| Q4 24 | $10.5B | $7.2B | ||
| Q3 24 | $10.1B | $7.2B | ||
| Q2 24 | $9.5B | $7.1B | ||
| Q1 24 | $9.2B | $7.1B |
| Q4 25 | 2.54× | 0.48× | ||
| Q3 25 | 2.35× | 0.51× | ||
| Q2 25 | 2.48× | 0.53× | ||
| Q1 25 | 2.49× | 0.56× | ||
| Q4 24 | 2.62× | 0.59× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | 0.67× | 0.78× | ||
| Q1 24 | — | 0.87× |
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 | $239.9M |
| Free Cash FlowOCF − Capex | $118.0M | $-64.6M |
| FCF MarginFCF / Revenue | 29.4% | -8.7% |
| Capex IntensityCapex / Revenue | 13.9% | 40.9% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.95× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-21.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $239.9M | ||
| Q3 25 | $374.6M | $251.1M | ||
| Q2 25 | $74.6M | $195.7M | ||
| Q1 25 | $210.4M | $183.9M | ||
| Q4 24 | $312.0M | $163.1M | ||
| Q3 24 | $196.9M | $151.1M | ||
| Q2 24 | $68.8M | $170.4M | ||
| Q1 24 | $208.2M | $90.4M |
| Q4 25 | $118.0M | $-64.6M | ||
| Q3 25 | $320.2M | $28.6M | ||
| Q2 25 | $23.5M | $-26.3M | ||
| Q1 25 | $157.4M | $41.4M | ||
| Q4 24 | $268.1M | $26.8M | ||
| Q3 24 | $152.7M | $64.0M | ||
| Q2 24 | $30.5M | $26.1M | ||
| Q1 24 | $161.7M | $-66.4M |
| Q4 25 | 29.4% | -8.7% | ||
| Q3 25 | 99.9% | 3.7% | ||
| Q2 25 | 7.7% | -3.5% | ||
| Q1 25 | 57.7% | 5.9% | ||
| Q4 24 | 88.5% | 4.0% | ||
| Q3 24 | 65.9% | 9.2% | ||
| Q2 24 | 13.6% | 3.9% | ||
| Q1 24 | 82.9% | -11.1% |
| Q4 25 | 13.9% | 40.9% | ||
| Q3 25 | 17.0% | 28.4% | ||
| Q2 25 | 16.7% | 29.2% | ||
| Q1 25 | 19.5% | 20.2% | ||
| Q4 24 | 14.5% | 20.6% | ||
| Q3 24 | 19.0% | 12.6% | ||
| Q2 24 | 17.1% | 21.6% | ||
| Q1 24 | 23.8% | 26.3% |
| Q4 25 | 1.34× | 1.95× | ||
| Q3 25 | 4.64× | 2.45× | ||
| Q2 25 | 1.08× | 2.71× | ||
| Q1 25 | 75.03× | 2.41× | ||
| Q4 24 | 3.88× | 4.39× | ||
| Q3 24 | — | 3.65× | ||
| Q2 24 | — | 3.23× | ||
| Q1 24 | — | 3.63× |
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% |
LTH
| Membership | $535.1M | 72% |
| In Center | $191.2M | 26% |
| Other | $18.8M | 3% |
