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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Mid-America Apartment Communities (MAA). Click either name above to swap in a different company.
Mid-America Apartment Communities is the larger business by last-quarter revenue ($553.7M vs $401.4M, roughly 1.4× Affirm Holdings, Inc.). On growth, Mid-America Apartment Communities posted the faster year-over-year revenue change (438.7% vs 32.5%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 0.7%).
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.
Mid-America Apartment Communities, Inc. (MAA) is a publicly traded real estate investment trust based in Memphis, Tennessee that invests in apartments in the Southeastern United States and the Southwestern United States.
AFRM vs MAA — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $553.7M |
| Net Profit | $129.6M | — |
| Gross Margin | — | — |
| Operating Margin | 29.3% | — |
| Net Margin | 32.3% | — |
| Revenue YoY | 32.5% | 438.7% |
| Net Profit YoY | 61.3% | — |
| EPS (diluted) | $0.37 | $4.34 |
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.
| Q1 26 | — | $553.7M | ||
| Q4 25 | $401.4M | $555.6M | ||
| Q3 25 | $320.5M | $554.4M | ||
| Q2 25 | $306.6M | $549.9M | ||
| Q1 25 | $272.5M | $549.3M | ||
| Q4 24 | $303.0M | $549.8M | ||
| Q3 24 | $231.8M | $551.1M | ||
| Q2 24 | $224.0M | $546.4M |
| Q1 26 | — | — | ||
| Q4 25 | $129.6M | $57.6M | ||
| Q3 25 | $80.7M | $99.5M | ||
| Q2 25 | $69.2M | $108.1M | ||
| Q1 25 | $2.8M | $181.7M | ||
| Q4 24 | $80.4M | $166.6M | ||
| Q3 24 | $-100.2M | $115.2M | ||
| Q2 24 | $-45.1M | $102.0M |
| Q1 26 | — | — | ||
| Q4 25 | 29.3% | 10.4% | ||
| Q3 25 | 19.9% | 18.7% | ||
| Q2 25 | 18.9% | 20.2% | ||
| Q1 25 | -3.1% | 34.0% | ||
| Q4 24 | -1.4% | 31.3% | ||
| Q3 24 | -57.2% | 21.5% | ||
| Q2 24 | -32.8% | 19.3% |
| Q1 26 | — | — | ||
| Q4 25 | 32.3% | 10.4% | ||
| Q3 25 | 25.2% | 18.0% | ||
| Q2 25 | 22.6% | 19.7% | ||
| Q1 25 | 1.0% | 33.1% | ||
| Q4 24 | 26.5% | 30.3% | ||
| Q3 24 | -43.2% | 20.9% | ||
| Q2 24 | -20.2% | 18.7% |
| Q1 26 | — | $4.34 | ||
| Q4 25 | $0.37 | $0.48 | ||
| Q3 25 | $0.23 | $0.84 | ||
| Q2 25 | $0.22 | $0.92 | ||
| Q1 25 | $0.01 | $1.54 | ||
| Q4 24 | $0.23 | $1.43 | ||
| Q3 24 | $-0.31 | $0.98 | ||
| Q2 24 | $-0.13 | $0.86 |
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 | — |
| Stockholders' EquityBook value | $3.5B | — |
| Total Assets | $13.0B | — |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $60.3M | ||
| Q3 25 | $1.4B | $32.2M | ||
| Q2 25 | $1.4B | $54.5M | ||
| Q1 25 | $1.4B | $55.8M | ||
| Q4 24 | $1.2B | $43.0M | ||
| Q3 24 | $1.0B | $50.2M | ||
| Q2 24 | $1.0B | $62.8M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | $3.5B | $5.7B | ||
| Q3 25 | $3.3B | $5.8B | ||
| Q2 25 | $3.1B | $5.9B | ||
| Q1 25 | $2.9B | $5.9B | ||
| Q4 24 | $2.8B | $5.9B | ||
| Q3 24 | $2.8B | $5.9B | ||
| Q2 24 | $2.7B | $6.0B |
| Q1 26 | — | — | ||
| Q4 25 | $13.0B | $12.0B | ||
| Q3 25 | $11.5B | $11.9B | ||
| Q2 25 | $11.2B | $11.8B | ||
| Q1 25 | $10.4B | $11.8B | ||
| Q4 24 | $10.5B | $11.8B | ||
| Q3 24 | $10.1B | $11.8B | ||
| Q2 24 | $9.5B | $11.6B |
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $173.7M | $261.7M | ||
| Q3 25 | $374.6M | $266.4M | ||
| Q2 25 | $74.6M | $353.4M | ||
| Q1 25 | $210.4M | $196.6M | ||
| Q4 24 | $312.0M | $239.1M | ||
| Q3 24 | $196.9M | $309.5M | ||
| Q2 24 | $68.8M | $349.4M |
| Q1 26 | — | — | ||
| Q4 25 | $118.0M | $158.6M | ||
| Q3 25 | $320.2M | $170.8M | ||
| Q2 25 | $23.5M | $264.5M | ||
| Q1 25 | $157.4M | $124.0M | ||
| Q4 24 | $268.1M | $152.6M | ||
| Q3 24 | $152.7M | $215.5M | ||
| Q2 24 | $30.5M | $259.7M |
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | 28.5% | ||
| Q3 25 | 99.9% | 30.8% | ||
| Q2 25 | 7.7% | 48.1% | ||
| Q1 25 | 57.7% | 22.6% | ||
| Q4 24 | 88.5% | 27.8% | ||
| Q3 24 | 65.9% | 39.1% | ||
| Q2 24 | 13.6% | 47.5% |
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 18.6% | ||
| Q3 25 | 17.0% | 17.2% | ||
| Q2 25 | 16.7% | 16.2% | ||
| Q1 25 | 19.5% | 13.2% | ||
| Q4 24 | 14.5% | 15.7% | ||
| Q3 24 | 19.0% | 17.1% | ||
| Q2 24 | 17.1% | 16.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | 4.55× | ||
| Q3 25 | 4.64× | 2.68× | ||
| Q2 25 | 1.08× | 3.27× | ||
| Q1 25 | 75.03× | 1.08× | ||
| Q4 24 | 3.88× | 1.43× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 3.43× |
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% |
MAA
| Same Store Communities | $517.0M | 93% |
| Non-Same Store Communities | $22.1M | 4% |
| Lease-up/Development Communities | $7.7M | 1% |
| Commercial Property/Land | $7.0M | 1% |
