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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and MASIMO CORP (MASI). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $371.5M, roughly 1.1× MASIMO CORP). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -27.0%, a 59.3% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -26.4%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $50.9M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -17.7%).
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.
Masimo Corporation is an American health technology and consumer electronics company headquartered in Irvine, California. The company develops patient monitoring devices, non-invasive sensors, and related software platforms used in hospital and home settings. Masimo has also operated in the consumer audio and wearable device markets.
AFRM vs MASI — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $371.5M |
| Net Profit | $129.6M | $-100.4M |
| Gross Margin | — | 62.1% |
| Operating Margin | 29.3% | 22.5% |
| Net Margin | 32.3% | -27.0% |
| Revenue YoY | 32.5% | -26.4% |
| Net Profit YoY | 61.3% | -1124.5% |
| EPS (diluted) | $0.37 | $-1.84 |
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 | — | ||
| Q3 25 | $320.5M | $371.5M | ||
| Q2 25 | $306.6M | $370.9M | ||
| Q1 25 | $272.5M | $372.0M | ||
| Q4 24 | $303.0M | $600.7M | ||
| Q3 24 | $231.8M | $504.6M | ||
| Q2 24 | $224.0M | $496.3M | ||
| Q1 24 | $195.0M | $492.8M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $-100.4M | ||
| Q2 25 | $69.2M | $51.3M | ||
| Q1 25 | $2.8M | $-170.7M | ||
| Q4 24 | $80.4M | $-349.6M | ||
| Q3 24 | $-100.2M | $9.8M | ||
| Q2 24 | $-45.1M | $16.0M | ||
| Q1 24 | $-133.9M | $18.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | 62.1% | ||
| Q2 25 | — | 62.9% | ||
| Q1 25 | — | 62.9% | ||
| Q4 24 | — | 40.7% | ||
| Q3 24 | — | 52.2% | ||
| Q2 24 | — | 51.3% | ||
| Q1 24 | — | 49.0% |
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | 22.5% | ||
| Q2 25 | 18.9% | 17.4% | ||
| Q1 25 | -3.1% | 21.0% | ||
| Q4 24 | -1.4% | -59.8% | ||
| Q3 24 | -57.2% | 6.0% | ||
| Q2 24 | -32.8% | 5.7% | ||
| Q1 24 | -82.5% | 6.9% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | -27.0% | ||
| Q2 25 | 22.6% | 13.8% | ||
| Q1 25 | 1.0% | -45.9% | ||
| Q4 24 | 26.5% | -58.2% | ||
| Q3 24 | -43.2% | 1.9% | ||
| Q2 24 | -20.2% | 3.2% | ||
| Q1 24 | -68.7% | 3.8% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $-1.84 | ||
| Q2 25 | $0.22 | $0.94 | ||
| Q1 25 | $0.01 | $-3.12 | ||
| Q4 24 | $0.23 | $-6.54 | ||
| Q3 24 | $-0.31 | $0.18 | ||
| Q2 24 | $-0.13 | $0.29 | ||
| Q1 24 | $-0.43 | $0.35 |
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 | $312.3M |
| Total DebtLower is stronger | $9.0B | $559.1M |
| Stockholders' EquityBook value | $3.5B | $810.0M |
| Total Assets | $13.0B | $1.8B |
| Debt / EquityLower = less leverage | 2.54× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $312.3M | ||
| Q2 25 | $1.4B | $149.6M | ||
| Q1 25 | $1.4B | $130.8M | ||
| Q4 24 | $1.2B | $177.6M | ||
| Q3 24 | $1.0B | $158.5M | ||
| Q2 24 | $1.0B | $129.6M | ||
| Q1 24 | $1.3B | $157.6M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $559.1M | ||
| Q2 25 | $7.6B | $613.7M | ||
| Q1 25 | $7.1B | $651.0M | ||
| Q4 24 | $7.3B | $765.2M | ||
| Q3 24 | — | $772.6M | ||
| Q2 24 | $1.8B | $781.6M | ||
| Q1 24 | — | $876.0M |
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $810.0M | ||
| Q2 25 | $3.1B | $1.0B | ||
| Q1 25 | $2.9B | $946.4M | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $2.8B | $1.5B | ||
| Q2 24 | $2.7B | $1.4B | ||
| Q1 24 | $2.6B | $1.4B |
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $1.8B | ||
| Q2 25 | $11.2B | $2.4B | ||
| Q1 25 | $10.4B | $2.3B | ||
| Q4 24 | $10.5B | $2.6B | ||
| Q3 24 | $10.1B | $3.1B | ||
| Q2 24 | $9.5B | $2.9B | ||
| Q1 24 | $9.2B | $3.0B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 0.69× | ||
| Q2 25 | 2.48× | 0.59× | ||
| Q1 25 | 2.49× | 0.69× | ||
| Q4 24 | 2.62× | 0.73× | ||
| Q3 24 | — | 0.53× | ||
| Q2 24 | 0.67× | 0.57× | ||
| Q1 24 | — | 0.64× |
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 | $56.8M |
| Free Cash FlowOCF − Capex | $118.0M | $50.9M |
| FCF MarginFCF / Revenue | 29.4% | 13.7% |
| Capex IntensityCapex / Revenue | 13.9% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $191.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $56.8M | ||
| Q2 25 | $74.6M | $69.4M | ||
| Q1 25 | $210.4M | $31.1M | ||
| Q4 24 | $312.0M | $50.5M | ||
| Q3 24 | $196.9M | $25.6M | ||
| Q2 24 | $68.8M | $74.5M | ||
| Q1 24 | $208.2M | $45.8M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $50.9M | ||
| Q2 25 | $23.5M | $65.6M | ||
| Q1 25 | $157.4M | $28.5M | ||
| Q4 24 | $268.1M | $46.0M | ||
| Q3 24 | $152.7M | $16.9M | ||
| Q2 24 | $30.5M | $66.9M | ||
| Q1 24 | $161.7M | $37.6M |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 13.7% | ||
| Q2 25 | 7.7% | 17.7% | ||
| Q1 25 | 57.7% | 7.7% | ||
| Q4 24 | 88.5% | 7.7% | ||
| Q3 24 | 65.9% | 3.3% | ||
| Q2 24 | 13.6% | 13.5% | ||
| Q1 24 | 82.9% | 7.6% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 1.6% | ||
| Q2 25 | 16.7% | 1.0% | ||
| Q1 25 | 19.5% | 0.7% | ||
| Q4 24 | 14.5% | 0.7% | ||
| Q3 24 | 19.0% | 1.7% | ||
| Q2 24 | 17.1% | 1.5% | ||
| Q1 24 | 23.8% | 1.7% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | 1.35× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 2.61× | ||
| Q2 24 | — | 4.66× | ||
| Q1 24 | — | 2.42× |
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% |
MASI
Segment breakdown not available.
