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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and monday.com Ltd. (MNDY). Click either name above to swap in a different company.
monday.com Ltd. is the larger business by last-quarter revenue ($704.0M vs $401.4M, roughly 1.8× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 1.3%, a 31.0% gap on every dollar of revenue. monday.com Ltd. produced more free cash flow last quarter ($224.6M vs $118.0M).
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.
Monday.com Ltd. is an Israeli-based cloud-based platform that allows users to create their own applications and project management software. The product was launched in 2014 and in July 2019, the company raised $150 million, based on a $1.9 billion valuation. The company went public in June 2021 and is based in Tel Aviv, Israel.
AFRM vs MNDY — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $704.0M |
| Net Profit | $129.6M | $9.4M |
| Gross Margin | — | 89.6% |
| Operating Margin | 29.3% | -4.4% |
| Net Margin | 32.3% | 1.3% |
| Revenue YoY | 32.5% | — |
| Net Profit YoY | 61.3% | — |
| EPS (diluted) | $0.37 | — |
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 | $704.0M | ||
| Q2 25 | $306.6M | $453.0M | ||
| Q1 25 | $272.5M | $216.9M | ||
| Q4 24 | $303.0M | — | ||
| Q3 24 | $231.8M | $527.1M | ||
| Q2 24 | $224.0M | $337.9M | ||
| Q1 24 | $195.0M | $162.3M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $9.4M | ||
| Q2 25 | $69.2M | $21.4M | ||
| Q1 25 | $2.8M | $7.1M | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | $-14.2M | ||
| Q2 24 | $-45.1M | $-21.7M | ||
| Q1 24 | $-133.9M | $-14.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 89.6% | ||
| Q2 25 | — | 89.6% | ||
| Q1 25 | — | 89.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 89.0% | ||
| Q2 24 | — | 89.2% | ||
| Q1 24 | — | 89.5% |
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | -4.4% | ||
| Q2 25 | 18.9% | -0.7% | ||
| Q1 25 | -3.1% | -2.3% | ||
| Q4 24 | -1.4% | — | ||
| Q3 24 | -57.2% | -7.1% | ||
| Q2 24 | -32.8% | -10.3% | ||
| Q1 24 | -82.5% | -14.0% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | 1.3% | ||
| Q2 25 | 22.6% | 4.7% | ||
| Q1 25 | 1.0% | 3.3% | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | -2.7% | ||
| Q2 24 | -20.2% | -6.4% | ||
| Q1 24 | -68.7% | -9.0% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | — | ||
| Q2 25 | $0.22 | — | ||
| Q1 25 | $0.01 | — | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $-0.31 | — | ||
| Q2 24 | $-0.13 | — | ||
| Q1 24 | $-0.43 | — |
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 | $1.4B |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $1.0B |
| Total Assets | $13.0B | $1.7B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $1.4B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | $1.1B | ||
| Q2 24 | $1.0B | $1.3B | ||
| Q1 24 | $1.3B | $1.1B |
| 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 24 | — | — |
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $1.0B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $2.9B | $1.0B | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | $813.5M | ||
| Q2 24 | $2.7B | $910.1M | ||
| Q1 24 | $2.6B | $813.5M |
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $1.7B | ||
| Q2 25 | $11.2B | $2.0B | ||
| Q1 25 | $10.4B | $1.7B | ||
| Q4 24 | $10.5B | — | ||
| Q3 24 | $10.1B | $1.3B | ||
| Q2 24 | $9.5B | $1.5B | ||
| Q1 24 | $9.2B | $1.3B |
| 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× | — | ||
| Q1 24 | — | — |
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 | $234.4M |
| Free Cash FlowOCF − Capex | $118.0M | $224.6M |
| FCF MarginFCF / Revenue | 29.4% | 31.9% |
| Capex IntensityCapex / Revenue | 13.9% | 1.4% |
| Cash ConversionOCF / Net Profit | 1.34× | 25.02× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $608.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $234.4M | ||
| Q2 25 | $74.6M | $147.7M | ||
| Q1 25 | $210.4M | $92.0M | ||
| Q4 24 | $312.0M | — | ||
| Q3 24 | $196.9M | $156.9M | ||
| Q2 24 | $68.8M | $90.3M | ||
| Q1 24 | $208.2M | $42.7M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $224.6M | ||
| Q2 25 | $23.5M | $141.8M | ||
| Q1 25 | $157.4M | $90.5M | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | $151.4M | ||
| Q2 24 | $30.5M | $85.6M | ||
| Q1 24 | $161.7M | $39.2M |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 31.9% | ||
| Q2 25 | 7.7% | 31.3% | ||
| Q1 25 | 57.7% | 41.7% | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | 28.7% | ||
| Q2 24 | 13.6% | 25.3% | ||
| Q1 24 | 82.9% | 24.1% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 1.4% | ||
| Q2 25 | 16.7% | 1.3% | ||
| Q1 25 | 19.5% | 0.7% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | 1.0% | ||
| Q2 24 | 17.1% | 1.4% | ||
| Q1 24 | 23.8% | 2.2% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 25.02× | ||
| Q2 25 | 1.08× | 6.91× | ||
| Q1 25 | 75.03× | 12.99× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
MNDY
Segment breakdown not available.
