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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Monolithic Power Systems (MPWR). Click either name above to swap in a different company.
Monolithic Power Systems is the larger business by last-quarter revenue ($804.2M vs $401.4M, roughly 2.0× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 24.0%, a 8.3% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 26.1%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 25.9%).
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.
Monolithic Power Systems, Inc. is an American, publicly traded company headquartered in Kirkland, Washington. It operates in more than 15 locations worldwide.
AFRM vs MPWR — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $804.2M |
| Net Profit | $129.6M | $193.2M |
| Gross Margin | — | 55.3% |
| Operating Margin | 29.3% | 30.0% |
| Net Margin | 32.3% | 24.0% |
| Revenue YoY | 32.5% | 26.1% |
| Net Profit YoY | 61.3% | 43.1% |
| EPS (diluted) | $0.37 | $3.92 |
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 | — | $804.2M | ||
| Q4 25 | $401.4M | $751.2M | ||
| Q3 25 | $320.5M | $737.2M | ||
| Q2 25 | $306.6M | $664.6M | ||
| Q1 25 | $272.5M | $637.6M | ||
| Q4 24 | $303.0M | $621.7M | ||
| Q3 24 | $231.8M | $620.1M | ||
| Q2 24 | $224.0M | $507.4M |
| Q1 26 | — | $193.2M | ||
| Q4 25 | $129.6M | $171.7M | ||
| Q3 25 | $80.7M | $179.8M | ||
| Q2 25 | $69.2M | $135.0M | ||
| Q1 25 | $2.8M | $135.1M | ||
| Q4 24 | $80.4M | $1.3B | ||
| Q3 24 | $-100.2M | $144.4M | ||
| Q2 24 | $-45.1M | $100.4M |
| Q1 26 | — | 55.3% | ||
| Q4 25 | — | 55.2% | ||
| Q3 25 | — | 55.1% | ||
| Q2 25 | — | 55.1% | ||
| Q1 25 | — | 55.4% | ||
| Q4 24 | — | 55.4% | ||
| Q3 24 | — | 55.4% | ||
| Q2 24 | — | 55.3% |
| Q1 26 | — | 30.0% | ||
| Q4 25 | 29.3% | 26.6% | ||
| Q3 25 | 19.9% | 26.5% | ||
| Q2 25 | 18.9% | 24.8% | ||
| Q1 25 | -3.1% | 26.5% | ||
| Q4 24 | -1.4% | 26.3% | ||
| Q3 24 | -57.2% | 26.5% | ||
| Q2 24 | -32.8% | 23.0% |
| Q1 26 | — | 24.0% | ||
| Q4 25 | 32.3% | 22.9% | ||
| Q3 25 | 25.2% | 24.4% | ||
| Q2 25 | 22.6% | 20.3% | ||
| Q1 25 | 1.0% | 21.2% | ||
| Q4 24 | 26.5% | 201.8% | ||
| Q3 24 | -43.2% | 23.3% | ||
| Q2 24 | -20.2% | 19.8% |
| Q1 26 | — | $3.92 | ||
| Q4 25 | $0.37 | $3.50 | ||
| Q3 25 | $0.23 | $3.74 | ||
| Q2 25 | $0.22 | $2.81 | ||
| Q1 25 | $0.01 | $2.81 | ||
| Q4 24 | $0.23 | $25.71 | ||
| Q3 24 | $-0.31 | $2.95 | ||
| Q2 24 | $-0.13 | $2.05 |
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 | $3.7B |
| Total Assets | $13.0B | $4.4B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.4B | ||
| Q4 25 | $1.5B | $1.3B | ||
| Q3 25 | $1.4B | $1.3B | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $1.4B | $1.0B | ||
| Q4 24 | $1.2B | $862.9M | ||
| Q3 24 | $1.0B | $1.5B | ||
| Q2 24 | $1.0B | $1.3B |
| 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 | — | $3.7B | ||
| Q4 25 | $3.5B | $3.5B | ||
| Q3 25 | $3.3B | $3.4B | ||
| Q2 25 | $3.1B | $3.2B | ||
| Q1 25 | $2.9B | $3.1B | ||
| Q4 24 | $2.8B | $3.0B | ||
| Q3 24 | $2.8B | $2.4B | ||
| Q2 24 | $2.7B | $2.2B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $13.0B | $4.2B | ||
| Q3 25 | $11.5B | $4.1B | ||
| Q2 25 | $11.2B | $3.9B | ||
| Q1 25 | $10.4B | $3.7B | ||
| Q4 24 | $10.5B | $3.5B | ||
| Q3 24 | $10.1B | $2.9B | ||
| Q2 24 | $9.5B | $2.6B |
| 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 | $104.9M | ||
| Q3 25 | $374.6M | $239.3M | ||
| Q2 25 | $74.6M | $237.6M | ||
| Q1 25 | $210.4M | $256.4M | ||
| Q4 24 | $312.0M | $167.7M | ||
| Q3 24 | $196.9M | $231.7M | ||
| Q2 24 | $68.8M | $141.0M |
| Q1 26 | — | — | ||
| Q4 25 | $118.0M | $63.9M | ||
| Q3 25 | $320.2M | $196.8M | ||
| Q2 25 | $23.5M | $189.5M | ||
| Q1 25 | $157.4M | $216.0M | ||
| Q4 24 | $268.1M | $102.9M | ||
| Q3 24 | $152.7M | $197.9M | ||
| Q2 24 | $30.5M | $109.5M |
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | 8.5% | ||
| Q3 25 | 99.9% | 26.7% | ||
| Q2 25 | 7.7% | 28.5% | ||
| Q1 25 | 57.7% | 33.9% | ||
| Q4 24 | 88.5% | 16.5% | ||
| Q3 24 | 65.9% | 31.9% | ||
| Q2 24 | 13.6% | 21.6% |
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 5.5% | ||
| Q3 25 | 17.0% | 5.8% | ||
| Q2 25 | 16.7% | 7.2% | ||
| Q1 25 | 19.5% | 6.3% | ||
| Q4 24 | 14.5% | 10.4% | ||
| Q3 24 | 19.0% | 5.5% | ||
| Q2 24 | 17.1% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | 0.61× | ||
| Q3 25 | 4.64× | 1.33× | ||
| Q2 25 | 1.08× | 1.76× | ||
| Q1 25 | 75.03× | 1.90× | ||
| Q4 24 | 3.88× | 0.13× | ||
| Q3 24 | — | 1.60× | ||
| Q2 24 | — | 1.40× |
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% |
MPWR
Segment breakdown not available.
