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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and MATRIX SERVICE CO (MTRX). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $210.5M, roughly 1.9× MATRIX SERVICE CO). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -0.4%, a 32.7% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 12.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $6.3M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 12.6%).
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.
Matrix Telecom, Inc., operating as Matrix Business Technologies, Trinsic, Powered by Matrix, Excel Telecommunications and various other niche brands is a United States telecommunications firm that provides voice and data services to consumers and small and medium businesses as well as multi-location distributed enterprise markets. The firm also provides wholesale voice services to the telecommunications, wireless and cable industries.
AFRM vs MTRX — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $210.5M |
| Net Profit | $129.6M | $-894.0K |
| Gross Margin | — | 6.2% |
| Operating Margin | 29.3% | -1.0% |
| Net Margin | 32.3% | -0.4% |
| Revenue YoY | 32.5% | 12.5% |
| Net Profit YoY | 61.3% | 83.8% |
| EPS (diluted) | $0.37 | $-0.03 |
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 | $210.5M | ||
| Q3 25 | $320.5M | $211.9M | ||
| Q2 25 | $306.6M | $216.4M | ||
| Q1 25 | $272.5M | $200.2M | ||
| Q4 24 | $303.0M | $187.2M | ||
| Q3 24 | $231.8M | $165.6M | ||
| Q2 24 | $224.0M | $189.5M | ||
| Q1 24 | $195.0M | $166.0M |
| Q4 25 | $129.6M | $-894.0K | ||
| Q3 25 | $80.7M | $-3.7M | ||
| Q2 25 | $69.2M | $-11.3M | ||
| Q1 25 | $2.8M | $-3.4M | ||
| Q4 24 | $80.4M | $-5.5M | ||
| Q3 24 | $-100.2M | $-9.2M | ||
| Q2 24 | $-45.1M | $-4.4M | ||
| Q1 24 | $-133.9M | $-14.6M |
| Q4 25 | — | 6.2% | ||
| Q3 25 | — | 6.7% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | — | 6.4% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 4.7% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | — | 3.4% |
| Q4 25 | 29.3% | -1.0% | ||
| Q3 25 | 19.9% | -2.6% | ||
| Q2 25 | 18.9% | -6.0% | ||
| Q1 25 | -3.1% | -2.5% | ||
| Q4 24 | -1.4% | -3.4% | ||
| Q3 24 | -57.2% | -6.5% | ||
| Q2 24 | -32.8% | -2.8% | ||
| Q1 24 | -82.5% | -8.7% |
| Q4 25 | 32.3% | -0.4% | ||
| Q3 25 | 25.2% | -1.7% | ||
| Q2 25 | 22.6% | -5.2% | ||
| Q1 25 | 1.0% | -1.7% | ||
| Q4 24 | 26.5% | -3.0% | ||
| Q3 24 | -43.2% | -5.6% | ||
| Q2 24 | -20.2% | -2.3% | ||
| Q1 24 | -68.7% | -8.8% |
| Q4 25 | $0.37 | $-0.03 | ||
| Q3 25 | $0.23 | $-0.13 | ||
| Q2 25 | $0.22 | $-0.41 | ||
| Q1 25 | $0.01 | $-0.12 | ||
| Q4 24 | $0.23 | $-0.20 | ||
| Q3 24 | $-0.31 | $-0.33 | ||
| Q2 24 | $-0.13 | $-0.16 | ||
| Q1 24 | $-0.43 | $-0.53 |
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 | $199.0M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $137.6M |
| Total Assets | $13.0B | $650.2M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $199.0M | ||
| Q3 25 | $1.4B | $192.3M | ||
| Q2 25 | $1.4B | $224.6M | ||
| Q1 25 | $1.4B | $185.5M | ||
| Q4 24 | $1.2B | $156.8M | ||
| Q3 24 | $1.0B | $124.6M | ||
| Q2 24 | $1.0B | $115.6M | ||
| Q1 24 | $1.3B | $69.7M |
| 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 | $137.6M | ||
| Q3 25 | $3.3B | $136.3M | ||
| Q2 25 | $3.1B | $142.7M | ||
| Q1 25 | $2.9B | $150.7M | ||
| Q4 24 | $2.8B | $151.9M | ||
| Q3 24 | $2.8B | $156.5M | ||
| Q2 24 | $2.7B | $164.2M | ||
| Q1 24 | $2.6B | $165.8M |
| Q4 25 | $13.0B | $650.2M | ||
| Q3 25 | $11.5B | $598.2M | ||
| Q2 25 | $11.2B | $600.3M | ||
| Q1 25 | $10.4B | $613.7M | ||
| Q4 24 | $10.5B | $513.8M | ||
| Q3 24 | $10.1B | $470.2M | ||
| Q2 24 | $9.5B | $451.4M | ||
| Q1 24 | $9.2B | $440.0M |
| 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 | $7.5M |
| Free Cash FlowOCF − Capex | $118.0M | $6.3M |
| FCF MarginFCF / Revenue | 29.4% | 3.0% |
| Capex IntensityCapex / Revenue | 13.9% | 0.6% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $45.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $7.5M | ||
| Q3 25 | $374.6M | $-25.9M | ||
| Q2 25 | $74.6M | $40.7M | ||
| Q1 25 | $210.4M | $31.2M | ||
| Q4 24 | $312.0M | $33.6M | ||
| Q3 24 | $196.9M | $11.9M | ||
| Q2 24 | $68.8M | $47.0M | ||
| Q1 24 | $208.2M | $24.8M |
| Q4 25 | $118.0M | $6.3M | ||
| Q3 25 | $320.2M | $-27.9M | ||
| Q2 25 | $23.5M | $38.4M | ||
| Q1 25 | $157.4M | $28.7M | ||
| Q4 24 | $268.1M | $32.7M | ||
| Q3 24 | $152.7M | $10.0M | ||
| Q2 24 | $30.5M | $45.7M | ||
| Q1 24 | $161.7M | $20.0M |
| Q4 25 | 29.4% | 3.0% | ||
| Q3 25 | 99.9% | -13.2% | ||
| Q2 25 | 7.7% | 17.8% | ||
| Q1 25 | 57.7% | 14.3% | ||
| Q4 24 | 88.5% | 17.5% | ||
| Q3 24 | 65.9% | 6.0% | ||
| Q2 24 | 13.6% | 24.1% | ||
| Q1 24 | 82.9% | 12.1% |
| Q4 25 | 13.9% | 0.6% | ||
| Q3 25 | 17.0% | 0.9% | ||
| Q2 25 | 16.7% | 1.0% | ||
| Q1 25 | 19.5% | 1.3% | ||
| Q4 24 | 14.5% | 0.5% | ||
| Q3 24 | 19.0% | 1.2% | ||
| Q2 24 | 17.1% | 0.7% | ||
| Q1 24 | 23.8% | 2.9% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| 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% |
MTRX
| Storage And Terminal Solutions | $99.9M | 47% |
| Utility And Power Infrastructure | $75.4M | 36% |
| Process And Industrial Facilities | $35.3M | 17% |
