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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Metallus Inc. (MTUS). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $308.3M, roughly 1.3× Metallus Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 1.8%, a 30.5% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 9.9%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 2.3%).
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.
AFRM vs MTUS — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $308.3M |
| Net Profit | $129.6M | $5.4M |
| Gross Margin | — | 8.1% |
| Operating Margin | 29.3% | — |
| Net Margin | 32.3% | 1.8% |
| Revenue YoY | 32.5% | 9.9% |
| Net Profit YoY | 61.3% | 315.4% |
| EPS (diluted) | $0.37 | $0.13 |
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 | — | $308.3M | ||
| Q4 25 | $401.4M | $267.3M | ||
| Q3 25 | $320.5M | $305.9M | ||
| Q2 25 | $306.6M | $304.6M | ||
| Q1 25 | $272.5M | $280.5M | ||
| Q4 24 | $303.0M | $240.5M | ||
| Q3 24 | $231.8M | $227.2M | ||
| Q2 24 | $224.0M | $294.7M |
| Q1 26 | — | $5.4M | ||
| Q4 25 | $129.6M | $-14.3M | ||
| Q3 25 | $80.7M | $8.1M | ||
| Q2 25 | $69.2M | $3.7M | ||
| Q1 25 | $2.8M | $1.3M | ||
| Q4 24 | $80.4M | $-21.4M | ||
| Q3 24 | $-100.2M | $-5.9M | ||
| Q2 24 | $-45.1M | $4.6M |
| Q1 26 | — | 8.1% | ||
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 11.4% | ||
| Q2 25 | — | 10.6% | ||
| Q1 25 | — | 7.8% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 5.3% | ||
| Q2 24 | — | 8.2% |
| Q1 26 | — | — | ||
| Q4 25 | 29.3% | -7.7% | ||
| Q3 25 | 19.9% | 3.6% | ||
| Q2 25 | 18.9% | 2.8% | ||
| Q1 25 | -3.1% | 1.0% | ||
| Q4 24 | -1.4% | -10.1% | ||
| Q3 24 | -57.2% | -3.1% | ||
| Q2 24 | -32.8% | 2.1% |
| Q1 26 | — | 1.8% | ||
| Q4 25 | 32.3% | -5.3% | ||
| Q3 25 | 25.2% | 2.6% | ||
| Q2 25 | 22.6% | 1.2% | ||
| Q1 25 | 1.0% | 0.5% | ||
| Q4 24 | 26.5% | -8.9% | ||
| Q3 24 | -43.2% | -2.6% | ||
| Q2 24 | -20.2% | 1.6% |
| Q1 26 | — | $0.13 | ||
| Q4 25 | $0.37 | $-0.34 | ||
| Q3 25 | $0.23 | $0.19 | ||
| Q2 25 | $0.22 | $0.09 | ||
| Q1 25 | $0.01 | $0.03 | ||
| Q4 24 | $0.23 | $-0.46 | ||
| Q3 24 | $-0.31 | $-0.13 | ||
| Q2 24 | $-0.13 | $0.10 |
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 | $104.0M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $683.0M |
| Total Assets | $13.0B | $1.1B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $104.0M | ||
| Q4 25 | $1.5B | $156.7M | ||
| Q3 25 | $1.4B | $191.5M | ||
| Q2 25 | $1.4B | $190.8M | ||
| Q1 25 | $1.4B | $180.3M | ||
| Q4 24 | $1.2B | $240.7M | ||
| Q3 24 | $1.0B | $254.6M | ||
| Q2 24 | $1.0B | $272.8M |
| Q1 26 | — | — | ||
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $0 | ||
| Q2 25 | $7.6B | $0 | ||
| Q1 25 | $7.1B | $5.4M | ||
| Q4 24 | $7.3B | $5.4M | ||
| Q3 24 | — | $13.2M | ||
| Q2 24 | $1.8B | $13.2M |
| Q1 26 | — | $683.0M | ||
| Q4 25 | $3.5B | $686.0M | ||
| Q3 25 | $3.3B | $697.7M | ||
| Q2 25 | $3.1B | $690.0M | ||
| Q1 25 | $2.9B | $686.1M | ||
| Q4 24 | $2.8B | $690.5M | ||
| Q3 24 | $2.8B | $712.7M | ||
| Q2 24 | $2.7B | $736.3M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $13.0B | $1.1B | ||
| Q3 25 | $11.5B | $1.2B | ||
| Q2 25 | $11.2B | $1.1B | ||
| Q1 25 | $10.4B | $1.1B | ||
| Q4 24 | $10.5B | $1.1B | ||
| Q3 24 | $10.1B | $1.1B | ||
| Q2 24 | $9.5B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 0.00× | ||
| Q2 25 | 2.48× | 0.00× | ||
| Q1 25 | 2.49× | 0.01× | ||
| Q4 24 | 2.62× | 0.01× | ||
| Q3 24 | — | 0.02× | ||
| Q2 24 | 0.67× | 0.02× |
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% | 0.0% |
| 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 | $-1.9M | ||
| Q3 25 | $374.6M | $22.0M | ||
| Q2 25 | $74.6M | $34.8M | ||
| Q1 25 | $210.4M | $-38.9M | ||
| Q4 24 | $312.0M | $13.9M | ||
| Q3 24 | $196.9M | $-15.3M | ||
| Q2 24 | $68.8M | $8.3M |
| Q1 26 | — | — | ||
| Q4 25 | $118.0M | $-37.2M | ||
| Q3 25 | $320.2M | $-6.4M | ||
| Q2 25 | $23.5M | $17.0M | ||
| Q1 25 | $157.4M | $-66.4M | ||
| Q4 24 | $268.1M | $-1.3M | ||
| Q3 24 | $152.7M | $-32.9M | ||
| Q2 24 | $30.5M | $-5.8M |
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | -13.9% | ||
| Q3 25 | 99.9% | -2.1% | ||
| Q2 25 | 7.7% | 5.6% | ||
| Q1 25 | 57.7% | -23.7% | ||
| Q4 24 | 88.5% | -0.5% | ||
| Q3 24 | 65.9% | -14.5% | ||
| Q2 24 | 13.6% | -2.0% |
| Q1 26 | — | 0.0% | ||
| Q4 25 | 13.9% | 13.2% | ||
| Q3 25 | 17.0% | 9.3% | ||
| Q2 25 | 16.7% | 5.8% | ||
| Q1 25 | 19.5% | 9.8% | ||
| Q4 24 | 14.5% | 6.3% | ||
| Q3 24 | 19.0% | 7.7% | ||
| Q2 24 | 17.1% | 4.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 2.72× | ||
| Q2 25 | 1.08× | 9.41× | ||
| Q1 25 | 75.03× | -29.92× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.80× |
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% |
MTUS
Segment breakdown not available.
