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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Noble Corp plc (NE). Click either name above to swap in a different company.
Noble Corp plc is the larger business by last-quarter revenue ($764.4M vs $401.4M, roughly 1.9× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 11.3%, a 20.9% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -17.6%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $35.4M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 9.5%).
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.
Barnes & Noble Booksellers is an American bookseller with the largest number of retail outlets in the United States. The company operates approximately 700+ retail stores across the United States.
AFRM vs NE — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $764.4M |
| Net Profit | $129.6M | $86.6M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 5.6% |
| Net Margin | 32.3% | 11.3% |
| Revenue YoY | 32.5% | -17.6% |
| Net Profit YoY | 61.3% | -10.4% |
| EPS (diluted) | $0.37 | $0.54 |
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 | $764.4M | ||
| Q3 25 | $320.5M | $798.0M | ||
| Q2 25 | $306.6M | $848.7M | ||
| Q1 25 | $272.5M | $874.5M | ||
| Q4 24 | $303.0M | $927.3M | ||
| Q3 24 | $231.8M | $800.5M | ||
| Q2 24 | $224.0M | $692.8M | ||
| Q1 24 | $195.0M | $637.1M |
| Q4 25 | $129.6M | $86.6M | ||
| Q3 25 | $80.7M | $-21.1M | ||
| Q2 25 | $69.2M | $42.9M | ||
| Q1 25 | $2.8M | $108.3M | ||
| Q4 24 | $80.4M | $96.6M | ||
| Q3 24 | $-100.2M | $61.2M | ||
| Q2 24 | $-45.1M | $195.0M | ||
| Q1 24 | $-133.9M | $95.5M |
| Q4 25 | 29.3% | 5.6% | ||
| Q3 25 | 19.9% | 6.3% | ||
| Q2 25 | 18.9% | 15.9% | ||
| Q1 25 | -3.1% | 21.4% | ||
| Q4 24 | -1.4% | 18.4% | ||
| Q3 24 | -57.2% | 14.4% | ||
| Q2 24 | -32.8% | 30.3% | ||
| Q1 24 | -82.5% | 16.9% |
| Q4 25 | 32.3% | 11.3% | ||
| Q3 25 | 25.2% | -2.6% | ||
| Q2 25 | 22.6% | 5.1% | ||
| Q1 25 | 1.0% | 12.4% | ||
| Q4 24 | 26.5% | 10.4% | ||
| Q3 24 | -43.2% | 7.6% | ||
| Q2 24 | -20.2% | 28.1% | ||
| Q1 24 | -68.7% | 15.0% |
| Q4 25 | $0.37 | $0.54 | ||
| Q3 25 | $0.23 | $-0.13 | ||
| Q2 25 | $0.22 | $0.27 | ||
| Q1 25 | $0.01 | $0.67 | ||
| Q4 24 | $0.23 | $0.56 | ||
| Q3 24 | $-0.31 | $0.40 | ||
| Q2 24 | $-0.13 | $1.34 | ||
| Q1 24 | $-0.43 | $0.66 |
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 | $471.4M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $4.5B |
| Total Assets | $13.0B | $7.5B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $471.4M | ||
| Q3 25 | $1.4B | $477.9M | ||
| Q2 25 | $1.4B | $338.2M | ||
| Q1 25 | $1.4B | $303.8M | ||
| Q4 24 | $1.2B | $247.3M | ||
| Q3 24 | $1.0B | $391.9M | ||
| Q2 24 | $1.0B | $162.9M | ||
| Q1 24 | $1.3B | $212.5M |
| 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 | $4.5B | ||
| Q3 25 | $3.3B | $4.5B | ||
| Q2 25 | $3.1B | $4.6B | ||
| Q1 25 | $2.9B | $4.7B | ||
| Q4 24 | $2.8B | $4.7B | ||
| Q3 24 | $2.8B | $4.7B | ||
| Q2 24 | $2.7B | $4.0B | ||
| Q1 24 | $2.6B | $3.9B |
| Q4 25 | $13.0B | $7.5B | ||
| Q3 25 | $11.5B | $7.6B | ||
| Q2 25 | $11.2B | $7.7B | ||
| Q1 25 | $10.4B | $7.9B | ||
| Q4 24 | $10.5B | $8.0B | ||
| Q3 24 | $10.1B | $8.0B | ||
| Q2 24 | $9.5B | $5.6B | ||
| Q1 24 | $9.2B | $5.4B |
| 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 | $187.1M |
| Free Cash FlowOCF − Capex | $118.0M | $35.4M |
| FCF MarginFCF / Revenue | 29.4% | 4.6% |
| Capex IntensityCapex / Revenue | 13.9% | 19.9% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.16× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $432.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $187.1M | ||
| Q3 25 | $374.6M | $277.1M | ||
| Q2 25 | $74.6M | $216.4M | ||
| Q1 25 | $210.4M | $271.1M | ||
| Q4 24 | $312.0M | $136.2M | ||
| Q3 24 | $196.9M | $283.8M | ||
| Q2 24 | $68.8M | $106.8M | ||
| Q1 24 | $208.2M | $128.7M |
| Q4 25 | $118.0M | $35.4M | ||
| Q3 25 | $320.2M | $139.5M | ||
| Q2 25 | $23.5M | $99.8M | ||
| Q1 25 | $157.4M | $157.5M | ||
| Q4 24 | $268.1M | $-4.4M | ||
| Q3 24 | $152.7M | $156.8M | ||
| Q2 24 | $30.5M | $-34.3M | ||
| Q1 24 | $161.7M | $-37.9M |
| Q4 25 | 29.4% | 4.6% | ||
| Q3 25 | 99.9% | 17.5% | ||
| Q2 25 | 7.7% | 11.8% | ||
| Q1 25 | 57.7% | 18.0% | ||
| Q4 24 | 88.5% | -0.5% | ||
| Q3 24 | 65.9% | 19.6% | ||
| Q2 24 | 13.6% | -4.9% | ||
| Q1 24 | 82.9% | -6.0% |
| Q4 25 | 13.9% | 19.9% | ||
| Q3 25 | 17.0% | 17.3% | ||
| Q2 25 | 16.7% | 13.7% | ||
| Q1 25 | 19.5% | 13.0% | ||
| Q4 24 | 14.5% | 15.2% | ||
| Q3 24 | 19.0% | 15.9% | ||
| Q2 24 | 17.1% | 20.4% | ||
| Q1 24 | 23.8% | 26.2% |
| Q4 25 | 1.34× | 2.16× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | 5.05× | ||
| Q1 25 | 75.03× | 2.50× | ||
| Q4 24 | 3.88× | 1.41× | ||
| Q3 24 | — | 4.64× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 1.35× |
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% |
NE
| Floaters | $559.8M | 73% |
| Jackups | $145.5M | 19% |
| Service Other | $59.1M | 8% |
