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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and New Fortress Energy Inc. (NFE). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $326.2M, roughly 1.2× New Fortress Energy Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -259.7%, a 291.9% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -7.0%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-134.8M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -26.8%).
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.
New Fortress Energy Inc. is a global energy infrastructure firm developing, owning and operating LNG import/export terminals, natural gas supply networks and low-carbon projects. It serves utility, industrial and public sector clients across the Americas and Caribbean, delivering affordable, lower-emission energy resources.
AFRM vs NFE — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $326.2M |
| Net Profit | $129.6M | $-847.1M |
| Gross Margin | — | 35.5% |
| Operating Margin | 29.3% | -193.0% |
| Net Margin | 32.3% | -259.7% |
| Revenue YoY | 32.5% | -7.0% |
| Net Profit YoY | 61.3% | -277.4% |
| EPS (diluted) | $0.37 | $-3.03 |
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 | $326.2M | ||
| Q3 25 | $320.5M | $240.3M | ||
| Q2 25 | $306.6M | $228.1M | ||
| Q1 25 | $272.5M | $384.9M | ||
| Q4 24 | $303.0M | $350.7M | ||
| Q3 24 | $231.8M | $446.0M | ||
| Q2 24 | $224.0M | $291.2M | ||
| Q1 24 | $195.0M | $609.5M |
| Q4 25 | $129.6M | $-847.1M | ||
| Q3 25 | $80.7M | $-263.0M | ||
| Q2 25 | $69.2M | $-546.5M | ||
| Q1 25 | $2.8M | $-175.4M | ||
| Q4 24 | $80.4M | $-224.4M | ||
| Q3 24 | $-100.2M | $9.3M | ||
| Q2 24 | $-45.1M | $-88.9M | ||
| Q1 24 | $-133.9M | $54.1M |
| Q4 25 | — | 35.5% | ||
| Q3 25 | — | 18.1% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 21.4% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | — | 27.1% | ||
| Q2 24 | — | 23.8% | ||
| Q1 24 | — | 62.4% |
| Q4 25 | 29.3% | -193.0% | ||
| Q3 25 | 19.9% | -37.4% | ||
| Q2 25 | 18.9% | -170.3% | ||
| Q1 25 | -3.1% | -3.3% | ||
| Q4 24 | -1.4% | 65.0% | ||
| Q3 24 | -57.2% | 17.8% | ||
| Q2 24 | -32.8% | 12.3% | ||
| Q1 24 | -82.5% | 30.4% |
| Q4 25 | 32.3% | -259.7% | ||
| Q3 25 | 25.2% | -109.4% | ||
| Q2 25 | 22.6% | -239.6% | ||
| Q1 25 | 1.0% | -45.6% | ||
| Q4 24 | 26.5% | -64.0% | ||
| Q3 24 | -43.2% | 2.1% | ||
| Q2 24 | -20.2% | -30.5% | ||
| Q1 24 | -68.7% | 8.9% |
| Q4 25 | $0.37 | $-3.03 | ||
| Q3 25 | $0.23 | $-0.96 | ||
| Q2 25 | $0.22 | $-1.99 | ||
| Q1 25 | $0.01 | $-0.65 | ||
| Q4 24 | $0.23 | $-1.10 | ||
| Q3 24 | $-0.31 | $0.03 | ||
| Q2 24 | $-0.13 | $-0.42 | ||
| Q1 24 | $-0.43 | $0.23 |
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 | $226.5M |
| Total DebtLower is stronger | $9.0B | $8.2B |
| Stockholders' EquityBook value | $3.5B | $182.6M |
| Total Assets | $13.0B | $10.6B |
| Debt / EquityLower = less leverage | 2.54× | 44.78× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $226.5M | ||
| Q3 25 | $1.4B | $145.2M | ||
| Q2 25 | $1.4B | $551.1M | ||
| Q1 25 | $1.4B | $447.9M | ||
| Q4 24 | $1.2B | $492.9M | ||
| Q3 24 | $1.0B | $90.8M | ||
| Q2 24 | $1.0B | $133.0M | ||
| Q1 24 | $1.3B | $143.5M |
| Q4 25 | $9.0B | $8.2B | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | $8.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $182.6M | ||
| Q3 25 | $3.3B | $1.1B | ||
| Q2 25 | $3.1B | $1.3B | ||
| Q1 25 | $2.9B | $1.8B | ||
| Q4 24 | $2.8B | $1.9B | ||
| Q3 24 | $2.8B | $1.6B | ||
| Q2 24 | $2.7B | $1.6B | ||
| Q1 24 | $2.6B | $1.7B |
| Q4 25 | $13.0B | $10.6B | ||
| Q3 25 | $11.5B | $12.0B | ||
| Q2 25 | $11.2B | $12.0B | ||
| Q1 25 | $10.4B | $13.1B | ||
| Q4 24 | $10.5B | $12.9B | ||
| Q3 24 | $10.1B | $12.0B | ||
| Q2 24 | $9.5B | $11.4B | ||
| Q1 24 | $9.2B | $10.9B |
| Q4 25 | 2.54× | 44.78× | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | 4.74× | ||
| 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 | $-76.2M |
| Free Cash FlowOCF − Capex | $118.0M | $-134.8M |
| FCF MarginFCF / Revenue | 29.4% | -41.3% |
| Capex IntensityCapex / Revenue | 13.9% | 18.0% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $-76.2M | ||
| Q3 25 | $374.6M | $-171.0M | ||
| Q2 25 | $74.6M | $-329.0M | ||
| Q1 25 | $210.4M | $-7.2M | ||
| Q4 24 | $312.0M | $445.3M | ||
| Q3 24 | $196.9M | $-20.0M | ||
| Q2 24 | $68.8M | $113.9M | ||
| Q1 24 | $208.2M | $63.0M |
| Q4 25 | $118.0M | $-134.8M | ||
| Q3 25 | $320.2M | $-231.6M | ||
| Q2 25 | $23.5M | $-726.7M | ||
| Q1 25 | $157.4M | $-262.3M | ||
| Q4 24 | $268.1M | $-210.3M | ||
| Q3 24 | $152.7M | $-367.0M | ||
| Q2 24 | $30.5M | $-493.2M | ||
| Q1 24 | $161.7M | $-457.9M |
| Q4 25 | 29.4% | -41.3% | ||
| Q3 25 | 99.9% | -96.4% | ||
| Q2 25 | 7.7% | -318.6% | ||
| Q1 25 | 57.7% | -68.2% | ||
| Q4 24 | 88.5% | -60.0% | ||
| Q3 24 | 65.9% | -82.3% | ||
| Q2 24 | 13.6% | -169.3% | ||
| Q1 24 | 82.9% | -75.1% |
| Q4 25 | 13.9% | 18.0% | ||
| Q3 25 | 17.0% | 25.2% | ||
| Q2 25 | 16.7% | 174.4% | ||
| Q1 25 | 19.5% | 66.3% | ||
| Q4 24 | 14.5% | 187.0% | ||
| Q3 24 | 19.0% | 77.8% | ||
| Q2 24 | 17.1% | 208.4% | ||
| Q1 24 | 23.8% | 85.5% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | -2.15× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.16× |
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% |
NFE
Segment breakdown not available.
