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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $401.4M, roughly 1.1× Affirm Holdings, Inc.). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 32.3%, a 3.4% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 1.7%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 12.1%).
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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
AFRM vs NFG — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $425.9M |
| Net Profit | $129.6M | $152.0M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 81.5% |
| Net Margin | 32.3% | 35.7% |
| Revenue YoY | 32.5% | 1.7% |
| Net Profit YoY | 61.3% | — |
| EPS (diluted) | $0.37 | $1.59 |
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 | — | $425.9M | ||
| Q4 25 | $401.4M | $637.9M | ||
| Q3 25 | $320.5M | $443.1M | ||
| Q2 25 | $306.6M | $527.4M | ||
| Q1 25 | $272.5M | $734.8M | ||
| Q4 24 | $303.0M | $513.8M | ||
| Q3 24 | $231.8M | $310.0M | ||
| Q2 24 | $224.0M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $129.6M | $181.6M | ||
| Q3 25 | $80.7M | $107.3M | ||
| Q2 25 | $69.2M | $149.8M | ||
| Q1 25 | $2.8M | $216.4M | ||
| Q4 24 | $80.4M | $45.0M | ||
| Q3 24 | $-100.2M | $-167.6M | ||
| Q2 24 | $-45.1M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 29.3% | 43.3% | ||
| Q3 25 | 19.9% | 40.6% | ||
| Q2 25 | 18.9% | 43.7% | ||
| Q1 25 | -3.1% | 43.2% | ||
| Q4 24 | -1.4% | 16.8% | ||
| Q3 24 | -57.2% | -63.4% | ||
| Q2 24 | -32.8% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 32.3% | 28.5% | ||
| Q3 25 | 25.2% | 24.2% | ||
| Q2 25 | 22.6% | 28.4% | ||
| Q1 25 | 1.0% | 29.4% | ||
| Q4 24 | 26.5% | 8.8% | ||
| Q3 24 | -43.2% | -54.1% | ||
| Q2 24 | -20.2% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $0.37 | $1.98 | ||
| Q3 25 | $0.23 | $1.18 | ||
| Q2 25 | $0.22 | $1.64 | ||
| Q1 25 | $0.01 | $2.37 | ||
| Q4 24 | $0.23 | $0.49 | ||
| Q3 24 | $-0.31 | $-1.81 | ||
| Q2 24 | $-0.13 | $-0.59 |
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 | — |
| Total DebtLower is stronger | $9.0B | $300.0M |
| Stockholders' EquityBook value | $3.5B | — |
| Total Assets | $13.0B | $9.1B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $271.4M | ||
| Q3 25 | $1.4B | $43.2M | ||
| Q2 25 | $1.4B | $39.3M | ||
| Q1 25 | $1.4B | $40.0M | ||
| Q4 24 | $1.2B | $48.7M | ||
| Q3 24 | $1.0B | $38.2M | ||
| Q2 24 | $1.0B | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $9.0B | $2.7B | ||
| Q3 25 | $7.7B | $2.7B | ||
| Q2 25 | $7.6B | $2.7B | ||
| Q1 25 | $7.1B | $2.7B | ||
| Q4 24 | $7.3B | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | $1.8B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $3.6B | ||
| Q3 25 | $3.3B | $3.1B | ||
| Q2 25 | $3.1B | $3.0B | ||
| Q1 25 | $2.9B | $2.8B | ||
| Q4 24 | $2.8B | $-76.2M | ||
| Q3 24 | $2.8B | $-15.5M | ||
| Q2 24 | $2.7B | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $13.0B | $9.2B | ||
| Q3 25 | $11.5B | $8.7B | ||
| Q2 25 | $11.2B | $8.4B | ||
| Q1 25 | $10.4B | $8.5B | ||
| Q4 24 | $10.5B | $8.3B | ||
| Q3 24 | $10.1B | $8.3B | ||
| Q2 24 | $9.5B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 2.54× | 0.75× | ||
| Q3 25 | 2.35× | 0.87× | ||
| Q2 25 | 2.48× | 0.90× | ||
| Q1 25 | 2.49× | 0.99× | ||
| Q4 24 | 2.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.67× | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | 117.0% |
| Cash ConversionOCF / Net Profit | 1.34× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $173.7M | $274.9M | ||
| Q3 25 | $374.6M | $237.8M | ||
| Q2 25 | $74.6M | $388.4M | ||
| Q1 25 | $210.4M | $253.8M | ||
| Q4 24 | $312.0M | $220.1M | ||
| Q3 24 | $196.9M | $197.9M | ||
| Q2 24 | $68.8M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $118.0M | $-2.7M | ||
| Q3 25 | $320.2M | $-47.8M | ||
| Q2 25 | $23.5M | $195.3M | ||
| Q1 25 | $157.4M | $59.9M | ||
| Q4 24 | $268.1M | $-20.3M | ||
| Q3 24 | $152.7M | $-49.1M | ||
| Q2 24 | $30.5M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | -0.4% | ||
| Q3 25 | 99.9% | -10.8% | ||
| Q2 25 | 7.7% | 37.0% | ||
| Q1 25 | 57.7% | 8.2% | ||
| Q4 24 | 88.5% | -4.0% | ||
| Q3 24 | 65.9% | -15.8% | ||
| Q2 24 | 13.6% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 13.9% | 43.5% | ||
| Q3 25 | 17.0% | 64.4% | ||
| Q2 25 | 16.7% | 36.6% | ||
| Q1 25 | 19.5% | 26.4% | ||
| Q4 24 | 14.5% | 46.8% | ||
| Q3 24 | 19.0% | 79.7% | ||
| Q2 24 | 17.1% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 1.34× | 1.51× | ||
| Q3 25 | 4.64× | 2.21× | ||
| Q2 25 | 1.08× | 2.59× | ||
| Q1 25 | 75.03× | 1.17× | ||
| Q4 24 | 3.88× | 4.89× | ||
| Q3 24 | — | — | ||
| Q2 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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
