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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
Natera, Inc. is the larger business by last-quarter revenue ($665.5M vs $401.4M, roughly 1.7× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 7.1%, a 25.2% gap on every dollar of revenue. On growth, Natera, Inc. posted the faster year-over-year revenue change (39.8% vs 32.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $37.8M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 34.5%).
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.
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
AFRM vs NTRA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $665.5M |
| Net Profit | $129.6M | $47.3M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | -3.4% |
| Net Margin | 32.3% | 7.1% |
| Revenue YoY | 32.5% | 39.8% |
| Net Profit YoY | 61.3% | 187.9% |
| EPS (diluted) | $0.37 | $0.36 |
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 | $665.5M | ||
| Q3 25 | $320.5M | $592.2M | ||
| Q2 25 | $306.6M | $546.6M | ||
| Q1 25 | $272.5M | $501.8M | ||
| Q4 24 | $303.0M | $476.1M | ||
| Q3 24 | $231.8M | $439.8M | ||
| Q2 24 | $224.0M | $413.4M | ||
| Q1 24 | $195.0M | $367.7M |
| Q4 25 | $129.6M | $47.3M | ||
| Q3 25 | $80.7M | $-87.5M | ||
| Q2 25 | $69.2M | $-100.9M | ||
| Q1 25 | $2.8M | $-66.9M | ||
| Q4 24 | $80.4M | $-53.8M | ||
| Q3 24 | $-100.2M | $-31.6M | ||
| Q2 24 | $-45.1M | $-37.5M | ||
| Q1 24 | $-133.9M | $-67.6M |
| Q4 25 | 29.3% | -3.4% | ||
| Q3 25 | 19.9% | -16.5% | ||
| Q2 25 | 18.9% | -20.2% | ||
| Q1 25 | -3.1% | -15.8% | ||
| Q4 24 | -1.4% | -13.6% | ||
| Q3 24 | -57.2% | -8.9% | ||
| Q2 24 | -32.8% | -10.6% | ||
| Q1 24 | -82.5% | -20.2% |
| Q4 25 | 32.3% | 7.1% | ||
| Q3 25 | 25.2% | -14.8% | ||
| Q2 25 | 22.6% | -18.5% | ||
| Q1 25 | 1.0% | -13.3% | ||
| Q4 24 | 26.5% | -11.3% | ||
| Q3 24 | -43.2% | -7.2% | ||
| Q2 24 | -20.2% | -9.1% | ||
| Q1 24 | -68.7% | -18.4% |
| Q4 25 | $0.37 | $0.36 | ||
| Q3 25 | $0.23 | $-0.64 | ||
| Q2 25 | $0.22 | $-0.74 | ||
| Q1 25 | $0.01 | $-0.50 | ||
| Q4 24 | $0.23 | $-0.41 | ||
| Q3 24 | $-0.31 | $-0.26 | ||
| Q2 24 | $-0.13 | $-0.30 | ||
| Q1 24 | $-0.43 | $-0.56 |
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 | — |
| Stockholders' EquityBook value | $3.5B | $1.7B |
| Total Assets | $13.0B | $2.4B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $1.0M | ||
| Q2 25 | $1.4B | $16.0M | ||
| Q1 25 | $1.4B | $17.8M | ||
| Q4 24 | $1.2B | $22.7M | ||
| Q3 24 | $1.0B | $29.5M | ||
| Q2 24 | $1.0B | $90.3M | ||
| Q1 24 | $1.3B | $69.1M |
| 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 | $1.7B | ||
| Q3 25 | $3.3B | $1.3B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $2.9B | $1.2B | ||
| Q4 24 | $2.8B | $1.2B | ||
| Q3 24 | $2.8B | $878.5M | ||
| Q2 24 | $2.7B | $836.5M | ||
| Q1 24 | $2.6B | $794.1M |
| Q4 25 | $13.0B | $2.4B | ||
| Q3 25 | $11.5B | $1.8B | ||
| Q2 25 | $11.2B | $1.8B | ||
| Q1 25 | $10.4B | $1.7B | ||
| Q4 24 | $10.5B | $1.7B | ||
| Q3 24 | $10.1B | $1.6B | ||
| Q2 24 | $9.5B | $1.5B | ||
| Q1 24 | $9.2B | $1.5B |
| 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 | $73.9M |
| Free Cash FlowOCF − Capex | $118.0M | $37.8M |
| FCF MarginFCF / Revenue | 29.4% | 5.7% |
| Capex IntensityCapex / Revenue | 13.9% | 5.4% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $73.9M | ||
| Q3 25 | $374.6M | $59.4M | ||
| Q2 25 | $74.6M | $37.6M | ||
| Q1 25 | $210.4M | $44.5M | ||
| Q4 24 | $312.0M | $52.9M | ||
| Q3 24 | $196.9M | $51.8M | ||
| Q2 24 | $68.8M | $4.0M | ||
| Q1 24 | $208.2M | $27.0M |
| Q4 25 | $118.0M | $37.8M | ||
| Q3 25 | $320.2M | $37.0M | ||
| Q2 25 | $23.5M | $11.7M | ||
| Q1 25 | $157.4M | $22.6M | ||
| Q4 24 | $268.1M | $34.8M | ||
| Q3 24 | $152.7M | $35.5M | ||
| Q2 24 | $30.5M | $-7.7M | ||
| Q1 24 | $161.7M | $6.7M |
| Q4 25 | 29.4% | 5.7% | ||
| Q3 25 | 99.9% | 6.2% | ||
| Q2 25 | 7.7% | 2.1% | ||
| Q1 25 | 57.7% | 4.5% | ||
| Q4 24 | 88.5% | 7.3% | ||
| Q3 24 | 65.9% | 8.1% | ||
| Q2 24 | 13.6% | -1.9% | ||
| Q1 24 | 82.9% | 1.8% |
| Q4 25 | 13.9% | 5.4% | ||
| Q3 25 | 17.0% | 3.8% | ||
| Q2 25 | 16.7% | 4.7% | ||
| Q1 25 | 19.5% | 4.3% | ||
| Q4 24 | 14.5% | 3.8% | ||
| Q3 24 | 19.0% | 3.7% | ||
| Q2 24 | 17.1% | 2.8% | ||
| Q1 24 | 23.8% | 5.5% |
| Q4 25 | 1.34× | 1.56× | ||
| 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% |
NTRA
Segment breakdown not available.
