vs
Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and ONTO INNOVATION INC. (ONTO). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $218.2M, roughly 1.8× ONTO INNOVATION INC.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 12.9%, a 19.3% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -13.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $82.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 2.6%).
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.
Onto Innovation Inc. is an American semiconductor company formed in 2019 from the merger of Rudolph Technologies, Inc. and Nanometrics Incorporated. It is a provider of process and process control equipment and software for microelectronic manufacturing industries.
AFRM vs ONTO — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $218.2M |
| Net Profit | $129.6M | $28.2M |
| Gross Margin | — | 50.7% |
| Operating Margin | 29.3% | 10.9% |
| Net Margin | 32.3% | 12.9% |
| Revenue YoY | 32.5% | -13.5% |
| Net Profit YoY | 61.3% | -46.8% |
| EPS (diluted) | $0.37 | $0.57 |
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 | — | ||
| Q3 25 | $320.5M | $218.2M | ||
| Q2 25 | $306.6M | $253.6M | ||
| Q1 25 | $272.5M | $266.6M | ||
| Q4 24 | $303.0M | $263.9M | ||
| Q3 24 | $231.8M | $252.2M | ||
| Q2 24 | $224.0M | $242.3M | ||
| Q1 24 | $195.0M | $228.8M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $28.2M | ||
| Q2 25 | $69.2M | $33.9M | ||
| Q1 25 | $2.8M | $64.1M | ||
| Q4 24 | $80.4M | $48.8M | ||
| Q3 24 | $-100.2M | $53.1M | ||
| Q2 24 | $-45.1M | $52.9M | ||
| Q1 24 | $-133.9M | $46.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | 50.7% | ||
| Q2 25 | — | 48.2% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | — | 50.2% | ||
| Q3 24 | — | 54.1% | ||
| Q2 24 | — | 52.9% | ||
| Q1 24 | — | 51.7% |
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | 10.9% | ||
| Q2 25 | 18.9% | 12.7% | ||
| Q1 25 | -3.1% | 23.7% | ||
| Q4 24 | -1.4% | 16.1% | ||
| Q3 24 | -57.2% | 21.0% | ||
| Q2 24 | -32.8% | 20.2% | ||
| Q1 24 | -82.5% | 18.7% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | 12.9% | ||
| Q2 25 | 22.6% | 13.4% | ||
| Q1 25 | 1.0% | 24.0% | ||
| Q4 24 | 26.5% | 18.5% | ||
| Q3 24 | -43.2% | 21.0% | ||
| Q2 24 | -20.2% | 21.9% | ||
| Q1 24 | -68.7% | 20.5% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $0.57 | ||
| Q2 25 | $0.22 | $0.69 | ||
| Q1 25 | $0.01 | $1.30 | ||
| Q4 24 | $0.23 | $0.98 | ||
| Q3 24 | $-0.31 | $1.07 | ||
| Q2 24 | $-0.13 | $1.07 | ||
| Q1 24 | $-0.43 | $0.94 |
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 | $603.1M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $2.0B |
| Total Assets | $13.0B | $2.2B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $603.1M | ||
| Q2 25 | $1.4B | $217.5M | ||
| Q1 25 | $1.4B | $203.7M | ||
| Q4 24 | $1.2B | $212.9M | ||
| Q3 24 | $1.0B | $188.7M | ||
| Q2 24 | $1.0B | $172.6M | ||
| Q1 24 | $1.3B | $190.9M |
| 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 | — | ||
| Q3 25 | $3.3B | $2.0B | ||
| Q2 25 | $3.1B | $2.0B | ||
| Q1 25 | $2.9B | $1.9B | ||
| Q4 24 | $2.8B | $1.9B | ||
| Q3 24 | $2.8B | $1.9B | ||
| Q2 24 | $2.7B | $1.8B | ||
| Q1 24 | $2.6B | $1.8B |
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $2.2B | ||
| Q2 25 | $11.2B | $2.1B | ||
| Q1 25 | $10.4B | $2.1B | ||
| Q4 24 | $10.5B | $2.1B | ||
| Q3 24 | $10.1B | $2.1B | ||
| Q2 24 | $9.5B | $2.0B | ||
| Q1 24 | $9.2B | $2.0B |
| 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 | $83.4M |
| Free Cash FlowOCF − Capex | $118.0M | $82.0M |
| FCF MarginFCF / Revenue | 29.4% | 37.6% |
| Capex IntensityCapex / Revenue | 13.9% | 0.6% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.95× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $261.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $83.4M | ||
| Q2 25 | $74.6M | $57.9M | ||
| Q1 25 | $210.4M | $92.0M | ||
| Q4 24 | $312.0M | $56.0M | ||
| Q3 24 | $196.9M | $67.2M | ||
| Q2 24 | $68.8M | $65.3M | ||
| Q1 24 | $208.2M | $57.1M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $82.0M | ||
| Q2 25 | $23.5M | $44.2M | ||
| Q1 25 | $157.4M | $83.7M | ||
| Q4 24 | $268.1M | $51.4M | ||
| Q3 24 | $152.7M | $59.2M | ||
| Q2 24 | $30.5M | $53.0M | ||
| Q1 24 | $161.7M | $50.2M |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 37.6% | ||
| Q2 25 | 7.7% | 17.4% | ||
| Q1 25 | 57.7% | 31.4% | ||
| Q4 24 | 88.5% | 19.5% | ||
| Q3 24 | 65.9% | 23.5% | ||
| Q2 24 | 13.6% | 21.9% | ||
| Q1 24 | 82.9% | 21.9% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 0.6% | ||
| Q2 25 | 16.7% | 5.4% | ||
| Q1 25 | 19.5% | 3.1% | ||
| Q4 24 | 14.5% | 1.8% | ||
| Q3 24 | 19.0% | 3.2% | ||
| Q2 24 | 17.1% | 5.1% | ||
| Q1 24 | 23.8% | 3.0% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 2.95× | ||
| Q2 25 | 1.08× | 1.71× | ||
| Q1 25 | 75.03× | 1.44× | ||
| Q4 24 | 3.88× | 1.15× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 1.23× | ||
| Q1 24 | — | 1.22× |
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% |
ONTO
| Systems And Software Revenue | $173.8M | 80% |
| Parts Revenue | $23.9M | 11% |
| Service Revenue | $20.5M | 9% |
