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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $242.1M, roughly 1.7× ONESPAWORLD HOLDINGS Ltd). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 5.0%, a 27.3% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 11.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $14.9M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 7.1%).
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.
AFRM vs OSW — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $242.1M |
| Net Profit | $129.6M | $12.1M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 6.8% |
| Net Margin | 32.3% | 5.0% |
| Revenue YoY | 32.5% | 11.5% |
| Net Profit YoY | 61.3% | -16.2% |
| EPS (diluted) | $0.37 | $0.12 |
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 | $242.1M | ||
| Q3 25 | $320.5M | $258.5M | ||
| Q2 25 | $306.6M | $240.7M | ||
| Q1 25 | $272.5M | $219.6M | ||
| Q4 24 | $303.0M | $217.2M | ||
| Q3 24 | $231.8M | $241.7M | ||
| Q2 24 | $224.0M | $224.9M | ||
| Q1 24 | $195.0M | $211.2M |
| Q4 25 | $129.6M | $12.1M | ||
| Q3 25 | $80.7M | $24.3M | ||
| Q2 25 | $69.2M | $19.9M | ||
| Q1 25 | $2.8M | $15.3M | ||
| Q4 24 | $80.4M | $14.4M | ||
| Q3 24 | $-100.2M | $21.6M | ||
| Q2 24 | $-45.1M | $15.8M | ||
| Q1 24 | $-133.9M | $21.2M |
| Q4 25 | 29.3% | 6.8% | ||
| Q3 25 | 19.9% | 10.2% | ||
| Q2 25 | 18.9% | 9.2% | ||
| Q1 25 | -3.1% | 7.7% | ||
| Q4 24 | -1.4% | 7.9% | ||
| Q3 24 | -57.2% | 10.3% | ||
| Q2 24 | -32.8% | 8.4% | ||
| Q1 24 | -82.5% | 8.0% |
| Q4 25 | 32.3% | 5.0% | ||
| Q3 25 | 25.2% | 9.4% | ||
| Q2 25 | 22.6% | 8.3% | ||
| Q1 25 | 1.0% | 7.0% | ||
| Q4 24 | 26.5% | 6.6% | ||
| Q3 24 | -43.2% | 8.9% | ||
| Q2 24 | -20.2% | 7.0% | ||
| Q1 24 | -68.7% | 10.0% |
| Q4 25 | $0.37 | $0.12 | ||
| Q3 25 | $0.23 | $0.23 | ||
| Q2 25 | $0.22 | $0.19 | ||
| Q1 25 | $0.01 | $0.15 | ||
| Q4 24 | $0.23 | $0.13 | ||
| Q3 24 | $-0.31 | $0.20 | ||
| Q2 24 | $-0.13 | $0.15 | ||
| Q1 24 | $-0.43 | $0.21 |
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 | $16.3M |
| Total DebtLower is stronger | $9.0B | $84.0M |
| Stockholders' EquityBook value | $3.5B | $542.6M |
| Total Assets | $13.0B | $707.1M |
| Debt / EquityLower = less leverage | 2.54× | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $16.3M | ||
| Q3 25 | $1.4B | $29.6M | ||
| Q2 25 | $1.4B | $35.0M | ||
| Q1 25 | $1.4B | $22.6M | ||
| Q4 24 | $1.2B | $57.4M | ||
| Q3 24 | $1.0B | $48.8M | ||
| Q2 24 | $1.0B | $62.5M | ||
| Q1 24 | $1.3B | $65.4M |
| Q4 25 | $9.0B | $84.0M | ||
| Q3 25 | $7.7B | $85.2M | ||
| Q2 25 | $7.6B | $96.2M | ||
| Q1 25 | $7.1B | $97.4M | ||
| Q4 24 | $7.3B | $98.6M | ||
| Q3 24 | — | $98.7M | ||
| Q2 24 | $1.8B | $123.8M | ||
| Q1 24 | — | $138.6M |
| Q4 25 | $3.5B | $542.6M | ||
| Q3 25 | $3.3B | $552.8M | ||
| Q2 25 | $3.1B | $548.3M | ||
| Q1 25 | $2.9B | $530.6M | ||
| Q4 24 | $2.8B | $554.5M | ||
| Q3 24 | $2.8B | $540.1M | ||
| Q2 24 | $2.7B | $532.7M | ||
| Q1 24 | $2.6B | $515.5M |
| Q4 25 | $13.0B | $707.1M | ||
| Q3 25 | $11.5B | $732.6M | ||
| Q2 25 | $11.2B | $731.8M | ||
| Q1 25 | $10.4B | $708.7M | ||
| Q4 24 | $10.5B | $746.4M | ||
| Q3 24 | $10.1B | $734.0M | ||
| Q2 24 | $9.5B | $756.8M | ||
| Q1 24 | $9.2B | $763.6M |
| Q4 25 | 2.54× | 0.15× | ||
| Q3 25 | 2.35× | 0.15× | ||
| Q2 25 | 2.48× | 0.18× | ||
| Q1 25 | 2.49× | 0.18× | ||
| Q4 24 | 2.62× | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | 0.67× | 0.23× | ||
| Q1 24 | — | 0.27× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $118.0M | $14.9M |
| FCF MarginFCF / Revenue | 29.4% | 6.2% |
| Capex IntensityCapex / Revenue | 13.9% | 2.1% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $20.0M | ||
| Q3 25 | $374.6M | $33.2M | ||
| Q2 25 | $74.6M | $20.3M | ||
| Q1 25 | $210.4M | $10.1M | ||
| Q4 24 | $312.0M | $16.6M | ||
| Q3 24 | $196.9M | $28.6M | ||
| Q2 24 | $68.8M | $18.7M | ||
| Q1 24 | $208.2M | $15.0M |
| Q4 25 | $118.0M | $14.9M | ||
| Q3 25 | $320.2M | $27.6M | ||
| Q2 25 | $23.5M | $17.6M | ||
| Q1 25 | $157.4M | $8.4M | ||
| Q4 24 | $268.1M | $13.2M | ||
| Q3 24 | $152.7M | $27.5M | ||
| Q2 24 | $30.5M | $17.6M | ||
| Q1 24 | $161.7M | $13.7M |
| Q4 25 | 29.4% | 6.2% | ||
| Q3 25 | 99.9% | 10.7% | ||
| Q2 25 | 7.7% | 7.3% | ||
| Q1 25 | 57.7% | 3.8% | ||
| Q4 24 | 88.5% | 6.1% | ||
| Q3 24 | 65.9% | 11.4% | ||
| Q2 24 | 13.6% | 7.8% | ||
| Q1 24 | 82.9% | 6.5% |
| Q4 25 | 13.9% | 2.1% | ||
| Q3 25 | 17.0% | 2.2% | ||
| Q2 25 | 16.7% | 1.1% | ||
| Q1 25 | 19.5% | 0.8% | ||
| Q4 24 | 14.5% | 1.5% | ||
| Q3 24 | 19.0% | 0.5% | ||
| Q2 24 | 17.1% | 0.5% | ||
| Q1 24 | 23.8% | 0.6% |
| Q4 25 | 1.34× | 1.65× | ||
| Q3 25 | 4.64× | 1.36× | ||
| Q2 25 | 1.08× | 1.02× | ||
| Q1 25 | 75.03× | 0.66× | ||
| Q4 24 | 3.88× | 1.15× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | 0.71× |
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% |
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
