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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Paymentus Holdings, Inc. (PAY). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $330.5M, roughly 1.2× Paymentus Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 6.3%, a 26.0% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 28.1%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $45.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 33.7%).
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.
Paymentus Holdings, Inc. is a leading cloud-based bill payment and customer engagement technology provider. It offers integrated digital payment solutions, billing automation tools, and self-service portals for enterprises across utilities, financial services, government, healthcare, and telecommunications segments, primarily operating in the North American market.
AFRM vs PAY — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $330.5M |
| Net Profit | $129.6M | $20.7M |
| Gross Margin | — | 25.4% |
| Operating Margin | 29.3% | 7.3% |
| Net Margin | 32.3% | 6.3% |
| Revenue YoY | 32.5% | 28.1% |
| Net Profit YoY | 61.3% | 57.2% |
| EPS (diluted) | $0.37 | $0.16 |
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 | $330.5M | ||
| Q3 25 | $320.5M | $310.7M | ||
| Q2 25 | $306.6M | $280.1M | ||
| Q1 25 | $272.5M | $275.2M | ||
| Q4 24 | $303.0M | $257.9M | ||
| Q3 24 | $231.8M | $231.6M | ||
| Q2 24 | $224.0M | $197.4M | ||
| Q1 24 | $195.0M | $184.9M |
| Q4 25 | $129.6M | $20.7M | ||
| Q3 25 | $80.7M | $17.7M | ||
| Q2 25 | $69.2M | $14.7M | ||
| Q1 25 | $2.8M | $13.8M | ||
| Q4 24 | $80.4M | $13.1M | ||
| Q3 24 | $-100.2M | $14.4M | ||
| Q2 24 | $-45.1M | $9.4M | ||
| Q1 24 | $-133.9M | $7.2M |
| Q4 25 | — | 25.4% | ||
| Q3 25 | — | 24.1% | ||
| Q2 25 | — | 25.5% | ||
| Q1 25 | — | 24.0% | ||
| Q4 24 | — | 25.6% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 29.8% | ||
| Q1 24 | — | 28.5% |
| Q4 25 | 29.3% | 7.3% | ||
| Q3 25 | 19.9% | 6.4% | ||
| Q2 25 | 18.9% | 5.7% | ||
| Q1 25 | -3.1% | 5.7% | ||
| Q4 24 | -1.4% | 5.5% | ||
| Q3 24 | -57.2% | 5.2% | ||
| Q2 24 | -32.8% | 5.2% | ||
| Q1 24 | -82.5% | 4.5% |
| Q4 25 | 32.3% | 6.3% | ||
| Q3 25 | 25.2% | 5.7% | ||
| Q2 25 | 22.6% | 5.3% | ||
| Q1 25 | 1.0% | 5.0% | ||
| Q4 24 | 26.5% | 5.1% | ||
| Q3 24 | -43.2% | 6.2% | ||
| Q2 24 | -20.2% | 4.7% | ||
| Q1 24 | -68.7% | 3.9% |
| Q4 25 | $0.37 | $0.16 | ||
| Q3 25 | $0.23 | $0.14 | ||
| Q2 25 | $0.22 | $0.11 | ||
| Q1 25 | $0.01 | $0.11 | ||
| Q4 24 | $0.23 | $0.11 | ||
| Q3 24 | $-0.31 | $0.11 | ||
| Q2 24 | $-0.13 | $0.07 | ||
| Q1 24 | $-0.43 | $0.06 |
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 | $320.9M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $560.4M |
| Total Assets | $13.0B | $667.9M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $320.9M | ||
| Q3 25 | $1.4B | $287.9M | ||
| Q2 25 | $1.4B | $266.4M | ||
| Q1 25 | $1.4B | $245.8M | ||
| Q4 24 | $1.2B | $205.9M | ||
| Q3 24 | $1.0B | $187.5M | ||
| Q2 24 | $1.0B | $188.8M | ||
| Q1 24 | $1.3B | $180.1M |
| 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 | $560.4M | ||
| Q3 25 | $3.3B | $537.4M | ||
| Q2 25 | $3.1B | $516.7M | ||
| Q1 25 | $2.9B | $500.4M | ||
| Q4 24 | $2.8B | $485.6M | ||
| Q3 24 | $2.8B | $468.8M | ||
| Q2 24 | $2.7B | $451.6M | ||
| Q1 24 | $2.6B | $439.4M |
| Q4 25 | $13.0B | $667.9M | ||
| Q3 25 | $11.5B | $644.4M | ||
| Q2 25 | $11.2B | $609.5M | ||
| Q1 25 | $10.4B | $590.9M | ||
| Q4 24 | $10.5B | $576.2M | ||
| Q3 24 | $10.1B | $552.9M | ||
| Q2 24 | $9.5B | $527.7M | ||
| Q1 24 | $9.2B | $514.0M |
| 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 | $45.1M |
| Free Cash FlowOCF − Capex | $118.0M | $45.0M |
| FCF MarginFCF / Revenue | 29.4% | 13.6% |
| Capex IntensityCapex / Revenue | 13.9% | 0.0% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.18× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $161.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $45.1M | ||
| Q3 25 | $374.6M | $35.1M | ||
| Q2 25 | $74.6M | $31.5M | ||
| Q1 25 | $210.4M | $50.4M | ||
| Q4 24 | $312.0M | $27.9M | ||
| Q3 24 | $196.9M | $6.7M | ||
| Q2 24 | $68.8M | $18.0M | ||
| Q1 24 | $208.2M | $11.0M |
| Q4 25 | $118.0M | $45.0M | ||
| Q3 25 | $320.2M | $35.0M | ||
| Q2 25 | $23.5M | $31.4M | ||
| Q1 25 | $157.4M | $50.4M | ||
| Q4 24 | $268.1M | $27.8M | ||
| Q3 24 | $152.7M | $6.7M | ||
| Q2 24 | $30.5M | $17.8M | ||
| Q1 24 | $161.7M | $10.8M |
| Q4 25 | 29.4% | 13.6% | ||
| Q3 25 | 99.9% | 11.3% | ||
| Q2 25 | 7.7% | 11.2% | ||
| Q1 25 | 57.7% | 18.3% | ||
| Q4 24 | 88.5% | 10.8% | ||
| Q3 24 | 65.9% | 2.9% | ||
| Q2 24 | 13.6% | 9.0% | ||
| Q1 24 | 82.9% | 5.9% |
| Q4 25 | 13.9% | 0.0% | ||
| Q3 25 | 17.0% | 0.0% | ||
| Q2 25 | 16.7% | 0.0% | ||
| Q1 25 | 19.5% | 0.0% | ||
| Q4 24 | 14.5% | 0.0% | ||
| Q3 24 | 19.0% | 0.0% | ||
| Q2 24 | 17.1% | 0.1% | ||
| Q1 24 | 23.8% | 0.1% |
| Q4 25 | 1.34× | 2.18× | ||
| Q3 25 | 4.64× | 1.98× | ||
| Q2 25 | 1.08× | 2.14× | ||
| Q1 25 | 75.03× | 3.65× | ||
| Q4 24 | 3.88× | 2.12× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 1.93× | ||
| Q1 24 | — | 1.52× |
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% |
PAY
| Payment Transaction Processing Revenue | $326.9M | 99% |
| Other | $3.5M | 1% |
