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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Payoneer Global Inc. (PAYO). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $217.0M, roughly 1.9× Payoneer Global Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 8.8%, a 23.5% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 9.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $40.3M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 16.3%).
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.
Payoneer Global Inc. is an American financial services company that provides online money transfer, digital payment services and provides customers with working capital.
AFRM vs PAYO — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $217.0M |
| Net Profit | $129.6M | $19.0M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 13.3% |
| Net Margin | 32.3% | 8.8% |
| Revenue YoY | 32.5% | 9.5% |
| Net Profit YoY | 61.3% | 4.5% |
| EPS (diluted) | $0.37 | $0.05 |
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 | $217.0M | ||
| Q3 25 | $320.5M | $209.7M | ||
| Q2 25 | $306.6M | $200.5M | ||
| Q1 25 | $272.5M | $186.3M | ||
| Q4 24 | $303.0M | $198.2M | ||
| Q3 24 | $231.8M | $180.4M | ||
| Q2 24 | $224.0M | $171.2M | ||
| Q1 24 | $195.0M | $160.5M |
| Q4 25 | $129.6M | $19.0M | ||
| Q3 25 | $80.7M | $14.1M | ||
| Q2 25 | $69.2M | $19.5M | ||
| Q1 25 | $2.8M | $20.6M | ||
| Q4 24 | $80.4M | $18.2M | ||
| Q3 24 | $-100.2M | $41.6M | ||
| Q2 24 | $-45.1M | $32.4M | ||
| Q1 24 | $-133.9M | $29.0M |
| Q4 25 | 29.3% | 13.3% | ||
| Q3 25 | 19.9% | 17.3% | ||
| Q2 25 | 18.9% | 15.0% | ||
| Q1 25 | -3.1% | 15.7% | ||
| Q4 24 | -1.4% | 14.7% | ||
| Q3 24 | -57.2% | 19.5% | ||
| Q2 24 | -32.8% | 27.0% | ||
| Q1 24 | -82.5% | 23.9% |
| Q4 25 | 32.3% | 8.8% | ||
| Q3 25 | 25.2% | 6.7% | ||
| Q2 25 | 22.6% | 9.7% | ||
| Q1 25 | 1.0% | 11.0% | ||
| Q4 24 | 26.5% | 9.2% | ||
| Q3 24 | -43.2% | 23.1% | ||
| Q2 24 | -20.2% | 18.9% | ||
| Q1 24 | -68.7% | 18.1% |
| Q4 25 | $0.37 | $0.05 | ||
| Q3 25 | $0.23 | $0.04 | ||
| Q2 25 | $0.22 | $0.05 | ||
| Q1 25 | $0.01 | $0.05 | ||
| Q4 24 | $0.23 | $0.03 | ||
| Q3 24 | $-0.31 | $0.11 | ||
| Q2 24 | $-0.13 | $0.09 | ||
| Q1 24 | $-0.43 | $0.08 |
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 | $415.5M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $704.4M |
| Total Assets | $13.0B | $9.0B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $415.5M | ||
| Q3 25 | $1.4B | $479.4M | ||
| Q2 25 | $1.4B | $497.1M | ||
| Q1 25 | $1.4B | $524.1M | ||
| Q4 24 | $1.2B | $497.5M | ||
| Q3 24 | $1.0B | $534.2M | ||
| Q2 24 | $1.0B | $575.7M | ||
| Q1 24 | $1.3B | $587.2M |
| 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 | $704.4M | ||
| Q3 25 | $3.3B | $750.5M | ||
| Q2 25 | $3.1B | $770.9M | ||
| Q1 25 | $2.9B | $750.7M | ||
| Q4 24 | $2.8B | $724.8M | ||
| Q3 24 | $2.8B | $727.9M | ||
| Q2 24 | $2.7B | $669.4M | ||
| Q1 24 | $2.6B | $661.5M |
| Q4 25 | $13.0B | $9.0B | ||
| Q3 25 | $11.5B | $8.2B | ||
| Q2 25 | $11.2B | $8.1B | ||
| Q1 25 | $10.4B | $7.6B | ||
| Q4 24 | $10.5B | $7.9B | ||
| Q3 24 | $10.1B | $7.1B | ||
| Q2 24 | $9.5B | $6.9B | ||
| Q1 24 | $9.2B | $6.8B |
| 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 | $54.9M |
| Free Cash FlowOCF − Capex | $118.0M | $40.3M |
| FCF MarginFCF / Revenue | 29.4% | 18.6% |
| Capex IntensityCapex / Revenue | 13.9% | 6.7% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.89× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $206.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $54.9M | ||
| Q3 25 | $374.6M | $54.2M | ||
| Q2 25 | $74.6M | $70.7M | ||
| Q1 25 | $210.4M | $53.7M | ||
| Q4 24 | $312.0M | $45.9M | ||
| Q3 24 | $196.9M | $50.1M | ||
| Q2 24 | $68.8M | $41.4M | ||
| Q1 24 | $208.2M | $39.5M |
| Q4 25 | $118.0M | $40.3M | ||
| Q3 25 | $320.2M | $49.2M | ||
| Q2 25 | $23.5M | $68.1M | ||
| Q1 25 | $157.4M | $49.0M | ||
| Q4 24 | $268.1M | $42.1M | ||
| Q3 24 | $152.7M | $48.5M | ||
| Q2 24 | $30.5M | $40.2M | ||
| Q1 24 | $161.7M | $37.9M |
| Q4 25 | 29.4% | 18.6% | ||
| Q3 25 | 99.9% | 23.5% | ||
| Q2 25 | 7.7% | 34.0% | ||
| Q1 25 | 57.7% | 26.3% | ||
| Q4 24 | 88.5% | 21.3% | ||
| Q3 24 | 65.9% | 26.9% | ||
| Q2 24 | 13.6% | 23.5% | ||
| Q1 24 | 82.9% | 23.6% |
| Q4 25 | 13.9% | 6.7% | ||
| Q3 25 | 17.0% | 2.4% | ||
| Q2 25 | 16.7% | 1.3% | ||
| Q1 25 | 19.5% | 2.5% | ||
| Q4 24 | 14.5% | 1.9% | ||
| Q3 24 | 19.0% | 0.9% | ||
| Q2 24 | 17.1% | 0.7% | ||
| Q1 24 | 23.8% | 1.0% |
| Q4 25 | 1.34× | 2.89× | ||
| Q3 25 | 4.64× | 3.84× | ||
| Q2 25 | 1.08× | 3.63× | ||
| Q1 25 | 75.03× | 2.61× | ||
| Q4 24 | 3.88× | 2.52× | ||
| Q3 24 | — | 1.21× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 1.36× |
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% |
PAYO
Segment breakdown not available.
