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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $384.8M, roughly 1.0× P3 Health Partners Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -19.6%, a 51.9% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 3.8%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -0.5%).
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.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
AFRM vs PIII — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $384.8M |
| Net Profit | $129.6M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | -40.0% |
| Net Margin | 32.3% | -19.6% |
| Revenue YoY | 32.5% | 3.8% |
| Net Profit YoY | 61.3% | -28.8% |
| EPS (diluted) | $0.37 | $-23.08 |
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 | $384.8M | ||
| Q3 25 | $320.5M | $345.3M | ||
| Q2 25 | $306.6M | $355.8M | ||
| Q1 25 | $272.5M | $373.2M | ||
| Q4 24 | $303.0M | $370.7M | ||
| Q3 24 | $231.8M | $362.1M | ||
| Q2 24 | $224.0M | $379.2M | ||
| Q1 24 | $195.0M | $388.5M |
| Q4 25 | $129.6M | $-75.5M | ||
| Q3 25 | $80.7M | $-31.6M | ||
| Q2 25 | $69.2M | $-20.4M | ||
| Q1 25 | $2.8M | $-20.5M | ||
| Q4 24 | $80.4M | $-58.6M | ||
| Q3 24 | $-100.2M | $-46.5M | ||
| Q2 24 | $-45.1M | $-12.0M | ||
| Q1 24 | $-133.9M | $-18.7M |
| Q4 25 | 29.3% | -40.0% | ||
| Q3 25 | 19.9% | -12.8% | ||
| Q2 25 | 18.9% | -9.6% | ||
| Q1 25 | -3.1% | -10.2% | ||
| Q4 24 | -1.4% | -37.4% | ||
| Q3 24 | -57.2% | -29.5% | ||
| Q2 24 | -32.8% | -8.3% | ||
| Q1 24 | -82.5% | -11.3% |
| Q4 25 | 32.3% | -19.6% | ||
| Q3 25 | 25.2% | -9.1% | ||
| Q2 25 | 22.6% | -5.7% | ||
| Q1 25 | 1.0% | -5.5% | ||
| Q4 24 | 26.5% | -15.8% | ||
| Q3 24 | -43.2% | -12.8% | ||
| Q2 24 | -20.2% | -3.2% | ||
| Q1 24 | -68.7% | -4.8% |
| Q4 25 | $0.37 | $-23.08 | ||
| Q3 25 | $0.23 | $-9.67 | ||
| Q2 25 | $0.22 | $-6.23 | ||
| Q1 25 | $0.01 | $-6.28 | ||
| Q4 24 | $0.23 | $-23.13 | ||
| Q3 24 | $-0.31 | $-15.70 | ||
| Q2 24 | $-0.13 | $-7.37 | ||
| Q1 24 | $-0.43 | $-7.86 |
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 | $25.0M |
| Total DebtLower is stronger | $9.0B | $228.4M |
| Stockholders' EquityBook value | $3.5B | $-155.2M |
| Total Assets | $13.0B | $656.6M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $25.0M | ||
| Q3 25 | $1.4B | $37.7M | ||
| Q2 25 | $1.4B | $38.6M | ||
| Q1 25 | $1.4B | $40.1M | ||
| Q4 24 | $1.2B | $38.8M | ||
| Q3 24 | $1.0B | $63.0M | ||
| Q2 24 | $1.0B | $73.1M | ||
| Q1 24 | $1.3B | $27.3M |
| Q4 25 | $9.0B | $228.4M | ||
| Q3 25 | $7.7B | $252.8M | ||
| Q2 25 | $7.6B | $182.0M | ||
| Q1 25 | $7.1B | $171.1M | ||
| Q4 24 | $7.3B | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | $1.8B | $133.1M | ||
| Q1 24 | — | $118.1M |
| Q4 25 | $3.5B | $-155.2M | ||
| Q3 25 | $3.3B | $-18.7M | ||
| Q2 25 | $3.1B | $44.5M | ||
| Q1 25 | $2.9B | $63.3M | ||
| Q4 24 | $2.8B | $75.9M | ||
| Q3 24 | $2.8B | $120.5M | ||
| Q2 24 | $2.7B | $166.8M | ||
| Q1 24 | $2.6B | $146.6M |
| Q4 25 | $13.0B | $656.6M | ||
| Q3 25 | $11.5B | $683.6M | ||
| Q2 25 | $11.2B | $731.6M | ||
| Q1 25 | $10.4B | $783.9M | ||
| Q4 24 | $10.5B | $783.4M | ||
| Q3 24 | $10.1B | $833.3M | ||
| Q2 24 | $9.5B | $892.8M | ||
| Q1 24 | $9.2B | $855.9M |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | 4.09× | ||
| Q1 25 | 2.49× | 2.71× | ||
| Q4 24 | 2.62× | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | 0.67× | 0.80× | ||
| Q1 24 | — | 0.81× |
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 | $-25.7M |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $-25.7M | ||
| Q3 25 | $374.6M | $-15.4M | ||
| Q2 25 | $74.6M | $-16.6M | ||
| Q1 25 | $210.4M | $-33.5M | ||
| Q4 24 | $312.0M | $-57.2M | ||
| Q3 24 | $196.9M | $-22.6M | ||
| Q2 24 | $68.8M | $-10.2M | ||
| Q1 24 | $208.2M | $-20.0M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | — | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | — | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | — | ||
| Q2 24 | $30.5M | — | ||
| Q1 24 | $161.7M | — |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | — | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | — | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 82.9% | — |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | — | ||
| Q2 25 | 16.7% | — | ||
| Q1 25 | 19.5% | — | ||
| Q4 24 | 14.5% | 0.0% | ||
| Q3 24 | 19.0% | 0.0% | ||
| Q2 24 | 17.1% | 0.0% | ||
| Q1 24 | 23.8% | 0.0% |
| Q4 25 | 1.34× | — | ||
| 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% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
