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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and PHOTRONICS INC (PLAB). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $210.4M, roughly 1.9× PHOTRONICS INC). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 10.9%, a 21.4% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -5.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $25.2M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -3.8%).
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.
Photronics, Inc. is an American semiconductor photomask manufacturer. It was the third largest photomask supplier globally as of 2009. Photronics is a member of the eBeam Initiative.
AFRM vs PLAB — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $210.4M |
| Net Profit | $129.6M | $22.9M |
| Gross Margin | — | 33.7% |
| Operating Margin | 29.3% | 22.9% |
| Net Margin | 32.3% | 10.9% |
| Revenue YoY | 32.5% | -5.5% |
| Net Profit YoY | 61.3% | -32.4% |
| EPS (diluted) | $0.37 | $0.39 |
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 | $210.4M | ||
| Q2 25 | $306.6M | $211.0M | ||
| Q1 25 | $272.5M | $212.1M | ||
| Q4 24 | $303.0M | $222.6M | ||
| Q3 24 | $231.8M | $211.0M | ||
| Q2 24 | $224.0M | $217.0M | ||
| Q1 24 | $195.0M | $216.3M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $22.9M | ||
| Q2 25 | $69.2M | $8.9M | ||
| Q1 25 | $2.8M | $42.9M | ||
| Q4 24 | $80.4M | $33.9M | ||
| Q3 24 | $-100.2M | $34.4M | ||
| Q2 24 | $-45.1M | $36.3M | ||
| Q1 24 | $-133.9M | $26.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | 33.7% | ||
| Q2 25 | — | 36.9% | ||
| Q1 25 | — | 35.6% | ||
| Q4 24 | — | 37.0% | ||
| Q3 24 | — | 35.6% | ||
| Q2 24 | — | 36.5% | ||
| Q1 24 | — | 36.6% |
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | 22.9% | ||
| Q2 25 | 18.9% | 26.4% | ||
| Q1 25 | -3.1% | 24.6% | ||
| Q4 24 | -1.4% | 25.1% | ||
| Q3 24 | -57.2% | 24.7% | ||
| Q2 24 | -32.8% | 25.8% | ||
| Q1 24 | -82.5% | 26.6% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | 10.9% | ||
| Q2 25 | 22.6% | 4.2% | ||
| Q1 25 | 1.0% | 20.2% | ||
| Q4 24 | 26.5% | 15.2% | ||
| Q3 24 | -43.2% | 16.3% | ||
| Q2 24 | -20.2% | 16.7% | ||
| Q1 24 | -68.7% | 12.1% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $0.39 | ||
| Q2 25 | $0.22 | $0.15 | ||
| Q1 25 | $0.01 | $0.68 | ||
| Q4 24 | $0.23 | $0.54 | ||
| Q3 24 | $-0.31 | $0.55 | ||
| Q2 24 | $-0.13 | $0.58 | ||
| Q1 24 | $-0.43 | $0.42 |
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 | $575.8M |
| Total DebtLower is stronger | $9.0B | $16.0K |
| Stockholders' EquityBook value | $3.5B | $1.1B |
| Total Assets | $13.0B | $1.8B |
| Debt / EquityLower = less leverage | 2.54× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $575.8M | ||
| Q2 25 | $1.4B | $558.4M | ||
| Q1 25 | $1.4B | $642.2M | ||
| Q4 24 | $1.2B | $640.7M | ||
| Q3 24 | $1.0B | $606.4M | ||
| Q2 24 | $1.0B | $559.9M | ||
| Q1 24 | $1.3B | $521.5M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $16.0K | ||
| Q2 25 | $7.6B | $19.0K | ||
| Q1 25 | $7.1B | $21.0K | ||
| Q4 24 | $7.3B | $25.0K | ||
| Q3 24 | — | $28.0K | ||
| Q2 24 | $1.8B | $2.5M | ||
| Q1 24 | — | $2.7M |
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $1.1B | ||
| Q2 25 | $3.1B | $1.1B | ||
| Q1 25 | $2.9B | $1.1B | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $2.8B | $1.1B | ||
| Q2 24 | $2.7B | $1.0B | ||
| Q1 24 | $2.6B | $1.0B |
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $1.8B | ||
| Q2 25 | $11.2B | $1.7B | ||
| Q1 25 | $10.4B | $1.7B | ||
| Q4 24 | $10.5B | $1.7B | ||
| Q3 24 | $10.1B | $1.6B | ||
| Q2 24 | $9.5B | $1.6B | ||
| Q1 24 | $9.2B | $1.6B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 0.00× | ||
| Q2 25 | 2.48× | 0.00× | ||
| Q1 25 | 2.49× | 0.00× | ||
| Q4 24 | 2.62× | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | 0.67× | 0.00× | ||
| Q1 24 | — | 0.00× |
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 | $50.1M |
| Free Cash FlowOCF − Capex | $118.0M | $25.2M |
| FCF MarginFCF / Revenue | 29.4% | 12.0% |
| Capex IntensityCapex / Revenue | 13.9% | 11.8% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.19× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $64.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $50.1M | ||
| Q2 25 | $74.6M | $31.5M | ||
| Q1 25 | $210.4M | $78.5M | ||
| Q4 24 | $312.0M | $68.4M | ||
| Q3 24 | $196.9M | $75.1M | ||
| Q2 24 | $68.8M | $76.5M | ||
| Q1 24 | $208.2M | $41.5M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $25.2M | ||
| Q2 25 | $23.5M | $-29.1M | ||
| Q1 25 | $157.4M | $43.3M | ||
| Q4 24 | $268.1M | $25.2M | ||
| Q3 24 | $152.7M | $50.7M | ||
| Q2 24 | $30.5M | $56.5M | ||
| Q1 24 | $161.7M | $-1.8M |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 12.0% | ||
| Q2 25 | 7.7% | -13.8% | ||
| Q1 25 | 57.7% | 20.4% | ||
| Q4 24 | 88.5% | 11.3% | ||
| Q3 24 | 65.9% | 24.0% | ||
| Q2 24 | 13.6% | 26.0% | ||
| Q1 24 | 82.9% | -0.8% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 11.8% | ||
| Q2 25 | 16.7% | 28.7% | ||
| Q1 25 | 19.5% | 16.6% | ||
| Q4 24 | 14.5% | 19.4% | ||
| Q3 24 | 19.0% | 11.6% | ||
| Q2 24 | 17.1% | 9.2% | ||
| Q1 24 | 23.8% | 20.0% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 2.19× | ||
| Q2 25 | 1.08× | 3.55× | ||
| Q1 25 | 75.03× | 1.83× | ||
| Q4 24 | 3.88× | 2.02× | ||
| Q3 24 | — | 2.18× | ||
| Q2 24 | — | 2.11× | ||
| Q1 24 | — | 1.59× |
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% |
PLAB
| High End Integrated Circuits | $53.6M | 25% |
| High End Flat Panel Displays | $53.5M | 25% |
| KR | $43.7M | 21% |
| Other | $42.1M | 20% |
| Mainstream Flat Panel Displays | $9.1M | 4% |
| Transferred At Point In Time | $8.4M | 4% |
