vs
Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and QuidelOrtho Corp (QDEL). Click either name above to swap in a different company.
QuidelOrtho Corp is the larger business by last-quarter revenue ($699.9M vs $401.4M, roughly 1.7× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -104.7%, a 137.0% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -3.7%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-94.7M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -2.9%).
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.
QuidelOrtho Corporation is an American manufacturer of diagnostic healthcare products that are sold worldwide.
AFRM vs QDEL — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $699.9M |
| Net Profit | $129.6M | $-733.0M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | -100.7% |
| Net Margin | 32.3% | -104.7% |
| Revenue YoY | 32.5% | -3.7% |
| Net Profit YoY | 61.3% | -3583.4% |
| EPS (diluted) | $0.37 | $-10.78 |
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 | $699.9M | ||
| Q2 25 | $306.6M | $613.9M | ||
| Q1 25 | $272.5M | $692.8M | ||
| Q4 24 | $303.0M | $707.8M | ||
| Q3 24 | $231.8M | $727.1M | ||
| Q2 24 | $224.0M | $637.0M | ||
| Q1 24 | $195.0M | $711.0M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $-733.0M | ||
| Q2 25 | $69.2M | $-255.4M | ||
| Q1 25 | $2.8M | $-12.7M | ||
| Q4 24 | $80.4M | $-178.4M | ||
| Q3 24 | $-100.2M | $-19.9M | ||
| Q2 24 | $-45.1M | $-147.7M | ||
| Q1 24 | $-133.9M | $-1.7B |
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | -100.7% | ||
| Q2 25 | 18.9% | -29.4% | ||
| Q1 25 | -3.1% | 4.7% | ||
| Q4 24 | -1.4% | -14.2% | ||
| Q3 24 | -57.2% | 2.1% | ||
| Q2 24 | -32.8% | -18.4% | ||
| Q1 24 | -82.5% | -247.3% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | -104.7% | ||
| Q2 25 | 22.6% | -41.6% | ||
| Q1 25 | 1.0% | -1.8% | ||
| Q4 24 | 26.5% | -25.2% | ||
| Q3 24 | -43.2% | -2.7% | ||
| Q2 24 | -20.2% | -23.2% | ||
| Q1 24 | -68.7% | -239.9% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $-10.78 | ||
| Q2 25 | $0.22 | $-3.77 | ||
| Q1 25 | $0.01 | $-0.19 | ||
| Q4 24 | $0.23 | $-2.54 | ||
| Q3 24 | $-0.31 | $-0.30 | ||
| Q2 24 | $-0.13 | $-2.20 | ||
| Q1 24 | $-0.43 | $-25.50 |
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 | $98.1M |
| Total DebtLower is stronger | $9.0B | $2.5B |
| Stockholders' EquityBook value | $3.5B | $2.0B |
| Total Assets | $13.0B | $5.7B |
| Debt / EquityLower = less leverage | 2.54× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $98.1M | ||
| Q2 25 | $1.4B | $151.7M | ||
| Q1 25 | $1.4B | $127.1M | ||
| Q4 24 | $1.2B | $98.3M | ||
| Q3 24 | $1.0B | $143.7M | ||
| Q2 24 | $1.0B | $107.0M | ||
| Q1 24 | $1.3B | $78.5M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $2.5B | ||
| Q2 25 | $7.6B | $2.1B | ||
| Q1 25 | $7.1B | $2.1B | ||
| Q4 24 | $7.3B | $2.1B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | $1.8B | $2.2B | ||
| Q1 24 | — | $2.2B |
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $2.0B | ||
| Q2 25 | $3.1B | $2.8B | ||
| Q1 25 | $2.9B | $3.0B | ||
| Q4 24 | $2.8B | $3.0B | ||
| Q3 24 | $2.8B | $3.2B | ||
| Q2 24 | $2.7B | $3.2B | ||
| Q1 24 | $2.6B | $3.3B |
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $5.7B | ||
| Q2 25 | $11.2B | $6.4B | ||
| Q1 25 | $10.4B | $6.5B | ||
| Q4 24 | $10.5B | $6.4B | ||
| Q3 24 | $10.1B | $6.8B | ||
| Q2 24 | $9.5B | $6.7B | ||
| Q1 24 | $9.2B | $6.7B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 1.23× | ||
| Q2 25 | 2.48× | 0.74× | ||
| Q1 25 | 2.49× | 0.70× | ||
| Q4 24 | 2.62× | 0.72× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | 0.67× | 0.70× | ||
| Q1 24 | — | 0.68× |
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 | $-45.5M |
| Free Cash FlowOCF − Capex | $118.0M | $-94.7M |
| FCF MarginFCF / Revenue | 29.4% | -13.5% |
| Capex IntensityCapex / Revenue | 13.9% | 7.0% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-153.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $-45.5M | ||
| Q2 25 | $74.6M | $-46.8M | ||
| Q1 25 | $210.4M | $65.6M | ||
| Q4 24 | $312.0M | $63.7M | ||
| Q3 24 | $196.9M | $117.9M | ||
| Q2 24 | $68.8M | $-97.9M | ||
| Q1 24 | $208.2M | $-700.0K |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $-94.7M | ||
| Q2 25 | $23.5M | $-84.3M | ||
| Q1 25 | $157.4M | $9.4M | ||
| Q4 24 | $268.1M | $16.5M | ||
| Q3 24 | $152.7M | $71.4M | ||
| Q2 24 | $30.5M | $-133.2M | ||
| Q1 24 | $161.7M | $-66.8M |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | -13.5% | ||
| Q2 25 | 7.7% | -13.7% | ||
| Q1 25 | 57.7% | 1.4% | ||
| Q4 24 | 88.5% | 2.3% | ||
| Q3 24 | 65.9% | 9.8% | ||
| Q2 24 | 13.6% | -20.9% | ||
| Q1 24 | 82.9% | -9.4% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 7.0% | ||
| Q2 25 | 16.7% | 6.1% | ||
| Q1 25 | 19.5% | 8.1% | ||
| Q4 24 | 14.5% | 6.7% | ||
| Q3 24 | 19.0% | 6.4% | ||
| Q2 24 | 17.1% | 5.5% | ||
| Q1 24 | 23.8% | 9.3% |
| 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% |
QDEL
| Labs | $373.8M | 53% |
| Point Of Care | $164.6M | 24% |
| Immunohematology | $142.0M | 20% |
| Donor Screening | $14.7M | 2% |
| Molecular Diagnostics | $4.8M | 1% |
| Collaborative Arrangement Transaction With Party To Collaborative Arrangement | $2.1M | 0% |
