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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Royalty Pharma plc (RPRX). Click either name above to swap in a different company.
Royalty Pharma plc is the larger business by last-quarter revenue ($622.0M vs $401.4M, roughly 1.5× Affirm Holdings, Inc.). Royalty Pharma plc runs the higher net margin — 34.4% vs 32.3%, a 2.2% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 4.8%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 4.6%).
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.
Acceleron Pharma, Inc. is an American clinical stage biopharmaceutical company based in Cambridge, Massachusetts with a broad focus on developing medicines that regulate the transforming growth factor beta (TGF-β) superfamily of proteins, which play fundamental roles in the growth and repair of cells and tissues such as red blood cells, muscle, bone, and blood vessels.
AFRM vs RPRX — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $622.0M |
| Net Profit | $129.6M | $214.2M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 62.4% |
| Net Margin | 32.3% | 34.4% |
| Revenue YoY | 32.5% | 4.8% |
| Net Profit YoY | 61.3% | 2.9% |
| EPS (diluted) | $0.37 | $0.49 |
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 | $622.0M | ||
| Q3 25 | $320.5M | $609.3M | ||
| Q2 25 | $306.6M | $578.7M | ||
| Q1 25 | $272.5M | $568.2M | ||
| Q4 24 | $303.0M | $593.6M | ||
| Q3 24 | $231.8M | $564.7M | ||
| Q2 24 | $224.0M | $537.3M | ||
| Q1 24 | $195.0M | $568.0M |
| Q4 25 | $129.6M | $214.2M | ||
| Q3 25 | $80.7M | $288.2M | ||
| Q2 25 | $69.2M | $30.2M | ||
| Q1 25 | $2.8M | $238.3M | ||
| Q4 24 | $80.4M | $208.2M | ||
| Q3 24 | $-100.2M | $544.0M | ||
| Q2 24 | $-45.1M | $102.0M | ||
| Q1 24 | $-133.9M | $4.8M |
| Q4 25 | 29.3% | 62.4% | ||
| Q3 25 | 19.9% | 70.1% | ||
| Q2 25 | 18.9% | 36.3% | ||
| Q1 25 | -3.1% | 94.0% | ||
| Q4 24 | -1.4% | 60.9% | ||
| Q3 24 | -57.2% | — | ||
| Q2 24 | -32.8% | 50.2% | ||
| Q1 24 | -82.5% | -13.0% |
| Q4 25 | 32.3% | 34.4% | ||
| Q3 25 | 25.2% | 47.3% | ||
| Q2 25 | 22.6% | 5.2% | ||
| Q1 25 | 1.0% | 41.9% | ||
| Q4 24 | 26.5% | 35.1% | ||
| Q3 24 | -43.2% | 96.3% | ||
| Q2 24 | -20.2% | 19.0% | ||
| Q1 24 | -68.7% | 0.8% |
| Q4 25 | $0.37 | $0.49 | ||
| Q3 25 | $0.23 | $0.67 | ||
| Q2 25 | $0.22 | $0.07 | ||
| Q1 25 | $0.01 | $0.55 | ||
| Q4 24 | $0.23 | $0.46 | ||
| Q3 24 | $-0.31 | $1.21 | ||
| Q2 24 | $-0.13 | $0.23 | ||
| Q1 24 | $-0.43 | $0.01 |
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 | $618.7M |
| Total DebtLower is stronger | $9.0B | $9.0B |
| Stockholders' EquityBook value | $3.5B | $9.7B |
| Total Assets | $13.0B | $19.6B |
| Debt / EquityLower = less leverage | 2.54× | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $618.7M | ||
| Q3 25 | $1.4B | $938.9M | ||
| Q2 25 | $1.4B | $631.9M | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.2B | $929.0M | ||
| Q3 24 | $1.0B | $950.1M | ||
| Q2 24 | $1.0B | $1.8B | ||
| Q1 24 | $1.3B | $843.0M |
| Q4 25 | $9.0B | $9.0B | ||
| Q3 25 | $7.7B | $8.9B | ||
| Q2 25 | $7.6B | $8.0B | ||
| Q1 25 | $7.1B | $7.6B | ||
| Q4 24 | $7.3B | $7.6B | ||
| Q3 24 | — | $7.6B | ||
| Q2 24 | $1.8B | $7.6B | ||
| Q1 24 | — | $6.1B |
| Q4 25 | $3.5B | $9.7B | ||
| Q3 25 | $3.3B | $9.6B | ||
| Q2 25 | $3.1B | $9.5B | ||
| Q1 25 | $2.9B | $9.8B | ||
| Q4 24 | $2.8B | $10.3B | ||
| Q3 24 | $2.8B | $10.3B | ||
| Q2 24 | $2.7B | $9.8B | ||
| Q1 24 | $2.6B | $9.9B |
| Q4 25 | $13.0B | $19.6B | ||
| Q3 25 | $11.5B | $19.3B | ||
| Q2 25 | $11.2B | $18.3B | ||
| Q1 25 | $10.4B | $17.6B | ||
| Q4 24 | $10.5B | $18.2B | ||
| Q3 24 | $10.1B | $18.0B | ||
| Q2 24 | $9.5B | $17.7B | ||
| Q1 24 | $9.2B | $16.1B |
| Q4 25 | 2.54× | 0.92× | ||
| Q3 25 | 2.35× | 0.93× | ||
| Q2 25 | 2.48× | 0.84× | ||
| Q1 25 | 2.49× | 0.78× | ||
| Q4 24 | 2.62× | 0.74× | ||
| Q3 24 | — | 0.74× | ||
| Q2 24 | 0.67× | 0.78× | ||
| Q1 24 | — | 0.62× |
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 | $827.1M |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | 3.86× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $827.1M | ||
| Q3 25 | $374.6M | $702.6M | ||
| Q2 25 | $74.6M | $364.0M | ||
| Q1 25 | $210.4M | $596.1M | ||
| Q4 24 | $312.0M | $742.5M | ||
| Q3 24 | $196.9M | $703.6M | ||
| Q2 24 | $68.8M | $658.2M | ||
| Q1 24 | $208.2M | $664.6M |
| 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% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 17.1% | — | ||
| Q1 24 | 23.8% | — |
| Q4 25 | 1.34× | 3.86× | ||
| Q3 25 | 4.64× | 2.44× | ||
| Q2 25 | 1.08× | 12.06× | ||
| Q1 25 | 75.03× | 2.50× | ||
| Q4 24 | 3.88× | 3.57× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 6.45× | ||
| Q1 24 | — | 139.10× |
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% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
