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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Smith Douglas Homes Corp. (SDHC). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $260.4M, roughly 1.5× Smith Douglas Homes Corp.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 1.4%, a 30.9% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -9.4%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $8.7M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 17.3%).
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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
AFRM vs SDHC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $260.4M |
| Net Profit | $129.6M | $3.5M |
| Gross Margin | — | 19.9% |
| Operating Margin | 29.3% | 6.5% |
| Net Margin | 32.3% | 1.4% |
| Revenue YoY | 32.5% | -9.4% |
| Net Profit YoY | 61.3% | -14.3% |
| 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 | $260.4M | ||
| Q3 25 | $320.5M | $262.0M | ||
| Q2 25 | $306.6M | $223.9M | ||
| Q1 25 | $272.5M | $224.7M | ||
| Q4 24 | $303.0M | $287.5M | ||
| Q3 24 | $231.8M | $277.8M | ||
| Q2 24 | $224.0M | $220.9M | ||
| Q1 24 | $195.0M | $189.2M |
| Q4 25 | $129.6M | $3.5M | ||
| Q3 25 | $80.7M | $2.1M | ||
| Q2 25 | $69.2M | $2.4M | ||
| Q1 25 | $2.8M | $2.7M | ||
| Q4 24 | $80.4M | $4.1M | ||
| Q3 24 | $-100.2M | $5.3M | ||
| Q2 24 | $-45.1M | $3.6M | ||
| Q1 24 | $-133.9M | $3.0M |
| Q4 25 | — | 19.9% | ||
| Q3 25 | — | 21.0% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 23.8% | ||
| Q4 24 | — | 25.5% | ||
| Q3 24 | — | 26.5% | ||
| Q2 24 | — | 26.7% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | 29.3% | 6.5% | ||
| Q3 25 | 19.9% | 6.6% | ||
| Q2 25 | 18.9% | 7.7% | ||
| Q1 25 | -3.1% | 8.7% | ||
| Q4 24 | -1.4% | 10.4% | ||
| Q3 24 | -57.2% | 14.2% | ||
| Q2 24 | -32.8% | 11.7% | ||
| Q1 24 | -82.5% | 11.3% |
| Q4 25 | 32.3% | 1.4% | ||
| Q3 25 | 25.2% | 0.8% | ||
| Q2 25 | 22.6% | 1.1% | ||
| Q1 25 | 1.0% | 1.2% | ||
| Q4 24 | 26.5% | 1.4% | ||
| Q3 24 | -43.2% | 1.9% | ||
| Q2 24 | -20.2% | 1.7% | ||
| Q1 24 | -68.7% | 1.6% |
| Q4 25 | $0.37 | $0.39 | ||
| Q3 25 | $0.23 | $0.24 | ||
| Q2 25 | $0.22 | $0.26 | ||
| Q1 25 | $0.01 | $0.30 | ||
| Q4 24 | $0.23 | $0.50 | ||
| Q3 24 | $-0.31 | $0.58 | ||
| Q2 24 | $-0.13 | $0.40 | ||
| Q1 24 | $-0.43 | $0.33 |
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 | $12.7M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $86.7M |
| Total Assets | $13.0B | $557.6M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $12.7M | ||
| Q3 25 | $1.4B | $14.8M | ||
| Q2 25 | $1.4B | $16.8M | ||
| Q1 25 | $1.4B | $12.7M | ||
| Q4 24 | $1.2B | $22.4M | ||
| Q3 24 | $1.0B | $23.7M | ||
| Q2 24 | $1.0B | $17.3M | ||
| Q1 24 | $1.3B | $32.8M |
| 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 | $86.7M | ||
| Q3 25 | $3.3B | $82.2M | ||
| Q2 25 | $3.1B | $80.0M | ||
| Q1 25 | $2.9B | $76.9M | ||
| Q4 24 | $2.8B | $73.6M | ||
| Q3 24 | $2.8B | $68.4M | ||
| Q2 24 | $2.7B | $62.1M | ||
| Q1 24 | $2.6B | $59.7M |
| Q4 25 | $13.0B | $557.6M | ||
| Q3 25 | $11.5B | $571.6M | ||
| Q2 25 | $11.2B | $570.2M | ||
| Q1 25 | $10.4B | $513.9M | ||
| Q4 24 | $10.5B | $475.9M | ||
| Q3 24 | $10.1B | $460.1M | ||
| Q2 24 | $9.5B | $429.3M | ||
| Q1 24 | $9.2B | $401.3M |
| 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 | $9.8M |
| Free Cash FlowOCF − Capex | $118.0M | $8.7M |
| FCF MarginFCF / Revenue | 29.4% | 3.4% |
| Capex IntensityCapex / Revenue | 13.9% | 0.4% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.77× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-36.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $9.8M | ||
| Q3 25 | $374.6M | $22.8M | ||
| Q2 25 | $74.6M | $-28.9M | ||
| Q1 25 | $210.4M | $-34.9M | ||
| Q4 24 | $312.0M | $5.5M | ||
| Q3 24 | $196.9M | $22.9M | ||
| Q2 24 | $68.8M | $39.0K | ||
| Q1 24 | $208.2M | $-9.3M |
| Q4 25 | $118.0M | $8.7M | ||
| Q3 25 | $320.2M | $21.4M | ||
| Q2 25 | $23.5M | $-31.1M | ||
| Q1 25 | $157.4M | $-35.9M | ||
| Q4 24 | $268.1M | $4.8M | ||
| Q3 24 | $152.7M | $22.3M | ||
| Q2 24 | $30.5M | $-2.1M | ||
| Q1 24 | $161.7M | $-9.7M |
| Q4 25 | 29.4% | 3.4% | ||
| Q3 25 | 99.9% | 8.2% | ||
| Q2 25 | 7.7% | -13.9% | ||
| Q1 25 | 57.7% | -16.0% | ||
| Q4 24 | 88.5% | 1.7% | ||
| Q3 24 | 65.9% | 8.0% | ||
| Q2 24 | 13.6% | -1.0% | ||
| Q1 24 | 82.9% | -5.1% |
| Q4 25 | 13.9% | 0.4% | ||
| Q3 25 | 17.0% | 0.5% | ||
| Q2 25 | 16.7% | 0.9% | ||
| Q1 25 | 19.5% | 0.5% | ||
| Q4 24 | 14.5% | 0.2% | ||
| Q3 24 | 19.0% | 0.2% | ||
| Q2 24 | 17.1% | 1.0% | ||
| Q1 24 | 23.8% | 0.2% |
| Q4 25 | 1.34× | 2.77× | ||
| Q3 25 | 4.64× | 10.70× | ||
| Q2 25 | 1.08× | -12.24× | ||
| Q1 25 | 75.03× | -13.01× | ||
| Q4 24 | 3.88× | 1.33× | ||
| Q3 24 | — | 4.28× | ||
| Q2 24 | — | 0.01× | ||
| Q1 24 | — | -3.12× |
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% |
SDHC
| Southeast | $164.7M | 63% |
| Central | $95.8M | 37% |
