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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and SOLAREDGE TECHNOLOGIES, INC. (SEDG). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $335.4M, roughly 1.2× SOLAREDGE TECHNOLOGIES, INC.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -39.4%, a 71.7% gap on every dollar of revenue. On growth, SOLAREDGE TECHNOLOGIES, INC. posted the faster year-over-year revenue change (70.9% vs 32.5%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $43.3M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 28.1%).
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.
SolarEdge Technologies, Inc. is an Israeli company that developed a DC optimized inverter system.
AFRM vs SEDG — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $335.4M |
| Net Profit | $129.6M | $-132.1M |
| Gross Margin | — | 22.2% |
| Operating Margin | 29.3% | -14.4% |
| Net Margin | 32.3% | -39.4% |
| Revenue YoY | 32.5% | 70.9% |
| Net Profit YoY | 61.3% | 54.0% |
| EPS (diluted) | $0.37 | $-2.21 |
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 | $335.4M | ||
| Q3 25 | $320.5M | $340.2M | ||
| Q2 25 | $306.6M | $289.4M | ||
| Q1 25 | $272.5M | $219.5M | ||
| Q4 24 | $303.0M | $196.2M | ||
| Q3 24 | $231.8M | $235.4M | ||
| Q2 24 | $224.0M | $265.4M | ||
| Q1 24 | $195.0M | $204.4M |
| Q4 25 | $129.6M | $-132.1M | ||
| Q3 25 | $80.7M | $-50.1M | ||
| Q2 25 | $69.2M | $-124.7M | ||
| Q1 25 | $2.8M | $-98.5M | ||
| Q4 24 | $80.4M | $-287.4M | ||
| Q3 24 | $-100.2M | $-1.2B | ||
| Q2 24 | $-45.1M | $-130.8M | ||
| Q1 24 | $-133.9M | $-157.3M |
| Q4 25 | — | 22.2% | ||
| Q3 25 | — | 21.2% | ||
| Q2 25 | — | 11.1% | ||
| Q1 25 | — | 8.0% | ||
| Q4 24 | — | -57.2% | ||
| Q3 24 | — | -309.1% | ||
| Q2 24 | — | -4.1% | ||
| Q1 24 | — | -12.8% |
| Q4 25 | 29.3% | -14.4% | ||
| Q3 25 | 19.9% | -10.3% | ||
| Q2 25 | 18.9% | -39.9% | ||
| Q1 25 | -3.1% | -46.8% | ||
| Q4 24 | -1.4% | -134.4% | ||
| Q3 24 | -57.2% | -471.8% | ||
| Q2 24 | -32.8% | -60.4% | ||
| Q1 24 | -82.5% | -85.0% |
| Q4 25 | 32.3% | -39.4% | ||
| Q3 25 | 25.2% | -14.7% | ||
| Q2 25 | 22.6% | -43.1% | ||
| Q1 25 | 1.0% | -44.9% | ||
| Q4 24 | 26.5% | -146.5% | ||
| Q3 24 | -43.2% | -522.8% | ||
| Q2 24 | -20.2% | -49.3% | ||
| Q1 24 | -68.7% | -77.0% |
| Q4 25 | $0.37 | $-2.21 | ||
| Q3 25 | $0.23 | $-0.84 | ||
| Q2 25 | $0.22 | $-2.13 | ||
| Q1 25 | $0.01 | $-1.70 | ||
| Q4 24 | $0.23 | $-5.00 | ||
| Q3 24 | $-0.31 | $-21.58 | ||
| Q2 24 | $-0.13 | $-2.31 | ||
| Q1 24 | $-0.43 | $-2.75 |
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 | $493.2M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $427.5M |
| Total Assets | $13.0B | $2.2B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $493.2M | ||
| Q3 25 | $1.4B | $498.6M | ||
| Q2 25 | $1.4B | $758.0M | ||
| Q1 25 | $1.4B | $651.6M | ||
| Q4 24 | $1.2B | $585.9M | ||
| Q3 24 | $1.0B | $678.8M | ||
| Q2 24 | $1.0B | $689.8M | ||
| Q1 24 | $1.3B | $680.6M |
| 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 | $427.5M | ||
| Q3 25 | $3.3B | $479.8M | ||
| Q2 25 | $3.1B | $513.2M | ||
| Q1 25 | $2.9B | $594.2M | ||
| Q4 24 | $2.8B | $658.3M | ||
| Q3 24 | $2.8B | $930.9M | ||
| Q2 24 | $2.7B | $2.1B | ||
| Q1 24 | $2.6B | $2.2B |
| Q4 25 | $13.0B | $2.2B | ||
| Q3 25 | $11.5B | $2.2B | ||
| Q2 25 | $11.2B | $2.5B | ||
| Q1 25 | $10.4B | $2.5B | ||
| Q4 24 | $10.5B | $2.6B | ||
| Q3 24 | $10.1B | $2.8B | ||
| Q2 24 | $9.5B | $3.9B | ||
| Q1 24 | $9.2B | $4.2B |
| 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 | $52.6M |
| Free Cash FlowOCF − Capex | $118.0M | $43.3M |
| FCF MarginFCF / Revenue | 29.4% | 12.9% |
| Capex IntensityCapex / Revenue | 13.9% | 2.8% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $80.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $52.6M | ||
| Q3 25 | $374.6M | $25.6M | ||
| Q2 25 | $74.6M | $-7.8M | ||
| Q1 25 | $210.4M | $33.8M | ||
| Q4 24 | $312.0M | $37.8M | ||
| Q3 24 | $196.9M | $-89.3M | ||
| Q2 24 | $68.8M | $-44.8M | ||
| Q1 24 | $208.2M | $-217.0M |
| Q4 25 | $118.0M | $43.3M | ||
| Q3 25 | $320.2M | $22.8M | ||
| Q2 25 | $23.5M | $-9.1M | ||
| Q1 25 | $157.4M | $23.7M | ||
| Q4 24 | $268.1M | $25.5M | ||
| Q3 24 | $152.7M | $-136.7M | ||
| Q2 24 | $30.5M | $-67.0M | ||
| Q1 24 | $161.7M | $-243.4M |
| Q4 25 | 29.4% | 12.9% | ||
| Q3 25 | 99.9% | 6.7% | ||
| Q2 25 | 7.7% | -3.1% | ||
| Q1 25 | 57.7% | 10.8% | ||
| Q4 24 | 88.5% | 13.0% | ||
| Q3 24 | 65.9% | -58.1% | ||
| Q2 24 | 13.6% | -25.2% | ||
| Q1 24 | 82.9% | -119.1% |
| Q4 25 | 13.9% | 2.8% | ||
| Q3 25 | 17.0% | 0.8% | ||
| Q2 25 | 16.7% | 0.4% | ||
| Q1 25 | 19.5% | 4.6% | ||
| Q4 24 | 14.5% | 6.2% | ||
| Q3 24 | 19.0% | 20.1% | ||
| Q2 24 | 17.1% | 8.4% | ||
| Q1 24 | 23.8% | 12.9% |
| 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% |
SEDG
| Other | $197.7M | 59% |
| Europe Except Netherlands | $99.4M | 30% |
| Others | $38.2M | 11% |
