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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and ONE Group Hospitality, Inc. (STKS). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $207.0M, roughly 1.9× ONE Group Hospitality, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -3.1%, a 35.4% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -6.7%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-329.0K). Over the past eight quarters, ONE Group Hospitality, Inc.'s revenue compounded faster (56.1% CAGR vs 43.5%).
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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
AFRM vs STKS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $207.0M |
| Net Profit | $129.6M | $-6.4M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 2.2% |
| Net Margin | 32.3% | -3.1% |
| Revenue YoY | 32.5% | -6.7% |
| Net Profit YoY | 61.3% | -531.8% |
| EPS (diluted) | $0.37 | $-0.50 |
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 | $207.0M | ||
| Q3 25 | $320.5M | $180.2M | ||
| Q2 25 | $306.6M | $207.4M | ||
| Q1 25 | $272.5M | $211.1M | ||
| Q4 24 | $303.0M | $221.9M | ||
| Q3 24 | $231.8M | $194.0M | ||
| Q2 24 | $224.0M | $172.5M | ||
| Q1 24 | $195.0M | $85.0M |
| Q4 25 | $129.6M | $-6.4M | ||
| Q3 25 | $80.7M | $-76.7M | ||
| Q2 25 | $69.2M | $-10.1M | ||
| Q1 25 | $2.8M | $975.0K | ||
| Q4 24 | $80.4M | $1.5M | ||
| Q3 24 | $-100.2M | $-9.3M | ||
| Q2 24 | $-45.1M | $-7.3M | ||
| Q1 24 | $-133.9M | $-2.1M |
| Q4 25 | 29.3% | 2.2% | ||
| Q3 25 | 19.9% | -4.4% | ||
| Q2 25 | 18.9% | 0.3% | ||
| Q1 25 | -3.1% | 5.1% | ||
| Q4 24 | -1.4% | 5.5% | ||
| Q3 24 | -57.2% | -1.9% | ||
| Q2 24 | -32.8% | 0.6% | ||
| Q1 24 | -82.5% | -0.7% |
| Q4 25 | 32.3% | -3.1% | ||
| Q3 25 | 25.2% | -42.6% | ||
| Q2 25 | 22.6% | -4.9% | ||
| Q1 25 | 1.0% | 0.5% | ||
| Q4 24 | 26.5% | 0.7% | ||
| Q3 24 | -43.2% | -4.8% | ||
| Q2 24 | -20.2% | -4.3% | ||
| Q1 24 | -68.7% | -2.4% |
| Q4 25 | $0.37 | $-0.50 | ||
| Q3 25 | $0.23 | $-2.75 | ||
| Q2 25 | $0.22 | $-0.59 | ||
| Q1 25 | $0.01 | $-0.21 | ||
| Q4 24 | $0.23 | $-0.18 | ||
| Q3 24 | $-0.31 | $-0.53 | ||
| Q2 24 | $-0.13 | $-0.38 | ||
| Q1 24 | $-0.43 | $-0.07 |
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 | $4.2M |
| Total DebtLower is stronger | $9.0B | $354.2M |
| Stockholders' EquityBook value | $3.5B | $-75.8M |
| Total Assets | $13.0B | $884.2M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $4.2M | ||
| Q3 25 | $1.4B | $5.5M | ||
| Q2 25 | $1.4B | $4.7M | ||
| Q1 25 | $1.4B | $21.4M | ||
| Q4 24 | $1.2B | $27.6M | ||
| Q3 24 | $1.0B | $28.2M | ||
| Q2 24 | $1.0B | $32.2M | ||
| Q1 24 | $1.3B | $15.4M |
| Q4 25 | $9.0B | $354.2M | ||
| Q3 25 | $7.7B | $355.0M | ||
| Q2 25 | $7.6B | $347.4M | ||
| Q1 25 | $7.1B | $348.3M | ||
| Q4 24 | $7.3B | $348.3M | ||
| Q3 24 | — | $349.1M | ||
| Q2 24 | $1.8B | $350.0M | ||
| Q1 24 | — | $73.5M |
| Q4 25 | $3.5B | $-75.8M | ||
| Q3 25 | $3.3B | $-61.5M | ||
| Q2 25 | $3.1B | $23.0M | ||
| Q1 25 | $2.9B | $40.5M | ||
| Q4 24 | $2.8B | $45.9M | ||
| Q3 24 | $2.8B | $51.4M | ||
| Q2 24 | $2.7B | $68.1M | ||
| Q1 24 | $2.6B | $68.3M |
| Q4 25 | $13.0B | $884.2M | ||
| Q3 25 | $11.5B | $879.5M | ||
| Q2 25 | $11.2B | $935.7M | ||
| Q1 25 | $10.4B | $956.0M | ||
| Q4 24 | $10.5B | $960.1M | ||
| Q3 24 | $10.1B | $953.5M | ||
| Q2 24 | $9.5B | $945.9M | ||
| Q1 24 | $9.2B | $309.3M |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | 15.07× | ||
| Q1 25 | 2.49× | 8.61× | ||
| Q4 24 | 2.62× | 7.59× | ||
| Q3 24 | — | 6.79× | ||
| Q2 24 | 0.67× | 5.14× | ||
| Q1 24 | — | 1.08× |
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 | $13.1M |
| Free Cash FlowOCF − Capex | $118.0M | $-329.0K |
| FCF MarginFCF / Revenue | 29.4% | -0.2% |
| Capex IntensityCapex / Revenue | 13.9% | 6.5% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-27.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $13.1M | ||
| Q3 25 | $374.6M | $5.9M | ||
| Q2 25 | $74.6M | $2.8M | ||
| Q1 25 | $210.4M | $8.5M | ||
| Q4 24 | $312.0M | $18.5M | ||
| Q3 24 | $196.9M | $19.1M | ||
| Q2 24 | $68.8M | $-3.8M | ||
| Q1 24 | $208.2M | $10.4M |
| Q4 25 | $118.0M | $-329.0K | ||
| Q3 25 | $320.2M | $-6.1M | ||
| Q2 25 | $23.5M | $-15.0M | ||
| Q1 25 | $157.4M | $-5.8M | ||
| Q4 24 | $268.1M | $733.0K | ||
| Q3 24 | $152.7M | $287.0K | ||
| Q2 24 | $30.5M | $-23.0M | ||
| Q1 24 | $161.7M | $-5.4M |
| Q4 25 | 29.4% | -0.2% | ||
| Q3 25 | 99.9% | -3.4% | ||
| Q2 25 | 7.7% | -7.2% | ||
| Q1 25 | 57.7% | -2.7% | ||
| Q4 24 | 88.5% | 0.3% | ||
| Q3 24 | 65.9% | 0.1% | ||
| Q2 24 | 13.6% | -13.3% | ||
| Q1 24 | 82.9% | -6.4% |
| Q4 25 | 13.9% | 6.5% | ||
| Q3 25 | 17.0% | 6.7% | ||
| Q2 25 | 16.7% | 8.6% | ||
| Q1 25 | 19.5% | 6.8% | ||
| Q4 24 | 14.5% | 8.0% | ||
| Q3 24 | 19.0% | 9.7% | ||
| Q2 24 | 17.1% | 11.1% | ||
| Q1 24 | 23.8% | 18.6% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | 8.76× | ||
| Q4 24 | 3.88× | 12.54× | ||
| 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% |
STKS
| Benihanas | $111.3M | 54% |
| Steakhouse Restaurant | $59.2M | 29% |
| Grill Concepts | $32.3M | 16% |
| Other | $4.2M | 2% |
