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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Savers Value Village, Inc. (SVV). Click either name above to swap in a different company.
Savers Value Village, Inc. is the larger business by last-quarter revenue ($426.9M vs $401.4M, roughly 1.1× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -3.3%, a 35.6% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 8.1%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-6.3M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 4.3%).
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.
Value Village Stores, Inc. was a Midwestern United States chain of retail stores aimed at the discount department-store market. Henry Horney, formerly of F.W. Woolworth Company founded a small, regional chain of discount stores located in the two states of Wisconsin and Illinois that opened in 1961 and operated into 1989. Horney also had a real estate company and often built small shopping malls adjoining the discount stores. The chain had no relation to the Savers Value Village chain of thri...
AFRM vs SVV — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $426.9M |
| Net Profit | $129.6M | $-14.0M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 8.5% |
| Net Margin | 32.3% | -3.3% |
| Revenue YoY | 32.5% | 8.1% |
| Net Profit YoY | 61.3% | -164.6% |
| EPS (diluted) | $0.37 | $-0.09 |
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 | $426.9M | ||
| Q2 25 | $306.6M | $417.2M | ||
| Q1 25 | $272.5M | $370.1M | ||
| Q4 24 | $303.0M | $402.0M | ||
| Q3 24 | $231.8M | $394.8M | ||
| Q2 24 | $224.0M | $386.7M | ||
| Q1 24 | $195.0M | $354.2M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $-14.0M | ||
| Q2 25 | $69.2M | $18.9M | ||
| Q1 25 | $2.8M | $-4.7M | ||
| Q4 24 | $80.4M | $-1.9M | ||
| Q3 24 | $-100.2M | $21.7M | ||
| Q2 24 | $-45.1M | $9.7M | ||
| Q1 24 | $-133.9M | $-467.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 25.6% | ||
| Q2 24 | — | 26.6% | ||
| Q1 24 | — | 24.2% |
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | 8.5% | ||
| Q2 25 | 18.9% | 8.2% | ||
| Q1 25 | -3.1% | 2.8% | ||
| Q4 24 | -1.4% | 8.2% | ||
| Q3 24 | -57.2% | 12.3% | ||
| Q2 24 | -32.8% | 8.3% | ||
| Q1 24 | -82.5% | 4.6% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | -3.3% | ||
| Q2 25 | 22.6% | 4.5% | ||
| Q1 25 | 1.0% | -1.3% | ||
| Q4 24 | 26.5% | -0.5% | ||
| Q3 24 | -43.2% | 5.5% | ||
| Q2 24 | -20.2% | 2.5% | ||
| Q1 24 | -68.7% | -0.1% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $-0.09 | ||
| Q2 25 | $0.22 | $0.12 | ||
| Q1 25 | $0.01 | $-0.03 | ||
| Q4 24 | $0.23 | $-0.02 | ||
| Q3 24 | $-0.31 | $0.13 | ||
| Q2 24 | $-0.13 | $0.06 | ||
| Q1 24 | $-0.43 | $0.00 |
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 | $63.5M |
| Total DebtLower is stronger | $9.0B | $750.0M |
| Stockholders' EquityBook value | $3.5B | $414.6M |
| Total Assets | $13.0B | $2.0B |
| Debt / EquityLower = less leverage | 2.54× | 1.81× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $63.5M | ||
| Q2 25 | $1.4B | $70.5M | ||
| Q1 25 | $1.4B | $73.0M | ||
| Q4 24 | $1.2B | $150.0M | ||
| Q3 24 | $1.0B | $137.7M | ||
| Q2 24 | $1.0B | $160.7M | ||
| Q1 24 | $1.3B | $102.2M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $750.0M | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $414.6M | ||
| Q2 25 | $3.1B | $423.5M | ||
| Q1 25 | $2.9B | $413.8M | ||
| Q4 24 | $2.8B | $421.7M | ||
| Q3 24 | $2.8B | $432.9M | ||
| Q2 24 | $2.7B | $419.5M | ||
| Q1 24 | $2.6B | $395.0M |
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $2.0B | ||
| Q2 25 | $11.2B | $1.9B | ||
| Q1 25 | $10.4B | $1.9B | ||
| Q4 24 | $10.5B | $1.9B | ||
| Q3 24 | $10.1B | $1.9B | ||
| Q2 24 | $9.5B | $1.9B | ||
| Q1 24 | $9.2B | $1.8B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 1.81× | ||
| 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 | $21.6M |
| Free Cash FlowOCF − Capex | $118.0M | $-6.3M |
| FCF MarginFCF / Revenue | 29.4% | -1.5% |
| Capex IntensityCapex / Revenue | 13.9% | 6.5% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $25.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $21.6M | ||
| Q2 25 | $74.6M | $54.4M | ||
| Q1 25 | $210.4M | $419.0K | ||
| Q4 24 | $312.0M | $55.8M | ||
| Q3 24 | $196.9M | $23.9M | ||
| Q2 24 | $68.8M | $60.4M | ||
| Q1 24 | $208.2M | $-5.8M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $-6.3M | ||
| Q2 25 | $23.5M | $21.9M | ||
| Q1 25 | $157.4M | $-20.2M | ||
| Q4 24 | $268.1M | $30.1M | ||
| Q3 24 | $152.7M | $-3.0M | ||
| Q2 24 | $30.5M | $29.6M | ||
| Q1 24 | $161.7M | $-28.3M |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | -1.5% | ||
| Q2 25 | 7.7% | 5.2% | ||
| Q1 25 | 57.7% | -5.4% | ||
| Q4 24 | 88.5% | 7.5% | ||
| Q3 24 | 65.9% | -0.8% | ||
| Q2 24 | 13.6% | 7.6% | ||
| Q1 24 | 82.9% | -8.0% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 6.5% | ||
| Q2 25 | 16.7% | 7.8% | ||
| Q1 25 | 19.5% | 5.6% | ||
| Q4 24 | 14.5% | 6.4% | ||
| Q3 24 | 19.0% | 6.8% | ||
| Q2 24 | 17.1% | 8.0% | ||
| Q1 24 | 23.8% | 6.4% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | 2.88× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | 6.22× | ||
| 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% |
SVV
| Sales Channel Directly To Consumer | $408.3M | 96% |
| Sales Channel Through Intermediary | $18.6M | 4% |
