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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and TIDEWATER INC (TDW). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $336.8M, roughly 1.2× TIDEWATER INC). TIDEWATER INC runs the higher net margin — 65.3% vs 32.3%, a 33.0% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -2.4%). TIDEWATER INC produced more free cash flow last quarter ($147.8M vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 2.4%).
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.
Tidewater, Inc. is a publicly traded international petroleum service company headquartered in Houston, Texas, U.S. It operates a fleet of ships, primarily providing vessels and marine services to the offshore petroleum and offshore wind industries.
AFRM vs TDW — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $336.8M |
| Net Profit | $129.6M | $219.9M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 19.0% |
| Net Margin | 32.3% | 65.3% |
| Revenue YoY | 32.5% | -2.4% |
| Net Profit YoY | 61.3% | 495.8% |
| EPS (diluted) | $0.37 | $4.37 |
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 | $336.8M | ||
| Q3 25 | $320.5M | $341.1M | ||
| Q2 25 | $306.6M | $341.4M | ||
| Q1 25 | $272.5M | $333.4M | ||
| Q4 24 | $303.0M | $345.1M | ||
| Q3 24 | $231.8M | $340.4M | ||
| Q2 24 | $224.0M | $339.2M | ||
| Q1 24 | $195.0M | $321.2M |
| Q4 25 | $129.6M | $219.9M | ||
| Q3 25 | $80.7M | $-806.0K | ||
| Q2 25 | $69.2M | $72.9M | ||
| Q1 25 | $2.8M | $42.7M | ||
| Q4 24 | $80.4M | $36.9M | ||
| Q3 24 | $-100.2M | $46.4M | ||
| Q2 24 | $-45.1M | $50.4M | ||
| Q1 24 | $-133.9M | $47.0M |
| Q4 25 | 29.3% | 19.0% | ||
| Q3 25 | 19.9% | 18.4% | ||
| Q2 25 | 18.9% | 23.7% | ||
| Q1 25 | -3.1% | 22.5% | ||
| Q4 24 | -1.4% | 23.6% | ||
| Q3 24 | -57.2% | 20.6% | ||
| Q2 24 | -32.8% | 23.0% | ||
| Q1 24 | -82.5% | 25.5% |
| Q4 25 | 32.3% | 65.3% | ||
| Q3 25 | 25.2% | -0.2% | ||
| Q2 25 | 22.6% | 21.4% | ||
| Q1 25 | 1.0% | 12.8% | ||
| Q4 24 | 26.5% | 10.7% | ||
| Q3 24 | -43.2% | 13.6% | ||
| Q2 24 | -20.2% | 14.8% | ||
| Q1 24 | -68.7% | 14.6% |
| Q4 25 | $0.37 | $4.37 | ||
| Q3 25 | $0.23 | $-0.02 | ||
| Q2 25 | $0.22 | $1.46 | ||
| Q1 25 | $0.01 | $0.83 | ||
| Q4 24 | $0.23 | $0.70 | ||
| Q3 24 | $-0.31 | $0.87 | ||
| Q2 24 | $-0.13 | $0.94 | ||
| Q1 24 | $-0.43 | $0.89 |
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 | $578.8M |
| Total DebtLower is stronger | $9.0B | $670.1M |
| Stockholders' EquityBook value | $3.5B | $1.4B |
| Total Assets | $13.0B | $2.4B |
| Debt / EquityLower = less leverage | 2.54× | 0.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $578.8M | ||
| Q3 25 | $1.4B | $428.2M | ||
| Q2 25 | $1.4B | $369.4M | ||
| Q1 25 | $1.4B | $341.8M | ||
| Q4 24 | $1.2B | $324.9M | ||
| Q3 24 | $1.0B | $280.8M | ||
| Q2 24 | $1.0B | $315.9M | ||
| Q1 24 | $1.3B | $280.9M |
| Q4 25 | $9.0B | $670.1M | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | $647.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $1.4B | ||
| Q3 25 | $3.3B | $1.1B | ||
| Q2 25 | $3.1B | $1.1B | ||
| Q1 25 | $2.9B | $1.1B | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $2.8B | $1.1B | ||
| Q2 24 | $2.7B | $1.1B | ||
| Q1 24 | $2.6B | $1.1B |
| Q4 25 | $13.0B | $2.4B | ||
| Q3 25 | $11.5B | $2.1B | ||
| Q2 25 | $11.2B | $2.1B | ||
| Q1 25 | $10.4B | $2.1B | ||
| Q4 24 | $10.5B | $2.1B | ||
| Q3 24 | $10.1B | $2.0B | ||
| Q2 24 | $9.5B | $2.1B | ||
| Q1 24 | $9.2B | $2.1B |
| Q4 25 | 2.54× | 0.49× | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | 0.58× | ||
| 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 | $153.0M |
| Free Cash FlowOCF − Capex | $118.0M | $147.8M |
| FCF MarginFCF / Revenue | 29.4% | 43.9% |
| Capex IntensityCapex / Revenue | 13.9% | 1.5% |
| Cash ConversionOCF / Net Profit | 1.34× | 0.70× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $353.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $153.0M | ||
| Q3 25 | $374.6M | $54.7M | ||
| Q2 25 | $74.6M | $85.4M | ||
| Q1 25 | $210.4M | $86.0M | ||
| Q4 24 | $312.0M | $100.0M | ||
| Q3 24 | $196.9M | $49.0M | ||
| Q2 24 | $68.8M | $78.6M | ||
| Q1 24 | $208.2M | $54.8M |
| Q4 25 | $118.0M | $147.8M | ||
| Q3 25 | $320.2M | $49.6M | ||
| Q2 25 | $23.5M | $80.2M | ||
| Q1 25 | $157.4M | $75.7M | ||
| Q4 24 | $268.1M | $95.5M | ||
| Q3 24 | $152.7M | $43.3M | ||
| Q2 24 | $30.5M | $72.3M | ||
| Q1 24 | $161.7M | $43.8M |
| Q4 25 | 29.4% | 43.9% | ||
| Q3 25 | 99.9% | 14.5% | ||
| Q2 25 | 7.7% | 23.5% | ||
| Q1 25 | 57.7% | 22.7% | ||
| Q4 24 | 88.5% | 27.7% | ||
| Q3 24 | 65.9% | 12.7% | ||
| Q2 24 | 13.6% | 21.3% | ||
| Q1 24 | 82.9% | 13.6% |
| Q4 25 | 13.9% | 1.5% | ||
| Q3 25 | 17.0% | 1.5% | ||
| Q2 25 | 16.7% | 1.5% | ||
| Q1 25 | 19.5% | 3.1% | ||
| Q4 24 | 14.5% | 1.3% | ||
| Q3 24 | 19.0% | 1.7% | ||
| Q2 24 | 17.1% | 1.9% | ||
| Q1 24 | 23.8% | 3.4% |
| Q4 25 | 1.34× | 0.70× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | 1.17× | ||
| Q1 25 | 75.03× | 2.02× | ||
| Q4 24 | 3.88× | 2.71× | ||
| Q3 24 | — | 1.06× | ||
| Q2 24 | — | 1.56× | ||
| Q1 24 | — | 1.16× |
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% |
TDW
Segment breakdown not available.
