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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Tecnoglass Inc. (TGLS). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $245.3M, roughly 1.6× Tecnoglass Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 10.6%, a 21.6% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 2.4%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $11.4M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 12.8%).
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.
Tecnoglass Inc. is a leading manufacturer of high-performance architectural glass, aluminum windows, doors, and associated building components. It primarily caters to residential and commercial construction sectors across North America and Latin America, offering custom, energy-efficient solutions for new construction and renovation projects.
AFRM vs TGLS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $245.3M |
| Net Profit | $129.6M | $26.1M |
| Gross Margin | — | 40.0% |
| Operating Margin | 29.3% | 18.3% |
| Net Margin | 32.3% | 10.6% |
| Revenue YoY | 32.5% | 2.4% |
| Net Profit YoY | 61.3% | -44.5% |
| EPS (diluted) | $0.37 | $0.57 |
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 | $245.3M | ||
| Q3 25 | $320.5M | $260.5M | ||
| Q2 25 | $306.6M | $255.5M | ||
| Q1 25 | $272.5M | $222.3M | ||
| Q4 24 | $303.0M | $239.6M | ||
| Q3 24 | $231.8M | $238.3M | ||
| Q2 24 | $224.0M | $219.7M | ||
| Q1 24 | $195.0M | $192.6M |
| Q4 25 | $129.6M | $26.1M | ||
| Q3 25 | $80.7M | $47.2M | ||
| Q2 25 | $69.2M | $44.1M | ||
| Q1 25 | $2.8M | $42.2M | ||
| Q4 24 | $80.4M | $47.0M | ||
| Q3 24 | $-100.2M | $49.5M | ||
| Q2 24 | $-45.1M | $35.0M | ||
| Q1 24 | $-133.9M | $29.7M |
| Q4 25 | — | 40.0% | ||
| Q3 25 | — | 42.7% | ||
| Q2 25 | — | 44.7% | ||
| Q1 25 | — | 43.9% | ||
| Q4 24 | — | 44.5% | ||
| Q3 24 | — | 45.8% | ||
| Q2 24 | — | 40.8% | ||
| Q1 24 | — | 38.8% |
| Q4 25 | 29.3% | 18.3% | ||
| Q3 25 | 19.9% | 25.1% | ||
| Q2 25 | 18.9% | 24.0% | ||
| Q1 25 | -3.1% | 26.7% | ||
| Q4 24 | -1.4% | 28.0% | ||
| Q3 24 | -57.2% | 28.4% | ||
| Q2 24 | -32.8% | 23.3% | ||
| Q1 24 | -82.5% | 21.3% |
| Q4 25 | 32.3% | 10.6% | ||
| Q3 25 | 25.2% | 18.1% | ||
| Q2 25 | 22.6% | 17.3% | ||
| Q1 25 | 1.0% | 19.0% | ||
| Q4 24 | 26.5% | 19.6% | ||
| Q3 24 | -43.2% | 20.8% | ||
| Q2 24 | -20.2% | 15.9% | ||
| Q1 24 | -68.7% | 15.4% |
| Q4 25 | $0.37 | $0.57 | ||
| Q3 25 | $0.23 | $1.01 | ||
| Q2 25 | $0.22 | $0.94 | ||
| Q1 25 | $0.01 | $0.90 | ||
| Q4 24 | $0.23 | $1.00 | ||
| Q3 24 | $-0.31 | $1.05 | ||
| Q2 24 | $-0.13 | $0.75 | ||
| Q1 24 | $-0.43 | $0.63 |
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 | $104.1M |
| Total DebtLower is stronger | $9.0B | $174.4M |
| Stockholders' EquityBook value | $3.5B | $713.1M |
| Total Assets | $13.0B | $1.3B |
| Debt / EquityLower = less leverage | 2.54× | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $104.1M | ||
| Q3 25 | $1.4B | $127.1M | ||
| Q2 25 | $1.4B | $140.9M | ||
| Q1 25 | $1.4B | $160.2M | ||
| Q4 24 | $1.2B | $137.5M | ||
| Q3 24 | $1.0B | $124.8M | ||
| Q2 24 | $1.0B | $129.5M | ||
| Q1 24 | $1.3B | $138.8M |
| Q4 25 | $9.0B | $174.4M | ||
| Q3 25 | $7.7B | $114.7M | ||
| Q2 25 | $7.6B | $110.6M | ||
| Q1 25 | $7.1B | $110.6M | ||
| Q4 24 | $7.3B | $111.1M | ||
| Q3 24 | — | $126.8M | ||
| Q2 24 | $1.8B | $144.7M | ||
| Q1 24 | — | $160.9M |
| Q4 25 | $3.5B | $713.1M | ||
| Q3 25 | $3.3B | $764.0M | ||
| Q2 25 | $3.1B | $736.0M | ||
| Q1 25 | $2.9B | $685.1M | ||
| Q4 24 | $2.8B | $631.2M | ||
| Q3 24 | $2.8B | $613.3M | ||
| Q2 24 | $2.7B | $574.8M | ||
| Q1 24 | $2.6B | $573.6M |
| Q4 25 | $13.0B | $1.3B | ||
| Q3 25 | $11.5B | $1.2B | ||
| Q2 25 | $11.2B | $1.2B | ||
| Q1 25 | $10.4B | $1.1B | ||
| Q4 24 | $10.5B | $1.0B | ||
| Q3 24 | $10.1B | $996.3M | ||
| Q2 24 | $9.5B | $942.5M | ||
| Q1 24 | $9.2B | $981.6M |
| Q4 25 | 2.54× | 0.24× | ||
| Q3 25 | 2.35× | 0.15× | ||
| Q2 25 | 2.48× | 0.15× | ||
| Q1 25 | 2.49× | 0.16× | ||
| Q4 24 | 2.62× | 0.18× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | 0.67× | 0.25× | ||
| Q1 24 | — | 0.28× |
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 | $31.0M |
| Free Cash FlowOCF − Capex | $118.0M | $11.4M |
| FCF MarginFCF / Revenue | 29.4% | 4.7% |
| Capex IntensityCapex / Revenue | 13.9% | 8.0% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $31.0M | ||
| Q3 25 | $374.6M | $40.0M | ||
| Q2 25 | $74.6M | $17.9M | ||
| Q1 25 | $210.4M | $46.9M | ||
| Q4 24 | $312.0M | $61.1M | ||
| Q3 24 | $196.9M | $41.5M | ||
| Q2 24 | $68.8M | $34.5M | ||
| Q1 24 | $208.2M | $33.4M |
| Q4 25 | $118.0M | $11.4M | ||
| Q3 25 | $320.2M | $21.2M | ||
| Q2 25 | $23.5M | $-14.7M | ||
| Q1 25 | $157.4M | $16.5M | ||
| Q4 24 | $268.1M | $35.4M | ||
| Q3 24 | $152.7M | $17.8M | ||
| Q2 24 | $30.5M | $14.2M | ||
| Q1 24 | $161.7M | $23.6M |
| Q4 25 | 29.4% | 4.7% | ||
| Q3 25 | 99.9% | 8.2% | ||
| Q2 25 | 7.7% | -5.7% | ||
| Q1 25 | 57.7% | 7.4% | ||
| Q4 24 | 88.5% | 14.8% | ||
| Q3 24 | 65.9% | 7.5% | ||
| Q2 24 | 13.6% | 6.5% | ||
| Q1 24 | 82.9% | 12.2% |
| Q4 25 | 13.9% | 8.0% | ||
| Q3 25 | 17.0% | 7.2% | ||
| Q2 25 | 16.7% | 12.7% | ||
| Q1 25 | 19.5% | 13.7% | ||
| Q4 24 | 14.5% | 10.7% | ||
| Q3 24 | 19.0% | 9.9% | ||
| Q2 24 | 17.1% | 9.2% | ||
| Q1 24 | 23.8% | 5.1% |
| Q4 25 | 1.34× | 1.19× | ||
| Q3 25 | 4.64× | 0.85× | ||
| Q2 25 | 1.08× | 0.41× | ||
| Q1 25 | 75.03× | 1.11× | ||
| Q4 24 | 3.88× | 1.30× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.98× | ||
| Q1 24 | — | 1.13× |
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% |
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
