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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and UDR, Inc. (UDR). Click either name above to swap in a different company.
UDR, Inc. is the larger business by last-quarter revenue ($425.8M vs $401.4M, roughly 1.1× Affirm Holdings, Inc.). UDR, Inc. runs the higher net margin — 44.6% vs 32.3%, a 12.3% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 0.9%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 1.3%).
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.
UDR, Inc. is a leading U.S.-headquartered real estate investment trust specializing in owning, operating, and redeveloping high-quality multifamily residential apartment communities. It operates across major U.S. metropolitan markets, catering to a diverse tenant base including young professionals, families, and middle-to-high income households.
AFRM vs UDR — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $425.8M |
| Net Profit | $129.6M | $189.8M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 54.0% |
| Net Margin | 32.3% | 44.6% |
| Revenue YoY | 32.5% | 0.9% |
| Net Profit YoY | 61.3% | 147.2% |
| EPS (diluted) | $0.37 | $0.63 |
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.
| Q1 26 | — | $425.8M | ||
| Q4 25 | $401.4M | $433.1M | ||
| Q3 25 | $320.5M | $431.9M | ||
| Q2 25 | $306.6M | $425.4M | ||
| Q1 25 | $272.5M | $421.9M | ||
| Q4 24 | $303.0M | $422.7M | ||
| Q3 24 | $231.8M | $420.2M | ||
| Q2 24 | $224.0M | $415.3M |
| Q1 26 | — | $189.8M | ||
| Q4 25 | $129.6M | $222.9M | ||
| Q3 25 | $80.7M | $40.4M | ||
| Q2 25 | $69.2M | $37.7M | ||
| Q1 25 | $2.8M | $76.7M | ||
| Q4 24 | $80.4M | $-5.0M | ||
| Q3 24 | $-100.2M | $22.6M | ||
| Q2 24 | $-45.1M | $28.9M |
| Q1 26 | — | 54.0% | ||
| Q4 25 | 29.3% | 64.1% | ||
| Q3 25 | 19.9% | 17.7% | ||
| Q2 25 | 18.9% | 18.2% | ||
| Q1 25 | -3.1% | 29.0% | ||
| Q4 24 | -1.4% | 15.7% | ||
| Q3 24 | -57.2% | 16.6% | ||
| Q2 24 | -32.8% | 16.5% |
| Q1 26 | — | 44.6% | ||
| Q4 25 | 32.3% | 51.5% | ||
| Q3 25 | 25.2% | 9.4% | ||
| Q2 25 | 22.6% | 8.9% | ||
| Q1 25 | 1.0% | 18.2% | ||
| Q4 24 | 26.5% | -220.5% | ||
| Q3 24 | -43.2% | 5.4% | ||
| Q2 24 | -20.2% | 7.0% |
| Q1 26 | — | $0.63 | ||
| Q4 25 | $0.37 | $0.67 | ||
| Q3 25 | $0.23 | $0.12 | ||
| Q2 25 | $0.22 | $0.11 | ||
| Q1 25 | $0.01 | $0.23 | ||
| Q4 24 | $0.23 | $-0.01 | ||
| Q3 24 | $-0.31 | $0.06 | ||
| Q2 24 | $-0.13 | $0.08 |
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 | $1.3M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $3.3B |
| Total Assets | $13.0B | $10.3B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.3M | ||
| Q4 25 | $1.5B | $1.2M | ||
| Q3 25 | $1.4B | $1.2M | ||
| Q2 25 | $1.4B | $1.5M | ||
| Q1 25 | $1.4B | $1.3M | ||
| Q4 24 | $1.2B | $1.3M | ||
| Q3 24 | $1.0B | $2.3M | ||
| Q2 24 | $1.0B | $2.8M |
| Q1 26 | — | — | ||
| Q4 25 | $9.0B | $5.8B | ||
| Q3 25 | $7.7B | $5.8B | ||
| Q2 25 | $7.6B | $5.8B | ||
| Q1 25 | $7.1B | $5.8B | ||
| Q4 24 | $7.3B | $5.8B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | $1.8B | $5.8B |
| Q1 26 | — | $3.3B | ||
| Q4 25 | $3.5B | $3.3B | ||
| Q3 25 | $3.3B | $3.3B | ||
| Q2 25 | $3.1B | $3.3B | ||
| Q1 25 | $2.9B | $3.3B | ||
| Q4 24 | $2.8B | $3.4B | ||
| Q3 24 | $2.8B | $3.5B | ||
| Q2 24 | $2.7B | $3.7B |
| Q1 26 | — | $10.3B | ||
| Q4 25 | $13.0B | $10.6B | ||
| Q3 25 | $11.5B | $10.6B | ||
| Q2 25 | $11.2B | $10.6B | ||
| Q1 25 | $10.4B | $10.7B | ||
| Q4 24 | $10.5B | $10.9B | ||
| Q3 24 | $10.1B | $11.1B | ||
| Q2 24 | $9.5B | $11.1B |
| Q1 26 | — | — | ||
| Q4 25 | 2.54× | 1.77× | ||
| Q3 25 | 2.35× | 1.78× | ||
| Q2 25 | 2.48× | 1.74× | ||
| Q1 25 | 2.49× | 1.74× | ||
| Q4 24 | 2.62× | 1.69× | ||
| Q3 24 | — | 1.67× | ||
| Q2 24 | 0.67× | 1.55× |
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 | — |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | 4.9% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $173.7M | $902.9M | ||
| Q3 25 | $374.6M | $234.9M | ||
| Q2 25 | $74.6M | $250.3M | ||
| Q1 25 | $210.4M | $156.2M | ||
| Q4 24 | $312.0M | $876.8M | ||
| Q3 24 | $196.9M | $230.3M | ||
| Q2 24 | $68.8M | $238.5M |
| Q1 26 | — | — | ||
| Q4 25 | $118.0M | $650.0M | ||
| Q3 25 | $320.2M | $164.6M | ||
| Q2 25 | $23.5M | $190.1M | ||
| Q1 25 | $157.4M | $103.2M | ||
| Q4 24 | $268.1M | $627.0M | ||
| Q3 24 | $152.7M | $161.3M | ||
| Q2 24 | $30.5M | $171.1M |
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | 150.1% | ||
| Q3 25 | 99.9% | 38.1% | ||
| Q2 25 | 7.7% | 44.7% | ||
| Q1 25 | 57.7% | 24.5% | ||
| Q4 24 | 88.5% | 148.3% | ||
| Q3 24 | 65.9% | 38.4% | ||
| Q2 24 | 13.6% | 41.2% |
| Q1 26 | — | 4.9% | ||
| Q4 25 | 13.9% | 58.4% | ||
| Q3 25 | 17.0% | 16.3% | ||
| Q2 25 | 16.7% | 14.2% | ||
| Q1 25 | 19.5% | 12.6% | ||
| Q4 24 | 14.5% | 59.1% | ||
| Q3 24 | 19.0% | 16.4% | ||
| Q2 24 | 17.1% | 16.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | 4.05× | ||
| Q3 25 | 4.64× | 5.81× | ||
| Q2 25 | 1.08× | 6.64× | ||
| Q1 25 | 75.03× | 2.04× | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | 10.19× | ||
| Q2 24 | — | 8.26× |
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% |
UDR
| Rental income | $423.3M | 99% |
| Joint venture management and other fees | $2.5M | 1% |
