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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and UNIVERSAL LOGISTICS HOLDINGS, INC. (ULH). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $385.4M, roughly 1.0× UNIVERSAL LOGISTICS HOLDINGS, INC.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 1.0%, a 31.3% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -17.1%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $14.3M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -11.5%).
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.
Universal Music Group N.V. is a multinational music corporation under Dutch law. UMG's corporate headquarters are located in Hilversum, Netherlands, and its operational headquarters are located in Santa Monica, California. As the biggest music company in the world, it is one of the "Big Three" record labels, along with Sony Music Entertainment and Warner Music Group. Tencent acquired ten percent of Universal Music Group in March 2020 for €3 billion and acquired an additional ten percent stake...
AFRM vs ULH — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $385.4M |
| Net Profit | $129.6M | $3.7M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 4.5% |
| Net Margin | 32.3% | 1.0% |
| Revenue YoY | 32.5% | -17.1% |
| Net Profit YoY | 61.3% | -81.5% |
| EPS (diluted) | $0.37 | $0.14 |
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 | $385.4M | ||
| Q3 25 | $320.5M | $396.8M | ||
| Q2 25 | $306.6M | $393.8M | ||
| Q1 25 | $272.5M | $382.4M | ||
| Q4 24 | $303.0M | $465.1M | ||
| Q3 24 | $231.8M | $426.8M | ||
| Q2 24 | $224.0M | $462.2M | ||
| Q1 24 | $195.0M | $491.9M |
| Q4 25 | $129.6M | $3.7M | ||
| Q3 25 | $80.7M | $-117.9M | ||
| Q2 25 | $69.2M | $8.3M | ||
| Q1 25 | $2.8M | $6.0M | ||
| Q4 24 | $80.4M | $20.2M | ||
| Q3 24 | $-100.2M | $26.5M | ||
| Q2 24 | $-45.1M | $30.7M | ||
| Q1 24 | $-133.9M | $52.5M |
| Q4 25 | 29.3% | 4.5% | ||
| Q3 25 | 19.9% | -29.6% | ||
| Q2 25 | 18.9% | 5.1% | ||
| Q1 25 | -3.1% | 4.1% | ||
| Q4 24 | -1.4% | 8.2% | ||
| Q3 24 | -57.2% | 10.0% | ||
| Q2 24 | -32.8% | 10.2% | ||
| Q1 24 | -82.5% | 15.3% |
| Q4 25 | 32.3% | 1.0% | ||
| Q3 25 | 25.2% | -29.7% | ||
| Q2 25 | 22.6% | 2.1% | ||
| Q1 25 | 1.0% | 1.6% | ||
| Q4 24 | 26.5% | 4.3% | ||
| Q3 24 | -43.2% | 6.2% | ||
| Q2 24 | -20.2% | 6.7% | ||
| Q1 24 | -68.7% | 10.7% |
| Q4 25 | $0.37 | $0.14 | ||
| Q3 25 | $0.23 | $-4.48 | ||
| Q2 25 | $0.22 | $0.32 | ||
| Q1 25 | $0.01 | $0.23 | ||
| Q4 24 | $0.23 | $0.76 | ||
| Q3 24 | $-0.31 | $1.01 | ||
| Q2 24 | $-0.13 | $1.17 | ||
| Q1 24 | $-0.43 | $1.99 |
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 | $26.8M |
| Total DebtLower is stronger | $9.0B | $797.6M |
| Stockholders' EquityBook value | $3.5B | $540.4M |
| Total Assets | $13.0B | $1.8B |
| Debt / EquityLower = less leverage | 2.54× | 1.48× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $26.8M | ||
| Q3 25 | $1.4B | $27.4M | ||
| Q2 25 | $1.4B | $24.3M | ||
| Q1 25 | $1.4B | $20.6M | ||
| Q4 24 | $1.2B | $19.4M | ||
| Q3 24 | $1.0B | $11.8M | ||
| Q2 24 | $1.0B | $7.5M | ||
| Q1 24 | $1.3B | $11.1M |
| Q4 25 | $9.0B | $797.6M | ||
| Q3 25 | $7.7B | $824.2M | ||
| Q2 25 | $7.6B | $795.5M | ||
| Q1 25 | $7.1B | $736.7M | ||
| Q4 24 | $7.3B | $759.1M | ||
| Q3 24 | — | $557.4M | ||
| Q2 24 | $1.8B | $483.8M | ||
| Q1 24 | — | $414.1M |
| Q4 25 | $3.5B | $540.4M | ||
| Q3 25 | $3.3B | $534.9M | ||
| Q2 25 | $3.1B | $653.7M | ||
| Q1 25 | $2.9B | $646.4M | ||
| Q4 24 | $2.8B | $647.0M | ||
| Q3 24 | $2.8B | $631.0M | ||
| Q2 24 | $2.7B | $608.9M | ||
| Q1 24 | $2.6B | $583.9M |
| Q4 25 | $13.0B | $1.8B | ||
| Q3 25 | $11.5B | $1.8B | ||
| Q2 25 | $11.2B | $1.9B | ||
| Q1 25 | $10.4B | $1.8B | ||
| Q4 24 | $10.5B | $1.8B | ||
| Q3 24 | $10.1B | $1.6B | ||
| Q2 24 | $9.5B | $1.5B | ||
| Q1 24 | $9.2B | $1.4B |
| Q4 25 | 2.54× | 1.48× | ||
| Q3 25 | 2.35× | 1.54× | ||
| Q2 25 | 2.48× | 1.22× | ||
| Q1 25 | 2.49× | 1.14× | ||
| Q4 24 | 2.62× | 1.17× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | 0.67× | 0.79× | ||
| Q1 24 | — | 0.71× |
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 | $47.1M |
| Free Cash FlowOCF − Capex | $118.0M | $14.3M |
| FCF MarginFCF / Revenue | 29.4% | 3.7% |
| Capex IntensityCapex / Revenue | 13.9% | 8.5% |
| Cash ConversionOCF / Net Profit | 1.34× | 12.62× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-41.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $47.1M | ||
| Q3 25 | $374.6M | $25.9M | ||
| Q2 25 | $74.6M | $25.7M | ||
| Q1 25 | $210.4M | $84.3M | ||
| Q4 24 | $312.0M | $59.7M | ||
| Q3 24 | $196.9M | $6.2M | ||
| Q2 24 | $68.8M | $9.6M | ||
| Q1 24 | $208.2M | $36.9M |
| Q4 25 | $118.0M | $14.3M | ||
| Q3 25 | $320.2M | $-28.6M | ||
| Q2 25 | $23.5M | $-58.5M | ||
| Q1 25 | $157.4M | $31.7M | ||
| Q4 24 | $268.1M | $18.9M | ||
| Q3 24 | $152.7M | $-58.9M | ||
| Q2 24 | $30.5M | $-67.6M | ||
| Q1 24 | $161.7M | $-31.7M |
| Q4 25 | 29.4% | 3.7% | ||
| Q3 25 | 99.9% | -7.2% | ||
| Q2 25 | 7.7% | -14.9% | ||
| Q1 25 | 57.7% | 8.3% | ||
| Q4 24 | 88.5% | 4.1% | ||
| Q3 24 | 65.9% | -13.8% | ||
| Q2 24 | 13.6% | -14.6% | ||
| Q1 24 | 82.9% | -6.4% |
| Q4 25 | 13.9% | 8.5% | ||
| Q3 25 | 17.0% | 13.7% | ||
| Q2 25 | 16.7% | 21.4% | ||
| Q1 25 | 19.5% | 13.7% | ||
| Q4 24 | 14.5% | 8.8% | ||
| Q3 24 | 19.0% | 15.3% | ||
| Q2 24 | 17.1% | 16.7% | ||
| Q1 24 | 23.8% | 13.9% |
| Q4 25 | 1.34× | 12.62× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | 3.09× | ||
| Q1 25 | 75.03× | 14.02× | ||
| Q4 24 | 3.88× | 2.96× | ||
| Q3 24 | — | 0.23× | ||
| Q2 24 | — | 0.31× | ||
| Q1 24 | — | 0.70× |
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% |
ULH
| Value Added Services | $183.7M | 48% |
| Dedicated Services | $84.9M | 22% |
| Intermodal | $52.7M | 14% |
| Truckload Services | $48.8M | 13% |
| Brokerage Services | $16.1M | 4% |
