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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
UL Solutions Inc. is the larger business by last-quarter revenue ($789.0M vs $401.4M, roughly 2.0× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 8.5%, a 23.8% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 6.8%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $86.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 8.5%).
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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
AFRM vs ULS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $789.0M |
| Net Profit | $129.6M | $67.0M |
| Gross Margin | — | 49.7% |
| Operating Margin | 29.3% | 15.0% |
| Net Margin | 32.3% | 8.5% |
| Revenue YoY | 32.5% | 6.8% |
| Net Profit YoY | 61.3% | -17.3% |
| EPS (diluted) | $0.37 | $0.33 |
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 | $789.0M | ||
| Q3 25 | $320.5M | $783.0M | ||
| Q2 25 | $306.6M | $776.0M | ||
| Q1 25 | $272.5M | $705.0M | ||
| Q4 24 | $303.0M | $739.0M | ||
| Q3 24 | $231.8M | $731.0M | ||
| Q2 24 | $224.0M | $730.0M | ||
| Q1 24 | $195.0M | $670.0M |
| Q4 25 | $129.6M | $67.0M | ||
| Q3 25 | $80.7M | $100.0M | ||
| Q2 25 | $69.2M | $91.0M | ||
| Q1 25 | $2.8M | $67.0M | ||
| Q4 24 | $80.4M | $81.0M | ||
| Q3 24 | $-100.2M | $88.0M | ||
| Q2 24 | $-45.1M | $101.0M | ||
| Q1 24 | $-133.9M | $56.0M |
| Q4 25 | — | 49.7% | ||
| Q3 25 | — | 50.3% | ||
| Q2 25 | — | 49.4% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 49.0% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 47.6% |
| Q4 25 | 29.3% | 15.0% | ||
| Q3 25 | 19.9% | 19.9% | ||
| Q2 25 | 18.9% | 17.9% | ||
| Q1 25 | -3.1% | 15.5% | ||
| Q4 24 | -1.4% | 15.6% | ||
| Q3 24 | -57.2% | 17.8% | ||
| Q2 24 | -32.8% | 17.3% | ||
| Q1 24 | -82.5% | 13.6% |
| Q4 25 | 32.3% | 8.5% | ||
| Q3 25 | 25.2% | 12.8% | ||
| Q2 25 | 22.6% | 11.7% | ||
| Q1 25 | 1.0% | 9.5% | ||
| Q4 24 | 26.5% | 11.0% | ||
| Q3 24 | -43.2% | 12.0% | ||
| Q2 24 | -20.2% | 13.8% | ||
| Q1 24 | -68.7% | 8.4% |
| Q4 25 | $0.37 | $0.33 | ||
| Q3 25 | $0.23 | $0.49 | ||
| Q2 25 | $0.22 | $0.45 | ||
| Q1 25 | $0.01 | $0.33 | ||
| Q4 24 | $0.23 | $0.40 | ||
| Q3 24 | $-0.31 | $0.44 | ||
| Q2 24 | $-0.13 | $0.50 | ||
| Q1 24 | $-0.43 | $0.28 |
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 | $295.0M |
| Total DebtLower is stronger | $9.0B | $491.0M |
| Stockholders' EquityBook value | $3.5B | $1.3B |
| Total Assets | $13.0B | $2.9B |
| Debt / EquityLower = less leverage | 2.54× | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $295.0M | ||
| Q3 25 | $1.4B | $255.0M | ||
| Q2 25 | $1.4B | $272.0M | ||
| Q1 25 | $1.4B | $267.0M | ||
| Q4 24 | $1.2B | $298.0M | ||
| Q3 24 | $1.0B | $327.0M | ||
| Q2 24 | $1.0B | $295.0M | ||
| Q1 24 | $1.3B | $344.0M |
| Q4 25 | $9.0B | $491.0M | ||
| Q3 25 | $7.7B | $544.0M | ||
| Q2 25 | $7.6B | $608.0M | ||
| Q1 25 | $7.1B | $653.0M | ||
| Q4 24 | $7.3B | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | $1.8B | $810.0M | ||
| Q1 24 | — | $879.0M |
| Q4 25 | $3.5B | $1.3B | ||
| Q3 25 | $3.3B | $1.2B | ||
| Q2 25 | $3.1B | $1.1B | ||
| Q1 25 | $2.9B | $970.0M | ||
| Q4 24 | $2.8B | $904.0M | ||
| Q3 24 | $2.8B | $872.0M | ||
| Q2 24 | $2.7B | $769.0M | ||
| Q1 24 | $2.6B | $671.0M |
| Q4 25 | $13.0B | $2.9B | ||
| Q3 25 | $11.5B | $2.9B | ||
| Q2 25 | $11.2B | $2.9B | ||
| Q1 25 | $10.4B | $2.9B | ||
| Q4 24 | $10.5B | $2.8B | ||
| Q3 24 | $10.1B | $2.9B | ||
| Q2 24 | $9.5B | $2.7B | ||
| Q1 24 | $9.2B | $2.8B |
| Q4 25 | 2.54× | 0.39× | ||
| Q3 25 | 2.35× | 0.46× | ||
| Q2 25 | 2.48× | 0.56× | ||
| Q1 25 | 2.49× | 0.67× | ||
| Q4 24 | 2.62× | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | 0.67× | 1.05× | ||
| Q1 24 | — | 1.31× |
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 | $144.0M |
| Free Cash FlowOCF − Capex | $118.0M | $86.0M |
| FCF MarginFCF / Revenue | 29.4% | 10.9% |
| Capex IntensityCapex / Revenue | 13.9% | 7.4% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $144.0M | ||
| Q3 25 | $374.6M | $155.0M | ||
| Q2 25 | $74.6M | $147.0M | ||
| Q1 25 | $210.4M | $154.0M | ||
| Q4 24 | $312.0M | $130.0M | ||
| Q3 24 | $196.9M | $150.0M | ||
| Q2 24 | $68.8M | $103.0M | ||
| Q1 24 | $208.2M | $141.0M |
| Q4 25 | $118.0M | $86.0M | ||
| Q3 25 | $320.2M | $109.0M | ||
| Q2 25 | $23.5M | $105.0M | ||
| Q1 25 | $157.4M | $103.0M | ||
| Q4 24 | $268.1M | $72.0M | ||
| Q3 24 | $152.7M | $84.0M | ||
| Q2 24 | $30.5M | $47.0M | ||
| Q1 24 | $161.7M | $84.0M |
| Q4 25 | 29.4% | 10.9% | ||
| Q3 25 | 99.9% | 13.9% | ||
| Q2 25 | 7.7% | 13.5% | ||
| Q1 25 | 57.7% | 14.6% | ||
| Q4 24 | 88.5% | 9.7% | ||
| Q3 24 | 65.9% | 11.5% | ||
| Q2 24 | 13.6% | 6.4% | ||
| Q1 24 | 82.9% | 12.5% |
| Q4 25 | 13.9% | 7.4% | ||
| Q3 25 | 17.0% | 5.9% | ||
| Q2 25 | 16.7% | 5.4% | ||
| Q1 25 | 19.5% | 7.2% | ||
| Q4 24 | 14.5% | 7.8% | ||
| Q3 24 | 19.0% | 9.0% | ||
| Q2 24 | 17.1% | 7.7% | ||
| Q1 24 | 23.8% | 8.5% |
| Q4 25 | 1.34× | 2.15× | ||
| Q3 25 | 4.64× | 1.55× | ||
| Q2 25 | 1.08× | 1.62× | ||
| Q1 25 | 75.03× | 2.30× | ||
| Q4 24 | 3.88× | 1.60× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | — | 1.02× | ||
| Q1 24 | — | 2.52× |
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% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
