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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and USANA HEALTH SCIENCES INC (USNA). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $226.2M, roughly 1.8× USANA HEALTH SCIENCES INC). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 0.1%, a 32.2% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -10.0%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 3.1%).
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.
Usana Health Sciences, Inc., or USANA, is an American multi-level marketing company based in Salt Lake City, Utah. As of 2021, Usana was the 14th largest direct-selling company in the world by revenue. The company manufactures most of its nutritional products, dietary supplements, and skincare products at a Salt Lake City facility. Its products are sold in 24 countries via a network of independent distributors.
AFRM vs USNA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $226.2M |
| Net Profit | $129.6M | $180.0K |
| Gross Margin | — | 78.2% |
| Operating Margin | 29.3% | 1.7% |
| Net Margin | 32.3% | 0.1% |
| Revenue YoY | 32.5% | -10.0% |
| Net Profit YoY | 61.3% | -74.0% |
| EPS (diluted) | $0.37 | $-0.10 |
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 | $226.2M | ||
| Q3 25 | $320.5M | $213.7M | ||
| Q2 25 | $306.6M | $235.8M | ||
| Q1 25 | $272.5M | $249.5M | ||
| Q4 24 | $303.0M | $213.6M | ||
| Q3 24 | $231.8M | $200.2M | ||
| Q2 24 | $224.0M | $212.9M | ||
| Q1 24 | $195.0M | — |
| Q4 25 | $129.6M | $180.0K | ||
| Q3 25 | $80.7M | $-6.5M | ||
| Q2 25 | $69.2M | $9.7M | ||
| Q1 25 | $2.8M | $9.4M | ||
| Q4 24 | $80.4M | $4.5M | ||
| Q3 24 | $-100.2M | $10.6M | ||
| Q2 24 | $-45.1M | $10.4M | ||
| Q1 24 | $-133.9M | — |
| Q4 25 | — | 78.2% | ||
| Q3 25 | — | 77.2% | ||
| Q2 25 | — | 78.7% | ||
| Q1 25 | — | 79.0% | ||
| Q4 24 | — | 82.0% | ||
| Q3 24 | — | 80.4% | ||
| Q2 24 | — | 81.1% | ||
| Q1 24 | — | — |
| Q4 25 | 29.3% | 1.7% | ||
| Q3 25 | 19.9% | 0.6% | ||
| Q2 25 | 18.9% | 7.1% | ||
| Q1 25 | -3.1% | 6.3% | ||
| Q4 24 | -1.4% | 3.8% | ||
| Q3 24 | -57.2% | 7.8% | ||
| Q2 24 | -32.8% | 8.4% | ||
| Q1 24 | -82.5% | — |
| Q4 25 | 32.3% | 0.1% | ||
| Q3 25 | 25.2% | -3.1% | ||
| Q2 25 | 22.6% | 4.1% | ||
| Q1 25 | 1.0% | 3.8% | ||
| Q4 24 | 26.5% | 2.1% | ||
| Q3 24 | -43.2% | 5.3% | ||
| Q2 24 | -20.2% | 4.9% | ||
| Q1 24 | -68.7% | — |
| Q4 25 | $0.37 | $-0.10 | ||
| Q3 25 | $0.23 | $-0.36 | ||
| Q2 25 | $0.22 | $0.52 | ||
| Q1 25 | $0.01 | $0.49 | ||
| Q4 24 | $0.23 | $0.23 | ||
| Q3 24 | $-0.31 | $0.56 | ||
| Q2 24 | $-0.13 | $0.54 | ||
| Q1 24 | $-0.43 | — |
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 | $158.4M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | — |
| Total Assets | $13.0B | $742.9M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $158.4M | ||
| Q3 25 | $1.4B | $145.3M | ||
| Q2 25 | $1.4B | $151.3M | ||
| Q1 25 | $1.4B | $179.6M | ||
| Q4 24 | $1.2B | $181.8M | ||
| Q3 24 | $1.0B | $364.9M | ||
| Q2 24 | $1.0B | $332.4M | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.6B | — | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $528.1M | ||
| Q2 25 | $3.1B | $531.1M | ||
| Q1 25 | $2.9B | $529.8M | ||
| Q4 24 | $2.8B | $532.1M | ||
| Q3 24 | $2.8B | $533.1M | ||
| Q2 24 | $2.7B | $512.2M | ||
| Q1 24 | $2.6B | — |
| Q4 25 | $13.0B | $742.9M | ||
| Q3 25 | $11.5B | $726.6M | ||
| Q2 25 | $11.2B | $734.5M | ||
| Q1 25 | $10.4B | $746.6M | ||
| Q4 24 | $10.5B | $748.2M | ||
| Q3 24 | $10.1B | $671.3M | ||
| Q2 24 | $9.5B | $631.4M | ||
| Q1 24 | $9.2B | — |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 2.62× | — | ||
| 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 | — |
| Free Cash FlowOCF − Capex | $118.0M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $-2.0M | ||
| Q2 25 | $74.6M | $12.2M | ||
| Q1 25 | $210.4M | $15.5M | ||
| Q4 24 | $312.0M | $5.8M | ||
| Q3 24 | $196.9M | $29.5M | ||
| Q2 24 | $68.8M | $8.0M | ||
| Q1 24 | $208.2M | — |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $-5.2M | ||
| Q2 25 | $23.5M | $7.2M | ||
| Q1 25 | $157.4M | $12.7M | ||
| Q4 24 | $268.1M | $4.0M | ||
| Q3 24 | $152.7M | $27.1M | ||
| Q2 24 | $30.5M | $5.3M | ||
| Q1 24 | $161.7M | — |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | -2.4% | ||
| Q2 25 | 7.7% | 3.0% | ||
| Q1 25 | 57.7% | 5.1% | ||
| Q4 24 | 88.5% | 1.9% | ||
| Q3 24 | 65.9% | 13.6% | ||
| Q2 24 | 13.6% | 2.5% | ||
| Q1 24 | 82.9% | — |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 1.5% | ||
| Q2 25 | 16.7% | 2.1% | ||
| Q1 25 | 19.5% | 1.1% | ||
| Q4 24 | 14.5% | 0.8% | ||
| Q3 24 | 19.0% | 1.2% | ||
| Q2 24 | 17.1% | 1.3% | ||
| Q1 24 | 23.8% | — |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | 1.27× | ||
| Q1 25 | 75.03× | 1.65× | ||
| Q4 24 | 3.88× | 1.29× | ||
| Q3 24 | — | 2.78× | ||
| Q2 24 | — | 0.77× | ||
| Q1 24 | — | — |
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% |
USNA
Segment breakdown not available.
