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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and UNIVERSAL TECHNICAL INSTITUTE INC (UTI). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $220.8M, roughly 1.8× UNIVERSAL TECHNICAL INSTITUTE INC). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 5.8%, a 26.5% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 9.6%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-19.2M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 9.5%).
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 Technical Institute, Inc. (UTI) is a private for-profit system of technical colleges in the United States. It was established in 1965 by Robert Sweet.
AFRM vs UTI — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $220.8M |
| Net Profit | $129.6M | $12.8M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 7.1% |
| Net Margin | 32.3% | 5.8% |
| Revenue YoY | 32.5% | 9.6% |
| Net Profit YoY | 61.3% | -42.1% |
| EPS (diluted) | $0.37 | $0.23 |
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 | $220.8M | ||
| Q3 25 | $320.5M | $222.4M | ||
| Q2 25 | $306.6M | $204.3M | ||
| Q1 25 | $272.5M | $207.4M | ||
| Q4 24 | $303.0M | $201.4M | ||
| Q3 24 | $231.8M | $196.4M | ||
| Q2 24 | $224.0M | $177.5M | ||
| Q1 24 | $195.0M | $184.2M |
| Q4 25 | $129.6M | $12.8M | ||
| Q3 25 | $80.7M | $18.8M | ||
| Q2 25 | $69.2M | $10.7M | ||
| Q1 25 | $2.8M | $11.4M | ||
| Q4 24 | $80.4M | $22.2M | ||
| Q3 24 | $-100.2M | $18.8M | ||
| Q2 24 | $-45.1M | $5.0M | ||
| Q1 24 | $-133.9M | $7.8M |
| Q4 25 | 29.3% | 7.1% | ||
| Q3 25 | 19.9% | 11.2% | ||
| Q2 25 | 18.9% | 6.9% | ||
| Q1 25 | -3.1% | 8.1% | ||
| Q4 24 | -1.4% | 13.6% | ||
| Q3 24 | -57.2% | 13.3% | ||
| Q2 24 | -32.8% | 4.2% | ||
| Q1 24 | -82.5% | 6.1% |
| Q4 25 | 32.3% | 5.8% | ||
| Q3 25 | 25.2% | 8.4% | ||
| Q2 25 | 22.6% | 5.2% | ||
| Q1 25 | 1.0% | 5.5% | ||
| Q4 24 | 26.5% | 11.0% | ||
| Q3 24 | -43.2% | 9.6% | ||
| Q2 24 | -20.2% | 2.8% | ||
| Q1 24 | -68.7% | 4.2% |
| Q4 25 | $0.37 | $0.23 | ||
| Q3 25 | $0.23 | $0.33 | ||
| Q2 25 | $0.22 | $0.19 | ||
| Q1 25 | $0.01 | $0.21 | ||
| Q4 24 | $0.23 | $0.40 | ||
| Q3 24 | $-0.31 | $0.35 | ||
| Q2 24 | $-0.13 | $0.09 | ||
| Q1 24 | $-0.43 | $0.14 |
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 | $162.8M |
| Total DebtLower is stronger | $9.0B | $101.4M |
| Stockholders' EquityBook value | $3.5B | $335.9M |
| Total Assets | $13.0B | $834.0M |
| Debt / EquityLower = less leverage | 2.54× | 0.30× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $162.8M | ||
| Q3 25 | $1.4B | $169.1M | ||
| Q2 25 | $1.4B | $70.7M | ||
| Q1 25 | $1.4B | $96.0M | ||
| Q4 24 | $1.2B | $172.0M | ||
| Q3 24 | $1.0B | $161.9M | ||
| Q2 24 | $1.0B | $115.5M | ||
| Q1 24 | $1.3B | $116.1M |
| Q4 25 | $9.0B | $101.4M | ||
| Q3 25 | $7.7B | $87.1M | ||
| Q2 25 | $7.6B | $73.8M | ||
| Q1 25 | $7.1B | $94.4M | ||
| Q4 24 | $7.3B | $120.1M | ||
| Q3 24 | — | $125.7M | ||
| Q2 24 | $1.8B | $137.3M | ||
| Q1 24 | — | $141.9M |
| Q4 25 | $3.5B | $335.9M | ||
| Q3 25 | $3.3B | $328.1M | ||
| Q2 25 | $3.1B | $306.8M | ||
| Q1 25 | $2.9B | $293.9M | ||
| Q4 24 | $2.8B | $280.0M | ||
| Q3 24 | $2.8B | $260.2M | ||
| Q2 24 | $2.7B | $239.4M | ||
| Q1 24 | $2.6B | $232.6M |
| Q4 25 | $13.0B | $834.0M | ||
| Q3 25 | $11.5B | $826.1M | ||
| Q2 25 | $11.2B | $740.8M | ||
| Q1 25 | $10.4B | $720.4M | ||
| Q4 24 | $10.5B | $753.8M | ||
| Q3 24 | $10.1B | $744.6M | ||
| Q2 24 | $9.5B | $706.0M | ||
| Q1 24 | $9.2B | $702.1M |
| Q4 25 | 2.54× | 0.30× | ||
| Q3 25 | 2.35× | 0.27× | ||
| Q2 25 | 2.48× | 0.24× | ||
| Q1 25 | 2.49× | 0.32× | ||
| Q4 24 | 2.62× | 0.43× | ||
| Q3 24 | — | 0.48× | ||
| Q2 24 | 0.67× | 0.57× | ||
| Q1 24 | — | 0.61× |
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 | $3.1M |
| Free Cash FlowOCF − Capex | $118.0M | $-19.2M |
| FCF MarginFCF / Revenue | 29.4% | -8.7% |
| Capex IntensityCapex / Revenue | 13.9% | 10.1% |
| Cash ConversionOCF / Net Profit | 1.34× | 0.24× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $16.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $3.1M | ||
| Q3 25 | $374.6M | $57.1M | ||
| Q2 25 | $74.6M | $18.1M | ||
| Q1 25 | $210.4M | $-789.0K | ||
| Q4 24 | $312.0M | $23.0M | ||
| Q3 24 | $196.9M | $67.5M | ||
| Q2 24 | $68.8M | $10.0M | ||
| Q1 24 | $208.2M | $-2.5M |
| Q4 25 | $118.0M | $-19.2M | ||
| Q3 25 | $320.2M | $40.6M | ||
| Q2 25 | $23.5M | $6.8M | ||
| Q1 25 | $157.4M | $-11.7M | ||
| Q4 24 | $268.1M | $19.6M | ||
| Q3 24 | $152.7M | $60.0M | ||
| Q2 24 | $30.5M | $3.0M | ||
| Q1 24 | $161.7M | $-8.4M |
| Q4 25 | 29.4% | -8.7% | ||
| Q3 25 | 99.9% | 18.3% | ||
| Q2 25 | 7.7% | 3.4% | ||
| Q1 25 | 57.7% | -5.7% | ||
| Q4 24 | 88.5% | 9.7% | ||
| Q3 24 | 65.9% | 30.6% | ||
| Q2 24 | 13.6% | 1.7% | ||
| Q1 24 | 82.9% | -4.6% |
| Q4 25 | 13.9% | 10.1% | ||
| Q3 25 | 17.0% | 7.4% | ||
| Q2 25 | 16.7% | 5.5% | ||
| Q1 25 | 19.5% | 5.3% | ||
| Q4 24 | 14.5% | 1.7% | ||
| Q3 24 | 19.0% | 3.8% | ||
| Q2 24 | 17.1% | 4.0% | ||
| Q1 24 | 23.8% | 3.2% |
| Q4 25 | 1.34× | 0.24× | ||
| Q3 25 | 4.64× | 3.04× | ||
| Q2 25 | 1.08× | 1.69× | ||
| Q1 25 | 75.03× | -0.07× | ||
| Q4 24 | 3.88× | 1.04× | ||
| Q3 24 | — | 3.58× | ||
| Q2 24 | — | 2.01× | ||
| Q1 24 | — | -0.32× |
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% |
UTI
| UTI | $142.8M | 65% |
| Concorde | $78.0M | 35% |
