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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $382.7M, roughly 1.0× INNOVATE Corp.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -1.9%, a 34.2% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 32.5%). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 10.2%).
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.
Innovate Corp. is an American public financial services company founded in 1994.
AFRM vs VATE — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $382.7M |
| Net Profit | $129.6M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 29.3% | 3.7% |
| Net Margin | 32.3% | -1.9% |
| Revenue YoY | 32.5% | 61.7% |
| Net Profit YoY | 61.3% | 55.4% |
| EPS (diluted) | $0.37 | $-0.57 |
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 | $382.7M | ||
| Q3 25 | $320.5M | $347.1M | ||
| Q2 25 | $306.6M | $242.0M | ||
| Q1 25 | $272.5M | $274.2M | ||
| Q4 24 | $303.0M | $236.6M | ||
| Q3 24 | $231.8M | $242.2M | ||
| Q2 24 | $224.0M | $313.1M | ||
| Q1 24 | $195.0M | $315.2M |
| Q4 25 | $129.6M | $-7.4M | ||
| Q3 25 | $80.7M | $-8.9M | ||
| Q2 25 | $69.2M | $-19.8M | ||
| Q1 25 | $2.8M | $-24.5M | ||
| Q4 24 | $80.4M | $-16.6M | ||
| Q3 24 | $-100.2M | $-15.0M | ||
| Q2 24 | $-45.1M | $14.4M | ||
| Q1 24 | $-133.9M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | 29.3% | 3.7% | ||
| Q3 25 | 19.9% | 1.8% | ||
| Q2 25 | 18.9% | 2.0% | ||
| Q1 25 | -3.1% | 1.2% | ||
| Q4 24 | -1.4% | 1.1% | ||
| Q3 24 | -57.2% | 2.4% | ||
| Q2 24 | -32.8% | 9.2% | ||
| Q1 24 | -82.5% | 0.9% |
| Q4 25 | 32.3% | -1.9% | ||
| Q3 25 | 25.2% | -2.6% | ||
| Q2 25 | 22.6% | -8.2% | ||
| Q1 25 | 1.0% | -8.9% | ||
| Q4 24 | 26.5% | -7.0% | ||
| Q3 24 | -43.2% | -6.2% | ||
| Q2 24 | -20.2% | 4.6% | ||
| Q1 24 | -68.7% | -5.5% |
| Q4 25 | $0.37 | $-0.57 | ||
| Q3 25 | $0.23 | $-0.71 | ||
| Q2 25 | $0.22 | $-1.67 | ||
| Q1 25 | $0.01 | $-1.89 | ||
| Q4 24 | $0.23 | $-0.72 | ||
| Q3 24 | $-0.31 | $-1.18 | ||
| Q2 24 | $-0.13 | $1.03 | ||
| Q1 24 | $-0.43 | $-2.21 |
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 | $112.1M |
| Total DebtLower is stronger | $9.0B | $80.3M |
| Stockholders' EquityBook value | $3.5B | $-240.1M |
| Total Assets | $13.0B | $950.1M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $112.1M | ||
| Q3 25 | $1.4B | $35.5M | ||
| Q2 25 | $1.4B | $33.4M | ||
| Q1 25 | $1.4B | $33.3M | ||
| Q4 24 | $1.2B | $48.8M | ||
| Q3 24 | $1.0B | $51.0M | ||
| Q2 24 | $1.0B | $80.2M | ||
| Q1 24 | $1.3B | $38.4M |
| Q4 25 | $9.0B | $80.3M | ||
| Q3 25 | $7.7B | $97.3M | ||
| Q2 25 | $7.6B | $160.1M | ||
| Q1 25 | $7.1B | $139.9M | ||
| Q4 24 | $7.3B | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | $1.8B | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $3.5B | $-240.1M | ||
| Q3 25 | $3.3B | $-233.3M | ||
| Q2 25 | $3.1B | $-224.8M | ||
| Q1 25 | $2.9B | $-204.2M | ||
| Q4 24 | $2.8B | $-180.4M | ||
| Q3 24 | $2.8B | $-163.1M | ||
| Q2 24 | $2.7B | $-149.0M | ||
| Q1 24 | $2.6B | $-184.4M |
| Q4 25 | $13.0B | $950.1M | ||
| Q3 25 | $11.5B | $913.2M | ||
| Q2 25 | $11.2B | $890.9M | ||
| Q1 25 | $10.4B | $868.0M | ||
| Q4 24 | $10.5B | $891.1M | ||
| Q3 24 | $10.1B | $897.2M | ||
| Q2 24 | $9.5B | $898.9M | ||
| Q1 24 | $9.2B | $943.5M |
| 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 | $101.1M |
| 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 | $101.1M | ||
| Q3 25 | $374.6M | $19.2M | ||
| Q2 25 | $74.6M | $40.4M | ||
| Q1 25 | $210.4M | $-14.1M | ||
| Q4 24 | $312.0M | $41.4M | ||
| Q3 24 | $196.9M | $-28.4M | ||
| Q2 24 | $68.8M | $21.5M | ||
| Q1 24 | $208.2M | $-25.4M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $19.0M | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | $-18.8M | ||
| Q4 24 | $268.1M | $34.2M | ||
| Q3 24 | $152.7M | $-31.5M | ||
| Q2 24 | $30.5M | $18.4M | ||
| Q1 24 | $161.7M | $-31.0M |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | 5.5% | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | -6.9% | ||
| Q4 24 | 88.5% | 14.5% | ||
| Q3 24 | 65.9% | -13.0% | ||
| Q2 24 | 13.6% | 5.9% | ||
| Q1 24 | 82.9% | -9.8% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 0.1% | ||
| Q2 25 | 16.7% | — | ||
| Q1 25 | 19.5% | 1.7% | ||
| Q4 24 | 14.5% | 3.0% | ||
| Q3 24 | 19.0% | 1.3% | ||
| Q2 24 | 17.1% | 1.0% | ||
| Q1 24 | 23.8% | 1.8% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× | ||
| 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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
