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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and VinFast Auto Ltd. (VFS). Click either name above to swap in a different company.
VinFast Auto Ltd. is the larger business by last-quarter revenue ($718.6M vs $401.4M, roughly 1.8× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -2.8%, a 35.1% gap on every dollar of revenue.
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.
VinFast Auto Ltd. is a Vietnamese multinational automotive company founded by Vingroup, one of the largest private conglomerates in Vietnam that was founded by Phạm Nhật Vượng.
AFRM vs VFS — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $718.6M |
| Net Profit | $129.6M | $-20.0M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | -96.1% |
| Net Margin | 32.3% | -2.8% |
| Revenue YoY | 32.5% | — |
| Net Profit YoY | 61.3% | — |
| EPS (diluted) | $0.37 | — |
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 | — | ||
| Q3 25 | $320.5M | $718.6M | ||
| Q2 25 | $306.6M | $663.0M | ||
| Q1 25 | $272.5M | $656.5M | ||
| Q4 24 | $303.0M | — | ||
| Q3 24 | $231.8M | $511.6M | ||
| Q2 24 | $224.0M | — | ||
| Q1 24 | $195.0M | $302.6M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $-20.0M | ||
| Q2 25 | $69.2M | $-51.8M | ||
| Q1 25 | $2.8M | $-26.1M | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | $-10.4M | ||
| Q2 24 | $-45.1M | — | ||
| Q1 24 | $-133.9M | $-618.3M |
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | -96.1% | ||
| Q2 25 | 18.9% | -79.0% | ||
| Q1 25 | -3.1% | -74.0% | ||
| Q4 24 | -1.4% | — | ||
| Q3 24 | -57.2% | -65.9% | ||
| Q2 24 | -32.8% | — | ||
| Q1 24 | -82.5% | -139.4% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | -2.8% | ||
| Q2 25 | 22.6% | -7.8% | ||
| Q1 25 | 1.0% | -4.0% | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | -2.0% | ||
| Q2 24 | -20.2% | — | ||
| Q1 24 | -68.7% | -204.3% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | — | ||
| Q2 25 | $0.22 | — | ||
| Q1 25 | $0.01 | — | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $-0.31 | — | ||
| Q2 24 | $-0.13 | — | ||
| 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 | $8.8M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | — |
| Total Assets | $13.0B | $183.2M |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $8.8M | ||
| Q2 25 | $1.4B | $650.0M | ||
| Q1 25 | $1.4B | $2.4M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | $1.9M | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.3B | $3.0M |
| 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 | — | ||
| Q2 25 | $3.1B | $-7.2B | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.6B | — |
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $183.2M | ||
| Q2 25 | $11.2B | $7.2B | ||
| Q1 25 | $10.4B | $158.2M | ||
| Q4 24 | $10.5B | — | ||
| Q3 24 | $10.1B | $151.8M | ||
| Q2 24 | $9.5B | — | ||
| Q1 24 | $9.2B | $145.6M |
| 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 | — | ||
| Q2 25 | $74.6M | — | ||
| Q1 25 | $210.4M | — | ||
| Q4 24 | $312.0M | — | ||
| Q3 24 | $196.9M | — | ||
| Q2 24 | $68.8M | — | ||
| Q1 24 | $208.2M | — |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | — | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $157.4M | — | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | — | ||
| Q2 24 | $30.5M | — | ||
| Q1 24 | $161.7M | — |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 57.7% | — | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | — | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 82.9% | — |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | — | ||
| Q2 25 | 16.7% | — | ||
| Q1 25 | 19.5% | — | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 17.1% | — | ||
| Q1 24 | 23.8% | — |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
