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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $209.6M, roughly 1.9× Varex Imaging Corp). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 1.1%, a 31.2% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 4.9%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-26.8M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 0.8%).
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.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
AFRM vs VREX — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $209.6M |
| Net Profit | $129.6M | $2.3M |
| Gross Margin | — | 33.3% |
| Operating Margin | 29.3% | 7.3% |
| Net Margin | 32.3% | 1.1% |
| Revenue YoY | 32.5% | 4.9% |
| Net Profit YoY | 61.3% | 866.7% |
| EPS (diluted) | $0.37 | $0.05 |
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.
| Q1 26 | — | $209.6M | ||
| Q4 25 | $401.4M | $228.9M | ||
| Q3 25 | $320.5M | $203.0M | ||
| Q2 25 | $306.6M | $212.9M | ||
| Q1 25 | $272.5M | $199.8M | ||
| Q4 24 | $303.0M | — | ||
| Q3 24 | $231.8M | $205.7M | ||
| Q2 24 | $224.0M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $129.6M | $12.2M | ||
| Q3 25 | $80.7M | $-89.1M | ||
| Q2 25 | $69.2M | $6.9M | ||
| Q1 25 | $2.8M | $-300.0K | ||
| Q4 24 | $80.4M | — | ||
| Q3 24 | $-100.2M | $-51.1M | ||
| Q2 24 | $-45.1M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | — | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 36.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 29.3% | 8.6% | ||
| Q3 25 | 19.9% | -39.8% | ||
| Q2 25 | 18.9% | 10.4% | ||
| Q1 25 | -3.1% | 5.6% | ||
| Q4 24 | -1.4% | — | ||
| Q3 24 | -57.2% | 5.3% | ||
| Q2 24 | -32.8% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 32.3% | 5.3% | ||
| Q3 25 | 25.2% | -43.9% | ||
| Q2 25 | 22.6% | 3.2% | ||
| Q1 25 | 1.0% | -0.2% | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | -43.2% | -24.8% | ||
| Q2 24 | -20.2% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.37 | $0.29 | ||
| Q3 25 | $0.23 | $-2.15 | ||
| Q2 25 | $0.22 | $0.17 | ||
| Q1 25 | $0.01 | $-0.01 | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $-0.31 | $-1.25 | ||
| Q2 24 | $-0.13 | $0.03 |
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 | $125.6M |
| Total DebtLower is stronger | $9.0B | $367.6M |
| Stockholders' EquityBook value | $3.5B | $476.9M |
| Total Assets | $13.0B | $1.1B |
| Debt / EquityLower = less leverage | 2.54× | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $1.5B | $155.1M | ||
| Q3 25 | $1.4B | $152.6M | ||
| Q2 25 | $1.4B | $223.0M | ||
| Q1 25 | $1.4B | $212.6M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | $200.5M | ||
| Q2 24 | $1.0B | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | $9.0B | $367.5M | ||
| Q3 25 | $7.7B | $367.5M | ||
| Q2 25 | $7.6B | $567.2M | ||
| Q1 25 | $7.1B | $567.0M | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | — | $443.4M | ||
| Q2 24 | $1.8B | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $3.5B | $472.6M | ||
| Q3 25 | $3.3B | $455.3M | ||
| Q2 25 | $3.1B | $549.7M | ||
| Q1 25 | $2.9B | $540.2M | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | $529.1M | ||
| Q2 24 | $2.7B | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $13.0B | $1.1B | ||
| Q3 25 | $11.5B | $1.1B | ||
| Q2 25 | $11.2B | $1.4B | ||
| Q1 25 | $10.4B | $1.3B | ||
| Q4 24 | $10.5B | — | ||
| Q3 24 | $10.1B | $1.2B | ||
| Q2 24 | $9.5B | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | 2.54× | 0.78× | ||
| Q3 25 | 2.35× | 0.81× | ||
| Q2 25 | 2.48× | 1.03× | ||
| Q1 25 | 2.49× | 1.05× | ||
| Q4 24 | 2.62× | — | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | 0.67× | 0.76× |
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 | $-16.1M |
| Free Cash FlowOCF − Capex | $118.0M | $-26.8M |
| FCF MarginFCF / Revenue | 29.4% | -12.8% |
| Capex IntensityCapex / Revenue | 13.9% | 5.1% |
| Cash ConversionOCF / Net Profit | 1.34× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $173.7M | $7.9M | ||
| Q3 25 | $374.6M | $7.7M | ||
| Q2 25 | $74.6M | $16.6M | ||
| Q1 25 | $210.4M | $9.5M | ||
| Q4 24 | $312.0M | — | ||
| Q3 24 | $196.9M | $25.9M | ||
| Q2 24 | $68.8M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $118.0M | $2.3M | ||
| Q3 25 | $320.2M | $1.4M | ||
| Q2 25 | $23.5M | $9.8M | ||
| Q1 25 | $157.4M | $5.3M | ||
| Q4 24 | $268.1M | — | ||
| Q3 24 | $152.7M | $19.9M | ||
| Q2 24 | $30.5M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | 29.4% | 1.0% | ||
| Q3 25 | 99.9% | 0.7% | ||
| Q2 25 | 7.7% | 4.6% | ||
| Q1 25 | 57.7% | 2.7% | ||
| Q4 24 | 88.5% | — | ||
| Q3 24 | 65.9% | 9.7% | ||
| Q2 24 | 13.6% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 13.9% | 2.4% | ||
| Q3 25 | 17.0% | 3.1% | ||
| Q2 25 | 16.7% | 3.2% | ||
| Q1 25 | 19.5% | 2.1% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 19.0% | 2.9% | ||
| Q2 24 | 17.1% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | 1.34× | 0.65× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 1.08× | 2.41× | ||
| Q1 25 | 75.03× | — | ||
| Q4 24 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.71× |
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% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
