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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and Bristow Group Inc. (VTOL). Click either name above to swap in a different company.
Affirm Holdings, Inc. is the larger business by last-quarter revenue ($401.4M vs $377.3M, roughly 1.1× Bristow Group Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 4.9%, a 27.4% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 6.7%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $47.8M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 5.8%).
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.
Bristow Helicopters Limited is a British civil helicopter operator originally based at Aberdeen Airport, Scotland, which is currently a part of the U.S.-based Bristow Group which in turn has its corporate headquarters in Houston, Texas, U.S. In 2020, Bristow Group was merged with Era Helicopters, a large U.S.-based commercial helicopter operator that was previously a division of Era Aviation, with the two companies then continuing to use the Bristow name.
AFRM vs VTOL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $377.3M |
| Net Profit | $129.6M | $18.4M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 8.5% |
| Net Margin | 32.3% | 4.9% |
| Revenue YoY | 32.5% | 6.7% |
| Net Profit YoY | 61.3% | -42.1% |
| EPS (diluted) | $0.37 | $0.61 |
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 | $377.3M | ||
| Q3 25 | $320.5M | $386.3M | ||
| Q2 25 | $306.6M | $376.4M | ||
| Q1 25 | $272.5M | $350.5M | ||
| Q4 24 | $303.0M | $353.5M | ||
| Q3 24 | $231.8M | $365.1M | ||
| Q2 24 | $224.0M | $359.7M | ||
| Q1 24 | $195.0M | $337.1M |
| Q4 25 | $129.6M | $18.4M | ||
| Q3 25 | $80.7M | $51.5M | ||
| Q2 25 | $69.2M | $31.7M | ||
| Q1 25 | $2.8M | $27.4M | ||
| Q4 24 | $80.4M | $31.8M | ||
| Q3 24 | $-100.2M | $28.2M | ||
| Q2 24 | $-45.1M | $28.2M | ||
| Q1 24 | $-133.9M | $6.6M |
| Q4 25 | 29.3% | 8.5% | ||
| Q3 25 | 19.9% | 13.1% | ||
| Q2 25 | 18.9% | 11.3% | ||
| Q1 25 | -3.1% | 9.6% | ||
| Q4 24 | -1.4% | 9.0% | ||
| Q3 24 | -57.2% | 9.1% | ||
| Q2 24 | -32.8% | 12.4% | ||
| Q1 24 | -82.5% | 6.8% |
| Q4 25 | 32.3% | 4.9% | ||
| Q3 25 | 25.2% | 13.3% | ||
| Q2 25 | 22.6% | 8.4% | ||
| Q1 25 | 1.0% | 7.8% | ||
| Q4 24 | 26.5% | 9.0% | ||
| Q3 24 | -43.2% | 7.7% | ||
| Q2 24 | -20.2% | 7.8% | ||
| Q1 24 | -68.7% | 2.0% |
| Q4 25 | $0.37 | $0.61 | ||
| Q3 25 | $0.23 | $1.72 | ||
| Q2 25 | $0.22 | $1.07 | ||
| Q1 25 | $0.01 | $0.92 | ||
| Q4 24 | $0.23 | $1.07 | ||
| Q3 24 | $-0.31 | $0.95 | ||
| Q2 24 | $-0.13 | $0.96 | ||
| Q1 24 | $-0.43 | $0.23 |
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 | $286.2M |
| Total DebtLower is stronger | $9.0B | $671.5M |
| Stockholders' EquityBook value | $3.5B | $1.1B |
| Total Assets | $13.0B | $2.3B |
| Debt / EquityLower = less leverage | 2.54× | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $286.2M | ||
| Q3 25 | $1.4B | $245.5M | ||
| Q2 25 | $1.4B | $251.8M | ||
| Q1 25 | $1.4B | $191.1M | ||
| Q4 24 | $1.2B | $247.5M | ||
| Q3 24 | $1.0B | $200.3M | ||
| Q2 24 | $1.0B | $178.6M | ||
| Q1 24 | $1.3B | $140.6M |
| Q4 25 | $9.0B | $671.5M | ||
| Q3 25 | $7.7B | $675.0M | ||
| Q2 25 | $7.6B | $705.2M | ||
| Q1 25 | $7.1B | $701.9M | ||
| Q4 24 | $7.3B | $689.8M | ||
| Q3 24 | — | $629.1M | ||
| Q2 24 | $1.8B | $594.2M | ||
| Q1 24 | — | $544.1M |
| Q4 25 | $3.5B | $1.1B | ||
| Q3 25 | $3.3B | $1.0B | ||
| Q2 25 | $3.1B | $984.4M | ||
| Q1 25 | $2.9B | $931.7M | ||
| Q4 24 | $2.8B | $891.7M | ||
| Q3 24 | $2.8B | $899.2M | ||
| Q2 24 | $2.7B | $849.1M | ||
| Q1 24 | $2.6B | $820.7M |
| Q4 25 | $13.0B | $2.3B | ||
| Q3 25 | $11.5B | $2.3B | ||
| Q2 25 | $11.2B | $2.3B | ||
| Q1 25 | $10.4B | $2.2B | ||
| Q4 24 | $10.5B | $2.1B | ||
| Q3 24 | $10.1B | $2.1B | ||
| Q2 24 | $9.5B | $2.0B | ||
| Q1 24 | $9.2B | $1.9B |
| Q4 25 | 2.54× | 0.63× | ||
| Q3 25 | 2.35× | 0.65× | ||
| Q2 25 | 2.48× | 0.72× | ||
| Q1 25 | 2.49× | 0.75× | ||
| Q4 24 | 2.62× | 0.77× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | 0.67× | 0.70× | ||
| Q1 24 | — | 0.66× |
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 | $76.9M |
| Free Cash FlowOCF − Capex | $118.0M | $47.8M |
| FCF MarginFCF / Revenue | 29.4% | 12.7% |
| Capex IntensityCapex / Revenue | 13.9% | 7.7% |
| Cash ConversionOCF / Net Profit | 1.34× | 4.17× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $56.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $76.9M | ||
| Q3 25 | $374.6M | $23.1M | ||
| Q2 25 | $74.6M | $99.0M | ||
| Q1 25 | $210.4M | $-603.0K | ||
| Q4 24 | $312.0M | $51.1M | ||
| Q3 24 | $196.9M | $66.0M | ||
| Q2 24 | $68.8M | $33.7M | ||
| Q1 24 | $208.2M | $26.7M |
| Q4 25 | $118.0M | $47.8M | ||
| Q3 25 | $320.2M | $-6.2M | ||
| Q2 25 | $23.5M | $67.4M | ||
| Q1 25 | $157.4M | $-52.7M | ||
| Q4 24 | $268.1M | $-32.4M | ||
| Q3 24 | $152.7M | $9.0M | ||
| Q2 24 | $30.5M | $-16.7M | ||
| Q1 24 | $161.7M | $-37.9M |
| Q4 25 | 29.4% | 12.7% | ||
| Q3 25 | 99.9% | -1.6% | ||
| Q2 25 | 7.7% | 17.9% | ||
| Q1 25 | 57.7% | -15.0% | ||
| Q4 24 | 88.5% | -9.2% | ||
| Q3 24 | 65.9% | 2.5% | ||
| Q2 24 | 13.6% | -4.6% | ||
| Q1 24 | 82.9% | -11.2% |
| Q4 25 | 13.9% | 7.7% | ||
| Q3 25 | 17.0% | 7.6% | ||
| Q2 25 | 16.7% | 8.4% | ||
| Q1 25 | 19.5% | 14.9% | ||
| Q4 24 | 14.5% | 23.6% | ||
| Q3 24 | 19.0% | 15.6% | ||
| Q2 24 | 17.1% | 14.0% | ||
| Q1 24 | 23.8% | 19.2% |
| Q4 25 | 1.34× | 4.17× | ||
| Q3 25 | 4.64× | 0.45× | ||
| Q2 25 | 1.08× | 3.12× | ||
| Q1 25 | 75.03× | -0.02× | ||
| Q4 24 | 3.88× | 1.61× | ||
| Q3 24 | — | 2.34× | ||
| Q2 24 | — | 1.20× | ||
| Q1 24 | — | 4.04× |
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% |
VTOL
| Offshore Energy Services | $247.5M | 66% |
| Government Services | $100.1M | 27% |
| Other | $21.9M | 6% |
| Related Party | $7.8M | 2% |
