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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
WillScot Holdings Corp is the larger business by last-quarter revenue ($566.0M vs $401.4M, roughly 1.4× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs -33.1%, a 65.4% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs -6.1%). WillScot Holdings Corp produced more free cash flow last quarter ($149.7M vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs -1.8%).
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.
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
AFRM vs WSC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $566.0M |
| Net Profit | $129.6M | $-187.3M |
| Gross Margin | — | 50.4% |
| Operating Margin | 29.3% | -32.5% |
| Net Margin | 32.3% | -33.1% |
| Revenue YoY | 32.5% | -6.1% |
| Net Profit YoY | 61.3% | -310.0% |
| EPS (diluted) | $0.37 | $-1.02 |
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 | $566.0M | ||
| Q3 25 | $320.5M | $566.8M | ||
| Q2 25 | $306.6M | $589.1M | ||
| Q1 25 | $272.5M | $559.6M | ||
| Q4 24 | $303.0M | $602.5M | ||
| Q3 24 | $231.8M | $601.4M | ||
| Q2 24 | $224.0M | $604.6M | ||
| Q1 24 | $195.0M | $587.2M |
| Q4 25 | $129.6M | $-187.3M | ||
| Q3 25 | $80.7M | $43.3M | ||
| Q2 25 | $69.2M | $47.9M | ||
| Q1 25 | $2.8M | $43.1M | ||
| Q4 24 | $80.4M | $89.2M | ||
| Q3 24 | $-100.2M | $-70.5M | ||
| Q2 24 | $-45.1M | $-46.9M | ||
| Q1 24 | $-133.9M | $56.2M |
| Q4 25 | — | 50.4% | ||
| Q3 25 | — | 49.7% | ||
| Q2 25 | — | 50.3% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 53.5% | ||
| Q2 24 | — | 54.1% | ||
| Q1 24 | — | 54.0% |
| Q4 25 | 29.3% | -32.5% | ||
| Q3 25 | 19.9% | 21.0% | ||
| Q2 25 | 18.9% | 21.5% | ||
| Q1 25 | -3.1% | 21.3% | ||
| Q4 24 | -1.4% | 28.9% | ||
| Q3 24 | -57.2% | -5.9% | ||
| Q2 24 | -32.8% | -0.9% | ||
| Q1 24 | -82.5% | 22.1% |
| Q4 25 | 32.3% | -33.1% | ||
| Q3 25 | 25.2% | 7.6% | ||
| Q2 25 | 22.6% | 8.1% | ||
| Q1 25 | 1.0% | 7.7% | ||
| Q4 24 | 26.5% | 14.8% | ||
| Q3 24 | -43.2% | -11.7% | ||
| Q2 24 | -20.2% | -7.7% | ||
| Q1 24 | -68.7% | 9.6% |
| Q4 25 | $0.37 | $-1.02 | ||
| Q3 25 | $0.23 | $0.24 | ||
| Q2 25 | $0.22 | $0.26 | ||
| Q1 25 | $0.01 | $0.23 | ||
| Q4 24 | $0.23 | $0.48 | ||
| Q3 24 | $-0.31 | $-0.37 | ||
| Q2 24 | $-0.13 | $-0.25 | ||
| Q1 24 | $-0.43 | $0.29 |
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 | $14.6M |
| Total DebtLower is stronger | $9.0B | $3.6B |
| Stockholders' EquityBook value | $3.5B | $856.3M |
| Total Assets | $13.0B | $5.8B |
| Debt / EquityLower = less leverage | 2.54× | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $14.6M | ||
| Q3 25 | $1.4B | $14.8M | ||
| Q2 25 | $1.4B | $12.8M | ||
| Q1 25 | $1.4B | $10.7M | ||
| Q4 24 | $1.2B | $9.0M | ||
| Q3 24 | $1.0B | $11.0M | ||
| Q2 24 | $1.0B | $5.9M | ||
| Q1 24 | $1.3B | $13.1M |
| Q4 25 | $9.0B | $3.6B | ||
| Q3 25 | $7.7B | $3.6B | ||
| Q2 25 | $7.6B | $3.7B | ||
| Q1 25 | $7.1B | $3.6B | ||
| Q4 24 | $7.3B | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | $1.8B | $3.5B | ||
| Q1 24 | — | $3.5B |
| Q4 25 | $3.5B | $856.3M | ||
| Q3 25 | $3.3B | $1.1B | ||
| Q2 25 | $3.1B | $1.0B | ||
| Q1 25 | $2.9B | $1.0B | ||
| Q4 24 | $2.8B | $1.0B | ||
| Q3 24 | $2.8B | $1.1B | ||
| Q2 24 | $2.7B | $1.2B | ||
| Q1 24 | $2.6B | $1.3B |
| Q4 25 | $13.0B | $5.8B | ||
| Q3 25 | $11.5B | $6.1B | ||
| Q2 25 | $11.2B | $6.1B | ||
| Q1 25 | $10.4B | $6.0B | ||
| Q4 24 | $10.5B | $6.0B | ||
| Q3 24 | $10.1B | $6.0B | ||
| Q2 24 | $9.5B | $6.0B | ||
| Q1 24 | $9.2B | $6.2B |
| Q4 25 | 2.54× | 4.15× | ||
| Q3 25 | 2.35× | 3.39× | ||
| Q2 25 | 2.48× | 3.55× | ||
| Q1 25 | 2.49× | 3.56× | ||
| Q4 24 | 2.62× | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | 0.67× | 2.88× | ||
| Q1 24 | — | 2.63× |
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 | $158.9M |
| Free Cash FlowOCF − Capex | $118.0M | $149.7M |
| FCF MarginFCF / Revenue | 29.4% | 26.5% |
| Capex IntensityCapex / Revenue | 13.9% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $158.9M | ||
| Q3 25 | $374.6M | $191.2M | ||
| Q2 25 | $74.6M | $205.3M | ||
| Q1 25 | $210.4M | $206.6M | ||
| Q4 24 | $312.0M | $178.9M | ||
| Q3 24 | $196.9M | $-1.6M | ||
| Q2 24 | $68.8M | $175.6M | ||
| Q1 24 | $208.2M | $208.7M |
| Q4 25 | $118.0M | $149.7M | ||
| Q3 25 | $320.2M | $186.9M | ||
| Q2 25 | $23.5M | $199.0M | ||
| Q1 25 | $157.4M | $202.0M | ||
| Q4 24 | $268.1M | $176.6M | ||
| Q3 24 | $152.7M | $-4.9M | ||
| Q2 24 | $30.5M | $169.4M | ||
| Q1 24 | $161.7M | $202.1M |
| Q4 25 | 29.4% | 26.5% | ||
| Q3 25 | 99.9% | 33.0% | ||
| Q2 25 | 7.7% | 33.8% | ||
| Q1 25 | 57.7% | 36.1% | ||
| Q4 24 | 88.5% | 29.3% | ||
| Q3 24 | 65.9% | -0.8% | ||
| Q2 24 | 13.6% | 28.0% | ||
| Q1 24 | 82.9% | 34.4% |
| Q4 25 | 13.9% | 1.6% | ||
| Q3 25 | 17.0% | 0.7% | ||
| Q2 25 | 16.7% | 1.1% | ||
| Q1 25 | 19.5% | 0.8% | ||
| Q4 24 | 14.5% | 0.4% | ||
| Q3 24 | 19.0% | 0.6% | ||
| Q2 24 | 17.1% | 1.0% | ||
| Q1 24 | 23.8% | 1.1% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | 4.41× | ||
| Q2 25 | 1.08× | 4.28× | ||
| Q1 25 | 75.03× | 4.80× | ||
| Q4 24 | 3.88× | 2.01× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.71× |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
