vs
Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
WATTS WATER TECHNOLOGIES INC is the larger business by last-quarter revenue ($625.1M vs $401.4M, roughly 1.6× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 13.4%, a 18.9% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 15.7%). WATTS WATER TECHNOLOGIES INC produced more free cash flow last quarter ($140.3M vs $118.0M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 4.6%).
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.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
AFRM vs WTS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $625.1M |
| Net Profit | $129.6M | $83.7M |
| Gross Margin | — | 49.5% |
| Operating Margin | 29.3% | 18.2% |
| Net Margin | 32.3% | 13.4% |
| Revenue YoY | 32.5% | 15.7% |
| Net Profit YoY | 61.3% | 24.0% |
| EPS (diluted) | $0.37 | $2.50 |
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 | $625.1M | ||
| Q3 25 | $320.5M | $611.7M | ||
| Q2 25 | $306.6M | $643.7M | ||
| Q1 25 | $272.5M | $558.0M | ||
| Q4 24 | $303.0M | $540.4M | ||
| Q3 24 | $231.8M | $543.6M | ||
| Q2 24 | $224.0M | $597.3M | ||
| Q1 24 | $195.0M | $570.9M |
| Q4 25 | $129.6M | $83.7M | ||
| Q3 25 | $80.7M | $82.2M | ||
| Q2 25 | $69.2M | $100.9M | ||
| Q1 25 | $2.8M | $74.0M | ||
| Q4 24 | $80.4M | $67.5M | ||
| Q3 24 | $-100.2M | $69.1M | ||
| Q2 24 | $-45.1M | $82.0M | ||
| Q1 24 | $-133.9M | $72.6M |
| Q4 25 | — | 49.5% | ||
| Q3 25 | — | 48.8% | ||
| Q2 25 | — | 50.6% | ||
| Q1 25 | — | 48.8% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | — | 47.3% | ||
| Q2 24 | — | 47.7% | ||
| Q1 24 | — | 46.9% |
| Q4 25 | 29.3% | 18.2% | ||
| Q3 25 | 19.9% | 18.2% | ||
| Q2 25 | 18.9% | 21.0% | ||
| Q1 25 | -3.1% | 15.7% | ||
| Q4 24 | -1.4% | 16.5% | ||
| Q3 24 | -57.2% | 17.1% | ||
| Q2 24 | -32.8% | 18.7% | ||
| Q1 24 | -82.5% | 16.9% |
| Q4 25 | 32.3% | 13.4% | ||
| Q3 25 | 25.2% | 13.4% | ||
| Q2 25 | 22.6% | 15.7% | ||
| Q1 25 | 1.0% | 13.3% | ||
| Q4 24 | 26.5% | 12.5% | ||
| Q3 24 | -43.2% | 12.7% | ||
| Q2 24 | -20.2% | 13.7% | ||
| Q1 24 | -68.7% | 12.7% |
| Q4 25 | $0.37 | $2.50 | ||
| Q3 25 | $0.23 | $2.45 | ||
| Q2 25 | $0.22 | $3.01 | ||
| Q1 25 | $0.01 | $2.21 | ||
| Q4 24 | $0.23 | $2.02 | ||
| Q3 24 | $-0.31 | $2.06 | ||
| Q2 24 | $-0.13 | $2.44 | ||
| Q1 24 | $-0.43 | $2.17 |
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 | $405.5M |
| Total DebtLower is stronger | $9.0B | — |
| Stockholders' EquityBook value | $3.5B | $2.0B |
| Total Assets | $13.0B | $2.9B |
| Debt / EquityLower = less leverage | 2.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $405.5M | ||
| Q3 25 | $1.4B | $457.7M | ||
| Q2 25 | $1.4B | $369.3M | ||
| Q1 25 | $1.4B | $336.8M | ||
| Q4 24 | $1.2B | $386.9M | ||
| Q3 24 | $1.0B | $303.9M | ||
| Q2 24 | $1.0B | $279.4M | ||
| Q1 24 | $1.3B | $237.1M |
| 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 | $2.0B | ||
| Q3 25 | $3.3B | $2.0B | ||
| Q2 25 | $3.1B | $1.9B | ||
| Q1 25 | $2.9B | $1.8B | ||
| Q4 24 | $2.8B | $1.7B | ||
| Q3 24 | $2.8B | $1.7B | ||
| Q2 24 | $2.7B | $1.6B | ||
| Q1 24 | $2.6B | $1.6B |
| Q4 25 | $13.0B | $2.9B | ||
| Q3 25 | $11.5B | $2.7B | ||
| Q2 25 | $11.2B | $2.6B | ||
| Q1 25 | $10.4B | $2.5B | ||
| Q4 24 | $10.5B | $2.4B | ||
| Q3 24 | $10.1B | $2.4B | ||
| Q2 24 | $9.5B | $2.4B | ||
| Q1 24 | $9.2B | $2.3B |
| 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 | $154.7M |
| Free Cash FlowOCF − Capex | $118.0M | $140.3M |
| FCF MarginFCF / Revenue | 29.4% | 22.4% |
| Capex IntensityCapex / Revenue | 13.9% | 2.3% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $356.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | $154.7M | ||
| Q3 25 | $374.6M | $122.4M | ||
| Q2 25 | $74.6M | $69.7M | ||
| Q1 25 | $210.4M | $55.2M | ||
| Q4 24 | $312.0M | $139.5M | ||
| Q3 24 | $196.9M | $90.7M | ||
| Q2 24 | $68.8M | $85.3M | ||
| Q1 24 | $208.2M | $45.6M |
| Q4 25 | $118.0M | $140.3M | ||
| Q3 25 | $320.2M | $110.9M | ||
| Q2 25 | $23.5M | $59.5M | ||
| Q1 25 | $157.4M | $45.6M | ||
| Q4 24 | $268.1M | $127.5M | ||
| Q3 24 | $152.7M | $84.3M | ||
| Q2 24 | $30.5M | $78.5M | ||
| Q1 24 | $161.7M | $35.5M |
| Q4 25 | 29.4% | 22.4% | ||
| Q3 25 | 99.9% | 18.1% | ||
| Q2 25 | 7.7% | 9.2% | ||
| Q1 25 | 57.7% | 8.2% | ||
| Q4 24 | 88.5% | 23.6% | ||
| Q3 24 | 65.9% | 15.5% | ||
| Q2 24 | 13.6% | 13.1% | ||
| Q1 24 | 82.9% | 6.2% |
| Q4 25 | 13.9% | 2.3% | ||
| Q3 25 | 17.0% | 1.9% | ||
| Q2 25 | 16.7% | 1.6% | ||
| Q1 25 | 19.5% | 1.7% | ||
| Q4 24 | 14.5% | 2.2% | ||
| Q3 24 | 19.0% | 1.2% | ||
| Q2 24 | 17.1% | 1.1% | ||
| Q1 24 | 23.8% | 1.8% |
| Q4 25 | 1.34× | 1.85× | ||
| Q3 25 | 4.64× | 1.49× | ||
| Q2 25 | 1.08× | 0.69× | ||
| Q1 25 | 75.03× | 0.75× | ||
| Q4 24 | 3.88× | 2.07× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 0.63× |
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% |
WTS
Segment breakdown not available.
