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Side-by-side financial comparison of Affirm Holdings, Inc. (AFRM) and OLYMPIC STEEL INC (ZEUS). Click either name above to swap in a different company.
OLYMPIC STEEL INC is the larger business by last-quarter revenue ($490.7M vs $401.4M, roughly 1.2× Affirm Holdings, Inc.). Affirm Holdings, Inc. runs the higher net margin — 32.3% vs 0.4%, a 31.8% gap on every dollar of revenue. On growth, Affirm Holdings, Inc. posted the faster year-over-year revenue change (32.5% vs 4.4%). Affirm Holdings, Inc. produced more free cash flow last quarter ($118.0M vs $-12.9M). Over the past eight quarters, Affirm Holdings, Inc.'s revenue compounded faster (43.5% CAGR vs 0.1%).
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.
Olympic Steel, Inc. is a metals service center based in Cleveland, Ohio. The company processes and distributes carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminium alloy, tin plate, and metal-intensive branded products primarily in the United States. Metals processing and value added services include tempering, stretch leveling, cutting-to-length, slitting, edging, shearing, blanking, burning, forming, shot blasting, laser punching, plate rolling, fabricating, machi...
AFRM vs ZEUS — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $401.4M | $490.7M |
| Net Profit | $129.6M | $2.2M |
| Gross Margin | — | — |
| Operating Margin | 29.3% | 1.5% |
| Net Margin | 32.3% | 0.4% |
| Revenue YoY | 32.5% | 4.4% |
| Net Profit YoY | 61.3% | -21.2% |
| EPS (diluted) | $0.37 | $0.18 |
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 | $490.7M | ||
| Q2 25 | $306.6M | $496.5M | ||
| Q1 25 | $272.5M | $492.9M | ||
| Q4 24 | $303.0M | $418.8M | ||
| Q3 24 | $231.8M | $470.0M | ||
| Q2 24 | $224.0M | $526.3M | ||
| Q1 24 | $195.0M | $526.6M |
| Q4 25 | $129.6M | — | ||
| Q3 25 | $80.7M | $2.2M | ||
| Q2 25 | $69.2M | $5.2M | ||
| Q1 25 | $2.8M | $2.5M | ||
| Q4 24 | $80.4M | $3.9M | ||
| Q3 24 | $-100.2M | $2.7M | ||
| Q2 24 | $-45.1M | $7.7M | ||
| Q1 24 | $-133.9M | $8.7M |
| Q4 25 | 29.3% | — | ||
| Q3 25 | 19.9% | 1.5% | ||
| Q2 25 | 18.9% | 2.3% | ||
| Q1 25 | -3.1% | 1.6% | ||
| Q4 24 | -1.4% | 2.1% | ||
| Q3 24 | -57.2% | 1.7% | ||
| Q2 24 | -32.8% | 2.9% | ||
| Q1 24 | -82.5% | 3.0% |
| Q4 25 | 32.3% | — | ||
| Q3 25 | 25.2% | 0.4% | ||
| Q2 25 | 22.6% | 1.1% | ||
| Q1 25 | 1.0% | 0.5% | ||
| Q4 24 | 26.5% | 0.9% | ||
| Q3 24 | -43.2% | 0.6% | ||
| Q2 24 | -20.2% | 1.5% | ||
| Q1 24 | -68.7% | 1.7% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.23 | $0.18 | ||
| Q2 25 | $0.22 | $0.45 | ||
| Q1 25 | $0.01 | $0.21 | ||
| Q4 24 | $0.23 | $0.33 | ||
| Q3 24 | $-0.31 | $0.23 | ||
| Q2 24 | $-0.13 | $0.66 | ||
| Q1 24 | $-0.43 | $0.75 |
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 | $7.5M |
| Total DebtLower is stronger | $9.0B | $240.9M |
| Stockholders' EquityBook value | $3.5B | $579.1M |
| Total Assets | $13.0B | $1.1B |
| Debt / EquityLower = less leverage | 2.54× | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $7.5M | ||
| Q2 25 | $1.4B | $14.8M | ||
| Q1 25 | $1.4B | $13.3M | ||
| Q4 24 | $1.2B | $11.9M | ||
| Q3 24 | $1.0B | $11.1M | ||
| Q2 24 | $1.0B | $9.4M | ||
| Q1 24 | $1.3B | $10.3M |
| Q4 25 | $9.0B | — | ||
| Q3 25 | $7.7B | $240.9M | ||
| Q2 25 | $7.6B | $233.2M | ||
| Q1 25 | $7.1B | $235.4M | ||
| Q4 24 | $7.3B | $272.5M | ||
| Q3 24 | — | $197.3M | ||
| Q2 24 | $1.8B | $209.2M | ||
| Q1 24 | — | $196.8M |
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $579.1M | ||
| Q2 25 | $3.1B | $578.2M | ||
| Q1 25 | $2.9B | $574.2M | ||
| Q4 24 | $2.8B | $573.9M | ||
| Q3 24 | $2.8B | $570.6M | ||
| Q2 24 | $2.7B | $569.5M | ||
| Q1 24 | $2.6B | $563.0M |
| Q4 25 | $13.0B | — | ||
| Q3 25 | $11.5B | $1.1B | ||
| Q2 25 | $11.2B | $1.1B | ||
| Q1 25 | $10.4B | $1.1B | ||
| Q4 24 | $10.5B | $1.0B | ||
| Q3 24 | $10.1B | $1.0B | ||
| Q2 24 | $9.5B | $1.0B | ||
| Q1 24 | $9.2B | $1.0B |
| Q4 25 | 2.54× | — | ||
| Q3 25 | 2.35× | 0.42× | ||
| Q2 25 | 2.48× | 0.40× | ||
| Q1 25 | 2.49× | 0.41× | ||
| Q4 24 | 2.62× | 0.47× | ||
| Q3 24 | — | 0.35× | ||
| Q2 24 | 0.67× | 0.37× | ||
| Q1 24 | — | 0.35× |
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 | $-5.4M |
| Free Cash FlowOCF − Capex | $118.0M | $-12.9M |
| FCF MarginFCF / Revenue | 29.4% | -2.6% |
| Capex IntensityCapex / Revenue | 13.9% | 1.5% |
| Cash ConversionOCF / Net Profit | 1.34× | -2.50× |
| TTM Free Cash FlowTrailing 4 quarters | $619.1M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.7M | — | ||
| Q3 25 | $374.6M | $-5.4M | ||
| Q2 25 | $74.6M | $15.5M | ||
| Q1 25 | $210.4M | $49.4M | ||
| Q4 24 | $312.0M | $14.6M | ||
| Q3 24 | $196.9M | $24.6M | ||
| Q2 24 | $68.8M | $-2.9M | ||
| Q1 24 | $208.2M | $-2.6M |
| Q4 25 | $118.0M | — | ||
| Q3 25 | $320.2M | $-12.9M | ||
| Q2 25 | $23.5M | $6.8M | ||
| Q1 25 | $157.4M | $40.6M | ||
| Q4 24 | $268.1M | $7.4M | ||
| Q3 24 | $152.7M | $15.6M | ||
| Q2 24 | $30.5M | $-11.3M | ||
| Q1 24 | $161.7M | $-7.4M |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 99.9% | -2.6% | ||
| Q2 25 | 7.7% | 1.4% | ||
| Q1 25 | 57.7% | 8.2% | ||
| Q4 24 | 88.5% | 1.8% | ||
| Q3 24 | 65.9% | 3.3% | ||
| Q2 24 | 13.6% | -2.2% | ||
| Q1 24 | 82.9% | -1.4% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.0% | 1.5% | ||
| Q2 25 | 16.7% | 1.7% | ||
| Q1 25 | 19.5% | 1.8% | ||
| Q4 24 | 14.5% | 1.7% | ||
| Q3 24 | 19.0% | 1.9% | ||
| Q2 24 | 17.1% | 1.6% | ||
| Q1 24 | 23.8% | 0.9% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 4.64× | -2.50× | ||
| Q2 25 | 1.08× | 2.96× | ||
| Q1 25 | 75.03× | 19.70× | ||
| Q4 24 | 3.88× | 3.75× | ||
| Q3 24 | — | 9.01× | ||
| Q2 24 | — | -0.38× | ||
| Q1 24 | — | -0.30× |
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% |
ZEUS
| Carbon Flat Products | $268.2M | 55% |
| Specialty Metals Flat Products | $140.9M | 29% |
| Tubular And Pipe Products | $81.6M | 17% |
