Affirm
AFRM · Transaction & Payment Processing Services
$70.08
3.2%Shift4
FOUR · Transaction & Payment Processing Services
$38.79
3.4%The short version
- Affirm is the larger business, with $4.3B of revenue in fiscal 2026 against $4.2B for Shift4.
- Affirm grew revenue faster (32.2%, against 25.5%).
- Affirm kept more of each dollar of sales as operating profit (9.8% operating margin, against 8.4% operating margin).
- Affirm turned more of its sales into free cash flow (23.3% FCF margin, against 14.9% FCF margin).
| Latest fiscal year | AFRM · FY26 | FOUR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $24.4B | $50.4M |
| Revenue | $4.3B | $4.2B |
| Free cash flow | $993M | $624M |
| Net income | $1.9B | $119M |
| Growth | ||
| Revenue growth | 32.2% | 25.5% |
| 5-year growth | 37.4% | 40.4% |
| Share count change | 2.3% | −20.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 9.8% | 8.4% |
| Net margin | 45.3% | 2.9% |
| FCF margin | 23.3% | 14.9% |
| Return on capital | — | 6.5% |
| Return on equity | 45.1% | 10.6% |
| Balance sheet | ||
| Net debt | — | $3.6B |
| Net debt / EBITDA | — | 4.6x |
| Dividends and buybacks | $0.0M | $453M |
| Valuation & quality | ||
| P/E | 12.7x | — |
| Piotroski F-score | — | 6 |
FY18
AFRM —
FOUR $561M
FY19
AFRM $264M
FOUR $731M
FY20
AFRM $510M
FOUR $767M
FY21
AFRM $871M
FOUR $1.4B
FY22
AFRM $1.3B
FOUR $2.0B
FY23
AFRM $1.6B
FOUR $2.6B
FY24
AFRM $2.3B
FOUR $3.3B
FY25
AFRM $3.2B
FOUR $4.2B
FY26
AFRM $4.3B
FOUR —
AFRM
FOUR
FY18
AFRM —
FOUR −2.3%
FY19
AFRM −48.2%
FOUR −0.6%
FY20
AFRM −21.2%
FOUR −7.5%
FY21
AFRM −44.1%
FOUR −3.6%
FY22
AFRM −64.2%
FOUR 4.8%
FY23
AFRM −75.6%
FOUR 4.5%
FY24
AFRM −26.5%
FOUR 7.4%
FY25
AFRM −2.7%
FOUR 8.4%
FY26
AFRM 9.8%
FOUR —
AFRM
FOUR
FY18
AFRM —
FOUR $23.9M
FY19
AFRM −$107M
FOUR −$0.2M
FY20
AFRM −$92.3M
FOUR −$0.8M
FY21
AFRM −$213M
FOUR −$5.2M
FY22
AFRM −$248M
FOUR $267M
FY23
AFRM −$109M
FOUR $332M
FY24
AFRM $291M
FOUR $493M
FY25
AFRM $602M
FOUR $624M
FY26
AFRM $993M
FOUR —
AFRM
FOUR
FY18
AFRM —
FOUR —
FY19
AFRM —
FOUR —
FY20
AFRM —
FOUR −6.6%
FY21
AFRM —
FOUR −4.6%
FY22
AFRM —
FOUR 7.7%
FY23
AFRM —
FOUR 6.2%
FY24
AFRM —
FOUR 8.1%
FY25
AFRM —
FOUR 6.5%
FY26
AFRM —
FOUR —
AFRM
FOUR
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