Affirm
AFRM · Transaction & Payment Processing Services
$70.08
3.2%Toast
TOST · Transaction & Payment Processing Services
$32.71
2.1%The short version
- Toast is the larger business, with $6.2B of revenue in fiscal 2025 against $4.3B for Affirm.
- Affirm grew revenue faster (32.2%, against 24.1%).
- Affirm kept more of each dollar of sales as operating profit (9.8% operating margin, against 4.8% operating margin).
- Affirm turned more of its sales into free cash flow (23.3% FCF margin, against 9.9% FCF margin).
- Investors pay more for each dollar of Toast’s earnings: a P/E of 41.4x against 12.7x for Affirm.
| Latest fiscal year | AFRM · FY26 | TOST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $24.4B | $19.3B |
| Revenue | $4.3B | $6.2B |
| Free cash flow | $993M | $608M |
| Net income | $1.9B | $342M |
| Growth | ||
| Revenue growth | 32.2% | 24.1% |
| 5-year growth | 37.4% | 49.5% |
| Share count change | 2.3% | 2.7% |
| Profitability | ||
| Gross margin | — | 25.9% |
| Operating margin | 9.8% | 4.8% |
| Net margin | 45.3% | 5.6% |
| FCF margin | 23.3% | 9.9% |
| Return on capital | — | — |
| Return on equity | 45.1% | 18.6% |
| Balance sheet | ||
| Net debt | — | −$2.0B |
| Net debt / EBITDA | — | −5.6x |
| Dividends and buybacks | $0.0M | $107M |
| Valuation & quality | ||
| P/E | 12.7x | 41.4x |
| Piotroski F-score | — | 7 |
FY19
AFRM $264M
TOST $665M
FY20
AFRM $510M
TOST $823M
FY21
AFRM $871M
TOST $1.7B
FY22
AFRM $1.3B
TOST $2.7B
FY23
AFRM $1.6B
TOST $3.9B
FY24
AFRM $2.3B
TOST $5.0B
FY25
AFRM $3.2B
TOST $6.2B
FY26
AFRM $4.3B
TOST —
AFRM
TOST
FY19
AFRM −48.2%
TOST −32.0%
FY20
AFRM −21.2%
TOST −26.7%
FY21
AFRM −44.1%
TOST −13.4%
FY22
AFRM −64.2%
TOST −14.1%
FY23
AFRM −75.6%
TOST −7.4%
FY24
AFRM −26.5%
TOST 0.3%
FY25
AFRM −2.7%
TOST 4.8%
FY26
AFRM 9.8%
TOST —
AFRM
TOST
FY19
AFRM −$107M
TOST −$135M
FY20
AFRM −$92.3M
TOST −$153M
FY21
AFRM −$213M
TOST −$10.0M
FY22
AFRM −$248M
TOST −$172M
FY23
AFRM −$109M
TOST $93.0M
FY24
AFRM $291M
TOST $306M
FY25
AFRM $602M
TOST $608M
FY26
AFRM $993M
TOST —
AFRM
TOST
FY19
AFRM —
TOST —
FY20
AFRM —
TOST —
FY21
AFRM —
TOST —
FY22
AFRM —
TOST —
FY23
AFRM —
TOST —
FY24
AFRM —
TOST —
FY25
AFRM —
TOST —
FY26
AFRM —
TOST —
AFRM
TOST
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.