Affirm
AFRM · Transaction & Payment Processing Services
$70.08
3.2%Western Union
WU · Transaction & Payment Processing Services
$6.34
1.4%The short version
- Affirm is the larger business, with $4.3B of revenue in fiscal 2026 against $4.1B for Western Union.
- Affirm grew revenue faster (32.2%, against −3.8%).
- Western Union kept more of each dollar of sales as operating profit (18.7% operating margin, against 9.8% operating margin).
- Affirm turned more of its sales into free cash flow (23.3% FCF margin, against 12.5% FCF margin).
| Latest fiscal year | AFRM · FY26 | WU · FY25 |
|---|---|---|
| Size | ||
| Market cap | $24.4B | $2.0B |
| Revenue | $4.3B | $4.1B |
| Free cash flow | $993M | $505M |
| Net income | $1.9B | $500M |
| Growth | ||
| Revenue growth | 32.2% | −3.8% |
| 5-year growth | 37.4% | −3.5% |
| Share count change | 2.3% | −4.0% |
| Profitability | ||
| Gross margin | — | 37.0% |
| Operating margin | 9.8% | 18.7% |
| Net margin | 45.3% | 12.3% |
| FCF margin | 23.3% | 12.5% |
| Return on capital | — | 24.0% |
| Return on equity | 45.1% | 51.9% |
| Balance sheet | ||
| Net debt | — | $1.6B |
| Net debt / EBITDA | — | 1.8x |
| Dividends and buybacks | $0.0M | $544M |
| Valuation & quality | ||
| P/E | — | 5.2x |
| Piotroski F-score | — | — |
FY17
AFRM —
WU $5.5B
FY18
AFRM —
WU $5.6B
FY19
AFRM $264M
WU $5.3B
FY20
AFRM $510M
WU $4.8B
FY21
AFRM $871M
WU $5.1B
FY22
AFRM $1.3B
WU $4.5B
FY23
AFRM $1.6B
WU $4.4B
FY24
AFRM $2.3B
WU $4.2B
FY25
AFRM $3.2B
WU $4.1B
FY26
AFRM $4.3B
WU —
AFRM
WU
FY17
AFRM —
WU 8.6%
FY18
AFRM —
WU 20.1%
FY19
AFRM −48.2%
WU 17.7%
FY20
AFRM −21.2%
WU 20.0%
FY21
AFRM −44.1%
WU 22.2%
FY22
AFRM −64.2%
WU 19.8%
FY23
AFRM −75.6%
WU 18.8%
FY24
AFRM −26.5%
WU 17.2%
FY25
AFRM −2.7%
WU 18.7%
FY26
AFRM 9.8%
WU —
AFRM
WU
FY17
AFRM —
WU $673M
FY18
AFRM —
WU $685M
FY19
AFRM −$107M
WU $867M
FY20
AFRM −$92.3M
WU $841M
FY21
AFRM −$213M
WU $1.0B
FY22
AFRM −$248M
WU $550M
FY23
AFRM −$109M
WU $760M
FY24
AFRM $291M
WU $369M
FY25
AFRM $602M
WU $505M
FY26
AFRM $993M
WU —
AFRM
WU
FY17
AFRM —
WU 10.5%
FY18
AFRM —
WU 50.0%
FY19
AFRM —
WU 38.5%
FY20
AFRM —
WU 47.2%
FY21
AFRM —
WU 48.6%
FY22
AFRM —
WU 40.3%
FY23
AFRM —
WU 39.0%
FY24
AFRM —
WU 35.0%
FY25
AFRM —
WU 24.0%
FY26
AFRM —
WU —
AFRM
WU
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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.