Affirm vs Global Payments
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KIRA’s take AI analyst
I put Affirm and Global Payments side by side, using each one’s latest annual report. Here is what stands out:
- Global Payments is the larger business, with $7.7B of revenue in fiscal 2025 against $4.3B for Affirm, about 1.8 times as much.
- Affirm grew revenue faster (32.2%, against −0.4%).
- Global Payments kept more of each dollar of sales as operating profit (22.8% operating margin, against 9.8%).
- Global Payments turned more of its sales into free cash flow (26.5% FCF margin, against 23.3%).
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Affirm
AFRM
4/7
Revenue growth5-year growthNet marginReturn on equity
Global Payments
GPN
3/7
Operating marginFCF marginShare count change
Side by side
Best in the row
| Latest fiscal year | AFRM FY26 | GPN FY25 |
|---|---|---|
| Size | ||
| Market cap | $24.2B | $22.1B |
| Revenue | $4.3B | $7.7B |
| Free cash flow | $993M | $2.0B |
| Net income | $1.9B | $1.4B |
| Growth | ||
| Revenue growth | 32.2% | −0.4% |
| 5-year growth | 37.4% | 0.8% |
| Share count change | 2.3% | −5.0% |
| Profitability | ||
| Gross margin | — | 72.6% |
| Operating margin | 9.8% | 22.8% |
| Net margin | 45.3% | 18.2% |
| FCF margin | 23.3% | 26.5% |
| Return on capital | — | 3.8% |
| Return on equity | 45.1% | 6.2% |
| Balance sheet | ||
| Net debt | — | $13.2B |
| Net debt / EBITDA | — | 4.4x |
| Dividends and buybacks | $0.0M | $1.4B |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | — | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.