Affirm vs Corpay
Add, change or remove companies; up to four.
The short version
- Corpay is the larger business, with $4.5B of revenue in fiscal 2025 against $4.3B for Affirm.
- Affirm grew revenue faster (32.2%, against 13.9%).
- Corpay kept more of each dollar of sales as operating profit (44.0% operating margin, against 9.8%).
- Corpay turned more of its sales into free cash flow (28.7% FCF margin, against 23.3%).
| Latest fiscal year | AFRM · FY26 | CPAY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $24.4B | $27.1B |
| Revenue | $4.3B | $4.5B |
| Free cash flow | $993M | $1.3B |
| Net income | $1.9B | $1.1B |
| Growth | ||
| Revenue growth | 32.2% | 13.9% |
| 5-year growth | 37.4% | 13.6% |
| Share count change | 2.3% | −1.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 9.8% | 44.0% |
| Net margin | 45.3% | 23.6% |
| FCF margin | 23.3% | 28.7% |
| Return on capital | — | 11.5% |
| Return on equity | 45.1% | 30.5% |
| Balance sheet | ||
| Net debt | — | $9.1B |
| Net debt / EBITDA | — | 3.8x |
| Dividends and buybacks | $0.0M | $783M |
| Valuation & quality | ||
| P/E | — | 24.9x |
| Piotroski F-score | — | 5 |
Revenue
FY17
AFRM —
CPAY $2.2B
FY18
AFRM —
CPAY $2.4B
FY19
AFRM $264M
CPAY $2.6B
FY20
AFRM $510M
CPAY $2.4B
FY21
AFRM $871M
CPAY $2.8B
FY22
AFRM $1.3B
CPAY $3.4B
FY23
AFRM $1.6B
CPAY $3.8B
FY24
AFRM $2.3B
CPAY $4.0B
FY25
AFRM $3.2B
CPAY $4.5B
FY26
AFRM $4.3B
CPAY —
AFRM
CPAY
Operating margin
FY17
AFRM —
CPAY 39.3%
FY18
AFRM —
CPAY 44.8%
FY19
AFRM −48.2%
CPAY 46.5%
FY20
AFRM −21.2%
CPAY 40.7%
FY21
AFRM −44.1%
CPAY 43.9%
FY22
AFRM −64.2%
CPAY 42.2%
FY23
AFRM −75.6%
CPAY 44.1%
FY24
AFRM −26.5%
CPAY 45.0%
FY25
AFRM −2.7%
CPAY 44.0%
FY26
AFRM 9.8%
CPAY —
AFRM
CPAY
Free cash flow
FY17
AFRM —
CPAY $610M
FY18
AFRM —
CPAY $822M
FY19
AFRM −$107M
CPAY $1.1B
FY20
AFRM −$92.3M
CPAY $1.4B
FY21
AFRM −$213M
CPAY $1.1B
FY22
AFRM −$248M
CPAY $603M
FY23
AFRM −$109M
CPAY $1.9B
FY24
AFRM $291M
CPAY $1.8B
FY25
AFRM $602M
CPAY $1.3B
FY26
AFRM $993M
CPAY —
AFRM
CPAY
Return on capital
FY17
AFRM —
CPAY 9.6%
FY18
AFRM —
CPAY 9.9%
FY19
AFRM —
CPAY 12.4%
FY20
AFRM —
CPAY 10.0%
FY21
AFRM —
CPAY 12.6%
FY22
AFRM —
CPAY 12.8%
FY23
AFRM —
CPAY 13.2%
FY24
AFRM —
CPAY 12.7%
FY25
AFRM —
CPAY 11.5%
FY26
AFRM —
CPAY —
AFRM
CPAY
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.