Affirm vs Toast
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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%).
- Affirm turned more of its sales into free cash flow (23.3% FCF margin, against 9.9%).
| Latest fiscal year | AFRM Β· FY26 | TOST Β· 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 | β | 25.9% |
| Operating margin | 9.8% | 4.8% |
| Net margin | 45.3% | 5.6% |
| FCF margin | 23.3% | 9.9% |
| Return on capital | β | β |
| Return on equity | 45.1% | 18.6% |
| Balance sheet | ||
| Net debt | β | β$2.0B |
| Net debt / EBITDA | β | β5.6x |
| Dividends and buybacks | $0.0M | $107M |
| Valuation & quality | ||
| P/E | β | 41.4x |
| Piotroski F-score | β | 7 |
Revenue
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 β
AFRM
TOST
Operating margin
FY19
AFRM β48.2%
TOST β32.0%
FY20
AFRM β21.2%
TOST β26.7%
FY21
AFRM β44.1%
TOST β13.4%
FY22
AFRM β64.2%
TOST β14.1%
FY23
AFRM β75.6%
TOST β7.4%
FY24
AFRM β26.5%
TOST 0.3%
FY25
AFRM β2.7%
TOST 4.8%
FY26
AFRM 9.8%
TOST β
AFRM
TOST
Free cash flow
FY19
AFRM β$107M
TOST β$135M
FY20
AFRM β$92.3M
TOST β$153M
FY21
AFRM β$213M
TOST β$10.0M
FY22
AFRM β$248M
TOST β$172M
FY23
AFRM β$109M
TOST $93.0M
FY24
AFRM $291M
TOST $306M
FY25
AFRM $602M
TOST $608M
FY26
AFRM $993M
TOST β
AFRM
TOST
Return on capital
FY19
AFRM β
TOST β
FY20
AFRM β
TOST β
FY21
AFRM β
TOST β
FY22
AFRM β
TOST β
FY23
AFRM β
TOST β
FY24
AFRM β
TOST β
FY25
AFRM β
TOST β
FY26
AFRM β
TOST β
AFRM
TOST
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.