Affirm Holdings Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Affirm Holdings Inc (AFRM) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Affirm Holdings Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 4,261M vs 220,902M combined for tracked competitors (1.9% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+9.5% annualized vs trailing 12 months), vs decelerating (-8.0%) for its tracked peer group.
- Growth: Affirm Holdings Inc generated 33.0% revenue growth year over year in Q4 2026, vs 15.9% for its tracked competitors combined.
- Profitability: Its 138.7% net margin compares with 22.7% for the peer group.
- Scale: Affirm Holdings Inc ranks #5 of 30 companies by market capitalization in the Consumer Financial Services industry, holding 6.1% of industry market cap.
- Peer revenue share: Affirm Holdings Inc accounted for 2.2% of combined revenue among its tracked peer group, up from 2.0% a year earlier.
- Peer differentiation: Revenue per employee of $1.81M compares with $0.81M for the peer group (2.2x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
AFRM Sales vs. its Competitors, Q4 2026
Affirm Holdings Inc reported revenue growth of 33.04 % year on year in Q4 2026, above its competitors' combined revenue growth of 15.90 %.
With a net margin of 138.65 %, Affirm Holdings Inc achieved higher profitability than its competitors (22.72 %).
Affirm Holdings Inc generated 2.24 % of the combined sales of its peer group, up from 1.96 % a year earlier.
Affirm Holdings Inc vs. its Competitors, Q4 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Affirm Holdings Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Affirm Holdings Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (12) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (6) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Affirm Holdings Inc's competitor groups requires a Commercial License.
For context: the Consumer Financial Services industry grew revenue 9.0% year over year, combined, vs 33.0% for Affirm Holdings Inc. Affirm Holdings Inc's share of combined industry revenue moved from 2.24% to 2.73%, a gain of 0.49 percentage points.
Affirm Holdings Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Affirm Holdings Inc | Yes | Yes | Yes | No |
| Competitors combined (16) | ||||
| High-Confidence Competitors (14) | ||||
| Similar-Size Competitors (9) | ||||
| Similar Growth & Profitability (8) | 75.00 % (6 of 8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 0.00 % (0 of 6) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
AFRM Stock Performance relative to its Competitors
AFRM Stock Performance relative to High-Confidence Competitors
AFRM Stock Performance relative to Similar-Size Competitors
AFRM Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Merchants Bancorp | 282.9% | Outperformed |
| 2 | Bank Of Montreal | 282.9% | Outperformed |
| 3 | Flywire Corporation | 282.9% | Outperformed |
| 4 | Sezzle Inc | 282.9% | Outperformed |
| 5 | Visa Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Affirm Holdings Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Affirm Holdings Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Affirm Holdings Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Affirm Holdings Inc | 23,445.98 | 4,261.08 |
| Visa Inc | 704,589.84 | 43,027.00 |
| Mastercard Incorporated | 501,773.58 | 35,083.00 |
| American Express Company | 207,998.07 | 114,611.00 |
| Bank Of Montreal | 123,787.15 | 27,785.88 |
| Capital one financial corp | 122,021.31 | 51,099.00 |
| SUBTOTAL | 1,785,147.41 | 331,530.00 |
Sign in to see all competitors of Affirm Holdings Inc .
Sources: Affirm Holdings Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Affirm Holdings Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Affirm Holdings Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Synchrony | Named by the company | 85% |
| American Express | Named by the company | 85% |
| Capital One | Named by the company | 85% |
| MasterCard | Named by the company | 85% |
| Visa | Named by the company | 85% |
| PayPal | Named by the company | 85% |
| Sezzle Inc | Named by the company | 85% |
| Square | Named by the company | 85% |
| Afterpay | Named by the company | 85% |
| Bread Financial | Named by the company | 85% |
| Klarna | Named by the company | 85% |
| Chime Financial Inc | Named by the company | 85% |
| Bank of America | Named by the company | 85% |
| Goldman Sachs | Named by the company | 85% |
| Psq Holdings Inc | Named by the company | 85% |
| Block | Named by the company | 85% |
| J.P. Morgan Chase | Named by the company | 85% |
| Apple | Named by the company | 85% |
| Citibank | Named by the company | 85% |
| Bank Bradesco | Named by the company | 85% |
| Partners Bancorp | Named by the company | 85% |
| Merchants Bancorp | Named by the company | 85% |
| Bank Of Montreal | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Affirm Holdings Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Affirm Holdings Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Mastercard Incorporated | Payment Solutions 100.00 % |
| Paypal Holdings Inc | Reportable 100.00 % |
| Prog Holdings Inc | Progressive Leasing 80.37 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Affirm Holdings Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Affirm Holdings Inc | 23,446 | 1,807,075 | 818,402 |
| Visa Inc | 704,590 | 1,261,789 | 652,082 |
| Mastercard Incorporated | 501,774 | 881,482 | 408,467 |
| American Express Company | 207,998 | 1,492,331 | 149,023 |
| Bank Of Montreal | 123,787 | 617,464 | 148,519 |
| Capital one financial corp | 122,021 | 669,712 | 137,615 |
| PEERS TOTAL | 1,761,701 | 809,104 | 214,271 |
Sign in to see all peers for Affirm Holdings Inc .
Affirm Holdings Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Visa Inc | Non-US 61.39 % |
| Mastercard Incorporated | International Markets 57.56 % |
| Paypal Holdings Inc | UNITED STATES 56.82 % |
| Flywire Corporation | United States and Canada Americas 49.92 % |
| Paysafe Limited | All Other Countries 40.83 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Affirm Holdings Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 29 companies in Affirm Holdings Inc's industry classification, broader than the peer set above. Market cap in millions of $.Affirm Holdings Inc ranks #5 of 29 companies by market capitalization in its industry, holding 6.07 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,784, indicating a moderately concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | S and p Global Inc | 125,674 | 31.66 % |
| 2 | Moody s Corporation | 80,826 | 20.36 % |
| 3 | Paccar Inc | 58,593 | 14.76 % |
| 4 | Rocket Companies Inc | 33,227 | 8.37 % |
| 5 | Affirm Holdings Inc | 24,098 | 6.07 % |
| 6 | Equifax Inc | 1,234 | 5.2% |
| 7 | Transunion | 1,234 | 5.2% |
| 8 | Onemain Holdings Inc | 1,234 | 5.2% |
| 9 | Credit Acceptance Corp | 1,234 | 5.2% |
| 10 | Enova International Inc | 1,234 | 5.2% |
Market cap and industry share for the rest of Affirm Holdings Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Affirm Holdings Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | S and p Global Inc | 125,674 | -17.61 % |
| 2 | Moody s Corporation | 80,826 | -2.01 % |
| 3 | Paccar Inc | 58,593 | 16.20 % |
| 4 | Rocket Companies Inc | 33,227 | -38.66 % |
| 5 | Affirm Holdings Inc | 24,098 | -11.37 % |
| 6 | Equifax Inc | 1,234 | 12.3% |
| 7 | Transunion | 1,234 | 12.3% |
| 8 | Onemain Holdings Inc | 1,234 | 12.3% |
| 9 | Credit Acceptance Corp | 1,234 | 12.3% |
| 10 | Enova International Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Affirm Holdings Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Affirm Holdings Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Consumer Financial Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (37 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | - | 63.05 % (avg) | - |
| Operating Margin | 9.79 % | industry median | -4.0 pp |
| EBITDA Margin | 54.96 % | 30.50 % (avg) | +24.5 pp |
| Capital Intensity (Capex / Revenue) | - | 8.55 % (avg) | - |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Affirm Holdings Inc's Valuation vs Competitive Position
Valuation multiples vs the Consumer Financial Services industry average (37 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 13.1x | 19.3x | -6.2x |
| EV / EBITDA | 13.1x | 11.7x | +1.4x |
| P/B | 6.5x | 2.7x | +3.8x |
| Return on Equity | 49.37 % | industry aggregate | 32.55 % |
| Return on Invested Capital | 2.46 % | 4.81 % (avg) | -2.35 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Affirm Holdings Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue Growth | - | - | 247.15 % | 29.35 % | 46.27 % | 32.70 % |
| Operating Margin | -15.55 % | -77.53 % | -77.75 % | -48.86 % | -13.26 % | 6.22 % |
| Return on Invested Capital | -4.88 % | -4.47 % | -11.96 % | -8.63 % | -3.01 % | 1.63 % |
| P/E | - | - | - | - | - | 88.6x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Affirm Holdings Inc's Strategic Group Map
Every company in Affirm Holdings Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Affirm Holdings Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Affirm Holdings Inc's BCG Growth-Share Matrix
Relative market share (vs Affirm Holdings Inc's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Affirm Holdings Inc falls in the Dog quadrant: relative market share of 0.19x vs its largest competitor, in an industry growing revenue 6.2% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Affirm Holdings Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 1,784 (see Industry Market Structure & Concentration above) |
| Supplier Power | Not covered on this page | See Affirm Holdings Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Affirm Holdings Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Affirm Holdings Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Affirm Holdings Inc falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Affirm Holdings Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Return on equity 32.6 points above the industry aggregate.
- Latest-quarter revenue run-rate is accelerating (+9.5% annualized vs trailing 12 months).
Weaknesses
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.19x).
Opportunities
No rule matched.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-8.0% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Affirm Holdings Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Affirm Holdings Inc | 6.45 | 43.06 | 1.88 |
| Visa Inc | 0.48 | 1.09 | 0.66 |
| Mastercard Incorporated | 0.46 | 1.05 | 2.91 |
| American Express Company | 0.08 | 0.60 | 1.76 |
| Bank Of Montreal | 1,134.18 | 13,402.64 | - |
| Capital one financial corp | 0.03 | 1.03 | 0.39 |
Sign in to see all peers for Affirm Holdings Inc .
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Affirm Holdings Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Affirm Holdings Inc | Q2 2026 | +33.0 % | +2,234.7 % |
| Visa Inc | Q1 2026 | +17.1 % | +31.5 % |
| Mastercard Incorporated | Q2 2026 | +14.1 % | +18.6 % |
| American Express Company | Q2 2026 | -34.8 % | +7.8 % |
| Bank Of Montreal | Q3 2025 | +10.6 % | +19.1 % |
| Capital one financial corp | Q2 2026 | +1,392.5 % | - |
| PEERS TOTAL | +13.2 % | +65.0 % |
Sign in to see all peers for Affirm Holdings Inc .
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Affirm Holdings Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Affirm Holdings Inc | Q2 2026 | +42.5 % | +30.8 % |
| Visa Inc | Q1 2026 | - | - |
| Mastercard Incorporated | Q2 2026 | - | +128.7 % |
| American Express Company | Q2 2026 | -22.8 % | +45.1 % |
| Bank Of Montreal | Q3 2025 | - | - |
| Capital one financial corp | Q2 2026 | -73.8 % | -8.0 % |
Sign in to see all peers for Affirm Holdings Inc .
Affirm Holdings Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Affirm Holdings Inc | 14.97% | 14.78% | 49.37% |
| Visa Inc | 22.56% | 31.88% | 59.24% |
| Mastercard Incorporated | 29.89% | 51.37% | 232.26% |
| American Express Company | 3.77% | 5.24% | 34.12% |
| Bank Of Montreal | 0.59% | 0.45% | 9.90% |
| Capital one financial corp | 1.56% | 3.24% | 9.26% |
Sign in to see all peers for Affirm Holdings Inc .
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Affirm Holdings Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Affirm Holdings Inc | 12.15 | 5.50 |
| Visa Inc | 31.78 | 16.38 |
| Mastercard Incorporated | 31.25 | 14.30 |
| American Express Company | 18.63 | 1.81 |
| Bank Of Montreal | 23.49 | 4.46 |
| Capital one financial corp | 11.69 | 2.39 |
| PEERS AVERAGE | 20.15 | 5.38 |
Sign in to see all peers for Affirm Holdings Inc .
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.