AFRM vs AXP: Affirm and American Express compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- American Express is the larger company, worth $212.9B, about 7.6 times Affirm.
- Affirm grew revenue faster over the last year (+26.4% vs +10.0%).
- On earnings, American Express is the cheaper stock (19.5x vs 76.0x).
- Affirm's price assumes faster free cash flow growth: about 9% a year, against -0% for American Express (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AFRM | AXP |
|---|---|---|
| Market cap | $28.0B | $212.9B |
| Share price | $80.70 | $308.17 |
| Revenue (last fiscal year) | $1.4B | $72.2B |
| Free cash flow (last fiscal year) | $993M | $16.0B |
| Revenue growth, last year | +26.4% | +10.0% |
| Revenue growth per year, last 5 fiscal years | +26.8% | +14.3% |
| Operating margin | 28.9% | — |
| Net margin | 133.7% | 15.1% |
| Return on equity | 35.2% | 33.4% |
| P/E (trailing) | 76.0x | 19.5x |
| Price / free cash flow | 46.5x | 13.3x |
| EV / EBITDA | 27.2x | 13.2x |
| FCF growth the price implies | 9.5% | -0.36% |
| Dividend yield | — | 1.1% |
| Debt / equity | 1.88x | 7.99x |
| Fundamental grade | B | C |
| Superinvestors holding it | 3 | 18 |
| Insider purchases, last 12 months | 0 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Affirm
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $559M | -$248M | -154.9% |
| 2023 | $627M | -$109M | -191.5% |
| 2024 | $826M | $291M | -74.6% |
| 2025 | $1.1B | $602M | -7.8% |
| 2026 | $1.4B | $993M | 28.9% |
American Express
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $42.4B | $13.1B | — |
| 2022 | $52.9B | $19.2B | — |
| 2023 | $60.5B | $17.0B | — |
| 2024 | $65.9B | $12.1B | — |
| 2025 | $72.2B | $16.0B | — |
Where the revenue comes from
Affirm · by products, 2026
Merchant network revenue$1.1B80%
Card network revenue$294M20%
American Express · by segments, 2025
USCS$34.8B48%
CS$16.9B23%
ICS$13.0B18%
GMNS$7.8B11%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AFRM in InvestinglyQuestions
Which is bigger, Affirm or American Express?
American Express (AXP), at $212.9B against $28.0B.
Is AFRM or AXP cheaper?
By trailing P/E, American Express (19.5x) is cheaper than Affirm (76.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, AFRM or AXP?
Affirm: revenue grew +26.4% over the last year, against +10.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.