AFRM vs COF: Affirm and Capital One Financial compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Capital One Financial is the larger company, worth $127.8B, about 4.6 times Affirm.
- Capital One Financial grew revenue faster over the last year (+49.8% vs +26.4%).
- On earnings, Capital One Financial is the cheaper stock (63.0x vs 76.0x).
- Affirm's price assumes faster free cash flow growth: about 9% a year, against -14% for Capital One Financial (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 | COF |
|---|---|---|
| Market cap | $28.0B | $127.8B |
| Share price | $80.70 | $199.26 |
| Revenue (last fiscal year) | $1.4B | $8.1B |
| Free cash flow (last fiscal year) | $993M | $26.1B |
| Revenue growth, last year | +26.4% | +49.8% |
| Revenue growth per year, last 5 fiscal years | +26.8% | +14.0% |
| Operating margin | 28.9% | — |
| Net margin | 133.7% | 106.2% |
| Return on equity | 35.2% | 9.2% |
| P/E (trailing) | 76.0x | 63.0x |
| Price / free cash flow | 46.5x | 4.90x |
| EV / EBITDA | 27.2x | 5.62x |
| FCF growth the price implies | 9.5% | -14.3% |
| Dividend yield | — | 1.4% |
| Debt / equity | 1.88x | 4.92x |
| Fundamental grade | B | B |
| Superinvestors holding it | 3 | 23 |
| 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% |
Capital One Financial
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.8B | $11.6B | — |
| 2022 | $5.4B | $12.9B | — |
| 2023 | $5.6B | $19.6B | — |
| 2024 | $5.9B | $17.0B | — |
| 2025 | $8.1B | $26.1B | — |
Where the revenue comes from
Affirm · by products, 2026
Merchant network revenue$1.1B80%
Card network revenue$294M20%
Capital One Financial · by segments, 2025
Credit Card$39.6B74%
Consumer Banking$10.4B19%
Commercial Banking$3.7B7%
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 Capital One Financial?
Capital One Financial (COF), at $127.8B against $28.0B.
Is AFRM or COF cheaper?
By trailing P/E, Capital One Financial (63.0x) is cheaper than Affirm (76.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, AFRM or COF?
Capital One Financial: revenue grew +49.8% over the last year, against +26.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.