Affirm Holdings, Inc. vs Bread Financial Holdings, Inc., two Credit Services stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Affirm carries 2.35 turns of debt funding its buy-now-pay-later book; Bread Financial shows a clean 0 on this page after years of deleveraging its private-label card business, a striking gap between a young lender still scaling on borrowed money and a mature one that has paid its down. The economics favor the old-timer: Bread earns 16.9% on equity and nets 13.6% of revenue against Affirm's 10.1% and 9.6%. The market pays the opposite way, 71 times earnings for Affirm's growth against 8.7 for Bread's steadiness, plus Bread's 47.7% free-cash figure (loan-flow-flattered) and 0.8% dividend. The pair prices installment-lending's future against its present; the future costs eight times the multiple for lower current returns.
Comparison updated 2026-07-11.
| Metric | AFRM | BFH |
|---|---|---|
| Price | $79.46 | $106.19 |
| Market cap | $27.7B | $4.6B |
| Sector | Financial Services | Financial Services |
| Stage | Growth | Mature |
| P/E | 71.0 | 8.7 |
| P/B | 7.31 | 1.38 |
| P/S | 6.96 | 1.11 |
| EV/EBITDA | 57.2 | 12.2 |
| Revenue growth | +32.2% | +2.5% |
| Operating margin | 8.5% | — |
| Net margin | 9.6% | 13.6% |
| Return on equity | 10.1% | 16.9% |
| Return on assets | 2.9% | 2.5% |
| Dividend yield | — | 0.8% |
| Debt / equity | 2.35 | 0.00 |
| Altman Z (solvency) | 1.81 | 0.43 |
| Piotroski F (quality) | 8 / 9 | 9 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.