Affirm Holdings, Inc. vs Enova International, Inc., two Credit Services stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
What is priced in: Affirm at 71 times earnings is priced for BNPL to become a mainstream payment rail; Enova at 18.8 for its online consumer-and-small-business lending to keep compounding, and the market pays nearly four times more per dollar for the younger story. Enova earns the far better returns, 23.3% on equity against 10.1%, nets 9.9% of revenue against Affirm's 9.6%, and throws off a 30.5% free-cash figure with a 1.6% dividend. Both carry heavy leverage, 3.45 and 2.35 turns, the shape of balance-sheet lenders. The pair prices two online-lending models, one merchant-integrated and premium-priced, one broad-consumer and cheap; Enova already earns what Affirm's multiple assumes it will.
Comparison updated 2026-07-11.
| Metric | AFRM | ENVA |
|---|---|---|
| Price | $79.46 | $230.90 |
| Market cap | $27.7B | $6.1B |
| Sector | Financial Services | Financial Services |
| Stage | Growth | Growth |
| Implied growth (priced in) | — | +1.2% |
| P/E | 71.0 | 18.8 |
| P/B | 7.31 | 4.34 |
| P/S | 6.96 | 1.85 |
| EV/EBITDA | 57.2 | 13.3 |
| Revenue growth | +32.2% | +17.6% |
| Gross margin | — | 60.4% |
| Operating margin | 8.5% | 23.7% |
| Net margin | 9.6% | 9.9% |
| Return on equity | 10.1% | 23.3% |
| Return on assets | 2.9% | 4.8% |
| Dividend yield | — | 1.6% |
| Debt / equity | 2.35 | 3.45 |
| Altman Z (solvency) | 1.81 | 1.67 |
| Piotroski F (quality) | 8 / 9 | 7 / 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.