Affirm Holdings, Inc. vs S&P Global Inc., two Credit Services stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Affirm is a balance-sheet lender taking credit risk at point-of-sale; S&P Global is a data-and-ratings toll booth that never lends a dollar, and the two share a sector tag and nothing else. S&P earns 30.4% net margins and 7.9% on assets, near-monopoly information economics; Affirm earns 9.6% and 2.9%, a lender's returns. The multiples sit at 25.8 and 71 times, S&P the cheaper despite far better economics. S&P carries 0.51 turns of debt, Affirm 2.35, and pays a 0.9% dividend. Affirm's premium is pure growth optionality; S&P's discount is the oddity, given it earns triple the margin with none of the loan-loss risk.
Comparison updated 2026-07-11.
| Metric | AFRM | SPGI |
|---|---|---|
| Price | $79.46 | $408.17 |
| Market cap | $27.7B | $121.5B |
| Sector | Financial Services | Financial Services |
| Stage | Growth | Mature |
| Implied growth (priced in) | — | +14.6% |
| P/E | 71.0 | 25.8 |
| P/B | 7.31 | 3.88 |
| P/S | 6.96 | 7.72 |
| EV/EBITDA | 57.2 | 16.8 |
| Revenue growth | +32.2% | +8.5% |
| Operating margin | 8.5% | 48.0% |
| Net margin | 9.6% | 30.4% |
| Return on equity | 10.1% | 15.3% |
| Return on assets | 2.9% | 7.9% |
| Dividend yield | — | 0.9% |
| Debt / equity | 2.35 | 0.51 |
| Current ratio | — | 0.68 |
| Altman Z (solvency) | 1.81 | 3.84 |
| Piotroski F (quality) | 8 / 9 | 6 / 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.