Comprehensive Stock Comparison
Compare Bullish (BLSH) vs Affirm Holdings, Inc. (AFRM) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | AFRM | 38.8% revenue growth vs BLSH's -2.2% |
| Value | AFRM | Lower P/E (43.6x vs 53.6x) |
| Quality / Margins | AFRM | 9.7% net margin vs BLSH's -0.3% |
| Stability / Safety | AFRM | Beta 2.41 vs BLSH's 2.74 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | AFRM | -26.8% vs BLSH's -53.8% |
| Efficiency (ROA) | AFRM | 2.2% ROA vs BLSH's -19.3%, ROIC -0.7% vs -2.3% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Bullish operates a digital assets exchange and provides cryptocurrency market infrastructure services. It generates revenue primarily through trading fees from its spot and derivatives exchange, supplemented by data subscriptions, index licensing, and media advertising through its CoinDesk properties. The company's key advantage is its integrated ecosystem—combining exchange liquidity with CoinDesk's market data, indices, and media reach—which creates network effects in the institutional crypto market.
Affirm operates a buy-now-pay-later platform that enables consumers to split purchases into installment payments at online and physical retailers. It generates revenue primarily from merchant fees — typically 3-6% of transaction value — and interest income from longer-term loans to consumers. Its key advantage is a transparent, fee-free model that builds consumer trust and a growing merchant network that creates a two-sided marketplace effect.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
AFRM leads in 4 of 6 categories (Financial Metrics, Profitability & Efficiency). BLSH leads in 1 (Valuation Metrics).
Financial Metrics (TTM)
BLSH is the larger business by revenue, generating $244.9B annually — 83.8x AFRM's $2.9B. AFRM is the more profitable business, keeping 9.7% of every revenue dollar as net income compared to BLSH's -0.3%. On growth, BLSH holds the edge at -2.6% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | BLSHBullish | AFRMAffirm Holdings, … |
|---|---|---|
| RevenueTrailing 12 months | $244.9B | $2.9B |
| EBITDAEarnings before interest/tax | -$7M | $420M |
| Net IncomeAfter-tax profit | -$765M | $282M |
| Free Cash FlowCash after capex | -$77M | $619M |
| Gross MarginGross profit ÷ Revenue | +0.1% | +59.5% |
| Operating MarginEBIT ÷ Revenue | -0.0% | +7.9% |
| Net MarginNet income ÷ Revenue | -0.3% | +9.7% |
| FCF MarginFCF ÷ Revenue | -0.0% | +21.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | -2.6% | -62.1% |
| EPS Growth (YoY)Latest quarter vs prior year | -4.4% | +60.9% |
Valuation Metrics
| Metric | BLSHBullish | AFRMAffirm Holdings, … |
|---|---|---|
| Market CapShares × price | $4.7B | $15.3B |
| Enterprise ValueMkt cap + debt − cash | $5.2B | $21.8B |
| Trailing P/EPrice ÷ TTM EPS | -5.24x | 313.20x |
| Forward P/EPrice ÷ next-FY EPS est. | 53.60x | 43.63x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | — | 158.00x |
| Price / SalesMarket cap ÷ Revenue | 0.02x | 4.74x |
| Price / BookPrice ÷ Book value/share | 1.22x | 5.22x |
| Price / FCFMarket cap ÷ FCF | — | 25.38x |
Profitability & Efficiency
AFRM delivers a 8.0% return on equity — every $100 of shareholder capital generates $8 in annual profit, vs $-23 for BLSH. BLSH carries lower financial leverage with a 0.18x debt-to-equity ratio, signaling a more conservative balance sheet compared to AFRM's 2.56x. On the Piotroski fundamental quality scale (0–9), AFRM scores 6/9 vs BLSH's 4/9, reflecting solid financial health.
| Metric | BLSHBullish | AFRMAffirm Holdings, … |
|---|---|---|
| ROE (TTM)Return on equity | -23.2% | +8.0% |
| ROA (TTM)Return on assets | -19.3% | +2.2% |
| ROICReturn on invested capital | -2.3% | -0.7% |
| ROCEReturn on capital employed | -3.1% | -0.9% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 6 |
| Debt / EquityFinancial leverage | 0.18x | 2.56x |
| Net DebtTotal debt minus cash | $497M | $6.5B |
| Cash & Equiv.Liquid assets | $105M | $1.4B |
| Total DebtShort + long-term debt | $601M | $7.9B |
| Interest CoverageEBIT ÷ Interest expense | -14.02x | 1.49x |
Total Returns (with DRIP)
A $10,000 investment in AFRM five years ago would be worth $5,138 today (with dividends reinvested), compared to $4,616 for BLSH. Over the past 12 months, AFRM leads with a -26.8% total return vs BLSH's -53.8%. The 3-year compound annual growth rate (CAGR) favors AFRM at 51.1% vs BLSH's -22.7% — a key indicator of consistent wealth creation.
| Metric | BLSHBullish | AFRMAffirm Holdings, … |
|---|---|---|
| YTD ReturnYear-to-date | -20.0% | -36.5% |
| 1-Year ReturnPast 12 months | -53.8% | -26.8% |
| 3-Year ReturnCumulative with dividends | -53.8% | +244.9% |
| 5-Year ReturnCumulative with dividends | -53.8% | -48.6% |
| 10-Year ReturnCumulative with dividends | -53.8% | -51.7% |
| CAGR (3Y)Annualised 3-year return | -22.7% | +51.1% |
Risk & Volatility
AFRM is the less volatile stock with a 2.41 beta — it tends to amplify market swings less than BLSH's 2.74 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. AFRM currently trades 47.0% from its 52-week high vs BLSH's 26.6% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | BLSHBullish | AFRMAffirm Holdings, … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.74x | 2.41x |
| 52-Week HighHighest price in past year | $118.00 | $100.00 |
| 52-Week LowLowest price in past year | $24.79 | $30.90 |
| % of 52W HighCurrent price vs 52-week peak | +26.6% | +47.0% |
| RSI (14)Momentum oscillator 0–100 | 49.5 | 34.4 |
| Avg Volume (50D)Average daily shares traded | 1.9M | 5.3M |
Analyst Outlook
Wall Street rates BLSH as "Buy" and AFRM as "Buy". Consensus price targets imply 79.7% upside for AFRM (target: $84) vs 72.0% for BLSH (target: $54).
| Metric | BLSHBullish | AFRMAffirm Holdings, … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $54.00 | $84.40 |
| # AnalystsCovering analysts | 7 | 32 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 2 | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +1.6% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Revenue Growth — 10 Years
| Stock | 2019 | 2025 | Change |
|---|---|---|---|
| Bullish (BLSH) | $0.00 | $244.8B | — |
| Affirm Holdings, In… (AFRM) | $264M | $3.2B | +1119.7% |
Affirm Holdings, Inc.'s revenue grew from $264M (2019) to $3.2B (2025) — a 51.7% CAGR.
Chart 2Net Margin Trend — 10 Years
| Stock | 2019 | 2025 | Change |
|---|---|---|---|
| Bullish (BLSH) | -106.0% | -0.3% | +99.7% |
| Affirm Holdings, In… (AFRM) | -45.6% | 1.6% | +103.6% |
Affirm Holdings, Inc.'s net margin went from -46% (2019) to 2% (2025).
Chart 3EPS Growth — 10 Years
| Stock | 2019 | 2025 | Change |
|---|---|---|---|
| Bullish (BLSH) | -0.74 | -5.99 | -709.5% |
| Affirm Holdings, In… (AFRM) | -0.47 | 0.15 | +131.9% |
Affirm Holdings, Inc.'s EPS grew from $-0.47 (2019) to $0.15 (2025).
Chart 4Free Cash Flow — 5 Years
Bullish generated $0M FCF in 2025 (+100% vs 2021). Affirm Holdings, Inc. generated $602M FCF in 2025 (+382% vs 2021).
BLSH vs AFRM: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is BLSH or AFRM a better buy right now?
Affirm Holdings, Inc. (AFRM) offers the better valuation at 313.2x trailing P/E (43.6x forward), making it the more compelling value choice. Analysts rate Bullish (BLSH) a "Buy" — based on 7 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — BLSH or AFRM?
On forward P/E, Affirm Holdings, Inc. is actually cheaper at 43.6x.
03Which is the better long-term investment — BLSH or AFRM?
Over the past 5 years, Affirm Holdings, Inc. (AFRM) delivered a total return of -48.6%, compared to -53.8% for Bullish (BLSH). A $10,000 investment in AFRM five years ago would be worth approximately $5K today (assuming dividends reinvested). Over 10 years, the gap is even starker: AFRM returned -51.7% versus BLSH's -53.8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — BLSH or AFRM?
By beta (market sensitivity over 5 years), Affirm Holdings, Inc. (AFRM) is the lower-risk stock at 2.41β versus Bullish's 2.74β — meaning BLSH is approximately 14% more volatile than AFRM relative to the S&P 500. On balance sheet safety, Bullish (BLSH) carries a lower debt/equity ratio of 18% versus 3% for Affirm Holdings, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — BLSH or AFRM?
Affirm Holdings, Inc. (AFRM) is the more profitable company, earning 1.6% net margin versus -0.3% for Bullish — meaning it keeps 1.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BLSH leads at -0.0% versus -2.7% for AFRM. At the gross margin level — before operating expenses — AFRM leads at 67.5%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is BLSH or AFRM more undervalued right now?
On forward earnings alone, Affirm Holdings, Inc. (AFRM) trades at 43.6x forward P/E versus 53.6x for Bullish — 10.0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for AFRM: 79.7% to $84.40.
07Which pays a better dividend — BLSH or AFRM?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is BLSH or AFRM better for a retirement portfolio?
For long-horizon retirement investors, Affirm Holdings, Inc. (AFRM) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding. Bullish (BLSH) carries a higher beta of 2.74 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (AFRM: -51.7%, BLSH: -53.8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between BLSH and AFRM?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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