Affirm

Affirm commands the BNPL space with a $14.2B market cap and 30% YoY revenue growth, driven by 0% promotional loans that outperform the average industry rate. Yet a 32x P/E ratio makes it pricier than #2, reflecting market skepticism about its unprofitable net income status. Despite this, Affirm’s unit economics are best-in-class, with a 5.6% net loss margin that is narrower than the typical rival in the buy-now-pay-later segment.