vs
Side-by-side financial comparison of AMERICAN FINANCIAL GROUP INC (AFG) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $2.1B, roughly 1.8× AMERICAN FINANCIAL GROUP INC). SHOPIFY INC. runs the higher net margin — 20.2% vs 14.5%, a 5.7% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs -4.0%). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 4.0%).
The Western Union Company is an American multinational financial services corporation headquartered in Denver, Colorado.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
AFG vs SHOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $3.7B |
| Net Profit | $299.0M | $743.0M |
| Gross Margin | — | 46.1% |
| Operating Margin | 18.4% | 17.2% |
| Net Margin | 14.5% | 20.2% |
| Revenue YoY | -4.0% | 30.6% |
| Net Profit YoY | 17.3% | -42.5% |
| EPS (diluted) | $3.59 | $0.58 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.1B | $3.7B | ||
| Q3 25 | $2.3B | $2.8B | ||
| Q2 25 | $1.9B | $2.7B | ||
| Q1 25 | $1.9B | $2.4B | ||
| Q4 24 | $2.1B | $2.8B | ||
| Q3 24 | $2.4B | $2.2B | ||
| Q2 24 | $1.9B | $2.0B | ||
| Q1 24 | $1.9B | $1.9B |
| Q4 25 | $299.0M | $743.0M | ||
| Q3 25 | $215.0M | $264.0M | ||
| Q2 25 | $174.0M | $906.0M | ||
| Q1 25 | $154.0M | $-682.0M | ||
| Q4 24 | $255.0M | $1.3B | ||
| Q3 24 | $181.0M | $828.0M | ||
| Q2 24 | $209.0M | $171.0M | ||
| Q1 24 | $242.0M | $-273.0M |
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 51.4% |
| Q4 25 | 18.4% | 17.2% | ||
| Q3 25 | 11.5% | 12.1% | ||
| Q2 25 | 11.9% | 10.9% | ||
| Q1 25 | 10.6% | 8.6% | ||
| Q4 24 | 14.9% | 16.5% | ||
| Q3 24 | 9.7% | 13.1% | ||
| Q2 24 | 14.3% | 11.8% | ||
| Q1 24 | 15.9% | 4.6% |
| Q4 25 | 14.5% | 20.2% | ||
| Q3 25 | 9.2% | 9.3% | ||
| Q2 25 | 9.0% | 33.8% | ||
| Q1 25 | 8.3% | -28.9% | ||
| Q4 24 | 11.9% | 46.0% | ||
| Q3 24 | 7.6% | 38.3% | ||
| Q2 24 | 11.0% | 8.4% | ||
| Q1 24 | 12.7% | -14.7% |
| Q4 25 | $3.59 | $0.58 | ||
| Q3 25 | $2.58 | $0.20 | ||
| Q2 25 | $2.07 | $0.69 | ||
| Q1 25 | $1.84 | $-0.53 | ||
| Q4 24 | $3.03 | $0.99 | ||
| Q3 24 | $2.16 | $0.64 | ||
| Q2 24 | $2.49 | $0.13 | ||
| Q1 24 | $2.89 | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.7B | $5.8B |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $4.8B | $13.5B |
| Total Assets | $32.6B | $15.2B |
| Debt / EquityLower = less leverage | 0.38× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $5.8B | ||
| Q3 25 | $1.8B | $6.3B | ||
| Q2 25 | $1.3B | $5.8B | ||
| Q1 25 | $1.3B | $5.5B | ||
| Q4 24 | $1.4B | $5.5B | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $4.8B | $13.5B | ||
| Q3 25 | $4.7B | $12.5B | ||
| Q2 25 | $4.5B | $12.1B | ||
| Q1 25 | $4.4B | $11.1B | ||
| Q4 24 | $4.5B | $11.6B | ||
| Q3 24 | $4.7B | $10.1B | ||
| Q2 24 | $4.4B | $9.2B | ||
| Q1 24 | $4.2B | $8.9B |
| Q4 25 | $32.6B | $15.2B | ||
| Q3 25 | $33.8B | $15.0B | ||
| Q2 25 | $30.7B | $14.6B | ||
| Q1 25 | $30.3B | $13.4B | ||
| Q4 24 | $30.8B | $13.9B | ||
| Q3 24 | $32.6B | — | ||
| Q2 24 | $29.9B | — | ||
| Q1 24 | $30.0B | — |
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 0.33× | — | ||
| Q3 24 | 0.31× | — | ||
| Q2 24 | 0.34× | — | ||
| Q1 24 | 0.35× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $784.0M | $725.0M |
| Free Cash FlowOCF − Capex | — | $715.0M |
| FCF MarginFCF / Revenue | — | 19.5% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | 2.62× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $784.0M | $725.0M | ||
| Q3 25 | $216.0M | $513.0M | ||
| Q2 25 | $191.0M | $428.0M | ||
| Q1 25 | $342.0M | $367.0M | ||
| Q4 24 | $674.0M | $615.0M | ||
| Q3 24 | $459.0M | $423.0M | ||
| Q2 24 | $-88.0M | $340.0M | ||
| Q1 24 | $107.0M | $238.0M |
| Q4 25 | — | $715.0M | ||
| Q3 25 | — | $507.0M | ||
| Q2 25 | — | $422.0M | ||
| Q1 25 | — | $363.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | — | $421.0M | ||
| Q2 24 | — | $333.0M | ||
| Q1 24 | — | $232.0M |
| Q4 25 | — | 19.5% | ||
| Q3 25 | — | 17.8% | ||
| Q2 25 | — | 15.7% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 16.3% | ||
| Q1 24 | — | 12.5% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
| Q4 25 | 2.62× | 0.98× | ||
| Q3 25 | 1.00× | 1.94× | ||
| Q2 25 | 1.10× | 0.47× | ||
| Q1 25 | 2.22× | — | ||
| Q4 24 | 2.64× | 0.48× | ||
| Q3 24 | 2.54× | 0.51× | ||
| Q2 24 | -0.42× | 1.99× | ||
| Q1 24 | 0.44× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AFG
| Property And Casualty Insurance | $2.0B | 96% |
| Other | $83.0M | 4% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
