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Friday 6 November 2026
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Affirm Holdings, Inc.
AFRM Financial Credit Services
Affirm Holdings, Inc.’s revenue for fiscal 2026 (year ended June 2026) was $4.3 billion, up 32.2% from fiscal 2025.
- Revenue
- +35.2%
- EPS
- +100.0%
- Free cash flow
- −54.9%
- Total debt
- +27.8%
Quarter to September 2026, against a year earlier
69.96
5.63
−7.45%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to June
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Sep ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | 264 | 510 | 870 | 1,349 | 1,588 | 2,323 | 3,224 | 4,261 | 4,590 | +48.8% | 5,493 | 6,848 | 8,505 | +25.9% | |
| Gross margin, % | — | — | 49.07 | 59.86 | 56.85 | 52.11 | 33.49 | 48.80 | 54.32 | 57.41 | 0.00 | +8.3 pt | ||||||
| EBT | — | — | (120) | (112) | (443) | (725) | (989) | (516) | 61 | 493 | 615 | n/m | ||||||
| EBT margin, % | — | — | (45.55) | (22.02) | (50.93) | (53.72) | (62.30) | (22.19) | 1.91 | 11.56 | 13.39 | +57.1 pt | ||||||
| Net income | 0 | — | (120) | (113) | (441) | (707) | (985) | (518) | 52 | 1,930 | 2,013 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | 5.58 | 10.65 | 5.50 | 4.79 | 5.38 | 7.50 | 9.99 | 12.71 | 13.45 | +12.5% | |||||
| Earnings | — | — | (2.84) | (2.63) | (2.72) | (2.51) | (3.34) | (1.67) | 0.16 | 5.76 | 5.95 | n/m | ||||||
| Cash flow | — | — | (1.85) | (1.49) | (1.22) | (0.58) | 0.04 | 1.45 | 2.46 | 3.67 | 3.12 | n/m | ||||||
| Capex | — | — | (0.45) | (0.44) | (0.13) | (0.40) | (0.41) | (0.51) | (0.60) | (0.71) | (0.72) | +6.8% | ||||||
| Free cash flow | — | — | (2.30) | (1.93) | (1.35) | (0.97) | (0.37) | 0.94 | 1.86 | 2.96 | 2.39 | n/m | ||||||
| Book value | — | — | 11.29 | (7.67) | 16.26 | 9.29 | 8.58 | 8.82 | 9.51 | 16.36 | 16.85 | +5.4% | ||||||
| Shares, m | — | — | 47 | 48 | 158 | 282 | 295 | 310 | 323 | 335 | 337 | +32.3% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 432.13 | 14.28 | 11.76 | 55.8 | |||||
| P/S | — | — | 10.28 | 10.28 | 12.25 | 3.77 | 2.85 | 3.98 | 6.92 | 6.41 | 5.20 | 7.1 | ||||||
| P/B | — | — | 0.00 | 0.00 | 4.14 | 1.94 | 1.79 | 3.38 | 7.27 | 4.98 | 4.15 | 2.9 | ||||||
| EV/Sales | — | — | 10.47 | 10.47 | 12.47 | 4.46 | 4.72 | 5.76 | 8.53 | 7.96 | — | 8.1 | ||||||
| EV/FCF | — | — | (69.29) | (69.29) | (50.86) | (24.21) | (68.99) | 46.04 | 45.73 | 34.17 | — | (19.6) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | (88) | (71) | (193) | (162) | 12 | 450 | 794 | 1,231 | 1,063 | n/m | |||||
| Capex | — | — | (21) | (21) | (20) | (112) | (121) | (159) | (192) | (238) | (246) | +41.2% | ||||||
| Free cash flow | — | — | (109) | (92) | (213) | (274) | (109) | 291 | 602 | 993 | 817 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | 376 | 344 | 1,429 | 3,014 | 2,411 | 2,567 | 2,789 | 3,377 | 3,377 | +36.8% | |||||
| Net debt | — | — | 225 | 585 | 186 | 929 | 2,964 | 4,148 | 5,194 | 6,588 | (3,504) | +62.0% | ||||||
| Shareholders’ equity | — | — | 535 | (367) | 2,576 | 2,618 | 2,534 | 2,732 | 3,069 | 5,484 | 5,751 | +39.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | (23.43) | (9.86) | (14.07) | (11.95) | (13.03) | (5.86) | 0.50 | 14.32 | 14.40 | +37.8 pt | |||||
| ROIC | — | — | (10.49) | (30.98) | (8.68) | (15.26) | (13.65) | (5.59) | (0.66) | 2.16 | 15.03 | +12.7 pt | ||||||
| ROE | — | — | 42.72 | 39.91 | (39.94) | (27.24) | (38.25) | (19.66) | 1.80 | 45.13 | 44.49 | +2.4 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | 916 | 1,641 | 2,552 | 2,171 | 2,006 | 2,206 | 2,358 | — | +17.1% | |||||
| Revenue/emp, $m | — | — | 0.00 | 0.56 | 0.53 | 0.53 | 0.73 | 1.16 | 1.46 | 1.81 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Jun 2026 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Affirm Holdings, Inc. vs peers in Credit Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| COF Capital One Financial Corporation | $122.6B | 12.1× | 11.7× | +3.24% (above 0%: growing) | +16.36% (above 0%: growing) | −39.32% (below 0%: shrinking) | 80.29% | 0.00% | Compare |
| PYPL PayPal Holdings, Inc. | $49.0B | 11.2× | 11.2× | +1.98% (above 0%: growing) | −3.53% (below 0%: shrinking) | −16.59% (below 0%: shrinking) | 40.96% | 16.33% | Compare |
| AFRM Affirm Holdings, Inc. | $23.6B | 11.8× | 36.6× | +35.24% (above 0%: growing) | +100.00% (above 0%: growing) | −54.85% (below 0%: shrinking) | 0.00% | 14.82% | |
| SYF Synchrony Financial | $23.1B | 7.7× | 7.9× | +0.60% (above 0%: growing) | −6.23% (below 0%: shrinking) | −5.27% (below 0%: shrinking) | 83.39% | 0.00% | Compare |
| SOFI SoFi Technologies, Inc. | $20.8B | 27.8× | 27.5× | +41.86% (above 0%: growing) | +58.33% (above 0%: growing) | −120.02% (below 0%: shrinking) | 77.00% | 0.00% | Compare |
| ALLY Ally Financial Inc. | $11.7B | 8.8× | 8.1× | +4.53% (above 0%: growing) | +10.92% (above 0%: growing) | +32.70% (above 0%: growing) | 62.76% | 0.00% | Compare |
| FCFS FirstCash Holdings, Inc. | $8.0B | 20.4× | 18.5× | +17.70% (above 0%: growing) | +25.27% (above 0%: growing) | −12.69% (below 0%: shrinking) | 49.54% | 15.77% | Compare |
| KLAR Klarna Group plc | $7.7B | — (loss-making) | 8.2× | +26.61% (above 0%: growing) | n/m | −129.24% (below 0%: shrinking) | 61.23% | 2.59% | Compare |
| OMF OneMain Holdings, Inc. | $6.5B | 8.7× | 8.7× | +9.52% (above 0%: growing) | −4.19% (below 0%: shrinking) | −2.42% (below 0%: shrinking) | 79.74% | 0.00% | Compare |
| Median of peers | $16.2B | 11.2× | 9.9× | +7.03% | +10.92% | −14.64% | 69.88% | 0.00% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
76.85%
Held by the ten largest
51.88%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Capital Group | 49.12m | 14.56% | +1.52m |
| Vanguard | 26.51m | 7.86% | +529.92k |
| Morgan Stanley | 23.00m | 6.82% | +1.28m |
| BlackRock | 19.61m | 5.81% | +881.04k |
| Fidelity (FMR) | 17.58m | 5.21% | +287.28k |
| JPMorgan Chase | 16.72m | 4.96% | +11.43m |
| State Street | 6.35m | 1.88% | +318.07k |
| Baillie Gifford | 5.86m | 1.74% | +554.27k |
| Geode Capital Management | 5.71m | 1.69% | +189.72k |
| Winslow Capital Management, LLC | 4.58m | 1.36% | +4.58m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 23 October 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 25.90m | 23.28m | 121.08 |
| 2025 | 538.31k | (1.14m) | 102.66 |
| 2024 | 519.92k | (1.80m) | 44.86 |
| 2023 | 409.81k | 20.49m | 22.76 |
| 2022 | 478.27k | (220.07m) | 26.82 |
Ownership
Directors and executive officers, together
46.31% of the votes
Max Levchin
44.04% of the votes
Shopify Inc.
17.92% of the votes
Capital World Investors
2.55% of the votes
Morgan Stanley
2.29% of the votes
Capital Research Global Investors
2.23% of the votes
FMR LLC
1.96% of the votes
JPMorgan Chase & Co.
1.86% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Affirm Holdings, Inc. (AFRM) Latest News
6 Nov
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29 Oct
26 Oct
22 Oct
20 Oct
17 Oct
16 Oct
AFRM metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
Affirm is a payment network that lets consumers pay for purchases over time and helps merchants offer financing at checkout. Founded in 2012 and headquartered in San Francisco, the company is led by chief executive Max Levchin.
Its main loan products are Pay-in-X, which primarily splits a purchase into short-term, interest-free installments; interest-free monthly installment loans; and interest-bearing monthly installment loans. Consumers apply for financing and, if approved, choose from the available repayment options. Affirm assesses risk for each transaction and does not charge late fees, deferred interest or compounding interest.