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. In the quarter to June 2026, revenue grew 33.0%, EPS grew 2,171.4%, free cash flow grew 875.0% and total debt rose 27.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for five.
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Affirm Holdings, Inc. (AFRM) Beneish M-score
Affirm Holdings, Inc.'s Beneish M-score for fiscal 2026 cannot be worked out: not meaningful for banks, insurers and REITs.
Beneish M-score, annual
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.50 | — | 0.46 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 1.07 | — | 0.43 | |
| Sales growth index | 1.32 | — | 1.18 | |
| Depreciation index | 3.04 | — | 0.35 | |
| SG&A index | 0.71 | — | −0.12 | |
| Total accruals to total assets | 0.04 | — | 0.21 | |
| Leverage index | 0.90 | — | −0.29 | |
| Beneish M-score | n/a — not meaningful for banks, insurers and REITs | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SYF Synchrony Financial compare | — |
| OMF OneMain Holdings, Inc. compare | — |
| ALLY Ally Financial Inc. compare | — |
| AFRM Affirm Holdings, Inc. | — |
| CACC Credit Acceptance Corporation compare | — |
| PYPL PayPal Holdings, Inc. compare | — |
| FCFS FirstCash Holdings, Inc. compare | — |
| SOFI SoFi Technologies, Inc. compare | — |
| COF Capital One Financial Corporation compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI