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) Piotroski F-score
Affirm Holdings, Inc.'s Piotroski F-score for fiscal 2026 is 7 out of 9: 7 of nine tests of profitability, leverage and efficiency passed, up from 6 in fiscal 2025.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 7 | 1.00 |
| FY2025 | 6 | 0.00 |
| FY2024 | 6 | 4.00 |
| FY2023 | 2 | (1.00) |
| FY2022 | 3 | 1.00 |
| FY2021 | 2 | — |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 14.32% | 0.50% | Pass | 1 |
| Positive operating cash flow | 1.23b | 793.91m | Pass | 1 |
| Rising return on assets | 14.32% | 0.50% | Pass | 1 |
| Cash flow above net income | (698.82m) | 741.72m | Fail | 0 |
| Falling long-term leverage | 0.74 | 0.76 | Pass | 1 |
| Rising current ratio | 11.80 | 11.54 | Pass | 1 |
| No new shares issued | 335,155,000 | 322,852,000 | Fail | 0 |
| Rising gross margin | 57.41% | 54.32% | Pass | 1 |
| Rising asset turnover | 0.32 | 0.31 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 7 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| PYPL PayPal Holdings, Inc. compare | 8 |
| SYF Synchrony Financial compare | 8 |
| COF Capital One Financial Corporation compare | 7 |
| FCFS FirstCash Holdings, Inc. compare | 7 |
| CACC Credit Acceptance Corporation compare | 7 |
| AFRM Affirm Holdings, Inc. | 7 |
| ALLY Ally Financial Inc. compare | 6 |
| SOFI SoFi Technologies, Inc. compare | 3 |
| OMF OneMain Holdings, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover