Affirm Holdings, Inc.AFRM
NasdaqGS•Financial Services•Credit Services
Affirm Holdings, Inc. operates payment network in the United States, Canada, and internationally. Its platform includes point-of-sale payment solution for consumers, merchant commerce solutions, and a consumer-focused app. The company's commerce platform, agreements with originating banks, and capital markets partners enables consumers to pay for a purchase over time. It has active merchants covering small businesses, large enterprises, direct-to-consumer brands, brick-and-mortar stores, and companies with an omni-channel presence. The company's merchants represent a range of industries, including sporting goods and outdoors, home and lifestyle, travel and ticketing, electronics, fashion and beauty, equipment and auto, and general merchandise. Affirm Holdings, Inc. was founded in 2012 and is headquartered in San Francisco, California.
Affirm Holdings, Inc. (AFRM) reported trailing twelve months revenue of $3.97B as of March 2026, a 32.1% increase year-over-year. Quarterly revenue reached $1.04B, reflecting continued top-line momentum.
Affirm Holdings, Inc. generated $382.42M in TTM net income, with quarterly EBITDA of $163.33M. The operating margin expanded from -1.1% to 8.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (8.5%) and net margin (9.9%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 0.4% a year ago, signaling stronger bottom-line efficiency.
AFRM trades at a P/E of 37.9x (a premium multiple) and a P/S of 3.7x. The price-to-book ratio of 3.8x reflects a moderate premium to book value.
The company generated $325.10M in free cash flow over the trailing twelve months, a 106.6% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $13.14B in total assets with $8.87B in long-term debt against $3.78B in stockholders equity for a debt-to-equity ratio of 2.3, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 0.1%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~71.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio of 2.3 is elevated. Monitor for further debt accumulation.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 6.9% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation