Technology · Software - Infrastructure
Price
$79.49
Market Cap
$26.6B
Employees
2,006
Beta
3.70
Avg Volume
5,067,965
CEO
Max Rafailovych Levchin
Business Description
Affirm Holdings, Inc. provides a digital and mobile-first commerce platform that operates across the United States and Canada. This platform offers consumers a point-of-sale financing solution, delivers various tools for merchants, and includes a dedicated mobile application for users. Leveraging its payment network and partnerships with originating banks, the company enables customers to spread the cost of their purchases over time, with payment terms ranging from a single month up to forty-eight months. By June 30, 2021, approximately 29,000 merchants had integrated Affirm's services, representing a diverse array of businesses from small enterprises and large corporations to direct-to-consumer brands and traditional physical stores. These businesses span numerous industries, including sporting goods, home furnishings, travel, apparel, accessories, consumer electronics, and jewelry. Affirm was founded in 2012 and is based in San Francisco, California.
Business History
Price Overview
Last updated: Jun 27, 2026 10:02am (just now)$79.49
+2.64 (+3.44%)
Day Range
$75.60 – $80.47
52-Week Range
$42.10 – $100.00
50-Day MA
$67.73
200-Day MA
$66.39
Volume
7,610,383.00
Analyst Price Targets
Low
$68.00
Consensus
$82.29
High
$105.00
(81 analysts)
Share Structure
Outstanding
334,898,549.00
Float
281,254,513.00
Free Float
84.0%
High free float
— 84.0% of shares trade freely, ~16% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
70.08
Stock Price: $79.49
EPS (Diluted): 0.16
EPS (Diluted): 0.16
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
7.27
Stock Price: $79.49
Total Equity: $3.07B
Shares: 341,023,566
Total Equity: $3.07B
Shares: 341,023,566
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
29.61
Market Cap: $26.62B
Total Debt: $7.82B
Cash: $1.35B
EBITDA: $711.99M
Total Debt: $7.82B
Cash: $1.35B
EBITDA: $711.99M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$28.8B
Market Cap: $26.62B
Total Debt: $7.82B
Cash: $1.35B
Total Debt: $7.82B
Cash: $1.35B
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
67.5%
Gross Profit: $2.18B
Revenue: $3.22B
Revenue: $3.22B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-2.7%
Operating Income: -$87.27M
Revenue: $3.22B
Revenue: $3.22B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
1.6%
Net Income: $52.19M
Revenue: $3.22B
Revenue: $3.22B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
11.2%
Net Income: $52.19M
Total Equity: $3.07B
Total Equity: $3.07B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
10.9%
Operating Income: -$87.27M
Tax Rate: 15.1%
Equity: $3.07B
Total Debt: $7.82B
Cash: $1.35B
Tax Rate: 15.1%
Equity: $3.07B
Total Debt: $7.82B
Cash: $1.35B
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
54.19
Current Assets: $9.76B
Current Liabilities: $180.10M
Current Liabilities: $180.10M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
2.55
Short-Term Debt: $0.00
Long-Term Debt: $7.82B
Total Debt: $7.82B
Total Equity: $3.07B
Long-Term Debt: $7.82B
Total Debt: $7.82B
Total Equity: $3.07B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$9.46
Revenue: $3.22B
Shares: 341,023,566
Shares: 341,023,566
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$9.00
Total Equity: $3.07B
Shares: 341,023,566
Shares: 341,023,566
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$1.76
Operating CF: $793.91M
CapEx: -$192.19M
Shares: 341,023,566
CapEx: -$192.19M
Shares: 341,023,566
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $79.49
Stock Price: $79.49
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $52.19M
Net Income: $52.19M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares AFRM against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 7:34pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $870.5M | $1.3B | $1.6B | $2.3B | $3.2B |
| Cost of Revenue | $322.9M | $576.5M | $873.2M | $845.1M | $1.0B |
| Gross Profit | $547.6M | $772.8M | $714.8M | $1.5B | $2.2B |
| Operating Expenses | $931.2M | $1.6B | $1.9B | $2.1B | $2.3B |
| Operating Income | -$383.7M | -$866.0M | -$1.2B | -$615.8M | -$87.3M |
| Net Income | -$441.0M | -$707.4M | -$985.3M | -$517.8M | $52.2M |
| EBITDA | -$370.7M | -$602.4M | -$671.6M | -$2.2M | $712.0M |
| EPS | $-1.64 | $-2.51 | $-3.34 | $-1.67 | $0.16 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:34pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $1.5B | $1.3B | $892.0M | $1.0B | $1.4B |
| Total Current Assets | $3.9B | $5.7B | $6.9B | $8.2B | $9.8B |
| Total Assets | $4.9B | $7.0B | $8.2B | $9.5B | $11.2B |
| Current Liabilities | $108.2M | $107.1M | $92.8M | $125.0M | $180.1M |
| Long-Term Debt | $1.9B | $4.1B | $5.4B | $6.6B | $7.8B |
| Total Liabilities | $2.3B | $4.4B | $5.6B | $6.8B | $8.1B |
| Total Equity | $2.6B | $2.6B | $2.5B | $2.7B | $3.1B |
| Retained Earnings | -$898.5M | -$1.6B | -$2.6B | -$3.1B | -$3.1B |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:34pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$193.1M | -$162.2M | $12.2M | $450.1M | $793.9M |
| Capital Expenditure | -$20.3M | -$111.7M | -$120.8M | -$159.3M | -$192.2M |
| Free Cash Flow | -$213.4M | -$273.9M | -$108.6M | $290.8M | $601.7M |
| Acquisitions (net) | -$222.4M | -$6.0M | -$16.1M | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $-813,000 | $-86,000 | $-109,000 | $0 | -$250.0M |
| Net Change in Cash | $1.4B | -$141.8M | -$290.9M | $35.5M | $461.0M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 10:02am (just now)| Metric | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|
| Revenue |
$4.2B $4.2B – $4.3B
|
$5.3B $5.1B – $5.6B
|
$6.5B $6.5B – $6.5B
|
$8.0B $7.7B – $8.4B
|
| EBITDA |
-$903.3M -$918.3M – -$899.0M
|
-$1.1B -$1.2B – -$1.1B
|
-$1.4B -$1.4B – -$1.4B
|
-$1.7B -$1.8B – -$1.7B
|
| Net Income |
$432.4M $387.3M – $475.7M
|
$642.4M $450.7M – $796.9M
|
$951.0M $619.9M – $1.2B
|
$1.3B $1.2B – $1.4B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:34pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +55.0% | +17.7% | +46.3% | +38.8% |
| Gross Profit Growth | +41.1% | -7.5% | +106.7% | +47.3% |
| Operating Income Growth | -125.7% | -38.7% | +48.7% | +85.8% |
| Net Income Growth | -60.4% | -39.3% | +47.5% | +110.1% |
| EBITDA Growth | -62.5% | -11.5% | +99.7% | +32,027.8% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-13 | Watson Noel Bertram | S-Sale | 2,000.00 | $65.00 | $130,000 |
| 2026-05-01 | Michalek Libor | M-Exempt | 2,336.00 | $0.00 | $0 |
| 2026-05-01 | Michalek Libor | F-InKind | 1,089.00 | $67.54 | $73,551 |
| 2026-05-01 | Michalek Libor | M-Exempt | 2,336.00 | $0.00 | $0 |
| 2026-05-01 | Adkins Katherine | M-Exempt | 1,401.00 | $0.00 | $0 |
| 2026-05-01 | Adkins Katherine | F-InKind | 634.00 | $67.54 | $42,820 |
| 2026-05-01 | Adkins Katherine | M-Exempt | 1,401.00 | $0.00 | $0 |
| 2026-05-01 | Linford Michael | M-Exempt | 2,336.00 | $0.00 | $0 |
| 2026-05-01 | Linford Michael | F-InKind | 974.00 | $67.54 | $65,784 |
| 2026-05-01 | Linford Michael | M-Exempt | 2,336.00 | $0.00 | $0 |
| 2026-04-14 | Watson Noel Bertram | S-Sale | 2,000.00 | $55.00 | $110,000 |
| 2026-04-07 | Quarles Christa S | J-Other | 53,697.00 | $0.00 | $0 |
| 2026-04-02 | Quarles Christa S | C-Conversion | 60,445.00 | $0.00 | $1 |
| 2026-04-02 | Quarles Christa S | J-Other | 60,445.00 | $0.00 | $0 |
| 2026-04-02 | Quarles Christa S | C-Conversion | 60,445.00 | $0.00 | $0 |
| 2026-04-01 | Adkins Katherine | M-Exempt | 1,401.00 | $0.00 | $0 |
| 2026-04-01 | Adkins Katherine | F-InKind | 634.00 | $45.54 | $28,872 |
| 2026-04-01 | Adkins Katherine | M-Exempt | 1,401.00 | $0.00 | $0 |
| 2026-04-01 | Michalek Libor | M-Exempt | 2,335.00 | $0.00 | $0 |
| 2026-04-01 | Michalek Libor | F-InKind | 838.00 | $45.54 | $38,163 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for AFRM — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30