AFRM
Affirm Holdings, Inc.
AFRM's fundamentals are strong: revenue grew 33% and its operating margin rose 9 points to 12%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
AFRM Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Healthy | |
| Weak |
AFRM's revenue, profitability and cash flow are currently healthy, but its balance sheet is weak.
AFRM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 11x | $65.84 | — |
| Cheap | 14x | $82.33 | +25% |
| Forward | 30x | $65.84 | — |
| Fair | 68x | $393 | +497% |
| Expensive | 113x | $651 | +889% |
Historical ranges are pointers, not guarantees.
AFRM's PE is 11x, but its earnings don't support one, so it isn't a reliable read right now.
AFRM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for AFRM, with profitability improving. However, they disagree widely on these estimates.
AFRM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.20 | -62% |
| Q3 2026 | $5.77 | +736% |
| Q2 2026 | $5.53 | +3587% |
| Q1 2026 | $1.12 | +$1.32 |
| Q4 2025 | $0.83 | +$1.47 |
| Q3 2025 | $0.69 | +$2.10 |
| Q2 2025 | $0.15 | +$1.82 |
| Q1 2025 | -$0.20 | +$2.03 |
| Q4 2024 | -$0.64 | +$1.85 |
AFRM's earnings per share have climbed steadily: $5.77 over the past year, about eight times what it earned the year before, and higher year over year for 12 quarters in a row. Its recent earnings include one-off gains.
AFRM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.3B | +35% |
| Q2 2026 | $1.2B | +33% |
| Q1 2026 | $1B | +33% |
| Q4 2025 | $1.1B | +30% |
| Q3 2025 | $933.3M | +34% |
| Q2 2025 | $876.4M | +33% |
| Q1 2025 | $783.1M | +36% |
| Q4 2024 | $866.4M | +47% |
AFRM's revenue has grown year over year every quarter since late 2020: $1.3B last quarter, up 35% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +8 points |
| Q2 2026 | 13% | +6 points |
| Q1 2026 | 8.5% | +9.6 points |
| Q4 2025 | 10% | +11 points |
| Q3 2025 | 6.8% | +26 points |
| Q2 2025 | 6.6% | +18 points |
| Q1 2025 | -1.1% | +27 points |
| Q4 2024 | -0.5% | +29 points |
AFRM's operating margin was 15% last quarter, up 8 points from the same quarter a year ago, near the top of its range since 2019.
AFRM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $144.6M | -55% |
| Q2 2026 | $229.3M | +875% |
| Q1 2026 | $325.1M | +107% |
| Q4 2025 | $118M | -56% |
| Q3 2025 | $320.2M | +110% |
| Q2 2025 | $23.5M | -23% |
| Q1 2025 | $157.4M | -2.7% |
| Q4 2024 | $268.1M | +654% |
AFRM generated $817M in free cash flow over the past year, up 6.2% from the year before.
AFRM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.8% | +2.9M shares |
| 1 year | +1% | +3.5M shares |
| 3 years | +16% | +47.9M shares |
| 5 years | +29% | +80.1M shares |
| Available history | +68% | +142M shares |
AFRM has 352M diluted shares, up 1% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
AFRM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 9.5x | High |
| Q2 2026 | 11.3x | High |
| Q1 2026 | 11.8x | High |
| Q4 2025 | 15.1x | High |
| Q3 2025 | 17.9x | High |
| Q2 2025 | 45.4x | High |
| Q1 2025 | 755.3x | High |
AFRM's net debt is about 9.5 years of its operating earnings (EBITDA), down from 18 years a year ago.
AFRM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.8 | Neutral |
| Stochastic | 14.7 | Oversold |
AFRM's weekly RSI is 45 (neutral) and its Stochastic is 15 (oversold).
AFRM PE vs Technology Sector
| Metric | AFRM | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 28x | 59% below |
| PE % | 0 | 40 | 40 pts below |
AFRM is trading at 11x earnings, a 59% discount to the Technology sector's median of 28x, though its earnings don't support one.
AFRM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $71.8 | 8.3% below |
| 20 week MA | $74.2 | 11% below |
| 50 week MA | $67.3 | 2.2% below |
| 100 week MA | $65.8 | 0% above |
| 200 week MA | $47.4 | 39% above |
AFRM has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 39% above its 200-week average.
AFRM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $117.0 | $101.2 | -14% |
| 2022 | $101.2 | $9.19 | -91% |
| 2023 | $9.19 | $49.1 | +435% |
| 2024 | $49.1 | $64.6 | +32% |
| 2025 | $64.6 | $75.8 | +17% |
| 2026 YTD | $75.8 | $65.8 | -13% |
AFRM's yearly returns have swung widely, from +435% in 2023 to −91% in 2022. It's down 13% so far in 2026.