AFRM
Affirm Holdings, Inc.
AFRM has lower modeled downside risk, despite its lower overall score.
SNDK
Sandisk Corporation
SNDK has the edge over AFRM overall, supported by stronger modeled upside and stronger fundamentals.
AFRM Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Healthy | |
| Weak |
AFRM's revenue, profitability and cash flow are currently healthy, but its balance sheet is weak.
SNDK Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
SNDK's revenue, profitability, cash flow and balance sheet are all currently strong.
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 has the edge over SNDK in the historical PE scenario, which offers more potential upside but is not a forecast.
SNDK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 3.8x | $937 | — |
| Current | 7.5x | $937 | — |
| Cheap | 17x | $2,173 | +132% |
| Fair | 24x | $3,048 | +225% |
| Expensive | 59x | $7,452 | +695% |
Historical ranges are pointers, not guarantees.
SNDK's PE is 7.5x, 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.
SNDK Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| High |
SNDK has the edge over AFRM on the outlook, with more favorable valuation expectations.
AFRM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.21 | -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.
SNDK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $247.30 | +97% |
| Q3 2026 | $125.61 | +$137.63 |
| Q2 2026 | $73.76 | +$85.07 |
| Q2 2025 | -$11.31 | -$6.65 |
SNDK has the edge over AFRM in the latest year-over-year earnings comparison.
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.
SNDK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $11B | +378% |
| Q2 2026 | $9B | +372% |
| Q1 2026 | $6B | +251% |
| Q4 2025 | $3B | +61% |
| Q3 2025 | $2.3B | +23% |
| Q2 2025 | $1.9B | +8% |
| Q1 2025 | $1.7B | -0.6% |
| Q4 2024 | $1.9B | +13% |
SNDK's revenue has grown year over year for six quarters in a row: $11B last quarter, up 378% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 80% | +72 points |
| Q2 2026 | 78% | +78 points |
| Q1 2026 | 69% | +180 points |
| Q4 2025 | 35% | +25 points |
| Q3 2025 | 7.6% | -9 points |
| Q2 2025 | 0.9% | N/A |
| Q1 2025 | -111% | -122 points |
| Q4 2024 | 10% | +6.6 points |
SNDK has the edge over AFRM on profitability, with a higher operating margin.
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.
SNDK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $6.3B | +1340% |
| Q2 2026 | $7.1B | +14355% |
| Q1 2026 | $3B | +$3B |
| Q3 2025 | $438M | +$636M |
| Q2 2025 | $49M | +$217M |
| Q1 2025 | -$18M | +$23M |
| Q3 2024 | -$198M | -$157M |
SNDK has the edge over AFRM on cash flow, with more consistent year-over-year improvement.
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 the edge over SNDK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
SNDK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -1M shares |
| 1 year | +3.4% | +5M shares |
| 3 years | +6.9% | +10M shares |
SNDK has 154M diluted shares, up 3.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $5B |
| Q3 2024 | — |
| 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.
SNDK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
SNDK has the edge over AFRM on leverage, with a lower net debt burden relative to earnings.
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).
SNDK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.2 | Neutral |
| Stochastic | 10.6 | Oversold |
SNDK's weekly RSI is 40 (neutral) and its Stochastic is 11 (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.
SNDK PE vs Technology Sector
| Metric | SNDK | Sector median | Relative |
|---|---|---|---|
| PE | 7.5x | 28x | 73% below |
| PE % | 4 | 27 | 23 pts below |
SNDK has the edge over AFRM on valuation relative to its sector.
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 stronger trend alignment. AFRM is above 2 of 5 weekly averages versus SNDK above 0 of 3.
SNDK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,317.5 | 29% below |
| 20 week MA | $1,465.4 | 36% below |
| 50 week MA | $1,119.6 | 16% below |
SNDK is in a downtrend: it's below all three of its weekly moving averages, and 16% below its 50-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.
SNDK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $50.4 | $250.1 | +396% |
| 2026 YTD | $250.1 | $937.5 | +275% |
SNDK has the edge over AFRM on returns for 2026, with the stronger performance.