Affirm

AFRM · Nasdaq · Financials · Financials, fiscal 2019 to 2026

AFRM · Last close · October 26, 2026

$69.49

Affirm's revenue rose 32.1% to $4.3 billion in fiscal 2026. Its operating margin was 9.8%, up from −2.7% a year earlier. Free cash flow was $993 million, up 65.0%. The diluted share count rose 2.3%.

Affirm Holdings, Inc. Latest fiscal year ended June 30, 2026 10-K filed August 27, 2026 · 0001628280-26-059279 Updated October 11, 2026

Revenue

$4.3B

32.1%

Operating margin

9.8%

12.5 pts

Net income

$1.9B

3597.9%

Free cash flow

$993M

65.0%

Return on equity

45.1%

43.3 pts

Market cap

$24.2B

Oct 26 close

P/E

12.6x

On $5.53 EPS, FY26

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Affirm's borrowings (funding debt, notes issued by its loan securitization trusts and convertible notes) are tagged under different labels from year to year, with a total only from fiscal 2025, so debt is left blank.

What Affirm does

Affirm runs a payment network that lets shoppers pay for purchases over time. Consumers use it online and in stores to split a purchase into installments, and it also offers the Affirm Card, a debit card that can pay in full or over time. Affirm was founded in 2012 and says it has never charged late fees.

It makes money from two sides. Merchants pay Affirm fees, which vary by deal and are generally larger on financing that charges the consumer no interest. Consumers pay interest on the interest-bearing installment loans that Affirm originates or buys from its bank partners. In fiscal 2026 these interest-bearing loans were 70% of total gross merchandise volume (GMV), the value of purchases made through its platform.

Affirm works with its bank partners, which originate many of the loans, and relies on several funding sources. It says it relies on a small number of commercial partners for a significant portion of its revenue.

Its biggest risks, as it describes them

Depending on a small number of commercial partners for a large part of its revenue.
Needing its originating bank partners to make loans that work.
Loans that do not perform, causing credit losses.
Relying on a mix of funding sources that may not be renewed.
Strong competition in payments and consumer credit.

From Affirm's annual report on Form 10-K, filed August 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2025 to 2026, earnings per share grew 3,586.7% a year and net income 3,596.9% a year, as new shares raised the share count by 2% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Affirm yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Affirm's 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Affirm's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at June 30, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Affirm's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 11% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $69.49
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Affirm's earnings per share of $5.53 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 12.6×, the middle of Affirm's own P/E today, its peers' median and its sector's median (Affirm's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2026, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Euronet Worldwide, Western Union, Corpay.

Earnings growth in the years ahead (% a year) Starts at Affirm's revenue growth over the last 3 years, 39.0% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $69.49
Value at this multiple, against the last close: —
Affirm's P/E at the last close: 12.6×

Company	Last close	Earnings per share	P/E today
CorpayCPAY	$399.72	$16.43	24.3×
AffirmAFRM	$69.49	$5.53	12.6×
Euronet WorldwideEEFT	$63.95	$6.29	10.2×
Western UnionWU	$6.21	$1.22	5.1×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	1,255	892	1,013	1,354	1,630
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	−12.4x	−6.6x	−1.8x	−0.2x	0.9x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Affirm shares on the open market, and 6 insiders sold $89.4 million, $85.7 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 9, 2026	Robert O'HareChief Financial Officer	Sold plan	65,591	$80.02	$5.2 million	Form 4
Sep 14, 2026	Siphelele JiyaneChief Accounting Officer	Sold	26,980	$72.19	$1.9 million	Form 4
Sep 4, 2026	Siphelele JiyaneChief Accounting Officer	Sold	25,000	$72.41	$1.8 million	Form 4
Sep 3, 2026	Katherine AdkinsChief Legal Officer	Sold plan	41,664	$75.53	$3.1 million	Form 4
Sep 2, 2026	Robert O'HareChief Financial Officer	Sold plan	5,886	$74.02	$435,682	Form 4
Sep 1, 2026	Katherine AdkinsChief Legal Officer	Sold plan	41,664	$70.55	$2.9 million	Form 4
Sep 1, 2026	Robert O'HareChief Financial Officer	Sold plan	15,745	$71.60	$1.1 million	Form 4
Aug 28, 2026	Michael LinfordChief Operating Officer	Sold plan	79,219	$90.01	$7.1 million	Form 4
Aug 12, 2026	Noel Bertram WatsonDirector	Sold plan	2,000	$77.86	$155,720	Form 4
Jun 26, 2026	Michael LinfordChief Operating Officer	Sold plan	100,000	$80.04	$8.0 million	Form 4
May 13, 2026	Noel Bertram WatsonDirector	Sold plan	2,000	$65.00	$130,000	Form 4
Apr 14, 2026	Noel Bertram WatsonDirector	Sold plan	2,000	$55.00	$110,000	Form 4

The latest 12 of 15 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	—	—	—
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—
Accruals ratio	−10.9%	−7.2%	5.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Affirm side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Affirm	FY26	32.1%	9.8%	23.3%	—	—	—
Euronet Worldwide	FY25	6.4%	12.5%	10.2%	29.9%	0.1x	7	Compare
Shift4	FY25	25.5%	8.4%	14.9%	6.5%	4.6x	6	Compare
Western Union	FY25	−3.8%	18.7%	12.5%	24.0%	1.8x	—	Compare
Corpay	FY25	13.9%	44.0%	28.7%	11.5%	3.8x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

8 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	264	510	870	1,349	1,588	2,323	3,224	4,261
Revenue growth	—	92.7%	70.8%	55.0%	17.7%	46.3%	38.8%	32.1%
Gross profit	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—
Operating income	−127	−108	−384	−866	−1,201	−616	−87	417
Net income	−120	−113	−441	−707	−985	−518	52	1,930
Diluted EPS (US$)	−2.84	−2.63	−2.94	−2.51	−3.34	−1.67	0.15	5.53
Diluted shares (millions)	47	48	159	282	295	310	341	349
Cash flow
Cash from operations	−88	−71	−193	−162	12	450	794	1,231
Capital expenditure	19	21	20	86	121	159	192	238
Free cash flow	−107	−92	−213	−248	−109	291	602	993
Dividends paid	0	0	0	0	0	0	0	0
Share buybacks	3	19	1	0	0	0	250	0
Acquisitions	0	0	222	6	16	0	0	0
Stock-based compensation	34	30	292	391	452	344	321	305
Balance sheet at fiscal year end
Cash and short-term investments	358	267	1,467	1,255	892	1,013	1,354	1,630
Debt incl. finance leases	—	—	—	—	—	—	—	—
Total assets	—	1,402	4,867	6,974	8,156	9,520	11,155	15,790
Total liabilities	—	965	2,291	4,356	5,621	6,788	8,086	10,306
Shareholders' equity	−263	−367	2,576	2,618	2,534	2,732	3,069	5,484
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—
Operating margin	−48.2%	−21.1%	−44.1%	−64.2%	−75.6%	−26.5%	−2.7%	9.8%
Net margin	−45.6%	−22.1%	−50.7%	−52.4%	−62.0%	−22.3%	1.6%	45.3%
Free cash flow margin	−40.5%	−18.1%	−24.5%	−18.4%	−6.8%	12.5%	18.7%	23.3%
Return on capital	—	—	—	—	—	—	—	—
Return on equity	—	—	−39.9%	−27.2%	−38.2%	−19.7%	1.8%	45.1%
Return on assets	—	—	−14.1%	−11.9%	−13.0%	−5.9%	0.5%	14.3%
Net debt to EBITDA	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Affirm's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Affirm.