Affirm Holdings, Inc. (AFRM) Stock

Affirm Holdings, Inc. (AFRM) is a Financials stock trading at $76.05 (as of 2026-07-17), with a market capitalization of $26.47B and a trailing P/E of 83.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Affirm Holdings, Inc. provides a digital payments platform for online and in-store commerce in the United States and Canada. It offers consumer payment options to pay over time with specified terms through an originating-bank arrangement and supports merchant integrations and consumer-facing applications for participating merchants.

Understand Affirm Holdings, Inc.: how it makes money

Affirm operates a digital commerce payments platform that lets consumers pay for purchases over time, up to 48 months, through a consumer app and merchant payment solutions, earning revenue through its payments network tied to transaction and financing activity.

Profit is structurally driven by how much Gross Merchandise Value comes from interest-bearing loans (67% of GMV), since the company’s key revenue metric is tracked relative to transaction costs (and separately from credit loss provision).

Business quality (Mixed): Strong visibility into operating demand (GMV, active users, repeat usage) and financing mix (interest-bearing share), but no clean official segment revenue breakdown is provided in the supplied facts.

Valuation: At 72× earnings, AFRM trades 472% above the Banking average (13×). Note: one-time items can distort reported P/E.

Bull case

Large and growing transaction base: Gross Merchandise Value is 8.6 USD_B, with Active Consumers (Rolling Twelve Months) of 25.8M and Active Card Holders of 2.3M.
Financing mix is a majority contributor: 67% of Gross Merchandise Value comes from Interest-Bearing Loans, indicating that a substantial portion of volume is linked to the interest-bearing program.
High repeat behavior: Repeat Transactions Share is 90% (with Repeat Customer Transactions of 52.5M), suggesting repeat usage on the platform.
Platform performance indicators: Adaptive Checkout Conversion Lift is 25% and Adaptive Checkout Merchant Adoption is 44%, supporting the idea that merchant enablement can improve transaction outcomes.

Bear case

Earnings sensitivity to credit losses: Some reported revenue metrics are explicitly tracked excluding credit loss provision, implying that credit loss outcomes can materially affect results beyond transaction economics.
Dependence on interest-bearing loan mix: Because 67% of GMV is currently from Interest-Bearing Loans, any mix shift away from that category could pressure the revenue engine.
Partnership structure adds a key dependency: The platform enables payments over time through a partnership with an originating bank, so changes in partner terms or availability could affect the financing flow.

Valuation — source: SEC EDGAR (first-party)
Price	$76.05
Market Cap	$26.47B
P/E Ratio	83.8
EV / EBITDA	61.3
Price / Book	7.00
Price / Sales	6.83
FCF Yield	7.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$3.22B
Net Margin	1.6%
Revenue Growth (YoY)	32.6%
EPS Growth (YoY)	3000.0%
FCF Growth (YoY)	32.0%

Valuation vs Sector & Industry
Stock P/E	83.8
Sector P/E (Financials)	15.4
Industry P/E (Banking)	13.5
vs Sector	443.4%
vs Industry	520.7%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($1.85B)
Institutional Holders Tracked	10
Congressional Trades (recent)	4

Company
Sector	Financials
Industry	Banking
CEO	Max Roth Levchin
Employees	2,006
Country	US
IPO Date	2021-01-13

Related Companies (Business model: Specialty Finance / Lending + Payments Network / Acquirer / Closed-Loop / Fintech Wallet; 8 closest by market cap; US-domiciled)

Data as of 2026-07-17.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.