Affirm Holdings, Inc. (AFRM) Key Metrics
AFRM valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $24.97B
- Enterprise value
- $30.40B
- P/E (TTM)
- 13.4
- Forward P/E
- 35.6
- PEG ratio
- 8.26
- Price / sales
- 5.9 10-yr median 5.6
- Price / book
- 4.2 10-yr median 4.3
- EV / EBITDA
- 24.3
- Dividend yield
- —
- Beta
- 3.82
AFRM key metrics, FY2019–FY2026
Fiscal year ended June 30, 2026 · U.S. dollarsAFRM valuation Price multiples at each fiscal year-end price.
AFRM returns How much profit the business earns on the capital it uses.
AFRM per-share figures Results divided by the shares outstanding at year-end.
AFRM financial health Debt, liquidity and how easily interest is covered.
AFRM efficiency & capital use Working capital cycle and where the cash goes.
AFRM valuation history
AFRM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AFRM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AFRM cash returned to shareholders
AFRM price vs earnings per share
AFRM key metrics
FY2019–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $28.45B | $23.58B | $9.36B | $4.53B | $5.09B | $18.15B | — | — |
| Enterprise value | $35.67B | $29.21B | $13.83B | $7.91B | $6.38B | $18.65B | — | — |
| P/E ratio | 14.7 | 451.8 | — | — | — | — | — | — |
| Price / sales | 7.2 | 7.3 | 4.0 | 2.9 | 3.8 | 20.9 | — | — |
| Price / book | 5.2 | 7.7 | 3.4 | 1.8 | 1.9 | 7.0 | — | — |
| Price / free cash flow | 28.7 | 39.2 | 32.2 | — | — | — | — | — |
| Price / operating cash flow | 23.1 | 29.7 | 20.8 | 371.7 | — | — | — | — |
| EV / sales | 9.0 | 9.1 | 6.0 | 5.0 | 4.7 | 21.4 | — | — |
| EV / EBITDA | 28.5 | 41.0 | — | — | — | — | — | — |
| EV / free cash flow | 35.9 | 48.5 | 47.6 | — | — | — | — | — |
| Earnings yield | 6.8% | 0.2% | −5.5% | −21.8% | −13.9% | −2.4% | — | — |
| Free cash flow yield | 3.5% | 2.6% | 3.1% | −2.4% | −5.4% | −1.2% | — | — |
| Dividend yield | — | — | — | 0.3% | — | 26.6% | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | 1.1% | 2.0% | 0.4% | 0.0% | 26.6% | — | — |
| Share price at fiscal year-end | $81.55 | $69.14 | $30.21 | $15.33 | $18.06 | $67.35 | — | — |
| Per share | ||||||||
| Revenue per share | $11.32 | $9.46 | $7.50 | $5.38 | $4.79 | $3.23 | $1.98 | $1.03 |
| Earnings per share | $5.53 | $0.15 | −$1.67 | −$3.34 | −$2.51 | −$1.64 | −$0.44 | −$0.47 |
| Operating cash flow per share | $3.53 | $2.33 | $1.45 | $0.04 | −$0.58 | −$0.72 | −$0.28 | −$0.36 |
| Free cash flow per share | $2.85 | $1.76 | $0.94 | −$0.37 | −$0.97 | −$0.79 | −$0.36 | −$0.44 |
| Cash per share | $7.46 | $6.53 | $6.92 | $7.00 | $10.12 | $5.50 | $1.04 | $1.24 |
| Book value per share | $15.72 | $9.00 | $8.82 | $8.58 | $9.29 | $9.56 | −$1.43 | −$1.02 |
| Tangible book value per share | $14.14 | $7.40 | $7.05 | $6.63 | $7.10 | $7.39 | −$1.44 | −$1.02 |
| Dividends per share | — | — | — | $0.05 | — | $17.89 | $8.64 | $1.20 |
| Capex per share | $0.68 | $0.56 | $0.51 | $0.41 | $0.40 | $0.08 | $0.08 | $0.08 |
| Debt per share | $28.16 | $23.03 | $21.35 | $18.46 | $14.71 | $7.36 | $3.56 | $2.28 |
| Shares outstanding | 348.8M | 341.0M | 309.9M | 295.3M | 281.7M | 269.5M | 257.4M | 257.4M |
| Change in shares outstanding | +2.3% | +10.1% | +4.9% | +4.8% | +4.5% | +4.7% | 0.0% | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | 45.1% | 1.8% | −19.7% | −38.2% | −27.2% | −39.9% | — | — |
| Return on invested capital (ROIC) | 8.1% | −0.9% | −7.4% | −19.3% | −19.6% | −18.1% | −59.7% | — |
| Return on assets (ROA) | 14.3% | 0.5% | −5.9% | −13.0% | −11.9% | −14.1% | −8.8% | −10.5% |
| Return on tangible assets | 12.7% | 0.5% | −5.8% | −13.0% | −11.1% | −10.3% | −8.1% | −10.5% |
| Free cash flow margin | 25.1% | 18.7% | 12.5% | −6.8% | −20.3% | −24.5% | −18.1% | −43.0% |
| Income quality (OCF / net income) | 0.64 | 15.21 | — | — | — | — | — | — |
| Financial health | ||||||||
| Total debt | $9.82B | $7.85B | $6.61B | $5.45B | $4.14B | $1.98B | $917.1M | $586.0M |
| Cash & short-term investments | $2.60B | $2.23B | $2.14B | $2.07B | $2.85B | $1.48B | $267.1M | $320.4M |
| Net debt | $7.22B | $5.63B | $4.47B | $3.38B | $1.29B | $499.6M | $650.1M | $265.5M |
| Debt / equity | 1.79 | 2.56 | 2.42 | 2.15 | 1.58 | 0.77 | — | — |
| Debt / assets | 0.62 | 0.70 | 0.69 | 0.67 | 0.59 | 0.41 | 0.65 | 0.51 |
| Net debt / EBITDA | 5.78 | 7.90 | — | — | — | — | — | — |
| Current ratio | 12.73 | 54.19 | 65.70 | 74.34 | 53.02 | 35.83 | 36.91 | 54.70 |
| Quick ratio | 12.73 | 54.19 | 68.37 | 74.34 | 53.69 | 37.42 | 36.91 | 86.62 |
| Interest coverage | 1.9 | -0.2 | -1.8 | -6.6 | -12.4 | -7.3 | -3.3 | -3.9 |
| Working capital | $2.66B | $9.58B | $8.08B | $6.81B | $5.57B | $3.77B | $1.30B | $1.06B |
| Invested capital | $12.70B | $8.70B | $7.20B | $5.92B | $3.91B | $3.08B | $283.0M | $2.1M |
| Tangible asset value | $4.93B | $2.52B | $2.19B | $1.96B | $2.00B | $1.99B | −$370.8M | −$263.4M |
| Net current asset value | −$7.42B | $1.67B | $1.42B | $1.28B | $1.32B | $1.59B | −$429.0M | −$331.1M |
| Graham number | $44.23 | $5.57 | — | — | — | — | — | — |
| Graham net-net per share | −$21.47 | −$1.66 | −$1.65 | −$0.83 | $1.16 | $2.31 | −$5.66 | −$5.34 |
| Capital allocation | ||||||||
| Dividends paid | — | — | — | $15.8M | — | $4.82B | $2.22B | $309.6M |
| Share buybacks (net) | $0 | $250.0M | $189.2M | $109,000 | $86,000 | $813,000 | $41.4M | $17.1M |
| Dividends + buybacks / free cash flow | 0.0% | 41.5% | 65.0% | — | — | — | — | — |
| Capex / revenue | 6.0% | 6.0% | 6.9% | 7.6% | 8.3% | 2.3% | 4.1% | 8.0% |
| Capex / operating cash flow | 19.4% | 24.2% | 35.4% | 991.5% | — | — | — | — |
| Capex / depreciation | 0.79 | 0.85 | 0.94 | 0.90 | 2.12 | 1.01 | 2.23 | 4.04 |
| Stock-based compensation / revenue | 7.7% | 10.0% | 14.8% | 28.4% | 29.0% | 33.1% | 5.8% | 12.7% |
| R&D / revenue | — | — | 21.6% | 38.8% | 31.0% | 28.6% | 22.2% | 26.8% |
| SG&A / revenue | 23.3% | 30.4% | 47.4% | 77.1% | 82.3% | 65.0% | 28.7% | 40.0% |
| Efficiency | ||||||||
| Days sales outstanding | 339.3 | 724.0 | 797.2 | 793.6 | 610.4 | 436.4 | 36.6 | 59.5 |
| Days of inventory on hand | — | — | -72.2 | -15.2 | -77.4 | -97.1 | -668.3 | -2,116.9 |
| Days payables outstanding | 25.0 | 21.6 | 15.0 | 12.9 | 28.8 | 43.0 | 31.0 | 36.4 |
| Cash conversion cycle (days) | 314.3 | 702.4 | 709.9 | 765.5 | 504.2 | 296.3 | -662.7 | -2,093.8 |
| Receivables turnover | 1.08 | 0.50 | 0.46 | 0.46 | 0.60 | 0.84 | 9.98 | 6.13 |
| Payables turnover | 14.57 | 16.92 | 24.28 | 28.32 | 12.69 | 8.48 | 11.79 | 10.03 |
| Asset turnover | 0.29 | 0.31 | 0.26 | 0.21 | 0.23 | 0.28 | 0.40 | 0.23 |
| Average receivables | $3.67B | $6.40B | $5.07B | $3.45B | $2.26B | $1.04B | $51.1M | $43.1M |
| Average payables | $83.7M | $61.9M | $34.8M | $30.8M | $45.4M | $38.1M | $14.6M | $10.8M |
| Average inventory | — | — | −$167.2M | −$36.3M | −$122.2M | −$85.9M | −$315.3M | −$630.7M |
| Intangibles / total assets | 3.5% | 4.9% | 5.7% | 7.1% | 8.9% | 12.0% | 0.3% | 0.0% |
Computed from AFRM's annual financial statements (latest annual report filed August 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AFRM valuation and financial ratios
At the end of fiscal 2026 (June 30, 2026), Affirm traded at 14.7 times earnings. Based on the latest twelve months, the trailing P/E is 13.4 and the forward P/E is 35.6. Affirm earned a return on equity of 45.1% and a return on invested capital of 8.1% in fiscal 2026. It ended the year with $9.8 billion of debt and $2.6 billion in cash and short-term investments, net debt of $7.2 billion. The share count rose 35.5% from 257.4M to 348.8M over 7 years.
See the AFRM income statement, the AFRM chart for price history, or the AFRM stock overview for the latest quote and news.
AFRM key metrics FAQ
What is Affirm's P/E ratio?
Affirm's trailing P/E ratio is 13.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 35.6. At the end of fiscal 2026 it was 14.7.
What is Affirm's EV/EBITDA?
Affirm's enterprise value was 28.5 times EBITDA at the end of fiscal 2026 (enterprise value $35.7 billion, EBITDA $1.2 billion); the current EV/EBITDA is 24.3.
What is Affirm's return on equity?
Affirm's return on equity (ROE) was 45.1% in fiscal 2026: net income of $1.9 billion on average shareholders' equity of $4.3 billion.
What is Affirm's ROIC?
Affirm's return on invested capital was 8.1% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Affirm have?
Affirm had total debt of $9.8 billion at the end of fiscal 2026, a debt-to-equity ratio of 1.79 and $7.2 billion of net debt (5.78 times EBITDA).
What is Affirm's free cash flow yield?
Affirm generated $992.6 million of free cash flow in fiscal 2026, a free cash flow yield of 3.5% on its market value at year-end ($28.4 billion).
What is Affirm's current ratio?
Affirm's current ratio was 12.73 at the end of fiscal 2026: current assets were 12.73 times current liabilities.