Fundamental analysis · SEC EDGAR · TTM through 31/03/2026
AFRM · Nasdaq · Financial
Fundamental quality
70
out of 100
Affirm Holdings, Inc. grows profitably: it increases revenue at double digits (42.9% a year) without giving up profitability (net margin 9.6%). On fundamental quality it scores 70 out of 100, profiling it as a company of reasonable quality. Its weakest area is its financial strength (net debt 11.77× EBITDA). Whether it's cheap or expensive depends on the current price, which you can compute in the tool.
Affirm is a leader in U.S. buy-now-pay-later (BNPL): it finances online purchases in installments, charging merchants and, partly, interest to consumers. It's embedded in giants like Amazon and Shopify.
Revenue growth: 42.9%
Net margin: 9.6% · ROE: 10.1%
Net debt/EBITDA: 11.77x · FCF: 19.8%
Source: SEC EDGAR · TTM through 31/03/2026
The score combines growth, profitability and financial strength. Here its growth weighs in its favor, while its financial strength drags it down the most.
Key concepts
What do these metrics mean? Fundamental analysis · What is the P/E · What is EPS · What is ROE · Net & gross margin · Free cash flow
| Year | Revenue | Net income | Free cash flow | Net debt |
|---|---|---|---|---|
| 2020 | 510 | -113 | -92 | -267 |
| 2021 | 870 | -441 | -213 | -1,467 |
| 2022 | 1,349 | -707 | -248 | -1,255 |
| 2023 | 1,588 | -985 | -109 | -892 |
| 2024 | 2,323 | -518 | 291 | 824 |
| 2025 | 3,224 | 52 | 602 | 6,255 |
Between 2020 and 2025, revenue went from $510M to $3,224M (+533%) and net income went from -$113M to $52M (+146%).
Annual figures in millions of U.S. dollars ($M) per SEC filings. Net debt is total debt minus cash.
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Is Affirm Holdings, Inc. cheap or expensive?
That depends on the current price. Look it up, enter it in the tool and get the full valuation verdict (P/E against its sector).
Compute the valuation →Is Affirm Holdings, Inc. a good company to invest in?
In terms of business quality, Affirm Holdings, Inc. scores 70 out of 100 in our analysis, placing it as a company of reasonable quality. That said, this isn't a recommendation: whether it's a good investment also depends on its current price and your goals.
Is Affirm Holdings, Inc. a profitable company?
Affirm Holdings, Inc. is profitable, with a net margin of 9.6%, though a thin one.
Does Affirm Holdings, Inc. have a lot of debt?
Yes, its leverage is high: net debt is 11.77 times its EBITDA, and it has been rising.
Is Affirm Holdings, Inc. growing?
Its revenue has grown 42.9% annualized in recent years, and without interruption since 2020.
Does Affirm Holdings, Inc. generate cash?
Yes. It converts about 19.8% of its revenue into free cash flow.
The thresholds are general and the system doesn't judge qualitative factors. See the full methodology and use this analysis as a first filter, never as a final decision.
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