Affirm Holdings, Inc. (AFRM) 10-Year Financial Performance & Capital Metrics

AFRM •

TechnologyInfrastructure SoftwarePayments and fintech infrastructure

AboutAffirm Holdings, Inc. operates a platform for digital and mobile-first commerce in the United States and Canada. The company's platform includes point-of-sale payment solution for consumers, merchant commerce solutions, and a consumer-focused app. Its payments network and partnership with an originating bank, enables consumers to pay for a purchase over time with terms ranging from one to forty-eight months. As of June 30, 2021, the company had approximately 29,000 merchants integrated on its platform covering small businesses, large enterprises, direct-to-consumer brands, brick-and-mortar stores, and companies. Its merchants represent a range of industries, including sporting goods and outdoors, furniture and homewares, travel, apparel, accessories, consumer electronics, and jewelry. The company was founded in 2012 and is headquartered in San Francisco, California.Show more

Revenue $3.22B +38.8%
EBITDA $138M +130.8%
Net Income $52M +110.1%
EPS (Diluted) 0.15 +109.0%
Gross Margin 67.51% +6.1%
EBITDA Margin 4.27% +122.2%
Operating Margin -2.71% +89.8%
Net Margin 1.62% +107.3%
ROE 1.8% +109.1%
ROIC -0.73% +87.8%
Debt/Equity 2.56 +5.7%
Interest Coverage -0.21 +88.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 18.7% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 44.6%

✗Weaknesses

✗High debt to equity ratio of 2.6x
✗Weak momentum: RS Rating 12 (bottom 12%)
✗Shares diluted 10.1% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y44.63%

3Y33.69%

TTM4.32%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM241.92%

EPS CAGR

10Y-

5Y-

3Y-

TTM224.32%

ROCE

10Y Avg-9.87%

5Y Avg-10.29%

3Y Avg-8%

Latest-0.86%

Peer Comparison

Payments and fintech infrastructure

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KLARKlarna Group plc	5.12B	13.56	2023.88	21.17%	-9.29%	-10.65%	10.6%	0.35
AFRMAffirm Holdings, Inc.	15.27B	46.98	313.20	38.8%	9.66%	7.96%	3.94%	2.56
RELYRemitly Global, Inc.	3.5B	16.70	53.87	29.37%	1.36%	2.63%	8.46%	0.22
TOSTToast, Inc.	14.28B	27.31	48.77	24.05%	5.56%	16.1%	4.26%	0.02
DLODLocal Limited	2.03B	12.24	31.38	14.7%	17.8%	33.87%		0.11
XYZBlock, Inc.	38.35B	63.70	30.33	0.3%	5.39%	5.88%	6.32%	0.33
CSGSCSG Systems International, Inc.	2.31B	79.90	26.37	2.39%	7.17%	30.93%	4.91%	2.03
CPAYCorpay, Inc.	22.81B	325.10	23.27	5.77%	24.37%	25.52%	7.74%	2.54

Profit & Loss

	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	264.37M	509.53M	870.46M	1.35B	1.59B	2.32B	3.22B
Revenue Growth %	-	92.74%	70.84%	55.01%	17.69%	46.29%	38.8%
Cost of Goods Sold+	108.74M	172.21M	322.91M	576.46M	873.16M	845.11M	1.05B
COGS % of Revenue	41.13%	33.8%	37.1%	42.72%	54.99%	36.38%	32.49%
Gross Profit+	155.63M	337.32M	547.55M	772.84M	714.82M	1.48B	2.18B
Gross Margin %	58.87%	66.2%	62.9%	57.28%	45.01%	63.62%	67.51%
Gross Profit Growth %	-	116.75%	62.32%	41.14%	-7.51%	106.75%	47.29%
Operating Expenses+	257.17M	445.11M	931.22M	1.64B	1.92B	2.09B	2.26B
OpEx % of Revenue	97.28%	87.36%	106.98%	121.46%	120.64%	90.13%	70.22%
Selling, General & Admin	105.77M	146.27M	565.94M	1.11B	1.22B	1.1B	979.9M
SG&A % of Revenue	40.01%	28.71%	65.02%	82.25%	77.12%	47.43%	30.39%
Research & Development	70.81M	0	0	0	0	0	0
R&D % of Revenue	26.78%	-	-	-	-	-	-
Other Operating Expenses	151.41M	298.83M	365.28M	529.05M	691.01M	992.04M	1.28B
Operating Income+	-101.55M	-107.79M	-383.67M	-866.05M	-1.2B	-615.85M	-87.27M
Operating Margin %	-38.41%	-21.15%	-44.08%	-64.19%	-75.62%	-26.51%	-2.71%
Operating Income Growth %	-	-6.15%	-255.94%	-125.73%	-38.66%	48.72%	85.83%
EBITDA+	-96.28M	-98.35M	-363.69M	-813.33M	-1.07B	-446.8M	137.8M
EBITDA Margin %	-36.42%	-19.3%	-41.78%	-60.28%	-67.14%	-19.23%	4.27%
EBITDA Growth %	-	-2.15%	-269.8%	-123.63%	-31.09%	58.09%	130.84%
D&A (Non-Cash Add-back)	5.27M	9.44M	19.98M	52.72M	134.63M	169.04M	225.08M
EBIT	-94.52M	-79.91M	-390.67M	-655.14M	-806.23M	-171.27M	486.92M
Net Interest Income+	-25.89M	-32.32M	-52.7M	-69.69M	-183.01M	-344.25M	-425.45M
Interest Income	0	0	0	0	0	0	0
Interest Expense	25.89M	32.32M	52.7M	69.69M	183.01M	344.25M	425.45M
Other Income/Expense	7.02M	-4.43M	-59.7M	141.22M	211.62M	100.32M	148.74M
Pretax Income+	-120.42M	-112.22M	-443.37M	-724.83M	-989.25M	-515.53M	61.46M
Pretax Margin %	-45.55%	-22.02%	-50.93%	-53.72%	-62.3%	-22.19%	1.91%
Income Tax+	36K	376K	-2.34M	-17.41M	-3.9M	2.23M	9.28M
Effective Tax Rate %	100.03%	100.34%	99.47%	97.6%	99.61%	100.43%	84.91%
Net Income+	-120.45M	-112.6M	-441.03M	-707.42M	-985.35M	-517.76M	52.19M
Net Margin %	-45.56%	-22.1%	-50.67%	-52.43%	-62.05%	-22.29%	1.62%
Net Income Growth %	-	6.52%	-291.68%	-60.4%	-39.29%	47.45%	110.08%
Net Income (Continuing)	-120.45M	-112.6M	-441.03M	-707.42M	-985.35M	-517.76M	52.19M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0
EPS (Diluted)+	-0.47	-0.44	-1.64	-2.51	-3.34	-1.67	0.15
EPS Growth %	-	6.38%	-272.73%	-53.05%	-33.07%	50%	108.98%
EPS (Basic)	-0.47	-0.44	-1.64	-2.51	-3.34	-1.67	0.16
Diluted Shares Outstanding	257.41M	257.41M	269.48M	281.7M	295.34M	309.86M	341.02M
Basic Shares Outstanding	257.41M	257.41M	269.48M	281.7M	295.34M	309.86M	322.85M
Dividend Payout Ratio	-	-	-	-	-	-	-

Balance Sheet

	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	1.08B	1.34B	3.88B	5.68B	6.9B	8.21B	9.76B
Cash & Short-Term Investments	320.45M	267.06M	1.48B	2.85B	2.07B	2.14B	2.23B
Cash Only	320.45M	267.06M	1.47B	1.26B	892.03M	1.01B	1.35B
Short-Term Investments	0	0	16.17M	1.6B	1.17B	1.13B	871.42M
Accounts Receivable	43.1M	59M	2.02B	2.49B	4.41B	5.73B	7.06B
Days Sales Outstanding	59.51	42.27	848.09	673.64	1.01K	900.68	799.02
Inventory	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-
Other Current Assets	712.68M	1.01B	239.1M	298.31M	367.99M	282.33M	401.97M
Total Non-Current Assets+	67.69M	61.91M	990.23M	1.3B	1.26B	1.31B	1.4B
Property, Plant & Equipment	33.65M	48.14M	120.33M	222.15M	320.31M	449.55M	591.76M
Fixed Asset Turnover	7.86x	10.58x	7.23x	6.07x	4.96x	5.17x	5.45x
Goodwill	0	1.25M	516.51M	539.53M	542.57M	533.44M	534.16M
Intangible Assets	0	2.5M	67.93M	78.94M	34.43M	13.5M	12.94M
Long-Term Investments	669.15M	1.85M	11.28M	43.17M	43.17M	73.01M	40.28M
Other Non-Current Assets	-635.11M	8.17M	274.18M	413.42M	292.5M	219.41M	203.25M
Total Assets+	1.15B	1.4B	4.87B	6.97B	8.16B	9.52B	11.15B
Asset Turnover	0.23x	0.36x	0.18x	0.19x	0.19x	0.24x	0.29x
Asset Growth %	-	22.09%	247.08%	43.29%	16.95%	16.72%	17.18%
Total Current Liabilities+	19.76M	36.31M	108.18M	107.07M	92.8M	124.96M	180.1M
Accounts Payable	10.85M	18.36M	57.76M	33.07M	28.6M	41.02M	82.82M
Days Payables Outstanding	36.41	38.92	65.29	20.94	11.96	17.72	28.86
Short-Term Debt	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	0	0
Current Ratio	54.70x	36.91x	35.83x	53.02x	74.34x	65.70x	54.19x
Quick Ratio	54.70x	36.91x	35.83x	53.02x	74.34x	65.70x	54.19x
Cash Conversion Cycle	-	-	-	-	-	-	-
Total Non-Current Liabilities+	1.39B	1.73B	2.18B	4.25B	5.53B	6.66B	7.91B
Long-Term Debt	585.95M	917.15M	1.91B	4.08B	5.4B	6.57B	7.82B
Capital Lease Obligations	0	0	74.95M	65.71M	52.56M	39.49M	31.94M
Deferred Tax Liabilities	0	0	0	0	0	0	0
Other Non-Current Liabilities	806.21M	815.89M	200.95M	104.54M	77.62M	48.32M	52.52M
Total Liabilities	1.41B	1.77B	2.29B	4.36B	5.62B	6.79B	8.09B
Total Debt+	585.95M	917.15M	1.98B	4.14B	5.45B	6.61B	7.85B
Net Debt	265.5M	650.09M	515.75M	2.89B	4.56B	5.6B	6.5B
Debt / Equity	-	-	0.77x	1.58x	2.15x	2.42x	2.56x
Debt / EBITDA	-	-	-	-	-	-	56.99x
Net Debt / EBITDA	-	-	-	-	-	-	47.16x
Interest Coverage	-3.92x	-3.34x	-7.28x	-12.43x	-6.56x	-1.79x	-0.21x
Total Equity+	-263.41M	-367.1M	2.58B	2.62B	2.53B	2.73B	3.07B
Equity Growth %	-	-39.36%	801.6%	1.66%	-3.21%	7.81%	12.34%
Book Value per Share	-1.02	-1.43	9.56	9.29	8.58	8.82	9.00
Total Shareholders' Equity	-263.41M	-367.1M	2.58B	2.62B	2.53B	2.73B	3.07B
Common Stock	0	0	3K	3K	3K	3K	3K
Retained Earnings	-318.24M	-447.17M	-898.49M	-1.61B	-2.59B	-3.11B	-3.06B
Treasury Stock	0	0	0	0	0	0	0
Accumulated OCI	0	-302K	6.77M	-7.15M	-15.42M	-21.57M	-15.07M
Minority Interest	0	0	0	0	0	0	0

Cash Flow

	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	-92.5M	-78.99M	-193.13M	-162.19M	12.18M	450.14M	793.91M
Operating CF Margin %	-34.99%	-15.5%	-22.19%	-12.02%	0.77%	19.38%	24.62%
Operating CF Growth %	-	14.61%	-144.5%	16.02%	107.51%	3595.41%	76.37%
Net Income	-120.45M	-112.6M	-441.03M	-707.42M	-985.35M	-517.76M	52.19M
Depreciation & Amortization	5.27M	9.44M	19.98M	52.72M	134.63M	169.04M	225.08M
Stock-Based Compensation	0	0	292.51M	390.98M	451.71M	344.51M	321.43M
Deferred Taxes	36K	385K	0	0	0	0	0
Other Non-Cash Items	43.35M	-7.15M	-10.84M	111.42M	546.16M	516.69M	245.04M
Working Capital Changes	-20.69M	30.98M	-53.75M	-9.91M	-134.97M	-62.35M	-49.83M
Change in Receivables	-24.79M	-19.05M	-22.93M	-62.7M	-67.69M	-167.76M	-84.95M
Change in Inventory	0	0	0	0	0	0	0
Change in Payables	4.43M	7.51M	32.22M	-24.69M	-5.04M	12.42M	41.8M
Cash from Investing+	-353.73M	-253.07M	-1.02B	-2.01B	-1.65B	-1.33B	-1.08B
Capital Expenditures	-19.41M	-21.02M	-20.25M	-86.29M	-120.78M	-159.3M	-192.19M
CapEx % of Revenue	7.34%	4.13%	2.33%	6.4%	7.61%	6.86%	5.96%
Acquisitions	0	0	-222.43M	-6M	-16.05M	0	0
Investments	-	-	-	-	-	-	-
Other Investing	1.41B	-232.05M	-779.35M	-388.7M	-1.97B	-1.32B	-1.28B
Cash from Financing+	566.5M	302.42M	2.58B	2.04B	1.35B	913.15M	751.42M
Debt Issued (Net)	274.07M	325.65M	962.66M	2.16B	1.43B	1.1B	1.29B
Equity Issued (Net)	1000K	-1000K	1000K	-86K	-109K	0	-1000K
Dividends Paid	0	0	0	0	0	0	0
Share Repurchases	-17.13M	-41.45M	-813K	-86K	-109K	0	-250M
Other Financing	0	0	-123.74M	-125.02M	-80.52M	-183.35M	-292.35M
Net Change in Cash	357.77M	-29.64M	1.36B	-141.82M	-290.86M	35.45M	461.02M
Free Cash Flow+	-113.75M	-100.01M	-213.38M	-273.9M	-108.59M	290.84M	601.72M
FCF Margin %	-43.03%	-19.63%	-24.51%	-20.3%	-6.84%	12.52%	18.66%
FCF Growth %	-	12.08%	-113.36%	-28.36%	60.35%	367.83%	106.89%
FCF per Share	-0.44	-0.39	-0.79	-0.97	-0.37	0.94	1.76
FCF Conversion (FCF/Net Income)	0.77x	0.70x	0.44x	0.23x	-0.01x	-0.87x	15.21x
Interest Paid	27.84M	28.09M	41.69M	51.52M	163.19M	318.24M	404.38M
Taxes Paid	0	0	219K	220K	808K	1.19M	2.74M

Key Ratios

Metric	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-39.94%	-27.24%	-38.25%	-19.66%	1.8%
Return on Invested Capital (ROIC)	-3642.25%	-56.72%	-17.06%	-15.11%	-14.3%	-5.99%	-0.73%
Gross Margin	58.87%	66.2%	62.9%	57.28%	45.01%	63.62%	67.51%
Net Margin	-45.56%	-22.1%	-50.67%	-52.43%	-62.05%	-22.29%	1.62%
Debt / Equity	-	-	0.77x	1.58x	2.15x	2.42x	2.56x
Interest Coverage	-3.92x	-3.34x	-7.28x	-12.43x	-6.56x	-1.79x	-0.21x
FCF Conversion	0.77x	0.70x	0.44x	0.23x	-0.01x	-0.87x	15.21x
Revenue Growth	-	92.74%	70.84%	55.01%	17.69%	46.29%	38.8%

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Affirm Holdings, Inc. (AFRM) 10-Year Financial Performance & Capital Metrics

AFRM •

TechnologyInfrastructure SoftwarePayments and fintech infrastructure

Revenue $3.22B +38.8%
EBITDA $138M +130.8%
Net Income $52M +110.1%
EPS (Diluted) 0.15 +109.0%
Gross Margin 67.51% +6.1%
EBITDA Margin 4.27% +122.2%
Operating Margin -2.71% +89.8%
Net Margin 1.62% +107.3%
ROE 1.8% +109.1%
ROIC -0.73% +87.8%
Debt/Equity 2.56 +5.7%
Interest Coverage -0.21 +88.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 18.7% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 44.6%

✗Weaknesses

✗High debt to equity ratio of 2.6x
✗Weak momentum: RS Rating 12 (bottom 12%)
✗Shares diluted 10.1% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y44.63%

3Y33.69%

TTM4.32%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM241.92%

EPS CAGR

10Y-

5Y-

3Y-

TTM224.32%

ROCE

10Y Avg-9.87%

5Y Avg-10.29%

3Y Avg-8%

Latest-0.86%

Peer Comparison

Payments and fintech infrastructure

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KLARKlarna Group plc	5.12B	13.56	2023.88	21.17%	-9.29%	-10.65%	10.6%	0.35
AFRMAffirm Holdings, Inc.	15.27B	46.98	313.20	38.8%	9.66%	7.96%	3.94%	2.56
RELYRemitly Global, Inc.	3.5B	16.70	53.87	29.37%	1.36%	2.63%	8.46%	0.22
TOSTToast, Inc.	14.28B	27.31	48.77	24.05%	5.56%	16.1%	4.26%	0.02
DLODLocal Limited	2.03B	12.24	31.38	14.7%	17.8%	33.87%		0.11
XYZBlock, Inc.	38.35B	63.70	30.33	0.3%	5.39%	5.88%	6.32%	0.33
CSGSCSG Systems International, Inc.	2.31B	79.90	26.37	2.39%	7.17%	30.93%	4.91%	2.03
CPAYCorpay, Inc.	22.81B	325.10	23.27	5.77%	24.37%	25.52%	7.74%	2.54

Profit & Loss

	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	264.37M	509.53M	870.46M	1.35B	1.59B	2.32B	3.22B
Revenue Growth %	-	92.74%	70.84%	55.01%	17.69%	46.29%	38.8%
Cost of Goods Sold+	108.74M	172.21M	322.91M	576.46M	873.16M	845.11M	1.05B
COGS % of Revenue	41.13%	33.8%	37.1%	42.72%	54.99%	36.38%	32.49%
Gross Profit+	155.63M	337.32M	547.55M	772.84M	714.82M	1.48B	2.18B
Gross Margin %	58.87%	66.2%	62.9%	57.28%	45.01%	63.62%	67.51%
Gross Profit Growth %	-	116.75%	62.32%	41.14%	-7.51%	106.75%	47.29%
Operating Expenses+	257.17M	445.11M	931.22M	1.64B	1.92B	2.09B	2.26B
OpEx % of Revenue	97.28%	87.36%	106.98%	121.46%	120.64%	90.13%	70.22%
Selling, General & Admin	105.77M	146.27M	565.94M	1.11B	1.22B	1.1B	979.9M
SG&A % of Revenue	40.01%	28.71%	65.02%	82.25%	77.12%	47.43%	30.39%
Research & Development	70.81M	0	0	0	0	0	0
R&D % of Revenue	26.78%	-	-	-	-	-	-
Other Operating Expenses	151.41M	298.83M	365.28M	529.05M	691.01M	992.04M	1.28B
Operating Income+	-101.55M	-107.79M	-383.67M	-866.05M	-1.2B	-615.85M	-87.27M
Operating Margin %	-38.41%	-21.15%	-44.08%	-64.19%	-75.62%	-26.51%	-2.71%
Operating Income Growth %	-	-6.15%	-255.94%	-125.73%	-38.66%	48.72%	85.83%
EBITDA+	-96.28M	-98.35M	-363.69M	-813.33M	-1.07B	-446.8M	137.8M
EBITDA Margin %	-36.42%	-19.3%	-41.78%	-60.28%	-67.14%	-19.23%	4.27%
EBITDA Growth %	-	-2.15%	-269.8%	-123.63%	-31.09%	58.09%	130.84%
D&A (Non-Cash Add-back)	5.27M	9.44M	19.98M	52.72M	134.63M	169.04M	225.08M
EBIT	-94.52M	-79.91M	-390.67M	-655.14M	-806.23M	-171.27M	486.92M
Net Interest Income+	-25.89M	-32.32M	-52.7M	-69.69M	-183.01M	-344.25M	-425.45M
Interest Income	0	0	0	0	0	0	0
Interest Expense	25.89M	32.32M	52.7M	69.69M	183.01M	344.25M	425.45M
Other Income/Expense	7.02M	-4.43M	-59.7M	141.22M	211.62M	100.32M	148.74M
Pretax Income+	-120.42M	-112.22M	-443.37M	-724.83M	-989.25M	-515.53M	61.46M
Pretax Margin %	-45.55%	-22.02%	-50.93%	-53.72%	-62.3%	-22.19%	1.91%
Income Tax+	36K	376K	-2.34M	-17.41M	-3.9M	2.23M	9.28M
Effective Tax Rate %	100.03%	100.34%	99.47%	97.6%	99.61%	100.43%	84.91%
Net Income+	-120.45M	-112.6M	-441.03M	-707.42M	-985.35M	-517.76M	52.19M
Net Margin %	-45.56%	-22.1%	-50.67%	-52.43%	-62.05%	-22.29%	1.62%
Net Income Growth %	-	6.52%	-291.68%	-60.4%	-39.29%	47.45%	110.08%
Net Income (Continuing)	-120.45M	-112.6M	-441.03M	-707.42M	-985.35M	-517.76M	52.19M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0
EPS (Diluted)+	-0.47	-0.44	-1.64	-2.51	-3.34	-1.67	0.15
EPS Growth %	-	6.38%	-272.73%	-53.05%	-33.07%	50%	108.98%
EPS (Basic)	-0.47	-0.44	-1.64	-2.51	-3.34	-1.67	0.16
Diluted Shares Outstanding	257.41M	257.41M	269.48M	281.7M	295.34M	309.86M	341.02M
Basic Shares Outstanding	257.41M	257.41M	269.48M	281.7M	295.34M	309.86M	322.85M
Dividend Payout Ratio	-	-	-	-	-	-	-

Balance Sheet

	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	1.08B	1.34B	3.88B	5.68B	6.9B	8.21B	9.76B
Cash & Short-Term Investments	320.45M	267.06M	1.48B	2.85B	2.07B	2.14B	2.23B
Cash Only	320.45M	267.06M	1.47B	1.26B	892.03M	1.01B	1.35B
Short-Term Investments	0	0	16.17M	1.6B	1.17B	1.13B	871.42M
Accounts Receivable	43.1M	59M	2.02B	2.49B	4.41B	5.73B	7.06B
Days Sales Outstanding	59.51	42.27	848.09	673.64	1.01K	900.68	799.02
Inventory	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-
Other Current Assets	712.68M	1.01B	239.1M	298.31M	367.99M	282.33M	401.97M
Total Non-Current Assets+	67.69M	61.91M	990.23M	1.3B	1.26B	1.31B	1.4B
Property, Plant & Equipment	33.65M	48.14M	120.33M	222.15M	320.31M	449.55M	591.76M
Fixed Asset Turnover	7.86x	10.58x	7.23x	6.07x	4.96x	5.17x	5.45x
Goodwill	0	1.25M	516.51M	539.53M	542.57M	533.44M	534.16M
Intangible Assets	0	2.5M	67.93M	78.94M	34.43M	13.5M	12.94M
Long-Term Investments	669.15M	1.85M	11.28M	43.17M	43.17M	73.01M	40.28M
Other Non-Current Assets	-635.11M	8.17M	274.18M	413.42M	292.5M	219.41M	203.25M
Total Assets+	1.15B	1.4B	4.87B	6.97B	8.16B	9.52B	11.15B
Asset Turnover	0.23x	0.36x	0.18x	0.19x	0.19x	0.24x	0.29x
Asset Growth %	-	22.09%	247.08%	43.29%	16.95%	16.72%	17.18%
Total Current Liabilities+	19.76M	36.31M	108.18M	107.07M	92.8M	124.96M	180.1M
Accounts Payable	10.85M	18.36M	57.76M	33.07M	28.6M	41.02M	82.82M
Days Payables Outstanding	36.41	38.92	65.29	20.94	11.96	17.72	28.86
Short-Term Debt	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	0	0
Current Ratio	54.70x	36.91x	35.83x	53.02x	74.34x	65.70x	54.19x
Quick Ratio	54.70x	36.91x	35.83x	53.02x	74.34x	65.70x	54.19x
Cash Conversion Cycle	-	-	-	-	-	-	-
Total Non-Current Liabilities+	1.39B	1.73B	2.18B	4.25B	5.53B	6.66B	7.91B
Long-Term Debt	585.95M	917.15M	1.91B	4.08B	5.4B	6.57B	7.82B
Capital Lease Obligations	0	0	74.95M	65.71M	52.56M	39.49M	31.94M
Deferred Tax Liabilities	0	0	0	0	0	0	0
Other Non-Current Liabilities	806.21M	815.89M	200.95M	104.54M	77.62M	48.32M	52.52M
Total Liabilities	1.41B	1.77B	2.29B	4.36B	5.62B	6.79B	8.09B
Total Debt+	585.95M	917.15M	1.98B	4.14B	5.45B	6.61B	7.85B
Net Debt	265.5M	650.09M	515.75M	2.89B	4.56B	5.6B	6.5B
Debt / Equity	-	-	0.77x	1.58x	2.15x	2.42x	2.56x
Debt / EBITDA	-	-	-	-	-	-	56.99x
Net Debt / EBITDA	-	-	-	-	-	-	47.16x
Interest Coverage	-3.92x	-3.34x	-7.28x	-12.43x	-6.56x	-1.79x	-0.21x
Total Equity+	-263.41M	-367.1M	2.58B	2.62B	2.53B	2.73B	3.07B
Equity Growth %	-	-39.36%	801.6%	1.66%	-3.21%	7.81%	12.34%
Book Value per Share	-1.02	-1.43	9.56	9.29	8.58	8.82	9.00
Total Shareholders' Equity	-263.41M	-367.1M	2.58B	2.62B	2.53B	2.73B	3.07B
Common Stock	0	0	3K	3K	3K	3K	3K
Retained Earnings	-318.24M	-447.17M	-898.49M	-1.61B	-2.59B	-3.11B	-3.06B
Treasury Stock	0	0	0	0	0	0	0
Accumulated OCI	0	-302K	6.77M	-7.15M	-15.42M	-21.57M	-15.07M
Minority Interest	0	0	0	0	0	0	0

Cash Flow

	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	-92.5M	-78.99M	-193.13M	-162.19M	12.18M	450.14M	793.91M
Operating CF Margin %	-34.99%	-15.5%	-22.19%	-12.02%	0.77%	19.38%	24.62%
Operating CF Growth %	-	14.61%	-144.5%	16.02%	107.51%	3595.41%	76.37%
Net Income	-120.45M	-112.6M	-441.03M	-707.42M	-985.35M	-517.76M	52.19M
Depreciation & Amortization	5.27M	9.44M	19.98M	52.72M	134.63M	169.04M	225.08M
Stock-Based Compensation	0	0	292.51M	390.98M	451.71M	344.51M	321.43M
Deferred Taxes	36K	385K	0	0	0	0	0
Other Non-Cash Items	43.35M	-7.15M	-10.84M	111.42M	546.16M	516.69M	245.04M
Working Capital Changes	-20.69M	30.98M	-53.75M	-9.91M	-134.97M	-62.35M	-49.83M
Change in Receivables	-24.79M	-19.05M	-22.93M	-62.7M	-67.69M	-167.76M	-84.95M
Change in Inventory	0	0	0	0	0	0	0
Change in Payables	4.43M	7.51M	32.22M	-24.69M	-5.04M	12.42M	41.8M
Cash from Investing+	-353.73M	-253.07M	-1.02B	-2.01B	-1.65B	-1.33B	-1.08B
Capital Expenditures	-19.41M	-21.02M	-20.25M	-86.29M	-120.78M	-159.3M	-192.19M
CapEx % of Revenue	7.34%	4.13%	2.33%	6.4%	7.61%	6.86%	5.96%
Acquisitions	0	0	-222.43M	-6M	-16.05M	0	0
Investments	-	-	-	-	-	-	-
Other Investing	1.41B	-232.05M	-779.35M	-388.7M	-1.97B	-1.32B	-1.28B
Cash from Financing+	566.5M	302.42M	2.58B	2.04B	1.35B	913.15M	751.42M
Debt Issued (Net)	274.07M	325.65M	962.66M	2.16B	1.43B	1.1B	1.29B
Equity Issued (Net)	1000K	-1000K	1000K	-86K	-109K	0	-1000K
Dividends Paid	0	0	0	0	0	0	0
Share Repurchases	-17.13M	-41.45M	-813K	-86K	-109K	0	-250M
Other Financing	0	0	-123.74M	-125.02M	-80.52M	-183.35M	-292.35M
Net Change in Cash	357.77M	-29.64M	1.36B	-141.82M	-290.86M	35.45M	461.02M
Free Cash Flow+	-113.75M	-100.01M	-213.38M	-273.9M	-108.59M	290.84M	601.72M
FCF Margin %	-43.03%	-19.63%	-24.51%	-20.3%	-6.84%	12.52%	18.66%
FCF Growth %	-	12.08%	-113.36%	-28.36%	60.35%	367.83%	106.89%
FCF per Share	-0.44	-0.39	-0.79	-0.97	-0.37	0.94	1.76
FCF Conversion (FCF/Net Income)	0.77x	0.70x	0.44x	0.23x	-0.01x	-0.87x	15.21x
Interest Paid	27.84M	28.09M	41.69M	51.52M	163.19M	318.24M	404.38M
Taxes Paid	0	0	219K	220K	808K	1.19M	2.74M

Key Ratios

Metric	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-39.94%	-27.24%	-38.25%	-19.66%	1.8%
Return on Invested Capital (ROIC)	-3642.25%	-56.72%	-17.06%	-15.11%	-14.3%	-5.99%	-0.73%
Gross Margin	58.87%	66.2%	62.9%	57.28%	45.01%	63.62%	67.51%
Net Margin	-45.56%	-22.1%	-50.67%	-52.43%	-62.05%	-22.29%	1.62%
Debt / Equity	-	-	0.77x	1.58x	2.15x	2.42x	2.56x
Interest Coverage	-3.92x	-3.34x	-7.28x	-12.43x	-6.56x	-1.79x	-0.21x
FCF Conversion	0.77x	0.70x	0.44x	0.23x	-0.01x	-0.87x	15.21x
Revenue Growth	-	92.74%	70.84%	55.01%	17.69%	46.29%	38.8%

Affirm Holdings, Inc. (AFRM) 10-Year Financial Performance & Capital Metrics

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Affirm Holdings, Inc. (AFRM) 10-Year Financial Performance & Capital Metrics

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✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

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EPS CAGR

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Peer Comparison

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