Latest Ratios: P/E Ratio 453.9x · EV/EBITDA 211.8x · ROE 1.8%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $22.7B | $23.6B | $9.4B | $4.5B | $5.1B | $18.1B | — | — |
| Enterprise Value | $29.2B | $30.1B | $15.0B | $9.1B | $8.0B | $18.7B | — | — |
| P/E Ratio → | 453.93 | 460.93 | — | — | — | — | — | — |
| P/S Ratio | 7.03 | 7.31 | 4.03 | 2.85 | 3.77 | 20.85 | — | — |
| P/B Ratio | 7.57 | 7.68 | 3.43 | 1.79 | 1.94 | 7.05 | — | — |
| P/FCF | 37.69 | 39.18 | 32.19 | — | — | — | — | — |
| P/OCF | 28.57 | 29.70 | 20.80 | 371.69 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.33 | 6.44 | 5.72 | 5.91 | 21.44 | — | — |
| EV / EBITDA | 211.75 | 218.26 | — | — | — | — | — | — |
| EV / EBIT | — | 61.77 | — | — | — | — | — | — |
| EV / FCF | — | 49.99 | 51.44 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.5% | 67.5% | 63.6% | 45.0% | 57.3% | 62.9% | 66.2% | 58.9% |
| Operating Margin | -2.7% | -2.7% | -26.5% | -75.6% | -64.2% | -44.1% | -21.2% | -38.4% |
| Net Profit Margin | 1.6% | 1.6% | -22.3% | -62.1% | -52.4% | -50.7% | -22.1% | -45.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 1.8% | 1.8% | -19.7% | -38.2% | -27.2% | -39.9% | — | — |
| ROA | 0.5% | 0.5% | -5.9% | -13.0% | -11.9% | -14.1% | -8.8% | -10.5% |
| ROIC | -0.7% | -0.7% | -6.0% | -14.3% | -15.1% | -17.1% | -56.7% | -3642.3% |
| ROCE | -0.9% | -0.9% | -7.1% | -16.1% | -14.9% | -12.5% | -8.6% | -9.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.56 | 2.56 | 2.42 | 2.15 | 1.58 | 0.77 | — | — |
| Debt / EBITDA | 56.99 | 56.99 | — | — | — | — | — | — |
| Net Debt / Equity | — | 2.12 | 2.05 | 1.80 | 1.10 | 0.20 | — | — |
| Net Debt / EBITDA | 47.16 | 47.16 | — | — | — | — | — | — |
| Debt / FCF | — | 10.80 | 19.26 | — | — | — | — | — |
| Interest Coverage | 1.14 | 1.14 | -0.50 | -4.41 | -9.40 | -7.41 | -2.47 | -3.65 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 54.19 | 54.19 | 65.70 | 74.34 | 53.02 | 35.83 | 36.91 | 54.70 |
| Quick Ratio | 54.19 | 54.19 | 65.70 | 74.34 | 53.02 | 35.83 | 36.91 | 54.70 |
| Cash Ratio | 12.36 | 12.36 | 17.16 | 22.27 | 26.62 | 13.71 | 7.36 | 16.22 |
| Asset Turnover | — | 0.29 | 0.24 | 0.19 | 0.19 | 0.18 | 0.36 | 0.23 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 799.02 | 900.68 | 1014.73 | 673.64 | 848.09 | 42.27 | 59.51 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.2% | 0.2% | — | — | — | — | — | — |
| FCF Yield | 2.7% | 2.6% | 3.1% | — | — | — | — | — |
| Buyback Yield | 1.1% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 1.1% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $341M | $310M | $295M | $282M | $269M | $257M | $257M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AFRM stock.
Affirm Holdings, Inc.'s current P/E ratio is 453.9x. This places it at the 50th percentile of its historical range.
Affirm Holdings, Inc.'s current EV/EBITDA is 211.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Affirm Holdings, Inc.'s return on equity (ROE) is 1.8%. The historical average is -24.7%.
Based on historical data, Affirm Holdings, Inc. is trading at a P/E of 453.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Affirm Holdings, Inc. has 67.5% gross margin and -2.7% operating margin.
Affirm Holdings, Inc.'s Debt/EBITDA ratio is 57.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Interest rate and credit cycle sensitivity
Metrics are mathematically derived from official filings.
Premium Pricing Reflects Growth, Not Earnings
Affirm's forward P/E of 58.29 and EV/EBITDA of 35.97, as reported in current valuation data, price in a significant earnings inflection, contrasting sharply with the trailing P/E of 482.33 and suggesting the market is betting on a rapid transition to sustained profitability.
The extreme gap between trailing and forward multiples indicates the market is not valuing Affirm on its current, volatile earnings but on a future state where operating leverage is fully realized. This premium is substantial compared to peers like LendingClub (P/E 16.70) and SoFi (P/E 46.72), implying investors are paying for Affirm's perceived superior growth and data moat. However, the valuation leaves little room for execution missteps, particularly if the anticipated margin expansion from the Q4 2026 operating profit proves to be seasonal rather than structural.
Margin Volatility Masks Underlying Improvement
Operating margin has swung from -19.0% to 24.3% over ten quarters, with the most recent quarter's 24.3% representing a significant positive inflection, though the 148.4% net margin is distorted by non-operating items and does not reflect core earning power.
The dramatic improvement in operating margin suggests that fixed costs like R&D and SG&A are finally being absorbed by growing transaction volumes, a key milestone for the business model. However, the extreme volatility, particularly the concentration of profitability in Q4, indicates that the underlying cost structure and revenue mix are still stabilizing. Analysts should focus on the operating margin trend as the truest indicator of sustainable profitability, as the net margin is currently an unreliable metric due to large, non-recurring gains.
ROIC Turns Positive, But Scale is Nascent
Return on Invested Capital has improved from -1.5% in Q3 2024 to 2.5% in Q4 2026, a positive trend that suggests the company is beginning to generate returns above its cost of capital, though the absolute level remains low.
The shift from negative to positive ROIC is a critical inflection point, indicating that the business is moving from a value-destructive growth phase to one where it can potentially compound capital. This improvement appears driven by both margin expansion and a more efficient use of the balance sheet, as seen in the rising asset turnover. However, the 2.5% return is still modest and highly sensitive to the cost of funds and credit loss provisions, meaning the trend must be sustained through a full credit cycle to validate the business model's long-term viability.
Volatile Leverage Reflects Dynamic Funding
The Debt-to-Equity ratio has been highly volatile, swinging from 0.30 in Q3 2026 to 1.79 in Q4 2026, suggesting a complex and shifting funding strategy that may involve periodic use of warehouse facilities or securitizations.
This volatility in reported leverage is atypical for a traditional lender and points to a capital-light model where the balance sheet is used dynamically to fund loan originations before they are sold or securitized. The interest coverage ratio of 2.43 in the latest quarter appears adequate, but the historical swings (from -0.47 to 2.43) indicate that debt service comfort is highly dependent on the quarter's operational performance and funding mix. Investors should monitor whether this volatility is a sign of sophisticated treasury management or a potential vulnerability if capital markets access tightens.
The Misleading Safety of the Current Ratio
The current ratio, which has swung from 66.90 to 12.73, is the most commonly misapplied metric for Affirm, as it obscures the true liquidity risk inherent in a business model where current assets are predominantly illiquid loans funded by short-term facilities.
For a lending platform like Affirm, the current ratio is a poor measure of liquidity because it treats all current assets as equally liquid. The high ratio is driven by the loan portfolio, which cannot be instantly converted to cash without securitization or sale. The more relevant metric is the company's funding capacity and the terms of its warehouse facilities, which determine its ability to originate new loans. Relying on the current ratio would dangerously overstate Affirm's ability to withstand a sudden stop in capital markets or a spike in loan demand.