Affirm Holdings, Inc. (AFRM) Financial Ratios
7 years of historical data (2019–2025) · Technology · Software - Infrastructure
EV/EBITDA
225.85
+3% vs avg
5yr avg: 218.26
P/FCF
↑
40.92
+15% vs avg
5yr avg: 35.69
30Y Low32.2·High39.2
P/B Ratio
↑
8.21
↑+88% vs avg
5yr avg: 4.38
30Y Low1.8·High7.7
ROE
↑
1.8%
↓+107% vs avg
5yr avg: -24.7%
30Y Low-40%·High2%
Debt/EBITDA
56.99
+0% vs avg
5yr avg: 56.99
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AFRM Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Affirm Holdings, Inc. trades at 492.8x earnings, 7% above its 5-year average of 460.9x, sitting at the 50th percentile of its historical range. Compared to the Technology sector median P/E of 29.0x, the stock trades at a premium of 1599%. On a free-cash-flow basis, the stock trades at 40.9x P/FCF, 15% above the 5-year average of 35.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $24.6B | $23.6B | $9.4B | $4.5B | $5.1B | $18.1B | — | — |
| Enterprise Value | $31.1B | $30.1B | $15.0B | $9.1B | $8.0B | $18.7B | — | — |
| P/E Ratio → | 492.80 | 460.93 | — | — | — | — | — | — |
| P/S Ratio | 7.64 | 7.31 | 4.03 | 2.85 | 3.77 | 20.85 | — | — |
| P/B Ratio | 8.21 | 7.68 | 3.43 | 1.79 | 1.94 | 7.05 | — | — |
| P/FCF | 40.92 | 39.18 | 32.19 | — | — | — | — | — |
| P/OCF | 31.02 | 29.70 | 20.80 | 371.69 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
AFRM EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Affirm Holdings, Inc.'s enterprise value stands at 225.8x EBITDA, roughly in line with its 5-year average of 218.3x. The Technology sector median is 16.7x, placing the stock at a 1249% premium on an enterprise-value basis.
| 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 | 225.85 | 218.26 | — | — | — | — | — | — |
| EV / EBIT | — | 61.77 | — | — | — | — | — | — |
| EV / FCF | — | 49.99 | 51.44 | — | — | — | — | — |
AFRM Profitability
Margins and return-on-capital ratios measuring operating efficiency
Affirm Holdings, Inc. earns an operating margin of -2.7%. Operating margins have expanded from -75.6% to -2.7% over the past 3 years, signaling improving operational efficiency. ROE of 1.8% is modest.
Margins
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% |
Return on Capital
| 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% |
AFRM Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Affirm Holdings, Inc. carries a Debt/EBITDA ratio of 57.0x, which is highly leveraged (1837% above the sector average of 2.9x). Net debt stands at $6.5B ($7.9B total debt minus $1.4B cash). Interest coverage of just 1.1x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 |
AFRM Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Affirm Holdings, Inc.'s current ratio of 54.19x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 74.34x to 54.19x over the past 3 years.
| 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 |
AFRM Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Affirm Holdings, Inc. returns 1.0% to shareholders annually primarily through share buybacks. The earnings yield of 0.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.2% | 0.2% | — | — | — | — | — | — |
| FCF Yield | 2.4% | 2.6% | 3.1% | — | — | — | — | — |
| Buyback Yield | 1.0% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 1.0% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $341M | $310M | $295M | $282M | $269M | $257M | $257M |
Peer Comparison
Compare AFRM with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AFRMYou | $25B | 492.8 | 225.8 | 40.9 | 67.5% | -2.7% | 1.8% | -0.7% | 57.0 |
 SEZL | $5B | 43.9 | 31.2 | 26.4 | 85.4% | 39.3% | 103.3% | 52.7% | 0.8 |
 LPRO | $368M | -87.1 | 33.2 | — | 75.5% | 6.4% | -5.5% | 2.3% | 10.5 |
 UPST | $3B | 72.1 | 54.3 | — | 95.2% | 5.1% | 7.5% | 1.7% | 23.4 |
 LC | $2B | 16.7 | 3.3 | — | 64.7% | 25.0% | 9.5% | 17.3% | 0.0 |
 SOFI | $23B | 45.9 | 26.0 | — | 75.1% | 11.0% | 5.7% | 3.6% | 2.4 |
 PYPL | $37B | 7.9 | 5.6 | 6.7 | 46.6% | 18.3% | 25.7% | 15.0% | 1.4 |
 ALLY | $14B | 19.2 | 10.6 | — | 52.0% | 8.6% | 5.8% | 2.2% | 8.9 |
 OMF | $7B | 8.9 | 22.2 | 2.2 | 47.6% | 16.0% | 23.8% | 3.0% | 17.6 |
 CACC | $6B | 15.4 | 10.5 | 5.7 | 98.7% | 47.6% | 25.9% | 10.4% | 5.6 |
 SHOP | $141B | 115.8 | 93.3 | 70.4 | 48.1% | 12.7% | 9.8% | 9.4% | 0.1 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 7 years · Updated daily
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AFRM — Frequently Asked Questions
Quick answers to the most common questions about buying AFRM stock.
What is Affirm Holdings, Inc.'s P/E ratio?
Affirm Holdings, Inc.'s current P/E ratio is 492.8x. This places it at the 50th percentile of its historical range.
What is Affirm Holdings, Inc.'s EV/EBITDA?
Affirm Holdings, Inc.'s current EV/EBITDA is 225.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
What is Affirm Holdings, Inc.'s ROE?
Affirm Holdings, Inc.'s return on equity (ROE) is 1.8%. The historical average is -24.7%.
Is AFRM stock overvalued?
Based on historical data, Affirm Holdings, Inc. is trading at a P/E of 492.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Affirm Holdings, Inc.'s profit margins?
Affirm Holdings, Inc. has 67.5% gross margin and -2.7% operating margin.
How much debt does Affirm Holdings, Inc. have?
Affirm Holdings, Inc.'s Debt/EBITDA ratio is 57.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.