Last 22 quarters of trend data · Technology · Software - Infrastructure
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Affirm Holdings, Inc.'s quarterly P/E stands at 50.3x, down 24.0% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 59.7% YoY to 54.4x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 313.20 | 50.29 | 79.43 | 86.42 | 1394.75 | 66.20 | — | — | — | — | — | — | — |
| — | -24.0% | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 4.74 | 19.80 | 6.82 | 6.76 | 4.97 | 6.07 | 4.65 | 3.61 | 5.05 | 6.39 | 3.25 | 2.58 | 2.20 |
| — | +226.3% | +46.6% | +86.9% | -1.8% | -5.1% | +42.9% | +40.3% | +130.0% | +259.7% | -13.8% | -27.9% | -76.4% | |
| P/B Ratio | 5.22 | 7.33 | 7.72 | 7.72 | 5.41 | 7.55 | 4.58 | 3.49 | 4.44 | 5.74 | 2.52 | 1.81 | 1.33 |
| — | -2.9% | +68.4% | +121.2% | +21.9% | +31.6% | +82.0% | +92.5% | +232.9% | +407.0% | +18.3% | -8.8% | -74.0% | |
| P/FCF | 25.38 | 55.08 | 19.87 | 251.79 | 24.71 | 19.60 | 21.27 | 78.10 | 18.01 | 106.22 | 25.61 | 60.66 | — |
| — | +181.0% | -6.6% | +222.4% | +37.2% | -81.5% | -17.0% | +28.8% | — | — | -62.3% | — | — | |
| EV / EBITDA | 158.00 | 54.42 | 61.98 | 61.82 | 105.55 | 135.05 | — | — | — | — | — | — | — |
| — | -59.7% | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | — | 41.42 | 42.51 | 47.72 | 35.83 | 818.20 | 74.01 | — | — | — | — | — |
| — | — | -94.9% | -42.6% | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Affirm Holdings, Inc.'s operating margin was 35.8% in Q2 2026, up 29.0 pp QoQ and up 36.3 pp YoY. This marks the 4th consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 12.0% lags the current quarter, suggesting the recent improvement is above-trend.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.5% | — | 67.7% | 67.7% | 65.4% | 69.5% | 67.2% | 67.6% | 63.0% | 64.5% | 58.0% | 49.9% | 40.4% |
| — | — | +0.7% | +0.1% | +3.8% | +7.8% | +15.8% | +35.7% | +56.0% | +46.1% | +29.2% | +0.1% | -28.7% | |
| Operating Margin | -2.7% | 35.8% | 6.8% | 6.6% | -1.1% | -0.5% | -19.0% | -11.1% | -27.9% | -29.1% | -42.2% | -54.7% | -81.4% |
| — | +7279.8% | +135.9% | +159.5% | +96.2% | +98.3% | +55.0% | +79.6% | +65.7% | +67.6% | +46.9% | +28.2% | -27.4% | |
| Net Margin | 1.6% | 39.5% | 8.6% | 7.9% | 0.4% | 9.3% | -14.3% | -6.8% | -23.2% | -28.2% | -34.6% | -46.2% | -54.0% |
| — | +325.5% | +160.3% | +215.4% | +101.5% | +132.9% | +58.5% | +85.2% | +56.9% | +65.0% | +50.2% | +9.7% | -250.3% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.8% | 3.8% | 2.5% | 2.3% | 0.1% | 2.9% | -3.6% | -1.7% | -5.1% | -6.4% | -6.7% | -8.2% | -8.2% |
| — | +32.4% | +170.4% | +238.2% | +101.9% | +144.6% | +46.5% | +79.4% | +37.8% | +49.5% | +30.6% | -13.8% | -277.9% | |
| ROA | 0.5% | 1.1% | 0.7% | 0.6% | 0.0% | 0.8% | -1.0% | -0.5% | -1.5% | -1.9% | -2.1% | -2.6% | -2.7% |
| — | +36.1% | +169.9% | +233.0% | +101.8% | +140.8% | +50.8% | +81.7% | +45.4% | +55.7% | +41.6% | +1.2% | -243.6% | |
| ROIC | -0.7% | 1.4% | 0.5% | 0.5% | -0.1% | -0.0% | -1.2% | -0.7% | -1.5% | -1.7% | -2.2% | -2.7% | -3.7% |
| — | +3877.2% | +142.7% | +169.0% | +95.5% | +97.9% | +47.6% | +74.8% | +58.4% | +63.1% | +44.2% | +34.7% | +7.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Affirm Holdings, Inc.'s Debt/EBITDA ratio is 9.6x, down from 61.7x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 27.4% YoY to 44.02x, tightening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.56 | 0.32 | 2.41 | 2.56 | 2.56 | 2.69 | 2.51 | 2.42 | 2.44 | 2.37 | 2.21 | 2.15 | 1.92 |
| — | -88.2% | -3.9% | +5.7% | +4.7% | +13.6% | +13.4% | +12.6% | +27.4% | +16.8% | +29.7% | +35.9% | +18.8% | |
| Debt / EBITDA | 56.99 | 9.59 | 61.70 | 64.34 | 144.07 | 148.22 | — | — | — | — | — | — | — |
| — | -93.5% | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 54.19 | 44.02 | 14.61 | 54.19 | 63.09 | 60.66 | 64.66 | 65.70 | 66.81 | 57.22 | 79.89 | 74.34 | 74.04 |
| — | -27.4% | -77.4% | -17.5% | -5.6% | +6.0% | -19.1% | -11.6% | -9.8% | -17.7% | +38.7% | +40.2% | +22.4% | |
| Quick Ratio | 54.19 | 44.02 | 14.61 | 54.19 | 63.09 | 60.66 | 64.66 | 65.70 | 66.81 | 57.22 | 79.89 | 74.34 | 74.04 |
| — | -27.4% | -77.4% | -17.5% | -5.6% | +6.0% | -19.1% | -11.6% | -9.8% | -17.7% | +38.7% | +40.2% | +22.4% | |
| Interest Coverage | -0.21 | — | 0.58 | 0.55 | -0.08 | -0.04 | -1.27 | -0.77 | -1.78 | -2.03 | -2.83 | -3.87 | -6.06 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 22 years · Updated daily
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Start ComparisonAffirm Holdings, Inc.'s current P/E is 313.2x. The average P/E over the last 4 quarters is 402.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Affirm Holdings, Inc.'s current operating margin is -2.7%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Affirm Holdings, Inc.'s business trajectory between earnings reports.