Last 23 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 38.2x, down 97.3% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 58.9% YoY to 43.4x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 492.80 | 38.18 | 50.29 | 79.43 | 86.42 | 1394.75 | 66.20 | — | — | — | — | — | — |
| — | -97.3% | -24.0% | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 7.64 | 14.88 | 5.79 | 6.82 | 6.76 | 4.97 | 6.07 | 4.65 | 3.61 | 5.05 | 6.39 | 3.25 | 2.58 |
| — | +199.6% | -4.6% | +46.6% | +86.9% | -1.8% | -5.1% | +42.9% | +40.3% | +130.0% | +259.7% | -13.8% | -27.9% | |
| P/B Ratio | 8.21 | 4.22 | 7.33 | 7.72 | 7.72 | 5.41 | 7.55 | 4.58 | 3.49 | 4.44 | 5.74 | 2.52 | 1.81 |
| — | -22.1% | -2.9% | +68.4% | +121.2% | +21.9% | +31.6% | +82.0% | +92.5% | +232.9% | +407.0% | +18.3% | -8.8% | |
| P/FCF | 40.92 | 12.26 | 55.08 | 19.87 | 251.79 | 24.71 | 19.60 | 21.27 | 78.10 | 18.01 | 106.22 | 25.61 | 60.66 |
| — | -50.4% | +181.0% | -6.6% | +222.4% | +37.2% | -81.5% | -17.0% | +28.8% | — | — | -62.3% | — | |
| EV / EBITDA | 225.85 | 43.41 | 43.55 | 61.98 | 61.82 | 105.55 | 135.05 | — | — | — | — | — | — |
| — | -58.9% | -67.8% | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | — | 34.35 | 41.42 | 42.51 | 47.72 | 35.83 | 818.20 | 74.01 | — | — | — | — |
| — | — | -4.1% | -94.9% | -42.6% | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Affirm Holdings, Inc.'s operating margin was 33.0% in Q3 2026, up 22.5 pp QoQ and up 34.1 pp YoY. This marks the 5th consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 14.2% lags the current quarter, suggesting the recent improvement is above-trend.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.5% | — | 69.4% | 67.7% | 67.7% | 65.4% | 69.5% | 67.2% | 67.6% | 63.0% | 64.5% | 58.0% | 49.9% |
| — | — | -0.1% | +0.7% | +0.1% | +3.8% | +7.8% | +15.8% | +35.7% | +56.0% | +46.1% | +29.2% | +0.1% | |
| Operating Margin | -2.7% | 33.0% | 10.5% | 6.8% | 6.6% | -1.1% | -0.5% | -19.0% | -11.1% | -27.9% | -29.1% | -42.2% | -54.7% |
| — | +3178.5% | +2199.4% | +135.9% | +159.5% | +96.2% | +98.3% | +55.0% | +79.6% | +65.7% | +67.6% | +46.9% | +28.2% | |
| Net Margin | 1.6% | 38.4% | 11.5% | 8.6% | 7.9% | 0.4% | 9.3% | -14.3% | -6.8% | -23.2% | -28.2% | -34.6% | -46.2% |
| — | +10623.9% | +24.4% | +160.3% | +215.4% | +101.5% | +132.9% | +58.5% | +85.2% | +56.9% | +65.0% | +50.2% | +9.7% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.8% | 2.8% | 3.8% | 2.5% | 2.3% | 0.1% | 2.9% | -3.6% | -1.7% | -5.1% | -6.4% | -6.7% | -8.2% |
| — | +2733.0% | +32.4% | +170.4% | +238.2% | +101.9% | +144.6% | +46.5% | +79.4% | +37.8% | +49.5% | +30.6% | -13.8% | |
| ROA | 0.5% | 0.8% | 1.1% | 0.7% | 0.6% | 0.0% | 0.8% | -1.0% | -0.5% | -1.5% | -1.9% | -2.1% | -2.6% |
| — | +2842.5% | +36.1% | +169.9% | +233.0% | +101.8% | +140.8% | +50.8% | +81.7% | +45.4% | +55.7% | +41.6% | +1.2% | |
| ROIC | -0.7% | 0.9% | 0.8% | 0.5% | 0.5% | -0.1% | -0.0% | -1.2% | -0.7% | -1.5% | -1.7% | -2.2% | -2.7% |
| — | +1415.0% | +2430.6% | +142.7% | +169.0% | +95.5% | +97.9% | +47.6% | +74.8% | +58.4% | +63.1% | +44.2% | +34.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Affirm Holdings, Inc.'s Debt/EBITDA ratio is 12.8x, down from 47.5x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 27.9% YoY to 45.51x, tightening the short-term liquidity position.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.56 | 0.30 | 2.59 | 2.41 | 2.56 | 2.56 | 2.69 | 2.51 | 2.42 | 2.44 | 2.37 | 2.21 | 2.15 |
| — | -88.3% | -3.8% | -3.9% | +5.7% | +4.7% | +13.6% | +13.4% | +12.6% | +27.4% | +16.8% | +29.7% | +35.9% | |
| Debt / EBITDA | 56.99 | 12.76 | 47.52 | 61.70 | 64.34 | 144.07 | 148.22 | — | — | — | — | — | — |
| — | -91.1% | -67.9% | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 54.19 | 45.51 | 66.90 | 14.61 | 54.19 | 63.09 | 60.66 | 64.66 | 65.70 | 66.81 | 57.22 | 79.89 | 74.34 |
| — | -27.9% | +10.3% | -77.4% | -17.5% | -5.6% | +6.0% | -19.1% | -11.6% | -9.8% | -17.7% | +38.7% | +40.2% | |
| Quick Ratio | 54.19 | 45.51 | 66.90 | 14.61 | 54.19 | 63.09 | 60.66 | 64.66 | 65.70 | 66.81 | 57.22 | 79.89 | 74.34 |
| — | -27.9% | +10.3% | -77.4% | -17.5% | -5.6% | +6.0% | -19.1% | -11.6% | -9.8% | -17.7% | +38.7% | +40.2% | |
| Interest Coverage | 1.14 | — | 2.19 | 1.75 | 1.68 | 1.05 | 1.77 | 0.06 | 0.54 | -0.47 | -0.98 | -1.31 | -2.29 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying AFRM stock.
Affirm Holdings, Inc.'s current P/E is 492.8x. The average P/E over the last 4 quarters is 63.6x. 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.