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Affirm Holdings, Inc.
NASDAQ: AFRM Financials IT 🔎 Screen
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$23.9B
Market Cap
460.9
P/E
10.88
PEG
3.6%
ROCE
45.1%
ROE
1.83
D/E
9.8%
OPM
-20.4%
% from 52W High
43
α RS
🔍 AFRM is showing a high-conviction setup because it matches 4 of 39 tracked screener presets, Sector RRG has Technology in the Leading quadrant with the trail still rolling over, and it's hugging the 21 EMA. Net: Broad signal stack, not a recommendation. ? Conviction RRG Technicals
Sources
Conviction 4/39 · Technology in Leading quadrant · hugging 21 EMA
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🌏 Global Investor Returns
Currency-adjusted total returns for AFRM including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

Affirm Holdings, Inc. operates payment network in the United States, Canada, and internationally. Its platform offers pay-over-time solutions at checkout for both consumers and merchants. The company’s commerce platform, agreements with originating banks, and capital markets partners enables consumers to pay for a purchase over time. It has active merchants covering small businesses, large enterprises, direct-to-consumer brands, brick-and-mortar stores, and companies with an omni-channel presence. The company’s merchants represent a range of industries, including electronics; equipment and auto; fashion and beauty; general merchandise; home and lifestyle services; sporting goods and outdoors; and travel and ticketing. Affirm Holdings, Inc. was founded in 2012 and is headquartered in San Francisco, California.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding AFRM
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 89.7K $4.1M 0.01% Mar 2026
Jim Simons Renaissance Technologies LLC 5.9K $270K 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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Good quarter Investor Presentation One-Pager? Q3 2026
What Went Right
  • Active merchant count up 44% year-over-year.
  • Card users grew to 4.4 million, adding 700,000 in the quarter.
  • Funding costs decreased 125 basis points year-over-year due to constructive capital markets.
What to Watch
  • Allowance rate elevated due to seasonality and prepayments from tax season.
  • Competitive landscape remains active with competitors reloading.
  • International expansion may cause near-term drag on unit economics.
Management Guidance
  • Q4 growth rate expected to be incrementally more positive.
  • Fiscal 2027 comps easier, Q4 growth rate not a ceiling.
  • No explicit fiscal 2027 guidance provided.
Investor Lens
The thesis strengthens after this call. Network effects are accelerating: more merchants drive more consumers, which fuels card adoption and higher transaction frequency. Capital markets demand is robust, funding costs are declining, and AI investments are boosting engineering productivity without increasing headcount. The company remains focused on its proven model of compounding advantages in underwriting, brand trust, and capital market execution.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Record quarter with 4.4M cardholders and robust growth.
Revenue
Not discussed in detail; no specific revenue figures provided. Management highlighted strong GMV growth and increased merchant count.
Profitability
Not discussed; no net income or EPS figures provided. RLTC margins remain above long-term targets.
Margins
Funding costs decreased 125 basis points year-on-year due to tightening ABS spreads. Operating leverage improved despite investments in AI and international expansion. RLTC margins continue to run above long-term targets.
Balance Sheet
Not discussed in the call.
Key Risks
Credit: Allowance rate increased due to seasonality and elevated prepayments from tax season, but prepayments are a positive credit signal. Competition: Competitors are active but Affirm's underwriting and brand are key advantages. Capital markets: Concerns about private credit unease were dismissed, as funding market remains constructive.
Outlook
Q4 growth expected to be incrementally more positive, with a few points of headwind from the sunset of a top three merchant. Fiscal 2027 comps ease, and Q4 growth rate should not be seen as a ceiling. International expansion investments are underway but not material for fiscal 2026.
Generated by AI · Q3 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q3 2026 Q3 2026 2026-05-07
Record Q3 results driven by robust growth in Pay-in-X and Affirm Card, stable credit performance, and strong funding markets. Merchant and consumer engagement surged, with continued operational efficiency and no AI-related layoffs planned.
Q2 2026 Q2 2026 2026-02-05
Strong quarterly growth driven by Affirm Card, wallet partnerships, and international expansion, with robust consumer credit health and favorable funding conditions. RLTC margins are expected to remain above 4%, and the business continues to diversify across merchants and verticals.
Q1 2026 Q1 2026 2025-11-06
Secured a five-year Amazon extension, delivered strong growth in direct merchant and consumer channels, and raised operating margin guidance. 0% APR products and Card adoption surged, while capital markets execution and new verticals fueled expansion.
Q4 2025 Q4 2025 2025-08-28
Record Q4 results with accelerating growth, strong credit performance, and 95% repeat transactions. 0% APR loans and Affirm Card adoption are driving expansion, while new AI tools and international launches position the business for further growth.
Q3 2025 Q3 2025 2025-05-08
Improved outlook and strong GMV growth were driven by broad-based merchant and card traction, with 0% APR products fueling high-quality customer acquisition. Credit metrics remain healthy, and new partnerships like Costco and Shopify renewal support future growth.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Information Sources:
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