Affirm Holdings, Inc. (AFRM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-222.9%

-$93.89

vs $76.40 price

Levered DCF

-$9.24

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.84

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	14.16×	432.13×	-17.86×	-4.59×	-7.2×	-41.07×	-221×	-206.89×
P/B	4.98×	7.27×	3.38×	1.79×	1.94×	7.05×	-68.18×	-95.02×
P/S	6.92×	6.92×	3.98×	2.85×	3.77×	20.85×	49.12×	94.68×
EV / EBITDA	27.78×	40.48×	-6,656.63×	-13.53×	-13.24×	-50.35×	-364.46×	-283.4×
Gross margin	69.1%	67.5%	63.6%	45.0%	57.3%	62.9%	66.2%	58.9%
Operating margin	22.1%	-2.7%	-26.5%	-75.6%	-64.2%	-44.1%	-21.2%	-38.4%
Net margin	48.9%	1.6%	-22.3%	-62.1%	-52.4%	-50.7%	-22.1%	-45.6%
Current ratio	12.73×	54.19×	65.7×	74.34×	53.02×	35.83×	36.91×	54.7×
Debt / equity	1.79×	2.56×	2.42×	2.15×	1.58×	0.77×	-2.5×	-2.22×
Interest coverage	1.92×	-0.21×	-1.79×	-6.56×	-12.43×	-7.28×	-3.34×	-3.92×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	35.2%	1.7%	-19.0%	-38.9%	-27.0%	-17.1%	30.7%	45.7%
Return on invested capital	15.6%	-0.7%	-6.6%	-14.8%	-12.3%	-8.0%	-7.9%	-9.0%
Return on assets	12.2%	0.5%	-5.4%	-12.1%	-10.1%	-9.1%	-8.0%	-10.5%
Free cash flow yield	3.6%	2.7%	3.1%	-2.4%	-5.4%	-1.2%	-0.4%	-0.5%
Earnings yield	7.1%	0.2%	-5.6%	-21.8%	-13.9%	-2.4%	-0.4%	-0.5%
Enterprise value	$34.7B	$28.8B	$14.8B	$9.1B	$8B	$18.7B	$25.7B	$25.3B
Net debt / EBITDA	5.91×	9.13×	-2,511.77×	-6.79×	-4.8×	-1.39×	-9.23×	-2.97×
Cash conversion cycle (days)	1	770	883	1,003	653	783	3	23