Latest Ratios: P/E Ratio 557.5x · EV/EBITDA 249.3x · ROE 1.8%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $27.9B | $23.6B | $9.4B | $4.5B | $5.1B | $18.1B | — | — |
| Enterprise Value | $34.4B | $30.1B | $15.0B | $9.1B | $8.0B | $18.7B | — | — |
| P/E Ratio → | 557.47 | 460.93 | — | — | — | — | — | — |
| P/S Ratio | 8.64 | 7.31 | 4.03 | 2.85 | 3.77 | 20.85 | — | — |
| P/B Ratio | 9.29 | 7.68 | 3.43 | 1.79 | 1.94 | 7.05 | — | — |
| P/FCF | 46.29 | 39.18 | 32.19 | — | — | — | — | — |
| P/OCF | 35.09 | 29.70 | 20.80 | 371.69 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 249.29 | 218.26 | — | — | — | — | — | — |
| EV / EBIT | — | 61.77 | — | — | — | — | — | — |
| EV / FCF | — | 49.99 | 51.44 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.2% | 0.2% | — | — | — | — | — | — |
| FCF Yield | 2.2% | 2.6% | 3.1% | — | — | — | — | — |
| Buyback Yield | 0.9% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.9% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $341M | $310M | $295M | $282M | $269M | $257M | $257M |
Credit loss provisioning volatility
According to current market data, Affirm trades at a P/S ratio of 8.21 and a forward P/E of 63.69, suggesting that investors are pricing in significant future expansion rather than current earnings, which remains a departure from the more modest multiples observed in traditional financial services peers.
The elevated P/E multiple of 529.93 indicates that the market is heavily discounting near-term GAAP profitability in favor of long-term platform scalability. This valuation appears to hinge on the assumption that Affirm will successfully transition from a cyclical lender to a high-frequency payment infrastructure provider, justifying a premium over traditional banking peers like Synchrony.
Based on reported financial statements, Affirm's ROIC has struggled to maintain positive territory, fluctuating between -1.7% and 0.9% over the last ten quarters, which indicates that the company has yet to achieve a sustainable return on the capital deployed to fund its loan originations.
The inability to consistently generate positive ROIC suggests that the cost of capital and credit loss provisions continue to erode the returns generated by the underlying loan book. Investors should monitor whether the recent uptick to 0.9% in 2026Q3 represents a structural improvement in underwriting efficiency or merely a temporary benefit from favorable loan sale accounting.
As reported in recent quarterly filings, Affirm's DSO has shown extreme volatility, peaking at 1477 days in 2026Q3, which suggests that the company's ability to convert receivables into cash is highly sensitive to the specific mix of loan products and the timing of third-party loan sales.
The wide swings in DSO indicate that the company's working capital cycle is not yet stabilized, reflecting the inherent complexity of managing a portfolio that is frequently sold to institutional investors. This lack of consistency in collection cycles warrants further investigation into whether the company is relying on aggressive loan sale timing to manage its short-term liquidity needs.
Based on the provided financial data, the P/E ratio is the most commonly misapplied metric for Affirm, as it fails to account for the significant non-cash impact of stock-based compensation and the volatility inherent in gain-on-sale accounting for loan portfolios.
Using a standard P/E ratio obscures the true earning power of the business by ignoring the substantial dilution and accounting adjustments that characterize the company's path to profitability. Analysts should instead focus on Revenue Less Transaction Costs (RLTC) as a percentage of GMV to better evaluate the underlying unit economics of the platform.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AFRM stock.
Affirm Holdings, Inc.'s current P/E ratio is 557.5x. This places it at the 50th percentile of its historical range.
Affirm Holdings, Inc.'s current EV/EBITDA is 249.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Affirm Holdings, Inc.'s return on equity (ROE) is 1.8%. The historical average is -24.7%.
Based on historical data, Affirm Holdings, Inc. is trading at a P/E of 557.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Affirm Holdings, Inc. has 67.5% gross margin and -2.7% operating margin.
Affirm Holdings, Inc.'s Debt/EBITDA ratio is 57.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.