Affirm Holdings
AFRM on Nasdaq. Affirm sells installment loans to shoppers and payment tools to merchants. Market value $20.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to June 2026.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: -20 cents. Above 10 is good.
What you pay for each dollar of net assets: $4.76.
Profit per $100 you pay: $7.39.
Quality score: 46 of 100. Price score: 46 of 100. Our list needs 70 on quality and 60 on price.
$74.88 a share, 78% above its 1-year low
Over the past year the price has ranged from $42.10 to $90.44.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.3bn | $1.6bn | $2.3bn | $3.2bn | $4.3bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.28bn | 0.30bn | 0.31bn | 0.34bn | 0.35bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 37.4% a year
- Buying back its own sharesNo, 24% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.2 billion last quarter, up 33% on a year ago.
- Profit: $1.6 billion, up 2235% on a year ago.
- Spare cash over the past 12 months: $993 million, up from $602 million.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $698m |
| December 2024 | $866m |
| March 2025 | $783m |
| June 2025 | $876m |
| September 2025 | $933m |
| December 2025 | $1.1bn |
| March 2026 | $1.0bn |
| June 2026 | $1.2bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$100m |
| December 2024 | $80m |
| March 2025 | $3m |
| June 2025 | $69m |
| September 2025 | $81m |
| December 2025 | $130m |
| March 2026 | $103m |
| June 2026 | $1.6bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 August 2026
- Next quarterly (estimated, 10-Q)
- 6 August 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 659 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $978,600
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $37m | <0.1% | Added |
| GAMCO InvestorsMario Gabelli | $978,600 | <0.1% | |
| Polen CapitalDan Davidowitz | $730,525 | <0.1% | Added |
Largest holders overall
- Capital Research Global Investors$2.1bnAdded
- Capital World Investors$1.9bnAdded
- Morgan Stanley$1.9bnAdded
- BlackRock$1.6bnAdded
- FMR$1.4bn
- JPMorgan Chase$1.4bnAdded
- Vanguard Capital Management$1.0bn
- Vanguard Portfolio Management$969mAdded
- State Street$518mAdded
- Baillie Gifford$478mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Capital World InvestorsPassive investor7.9%Since 30 June 2026
- Morgan StanleyPassive investorat least 7.1%−1.0 pts(filed with 1 related holder)Since 31 March 2026
- FMR LLCPassive investorat least 6.1%(filed with 1 related holder)Since 31 March 2026
- JPMORGAN CHASE & COPassive investor5.7%0.0 ptsSince 30 June 2026
- BlackRock, Inc.Passive investor5.1%Since 31 December 2025
- GIC Private LimitedPassive investorat least 3.3%(filed with 2 related holders)Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Capital World Investors Passive investor | 7.9% | 30 June 2026 | |
Morgan Stanley Passive investor | at least 7.1%−1.0 pts (filed with 1 related holder) | 31 March 2026 | |
FMR LLC Passive investor | at least 6.1% (filed with 1 related holder) | 31 March 2026 | |
JPMORGAN CHASE & CO Passive investor | 5.7%0.0 pts | 30 June 2026 | |
BlackRock, Inc. Passive investor | 5.1% | 31 December 2025 | |
GIC Private Limited Passive investor | at least 3.3% (filed with 2 related holders) | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $84m, $80m of it under preset trading plans.
- Jiyane SipheleleChief Accounting OfficerSold
- Date
- 14 September 2026
- Shares
- 26,980
- Price
- $72.19
- Value
- $2m
- Jiyane SipheleleChief Accounting OfficerSold
- Date
- 4 September 2026
- Shares
- 25,000
- Price
- $72.41
- Value
- $2m
- Adkins KatherineChief Legal OfficerSoldunder a preset trading plan
- Date
- 3 September 2026
- Shares
- 41,664
- Price
- $75.53
- Value
- $3m
- O'Hare RobertChief Financial OfficerSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 5,886
- Price
- $74.02
- Value
- $435,682
- Adkins KatherineChief Legal OfficerSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 41,664
- Price
- $70.55
- Value
- $3m
- O'Hare RobertChief Financial OfficerSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 15,745
- Price
- $71.60
- Value
- $1m
- Linford MichaelChief Operating OfficerSoldunder a preset trading plan
- Date
- 28 August 2026
- Shares
- 79,219
- Price
- $90.01
- Value
- $7m
- Watson Noel BertramDirectorSoldunder a preset trading plan
- Date
- 12 August 2026
- Shares
- 2,000
- Price
- $77.86
- Value
- $155,720
- Linford MichaelChief Operating OfficerSoldunder a preset trading plan
- Date
- 26 June 2026
- Shares
- 100,000
- Price
- $80.04
- Value
- $8m
- Watson Noel BertramDirectorSoldunder a preset trading plan
- Date
- 13 May 2026
- Shares
- 2,000
- Price
- $65.00
- Value
- $130,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 September 2026 | Jiyane Siphelele Chief Accounting Officer | Sold | 26,980 | $72.19 | $2m |
| 4 September 2026 | Jiyane Siphelele Chief Accounting Officer | Sold | 25,000 | $72.41 | $2m |
| 3 September 2026 | Adkins Katherine Chief Legal Officer | Sold under a preset trading plan | 41,664 | $75.53 | $3m |
| 2 September 2026 | O'Hare Robert Chief Financial Officer | Sold under a preset trading plan | 5,886 | $74.02 | $435,682 |
| 1 September 2026 | Adkins Katherine Chief Legal Officer | Sold under a preset trading plan | 41,664 | $70.55 | $3m |
| 1 September 2026 | O'Hare Robert Chief Financial Officer | Sold under a preset trading plan | 15,745 | $71.60 | $1m |
| 28 August 2026 | Linford Michael Chief Operating Officer | Sold under a preset trading plan | 79,219 | $90.01 | $7m |
| 12 August 2026 | Watson Noel Bertram Director | Sold under a preset trading plan | 2,000 | $77.86 | $155,720 |
| 26 June 2026 | Linford Michael Chief Operating Officer | Sold under a preset trading plan | 100,000 | $80.04 | $8m |
| 13 May 2026 | Watson Noel Bertram Director | Sold under a preset trading plan | 2,000 | $65.00 | $130,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Aug 2026, and no later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.