Affirm Holdings, Inc. (AFRM)
POSITIVE基本面
72
价格
$77.67
市值
$25.75B
第一部分 · 这家公司值多少
概览
Affirm lets shoppers split a purchase into installment payments at checkout, an alternative to a credit card sold as "buy now, pay later." It partners with online and in-store merchants — including Amazon and Shopify sellers — who offer Affirm as a payment option, and with banks and card networks that help fund the loans. Affirm underwrites each purchase individually using its own risk models, rather than issuing an open-ended credit line the way a traditional card does.
盈利方式
Affirm earns fees from merchants for driving sales and offering the installment option, interest income on the loans it holds, and a growing card-network fee on purchases made with its debit-like card. It also sells some loans to investors rather than keeping them on its own books, booking a gain when the sale price exceeds the loan's carrying value, plus ongoing fees for continuing to service loans it no longer owns.
分部营收
Interest charged on installment loans Affirm holds on its own balance sheet, its single largest revenue source.
Fees paid by merchants for offering Affirm's installment payments at checkout, based on the value of purchases financed.
Profit booked when loans are sold to outside investors, plus ongoing fees for servicing loans Affirm no longer owns.
Interchange fees earned when purchases are made using Affirm's debit-like card rather than through a merchant's checkout integration.
护城河
转换成本 · 狭窄Large merchant partners such as Amazon and Shopify have integrated Affirm directly into their checkout flow, a technical and commercial relationship that took time to build and that a rival would need to replicate deal by deal. But consumers can and do compare buy-now-pay-later offers freely, and merchants can add a competing option alongside Affirm.
需求驱动因素
周期性Volume financed through Affirm tracks discretionary consumer spending on the goods its merchant partners sell, which slows in a weaker economy just as loan defaults tend to rise — a double exposure to the credit cycle. Affirm's own funding costs also move with interest rates, squeezing margins when rates rise.
主要风险
- Concentration with large commerce partners — A significant share of loan volume flows through a small number of large commerce partners, including Amazon and Shopify; losing or renegotiating any one of these relationships on worse terms would materially affect volume.
- Credit risk and loan losses — Affirm bears the risk that consumers do not repay their installment loans, and losses rise in a weaker economy exactly when new loan volume tends to slow.
- Dependence on outside funding — Affirm depends on banks, warehouse facilities and loan investors to fund and buy the loans it originates; a disruption in credit markets could limit its ability to keep lending.
- Interest rate sensitivity — Higher interest rates raise Affirm's own cost of funding loans and can be passed only partly to consumers, compressing the spread the company earns on interest-bearing loans.
看多理由
Buyers argue that Affirm's point-of-sale underwriting model captures a growing share of consumer spending as buy-now-pay-later becomes mainstream, and that deep integrations with large partners like Amazon and Shopify give it distribution rivals would need years to match.
看空理由
Sellers worry that Affirm's business concentrates a meaningful share of volume with a handful of large commerce partners it does not control, that loan losses rise in exactly the economic conditions that also slow new volume, and that dependence on outside funding leaves it exposed to swings in credit markets and interest rates.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年8月23日 with claude-opus-5 — shared with all users
PayPal's Pay in 4 and PayPal Credit put an installment option in front of the same online buyers at the same moment of checkout, backed by a wallet already installed at most US merchants.
A pure-play US buy-now-pay-later provider chasing the same thin-credit-file shoppers and the same mid-market merchant integrations Affirm targets.
Named by Affirm in its 10-K as a pay-over-time rival, Klarna competes for the same US and European online shoppers and the same merchant checkout placement, from fashion and travel to big-ticket retail.
Through Afterpay, integrated into Cash App, Block offers the same pay-in-four installment checkout to the same young US consumers and the same retail merchants Affirm signs up.
The first name on Affirm's own competition list: Synchrony finances the same point-of-sale purchases through store-branded cards and promotional installment plans, especially in home goods, healthcare and electronics.
Cited by Affirm among the card-issuing banks it competes with, Bread Financial sells retailers the same package of private-label credit and split-pay checkout financing.
资产负债表与流动性
营收
$1.36B
最近12个月（截至2026/3/31）
净利润
$382M
最近12个月（截至2026/3/31）
自由现金流
$602M
股东权益合计
$3.07B
负债合计
$8.09B
流动比率
4.20
利息覆盖率
0.74
债务/EBITDA
64.68
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$75.79
当前价格
$77.67
安全边际
-2.5%
公允价值区间
$51.73 - $99.85
估算方法
估值指标
市盈率（P/E）
68.64
ROE
1.7%
市净率（P/B）
1.20
P/FCF
5.79
毛利率
-
ROIC
-
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
-
WACC
14.4%
ROIC − WACC
-
基本面分析标准
通过（16）
- EPS shows upward trend
- P/FCF 5.79
- P/B Ratio 1.20
- Debt/Equity ratio
- Operating Margin 24.0%
- Positive Free Cash Flow
- Return on Tangible Assets
- Low reliance on intangibles
- DCF valuation (Undervalued)
- ROE 11.2%
- Revenue Growth 5Y 44.6%
- Analyst Consensus 76% Buy
- Earnings Surprise avg 71.8%
- Earnings Quality (OCF/NI) 2.64
- Net Margin Trend 28.1% vs -6.0%
- Piotroski F-Score 5/9
未通过（6）
- Price CAGR -5.19%
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Price below Graham Number
- Share Dilution 12.2%
不可用（5）
- ROIC NaN%
- Gross Margin NaN%
- Dividend Payout NaN%
- Current Ratio
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-评分
信号混杂：部分领域需关注
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在发行新股，稀释所有权
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Max Roth Levchin | Founder, CEO & Chairman | 49 |
| Mr. Libor Michalek | President & Director | 51 |
| Mr. Robert W. O'Hare | Chief Financial Officer | 44 |
| Mr. Michael A. Linford | Chief Operating Officer | 42 |
| Ms. Katherine Adkins Esq. | Chief Legal & Compliance Officer and Secretary | 63 |
| Ms. Siphelele Jiyane | Chief Accounting Officer | - |
| Mr. Zane Keller C.F.A. | Head of Investor Relations | - |
| Ms. Brooke E. Major-Reid | Chief Capital Officer | 50 |
| Dr. Wayne Pommen Ph.D. | Chief Revenue Officer | 46 |
| Pat Suh | Senior Vice President of Revenue | - |
审计风险
1
董事会风险
8
薪酬风险
8
股东权利风险
10
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for AFRM, sourced from Markets Gazette.
- 5/13/2026POSITIVEAffirm Unveils Aggressive Expansion Blueprint
Bank of America has reiterated its 'Buy' rating on Affirm Holdings Inc. (AFRM), setting a price target of $88. This optimistic outlook is underpinned by the company's aggressive expansion strategy, highlighted by new product launches and a significant partnership with Shopify. Analysts are particularly bullish on Affirm's potential to capture market share through these initiatives. The firm's ability to innovate and forge strategic alliances is seen as a key driver for future growth, suggesting a positive trajectory for the stock.
- 5/12/2026POSITIVEWhat's Going On With Affirm Stock Today?
Affirm Holdings has announced a strategic partnership with Google, integrating its 'buy now, pay later' (BNPL) solutions directly into Google Search and the Gemini app. This collaboration signifies a major expansion for Affirm into AI-driven shopping experiences, potentially broadening its customer reach and transaction volume significantly. The integration aims to streamline the online purchasing journey for consumers, offering flexible payment options at the point of sale within Google's ecosystem. For investors, this move could represent a substantial growth catalyst, enhancing Affirm's market position and competitive advantage in the rapidly evolving fintech landscape.
- 5/7/2026NEGATIVEAffirm Stock Trades Lower On Q3 Results, Raised Guidance
Affirm Holdings Inc. saw its stock price decline despite raising its full-year guidance. The company reported Q3 results that may have disappointed investors, leading to a sell-off. While the raised outlook suggests management's confidence in future performance, the market's reaction indicates a disconnect between the company's forward-looking statements and current investor sentiment. This could be due to factors such as increased competition, regulatory scrutiny, or concerns about the company's path to profitability. Investors will be closely watching the next earnings call for further clarity on the company's strategic initiatives and financial health.
- 3/18/2026NEGATIVEAffirm Stock Falls Wednesday As Fed Signals Higher Inflation Outlook
Affirm Holdings Inc. shares experienced a decline on Wednesday, influenced by the Federal Reserve's indication of sustained interest rates and a cautious outlook on inflation. The Fed's decision to maintain its current rate policy, coupled with concerns that inflationary pressures might persist longer than anticipated, has led investors to re-evaluate risk exposure. This sentiment is particularly impactful for growth-oriented companies like Affirm, which often rely on favorable borrowing costs and a robust consumer spending environment. The market's reaction suggests a heightened sensitivity to macroeconomic signals that could affect the buy-now-pay-later sector's growth trajectory.
- 3/9/2026POSITIVEThe Best Fintech Stocks to Buy With $500 Right Now
Affirm Holdings Inc. is highlighted as a top fintech stock with significant growth potential, alongside Chime Financial. Affirm, a leading 'buy now, pay later' (BNPL) provider, has demonstrated resilience and innovation in a competitive market. Its stock, trading on the Nasdaq, is seen as an attractive entry point for investors looking to capitalize on the evolving digital payments landscape. The company's focus on user experience and merchant partnerships positions it for continued expansion, making it a compelling choice for those seeking high-growth fintech exposure.
via Markets Gazette