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Affirm Holdings, Inc. key statistics and ratios

In fiscal 2026, Affirm Holdings, Inc. had return on equity of 45.1%, an operating margin of 9.8% and debt equal to 179.6% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2019Jun 20192020Jun 20202021Jun 20212022Jun 20222023Jun 20232024Jun 20242025Jun 20252026Jun 2026
Operating margin−48.2%−21.2%−44.1%−64.2%−75.6%−26.5%−2.7%9.8%
Net margin−45.6%−22.1%−50.7%−52.4%−62.0%−22.3%1.6%45.3%
Free-cash-flow margin−40.5%−18.1%−24.5%−18.4%−6.8%12.5%18.7%23.3%
Return on equity——−39.9%−27.2%−38.2%−19.7%1.8%45.1%
Return on assets—−8.0%−14.1%−11.9%−13.0%−5.9%0.5%14.3%
Asset turnover—0.360.280.230.210.260.310.32
Debt to equity——45.7%62.2%85.5%118.5%249.6%179.6%
Interest cover (operating income ÷ interest)n/mn/mn/mn/mn/mn/mn/m0.9x
Effective tax rate——————15.1%—
Capital spending as % of revenue7.3%4.1%2.3%6.4%7.6%6.9%6.0%5.6%
Free cash flow ÷ net income——————>999%51.4%
Dividends and buybacks ÷ free cash flow—————0.0%41.5%0.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

22 /100

Weak moat

How hard Affirm Holdings's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -8.0% of total assets over 7 years.

  • Durability 10 / 20

    Operating margin has been a median -35.3%; its worst year was -75.6%.

  • Cash conversion 6 / 20

    Free cash flow was positive in 3 of 6 years, at a median 2.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (27 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: AFRM vs EEFTAFRM vs WUAFRM vs FOURAFRM vs CPAY

More: Transaction & Payment Processing Services stocks compared, Financials sector, rankings of US companies

Figures from Affirm Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Affirm Holdings, Inc.