Affirm (AFRM): analysis in plain words
Is Affirm cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Affirm (AFRM) is listed on the Nasdaq and we classify it in financial services and payments. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Affirm according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Affirm (AFRM) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | $75.59 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 13.7x | Price over earnings per share |
| Revenue growth | +33.0% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 45.3% | Profit for every 100 of sales |
| Net debt / EBITDA | 11.3x | Years of operating profit to repay debt |
| Dividend yield | 0.00% | Annual dividend over price |
| Market cap | $25.5 billion | What the stock market values it at |
The Affirm figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any AFRM figure that is not available shows as N/A: we do not estimate it.
How Affirm makes money
Affirm offers buy now, pay later installment loans at online and in-store merchants such as Amazon and Shopify, and through its own Affirm Card. It earns from fees merchants pay, interest on its loans and gains from selling those loans to investors. It operates in the US, Canada and the UK.
Over the last 12 months, Affirm brought in revenue of $4.3 billion. For every 100 it sells, Affirm keeps 48.9 after the direct cost of what it sells (gross margin) and 12.6 after all operating costs (operating margin).
Affirm against its sector
To know whether a Affirm figure is high or low you have to put it next to similar companies. This table compares Affirm with the median of the 21 financial services and payments companies Fintols covers, with data as of November 4, 2026.
| Figure | Affirm | financial services and payments median |
|---|---|---|
| P/E | 13.7x | 27.9x (21) |
| Revenue growth | +33.0% | +12.4% (24) |
| Net margin | 45.3% | 25.8% (24) |
| Dividend yield | 0.00% | 0.81% (24) |
| Net debt / EBITDA | 11.3x | 0.6x (13) |
In short, against the typical financial services and payments company, Affirm trades on a lower P/E, grows faster and earns a wider margin. By size, Affirm ranks number 20 of 22 financial services and payments companies quoted in USD on Fintols.
The bull case for Affirm
What works in favour of Affirm, according to its figures as of November 4, 2026:
- Affirm grew sales +33.0% in its latest quarter against the same quarter a year earlier, while the median financial services and payments company Fintols tracks grew +12.4%.
- Affirm keeps 45.3 of every 100 it sells as net profit, against 25.8 for the median financial services and payments company: a margin like that leaves money to invest, buy back shares or pay dividends.
- On a P/E basis Affirm trades cheaper than its sector: 13.7x its annual earnings, against 27.9x for the financial services and payments median (21 companies with data).
The main risk for Affirm
Debt is heavy: Affirm carries net debt equal to 11.3x its annual EBITDA. With high interest rates or a weak year, interest payments eat into what it can invest or pay out.
And, like the rest of financial services and payments, Affirm is exposed to a drop in the payment, investment or trading volumes it earns fees on, plus regulation.
Frequently asked questions about Affirm
Is it a good time to buy Affirm stock?
Fintols does not tell you whether to buy or sell Affirm, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Affirm stock trades at $75.59, 16% below its 52-week high ($90.44) and 80% above its low ($42.09). Its P/E is 13.7x against a financial services and payments median of 27.9x, and 15.1x on the earnings analysts expect over the next 12 months. With Affirm, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Affirm pay a dividend?
No. As of November 4, 2026, Affirm does not pay a dividend: what it earns stays in the company to grow, invest or, where it does so, buy back shares. Anyone buying Affirm today is counting on the share price rising, not on income.
Is Affirm stock expensive?
It depends on what you compare it with. On P/E, Affirm trades at 13.7x its last 12 months of earnings: cheaper than the financial services and payments median (27.9x). A high P/E alone does not make Affirm expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Affirm's competitors?
On Fintols we compare Affirm with Upstart, Nu Holdings and Deutsche Börse, which are also in financial services and payments. As of November 4, 2026, Upstart is worth $2.3 billion and trades on a P/E of 38.3; Nu Holdings is worth $57.9 billion and trades on a P/E of 16.4; Deutsche Börse is worth €56.8 billion and trades on a P/E of 26.3. Each has a side-by-side comparison with Affirm below.
Affirm competitors
- Upstart (UPST) analysis · Affirm vs Upstart comparison
- Nu Holdings (NU) analysis · Affirm vs Nu Holdings comparison
- Deutsche Börse (DB1.DE) analysis · Affirm vs Deutsche Börse comparison
To understand Affirm better
More companies like Affirm: financial services and payments stocks. Open the full AFRM analysis with its valuation and scenarios. Educational content about Affirm, not investment advice.