AFRM - Affirm Holdings, Inc.
Price:
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--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$81.93
DETAILS
HIGH:
$100.00
LOW:
$68.00
MEDIAN:
$78.50
CONSENSUS:
$81.93
UPSIDE:
25.62%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Revenue | 3,224.4 | 2,323.0 | 1,588.0 | 1,349.3 | 870.5 | 509.5 | 264.4 |
| Cost of Revenue | 1,047.6 | 845.1 | 873.2 | 576.5 | 322.9 | 172.2 | 108.7 |
| Gross Profit | 2,176.8 | 1,477.9 | 714.8 | 772.8 | 547.5 | 337.3 | 155.6 |
| Operating Expenses | |||||||
| R&D Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 70.8 |
| SG&A Expenses | 979.9 | 1,101.7 | 1,224.7 | 1,109.8 | 565.9 | 146.3 | 105.8 |
| Other Expenses | 1,284.2 | 992.0 | 691.0 | 529.0 | 365.3 | 298.8 | 151.4 |
| Operating Expenses | 2,264.1 | 2,093.7 | 1,915.7 | 1,638.9 | 931.2 | 445.1 | 257.2 |
| Operating Income | |||||||
| Operating Income | (87.3) | (615.8) | (1,200.9) | (866.0) | (383.7) | (107.8) | (101.5) |
| Interest Expense | 425.5 | 344.3 | 183.0 | 69.7 | 52.7 | 32.3 | 25.9 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profitability | |||||||
| EBITDA | 712.0 | (2.2) | (671.6) | (602.4) | (370.7) | (70.5) | (89.3) |
| EBIT | 486.9 | (171.3) | (806.2) | (655.1) | (390.7) | (79.9) | (94.5) |
| Income Before Tax | 61.5 | (515.5) | (989.2) | (724.8) | (443.4) | (112.2) | (120.4) |
| Income Tax Expense | 9.3 | 2.2 | (3.9) | (17.4) | (2.3) | 0.4 | 0.0 |
| Net Income | 52.2 | (517.8) | (985.3) | (707.4) | (441.0) | (112.6) | (120.5) |
| Per Share Data | |||||||
| EPS (Basic) | 0.16 | -1.67 | -3.34 | -2.51 | -1.64 | -0.44 | -0.47 |
| EPS (Diluted) | 0.15 | -1.67 | -3.34 | -2.51 | -1.64 | -0.44 | -0.47 |
| Shares Outstanding | 322.9 | 309.9 | 295.3 | 281.7 | 269.5 | 257.4 | 257.4 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Current Assets | |||||||
| Cash & Cash Equivalents | 1,354.5 | 1,013.1 | 892.0 | 1,255.2 | 1,466.6 | 267.1 | 320.4 |
| Short-Term Investments | 871.4 | 1,131.6 | 1,174.7 | 1,595.4 | 16.2 | 0 | 0 |
| Net Receivables | 7,058.6 | 5,732.2 | 4,414.7 | 2,490.2 | 2,022.6 | 59.0 | 43.1 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 402.0 | 282.3 | 368.0 | 298.3 | 239.1 | 1,007.9 | 712.7 |
| Total Current Assets | 9,758.6 | 8,209.5 | 6,899.4 | 5,676.6 | 3,876.7 | 1,340.3 | 1,080.8 |
| Non-Current Assets | |||||||
| Property, Plant & Equipment | 591.8 | 449.5 | 320.3 | 222.2 | 120.3 | 48.1 | 33.6 |
| Goodwill | 534.2 | 533.4 | 542.6 | 539.5 | 516.5 | 1.3 | 0 |
| Intangible Assets | 12.9 | 13.5 | 34.4 | 78.9 | 67.9 | 2.5 | 0 |
| Long-Term Investments | 40.3 | 73.0 | 43.2 | 43.2 | 11.3 | 1.9 | 669.2 |
| Other Non-Current Assets | 203.3 | 219.4 | 292.5 | 413.4 | 274.2 | 8.2 | (635.1) |
| Total Non-Current Assets | 1,396.3 | 1,310.1 | 1,256.2 | 1,297.2 | 990.2 | 61.9 | 67.7 |
| Total Assets | 11,154.9 | 9,519.6 | 8,155.6 | 6,973.8 | 4,867.0 | 1,402.3 | 1,148.5 |
| Current Liabilities | |||||||
| Account Payables | 82.8 | 41.0 | 28.6 | 33.1 | 57.8 | 18.4 | 10.8 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 180.1 | 125.0 | 92.8 | 107.1 | 108.2 | 36.3 | 19.8 |
| Non-Current Liabilities | |||||||
| Long-Term Debt | 7,821.4 | 6,574.9 | 5,398.4 | 4,078.2 | 1,907.4 | 917.1 | 586.0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 52.5 | 48.3 | 77.6 | 104.5 | 201.0 | 815.9 | 806.2 |
| Total Non-Current Liabilities | 7,905.8 | 6,662.7 | 5,528.6 | 4,248.5 | 2,183.3 | 1,733.0 | 1,392.2 |
| Total Liabilities | 8,085.9 | 6,787.6 | 5,621.4 | 4,355.5 | 2,291.4 | 1,769.3 | 1,411.9 |
| Stockholders' Equity | |||||||
| Common Stock | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| Retained Earnings | (3,056.8) | (3,109.0) | (2,591.2) | (1,605.9) | (898.5) | (447.2) | (318.2) |
| Accumulated Other Comprehensive Income | (15.1) | (21.6) | (15.4) | (7.1) | 6.8 | (0.3) | 0 |
| Total Stockholders' Equity | 3,069.0 | 2,732.0 | 2,534.2 | 2,618.3 | 2,575.5 | (367.1) | (263.4) |
| Total Liabilities & Equity | 11,154.9 | 9,519.6 | 8,155.6 | 6,973.8 | 4,867.0 | 1,402.3 | 1,148.5 |
| Debt Metrics | |||||||
| Total Debt | 7,853.3 | 6,614.3 | 5,451.0 | 4,143.9 | 1,982.3 | 917.1 | 586.0 |
| Net Debt | 6,498.9 | 5,601.2 | 4,559.0 | 2,888.8 | 515.7 | 650.1 | 265.5 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||
| Net Income | 52.2 | (517.8) | (985.3) | (707.4) | (441.0) | (112.6) | (120.5) |
| Depreciation & Amortization | 225.1 | 169.0 | 134.6 | 52.7 | 20.0 | 9.4 | 5.3 |
| Stock-Based Compensation | 321.4 | 344.5 | 451.7 | 391.0 | 292.5 | 0 | 0 |
| Change in Working Capital | (49.8) | (62.4) | (135.0) | (9.9) | (53.7) | 31.0 | (20.7) |
| Other Non-Cash Items | 245.0 | 516.7 | 546.2 | 111.4 | (10.8) | (7.2) | 43.3 |
| Operating Cash Flow | 793.9 | 450.1 | 12.2 | (162.2) | (193.1) | (79.0) | (92.5) |
| Investing Activities | |||||||
| Capital Expenditure | (192.2) | (159.3) | (120.8) | (111.7) | (20.3) | (21.0) | (21.2) |
| Acquisitions | 0 | 0 | (16.1) | (6.0) | (222.4) | 0 | 0 |
| Purchases of Investments | (823.9) | (986.1) | (1,082.1) | (1,841.4) | 0 | 0 | (1,892.5) |
| Sales/Maturities of Investments | 1,215.8 | 1,136.9 | 1,537.5 | 311.0 | 0 | 0 | 147.1 |
| Other Investing Activities | (1,282.8) | (1,316.7) | (1,971.6) | (388.7) | (779.3) | (232.1) | 1,411.1 |
| Investing Cash Flow | (1,083.1) | (1,325.1) | (1,653.1) | (2,011.3) | (1,022.0) | (253.1) | (353.7) |
| Financing Activities | |||||||
| Net Debt Issuance | 1,293.8 | 1,096.5 | 1,430.6 | 2,162.2 | 962.7 | 325.6 | 274.1 |
| Stock Repurchased | (250) | 0 | (0.1) | (0.1) | (0.8) | (41.4) | (17.1) |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (292.4) | (183.3) | (80.5) | (125.0) | (123.7) | 0 | 0 |
| Financing Cash Flow | 751.4 | 913.1 | 1,349.9 | 2,037.1 | 2,577.8 | 302.4 | 566.5 |
| Cash Position | |||||||
| Net Change in Cash | 461.0 | 35.5 | (290.9) | (141.8) | 1,364.5 | (29.6) | 357.8 |
| Cash at Beginning | 1,295.4 | 1,259.9 | 1,550.8 | 1,692.6 | 328.1 | 357.8 | 0 |
| Cash at End | 1,756.4 | 1,295.4 | 1,259.9 | 1,550.8 | 1,692.6 | 328.1 | 357.8 |
| Free Cash Flow | 601.7 | 290.8 | (108.6) | (273.9) | (213.4) | (100.0) | (113.7) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 3,224.4 | 2,323.0 | 1,588.0 | 1,349.3 | 870.5 | 509.5 | 264.4 |
| Gross Profit | 2,176.8 | 1,477.9 | 714.8 | 772.8 | 547.5 | 337.3 | 155.6 |
| Operating Income | (87.3) | (615.8) | (1,200.9) | (866.0) | (383.7) | (107.8) | (101.5) |
| Net Income | 52.2 | (517.8) | (985.3) | (707.4) | (441.0) | (112.6) | (120.5) |
| EPS (Diluted) | 0.15 | -1.67 | -3.34 | -2.51 | -1.64 | -0.44 | -0.47 |
| Balance Sheet | |||||||
| Cash & Equivalents | 1,354.5 | 1,013.1 | 892.0 | 1,255.2 | 1,466.6 | 267.1 | 320.4 |
| Total Assets | 11,154.9 | 9,519.6 | 8,155.6 | 6,973.8 | 4,867.0 | 1,402.3 | 1,148.5 |
| Total Debt | 7,853.3 | 6,614.3 | 5,451.0 | 4,143.9 | 1,982.3 | 917.1 | 586.0 |
| Stockholders' Equity | 3,069.0 | 2,732.0 | 2,534.2 | 2,618.3 | 2,575.5 | (367.1) | (263.4) |
| Cash Flow | |||||||
| Operating Cash Flow | 793.9 | 450.1 | 12.2 | (162.2) | (193.1) | (79.0) | (92.5) |
| Capital Expenditure | (192.2) | (159.3) | (120.8) | (111.7) | (20.3) | (21.0) | (21.2) |
| Free Cash Flow | 601.7 | 290.8 | (108.6) | (273.9) | (213.4) | (100.0) | (113.7) |