Affirm - Public Comps and Valuation Multiples

Affirm Overview

About Affirm

Affirm Holdings Inc offers a platform for digital and mobile-first commerce. It comprises a point-of-sale payment solution for consumers, merchant commerce solutions, and a consumer-focused app. The firm generates its revenue from merchant networks and through virtual card networks, among others. Geographically, it generates a majority share of its revenue from the United States, followed by Canada and other regions.

Founded

2019

HQ

Employees

2.2K+

Website

affirm.com

Sectors

Payments POS
BNPL
FinTech

Financials

LTM Revenue $3.4B

LTM EBITDA $890M

EV

$29.5B

Valuation Multiples

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Affirm Financials

As of September 2025, Affirm reported last 12-month revenue of $3.4B and EBITDA of $890M.

In the same period, Affirm generated $1.6B in LTM gross profit and $134M in net income.

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Affirm P&L

In the most recent fiscal year, Affirm reported revenue of $3.2B and EBITDA of $712M.

Affirm expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$3.4B	XXX	$3.2B	XXX	XXX	XXX
Gross Profit	$1.6B	XXX	$2.2B	XXX	XXX	XXX
Gross Margin	46%	XXX	68%	XXX	XXX	XXX
EBITDA	$890M	XXX	$712M	XXX	XXX	XXX
EBITDA Margin	26%	XXX	22%	XXX	XXX	XXX
EBIT	$858M	XXX	$338M	XXX	XXX	XXX
EBIT Margin	25%	XXX	10%	XXX	XXX	XXX
Net Profit	$134M	XXX	$52.2M	XXX	XXX	XXX
Net Margin	4%	XXX	2%	XXX	XXX	XXX
Net Debt	XXX	XXX	$6.5B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Affirm including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $3.4B. EBITDA for the last twelve months was $890M. In the most recent fiscal year, Affirm achieved $3.2B in revenue and $712M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$3.4B	Analyst estimates available to subscribers	$3.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.6B	Analyst estimates available to subscribers	$2.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	46.4% gross margin	Analyst estimates available to subscribers	67.5% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$890M	Analyst estimates available to subscribers	$712M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	25.8% EBITDA margin	Analyst estimates available to subscribers	22.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$858M	Analyst estimates available to subscribers	$338M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	24.9% EBIT margin	Analyst estimates available to subscribers	10.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$134M	Analyst estimates available to subscribers	$52.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	3.9% net profit margin	Analyst estimates available to subscribers	1.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$6.5B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Affirm

This financial data table provides comprehensive performance metrics for Affirm, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Affirm generated $3.4B in revenue over the last twelve months.
The company achieved $890M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.6B.
Net income over the last twelve months reached $134M.

Fiscal Year Performance

In the most recent fiscal year, Affirm reported $3.2B in total revenue.
Fiscal year EBITDA was $712M.
The company maintained a gross profit margin of 67.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was 22.1%.
Net profit margin reached 1.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Affirm. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Affirm Stock Performance

Affirm has current market cap of $23.8B, and EV of $29.5B.

Market Cap Evolution

Affirm Stock Data

As of October 14, 2025, Affirm's stock price is $73.

See Affirm trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$29.5B	$23.8B	XXX	XXX	XXX	XXX	$0.38

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Affirm Valuation Multiples

Affirm's trades at 10.6x EV/Revenue multiple, and 83.0x EV/EBITDA.

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Affirm Financial Valuation Multiples

As of October 14, 2025, Affirm has market cap of $23.8B and EV of $29.5B.

Equity research analysts estimate Affirm's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Affirm has a P/E ratio of 178.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$23.8B	XXX	$23.8B	XXX	XXX	XXX
EV (current)	$29.5B	XXX	$29.5B	XXX	XXX	XXX
EV/Revenue	8.5x	XXX	10.6x	XXX	XXX	XXX
EV/EBITDA	33.1x	XXX	83.0x	XXX	XXX	XXX
EV/EBIT	34.3x	XXX	805.2x	XXX	XXX	XXX
EV/Gross Profit	18.4x	XXX	n/a	XXX	XXX	XXX
P/E	178.3x	XXX	-102.4x	XXX	XXX	XXX
EV/FCF	35.4x	XXX	66.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Affirm Margins & Growth Rates

Affirm's last 12 month revenue growth is 24%

Affirm's revenue per employee in the last FY averaged $1.5M, while opex per employee averaged $0.8M for the same period.

Affirm's rule of 40 is 37% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Affirm's rule of X is 86% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Affirm Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	24%	XXX	27%	XXX	XXX	XXX
EBITDA Margin	26%	XXX	13%	XXX	XXX	XXX
EBITDA Growth	35%	XXX	89%	XXX	XXX	XXX
Rule of 40	37%	XXX	37%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	86%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.8M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	13%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	57%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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