AFRMAffirm Holdings, Inc.
Personal Credit Institutions
- Revenue
- $1.4B
- 30% YoY
- Operating margin
- 28.9%
- 469% YoY
- EBITDA
- $720M
- 423% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 11.3×
- $8.2B net debt
- AI in 10-K
- —
Red flags 2 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashFired64% of net incomeCash flow under 80% of net income
- Dilutive SBCFired21% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear3% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $559M | $627M | $826M | $1.1B | $1.4B | 30% |
| Operating income | −$866M | −$1.2B | −$616M | −$87M | $417M | 578% |
| Net income | −$707M | −$985M | −$518M | $52M | $1.9B | 3598% |
| Operating cash flow | −$162M | $12M | $450M | $794M | $1.2B | 55% |
| Capex | $86M | $121M | $159M | $192M | $238M | 24% |
| Stock-based comp | $391M | $452M | $345M | $321M | $305M | 5.2% |
| Buybacks | $86K | $109K | $0 | $250M | $0 | 100% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $26M | $23M | 121 | 254 |
| FY2025 | $538K | −$1M | 103 | 169 |
| FY2024 | $520K | −$2M | 45 | 143 |
| FY2023 | $410K | $20M | 23 | 99 |
| FY2022 | $478K | −$220M | 27 | 74 |