Affirm (AFRM)
Market Price (3/5/2026): $50.99 | Market Cap: $17.0 BilSector: Financials | Industry: Consumer Finance
Affirm (AFRM)
Market Price (3/5/2026): $50.99Market Cap: $17.0 BilSector: FinancialsIndustry: Consumer Finance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% | Weak multi-year price returns2Y Excs Rtn is -0.2% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 23x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 20x, P/EPrice/Earnings or Price/(Net Income) is 60x |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7% | |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -38% | Key risksAFRM key risks include [1] intense competitive pressure from rivals like Apple Pay Later, Show more. | |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, and Online Banking & Lending. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -38% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, and Online Banking & Lending. |
| Weak multi-year price returns2Y Excs Rtn is -0.2% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 23x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 20x, P/EPrice/Earnings or Price/(Net Income) is 60x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7% |
| Key risksAFRM key risks include [1] intense competitive pressure from rivals like Apple Pay Later, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Affirm (AFRM) stock has lost about 30% since 11/30/2025 because of the following key factors:
1. Investor concerns following strong Q1 FY2026 earnings.
Despite Affirm reporting robust fiscal Q1 2026 results on November 6, 2025, with Gross Merchandise Volume (GMV) growing 42% year-over-year to $10.8 billion and revenue increasing 34% year-over-year to $933 million, the stock experienced a 7.73% decline in after-hours trading, closing at $65.99. This negative market reaction, despite exceeding analyst expectations for both revenue and earnings per share ($0.24 reported versus an expected $0.11), indicated underlying investor apprehension regarding future growth prospects or broader market conditions.
2. Widening credit losses and cautious guidance after Q2 FY2026 results.
Affirm's stock declined 4.02% following its fiscal Q2 2026 earnings report on February 5, 2026, despite beating expectations with an EPS of $0.37 against an estimated $0.28, and revenue of $1.12 billion representing approximately 30% year-over-year growth. This decline was primarily attributed to investor concerns over "widening credit losses" and "largely in-line guidance" for upcoming quarters, suggesting potential pressure on margins and profitability.
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1. Investor concerns following strong Q1 FY2026 earnings.
Despite Affirm reporting robust fiscal Q1 2026 results on November 6, 2025, with Gross Merchandise Volume (GMV) growing 42% year-over-year to $10.8 billion and revenue increasing 34% year-over-year to $933 million, the stock experienced a 7.73% decline in after-hours trading, closing at $65.99. This negative market reaction, despite exceeding analyst expectations for both revenue and earnings per share ($0.24 reported versus an expected $0.11), indicated underlying investor apprehension regarding future growth prospects or broader market conditions.
2. Widening credit losses and cautious guidance after Q2 FY2026 results.
Affirm's stock declined 4.02% following its fiscal Q2 2026 earnings report on February 5, 2026, despite beating expectations with an EPS of $0.37 against an estimated $0.28, and revenue of $1.12 billion representing approximately 30% year-over-year growth. This decline was primarily attributed to investor concerns over "widening credit losses" and "largely in-line guidance" for upcoming quarters, suggesting potential pressure on margins and profitability.
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Stock Movement Drivers
Fundamental Drivers
The -28.5% change in AFRM stock from 11/30/2025 to 3/4/2026 was primarily driven by a -43.4% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3042026 | Change |
|---|---|---|---|
| Stock Price ($) | 70.95 | 50.72 | -28.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,459 | 3,716 | 7.4% |
| Net Income Margin (%) | 6.7% | 7.6% | 12.8% |
| P/E Multiple | 106.0 | 60.1 | -43.4% |
| Shares Outstanding (Mil) | 348 | 334 | 4.2% |
| Cumulative Contribution | -28.5% |
Market Drivers
11/30/2025 to 3/4/2026| Return | Correlation | |
|---|---|---|
| AFRM | -28.5% | |
| Market (SPY) | 0.3% | 36.7% |
| Sector (XLF) | -3.4% | 45.8% |
Fundamental Drivers
The -42.7% change in AFRM stock from 8/31/2025 to 3/4/2026 was primarily driven by a -89.2% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3042026 | Change |
|---|---|---|---|
| Stock Price ($) | 88.46 | 50.72 | -42.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,224 | 3,716 | 15.2% |
| Net Income Margin (%) | 1.6% | 7.6% | 369.4% |
| P/E Multiple | 554.1 | 60.1 | -89.2% |
| Shares Outstanding (Mil) | 327 | 334 | -2.2% |
| Cumulative Contribution | -42.7% |
Market Drivers
8/31/2025 to 3/4/2026| Return | Correlation | |
|---|---|---|
| AFRM | -42.7% | |
| Market (SPY) | 6.5% | 49.3% |
| Sector (XLF) | -4.3% | 47.6% |
Fundamental Drivers
The -20.9% change in AFRM stock from 2/28/2025 to 3/4/2026 was primarily driven by a -38.2% change in the company's P/S Multiple.| (LTM values as of) | 2282025 | 3042026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.15 | 50.72 | -20.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,800 | 3,716 | 32.7% |
| P/S Multiple | 7.4 | 4.6 | -38.2% |
| Shares Outstanding (Mil) | 322 | 334 | -3.6% |
| Cumulative Contribution | -20.9% |
Market Drivers
2/28/2025 to 3/4/2026| Return | Correlation | |
|---|---|---|
| AFRM | -20.9% | |
| Market (SPY) | 16.3% | 64.2% |
| Sector (XLF) | -0.3% | 59.4% |
Fundamental Drivers
The 272.4% change in AFRM stock from 2/28/2023 to 3/4/2026 was primarily driven by a 151.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3042026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.62 | 50.72 | 272.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,480 | 3,716 | 151.1% |
| P/S Multiple | 2.7 | 4.6 | 68.8% |
| Shares Outstanding (Mil) | 294 | 334 | -12.1% |
| Cumulative Contribution | 272.4% |
Market Drivers
2/28/2023 to 3/4/2026| Return | Correlation | |
|---|---|---|
| AFRM | 272.4% | |
| Market (SPY) | 79.3% | 51.6% |
| Sector (XLF) | 50.8% | 49.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AFRM Return | 3% | -90% | 408% | 24% | 22% | -36% | -51% |
| Peers Return | 71% | -68% | 47% | 272% | 13% | -13% | 196% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 81% |
Monthly Win Rates [3] | |||||||
| AFRM Win Rate | 42% | 25% | 67% | 33% | 58% | 33% | |
| Peers Win Rate | 56% | 29% | 55% | 62% | 53% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| AFRM Max Drawdown | -50% | -91% | -7% | -51% | -41% | -37% | |
| Peers Max Drawdown | -10% | -73% | -33% | -24% | -34% | -24% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PYPL, SEZL, SHOP, BFH, UPST.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/4/2026 (YTD)
How Low Can It Go
| Event | AFRM | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -94.7% | -25.4% |
| % Gain to Breakeven | 1791.4% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
Compare to PYPL, SEZL, SHOP, BFH, UPST
In The Past
Affirm's stock fell -94.7% during the 2022 Inflation Shock from a high on 11/4/2021. A -94.7% loss requires a 1791.4% gain to breakeven.
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About Affirm (AFRM)
Affirm Holdings, Inc. operates a platform for digital and mobile-first commerce in the United States and Canada. The company's platform includes point-of-sale payment solution for consumers, merchant commerce solutions, and a consumer-focused app. Its payments network and partnership with an originating bank, enables consumers to pay for a purchase over time with terms ranging from one to forty-eight months. As of June 30, 2021, the company had approximately 29,000 merchants integrated on its platform covering small businesses, large enterprises, direct-to-consumer brands, brick-and-mortar stores, and companies. Its merchants represent a range of industries, including sporting goods and outdoors, furniture and homewares, travel, apparel, accessories, consumer electronics, and jewelry. The company was founded in 2012 and is headquartered in San Francisco, California.
AI Analysis | Feedback
Like PayPal, but exclusively focused on offering transparent 'buy now, pay later' installment payments directly at checkout.
Imagine a bank's personal loan department, but one that offers instant, fixed-term loans for your online and in-store purchases, right at the point of sale.
AI Analysis | Feedback
- Buy Now, Pay Later (BNPL) Installment Loans: These financial services allow consumers to split purchases into fixed payments over a set period, often with interest or sometimes interest-free.
- Affirm Card: This physical or virtual card enables users to extend Affirm's pay-over-time functionality to a wider range of purchases, leveraging their existing Affirm credit line.
- Affirm Savings Account: A high-yield savings account offered to consumers, provided in partnership with Cross River Bank.
- Merchant Solutions: Affirm provides businesses with tools and platforms to integrate its BNPL options directly into their checkout process, helping merchants increase sales and customer conversion.
AI Analysis | Feedback
Affirm (AFRM) primarily sells its "Buy Now, Pay Later" (BNPL) payment and financing solutions to other companies, specifically merchants, who then offer Affirm as a payment option to their individual customers. Affirm generates revenue through merchant fees and interest charged to consumers on the loans it originates through these partnerships. Therefore, its major customers are the large merchant partners that integrate its platform.
Its major merchant customers and partners include:
- Amazon (AMZN)
- Shopify (SHOP)
- Walmart (WMT)
- Target (TGT)
- Peloton Interactive (PTON)
These companies integrate Affirm's payment platform into their checkout process, enabling their shoppers to split purchases into installments. The high volume of transactions facilitated through these key partnerships represents significant business for Affirm.
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- Cross River Bank
- Amazon Web Services (AMZN)
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Max Levchin, Founder and CEO
Max Levchin co-founded PayPal, serving as its Chief Technology Officer until its acquisition by eBay in 2002. He later founded Slide, a personal media-sharing service, which was acquired by Google in 2010 for $182 million. Levchin also helped create Yelp Inc., where he was Chairman of its Board of Directors from its founding in 2005 until July 2015. He is also the co-founder and Chairman of Glow, a data-driven fertility company, both launched from his innovation lab, HVF (Hard, Valuable, Fun).
Robert O'Hare, Chief Financial Officer
Robert O'Hare was appointed CFO of Affirm in November 2024. Prior to this, he served as Affirm's Senior Vice President of Finance for over four years. He previously held CFO roles at Tile and Spark Networks. O'Hare also worked in finance and strategy at Square (now Block, Inc.), was Director of Financial Planning & Analysis at Pandora, and held roles at Spitfire Capital LLC and Spectrum Equity, a private equity firm.
Libor Michalek, President
Libor Michalek oversees engineering, risk, operations, product, and design at Affirm. He previously served as President of Technology and Chief Technology Officer at Affirm. Before joining Affirm, Michalek was an Engineering Director at YouTube and Google. Earlier in his career, he was the Chief Technology Officer of Slide, a personal media-sharing service, which was acquired by Google in 2010.
Michael Linford, Chief Operating Officer
Michael Linford is the Chief Operating Officer at Affirm, overseeing finance, capital markets, internal audit, and people functions. He previously served as Chief Financial Officer for Hewlett-Packard Enterprise Software, where he led commercial work for all HPE separations and was VP of M&A Integration at HP. Linford also spent seven years as a Principal in the KKR Capstone operations team at global investment firm KKR & CO.
Katherine Adkins, Chief Legal Officer and Chief Compliance Officer
Katherine Adkins has served as Affirm's Chief Legal Officer and Chief Compliance Officer since July 2021. Before joining Affirm, she spent nearly 20 years at the finance arm of Toyota Motor Corp., where she served as Group Vice President, General Counsel, and Secretary of Toyota Financial Services. Adkins has over 25 years of experience in the automotive, financial services, and financial technology industries.
AI Analysis | Feedback
Affirm (AFRM) faces several key risks to its business, primarily stemming from the intensely competitive landscape, exposure to consumer credit risk, and evolving regulatory scrutiny.Competitive Pressure
The Buy Now, Pay Later (BNPL) market is characterized by fierce competition from a growing number of players, including established financial institutions like PayPal and Klarna, as well as newer entrants such as Apple Pay Later. This intense competition can significantly impact Affirm's market share, pricing strategies, and the fees it charges merchants, ultimately pressuring profitability. Merchants have various alternative payment solutions, enabling them to negotiate for lower fees or switch to rival providers if Affirm does not offer sufficient value. This competitive environment can also incentivize Affirm to offer more 0% APR financing, which may lead to lower take rates and reduced revenue per transaction.Credit Risk and Macroeconomic Conditions
Affirm's business model is highly susceptible to consumer credit risk and broader macroeconomic fluctuations. Factors such as rising interest rates, an increasingly indebted consumer population, and a challenging job market can elevate the risk of default on discretionary BNPL loans. While Affirm utilizes proprietary risk models and machine learning to assess creditworthiness, a significant increase in default rates could materially impair its revenue growth and undermine investor confidence. Consumers can incur interest rates as high as 36% APR on Affirm loans, which further compounds the risk for borrowers who may struggle with timely repayments. Missed payments can negatively impact a borrower's credit score, potentially by 30 to 100 points.Regulatory Uncertainty
The BNPL industry is operating under increasing scrutiny from regulatory bodies, including the Consumer Financial Protection Bureau (CFPB). Regulators are considering implementing rules that would require BNPL providers to adhere to regulations similar to those applied to credit card companies. Such regulatory changes could lead to increased compliance costs, tighter margins, and reduced product flexibility for Affirm. Affirm has expressed concerns that applying credit card regulations directly to BNPL transactions could create confusion for both companies and consumers, advocating instead for BNPL-specific rules.AI Analysis | Feedback
- Intensified competition from established technology companies and financial institutions: The rollout and expansion of offerings like Apple Pay Later, as well as similar installment payment options from PayPal and major banks (e.g., Citi Flex Pay, Chase My Chase Plan), directly compete with Affirm's core Buy Now, Pay Later (BNPL) service. These competitors possess vast existing customer bases, significant financial resources, and often integrate their solutions directly into their platforms or hardware, potentially bypassing third-party BNPL providers.
- Increased regulatory scrutiny and potential for new regulations: Financial regulators, notably the U.S. Consumer Financial Protection Bureau (CFPB), are actively investigating and considering new rules for the BNPL industry. Potential regulations include requirements for mandatory credit checks, stricter disclosure standards, limits on fees, and reporting consumer payment activity to credit bureaus. Such regulatory changes could significantly increase Affirm's operating costs, constrain its customer acquisition strategies, reduce its addressable market, and alter its profitability model.
AI Analysis | Feedback
Affirm Holdings, Inc. (AFRM) primarily operates in the Buy Now, Pay Later (BNPL) sector, offering point-of-sale installment loans to consumers. Additionally, the company provides the Affirm Card and savings accounts. The addressable market sizes for Affirm's main products and services are as follows:Buy Now, Pay Later (BNPL) / Point-of-Sale Installment Loans
The core of Affirm's business is providing flexible payment options, including interest-free "Pay in 4" and longer-term interest-bearing installment loans.- United States: The Buy Now, Pay Later (BNPL) market in the United States is projected to reach approximately $122.26 billion to $170.32 billion in 2025. Some estimates indicate total spending climbing to $97.25 billion in 2025. Another report indicates the US BNPL market was valued at USD 170.32 billion in 2025 and is on course to reach USD 367.85 billion by 2030. The BNPL sector is projected to expand from its 2024 value of USD 109.00 billion to approximately USD 184.05 billion by the end of 2030.
- Global: The global BNPL market reached $340 billion in 2024 and is expected to grow at a 12.3% CAGR through 2030. Other projections estimate the global market to grow from USD 37.19 billion in 2024 to USD 167.58 billion by 2032 or from USD 19.22 billion in 2024 to USD 83.36 billion by 2034. There is also a more optimistic projection that the BNPL market, valued at $120 billion in 2020, is on track to reach $3.2 trillion by 2030.
Overall U.S. E-commerce Market
Given that online commerce heavily drives the BNPL market, the overall U.S. e-commerce market size is also a relevant addressable market.- United States: The U.S. e-commerce market is expected to reach between $1.25 trillion and $1.29 trillion by the end of 2025. This market reached approximately USD 1.11 Trillion in 2024 and is projected to grow to USD 4.37 Trillion by 2034.
Affirm Card and Savings Account
Specific addressable market sizes for the Affirm Card and its savings accounts, separate from the broader BNPL and financial services ecosystem, are not readily available in the provided information. The Affirm Card's Gross Merchandise Volume (GMV) was $1.4 billion as of November 2025, but this represents Affirm's product volume rather than an overall addressable market for such cards.AI Analysis | Feedback
Affirm (AFRM) is positioned for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market expansions:
- Increased Gross Merchandise Volume (GMV) from a Growing Base of Active Consumers and Merchants: Affirm continues to demonstrate significant growth in its core business metric, Gross Merchandise Volume. The company reported a record GMV of $10.8 billion in Q1 Fiscal Year 2026, marking a 42% increase from the prior year. This growth is fueled by an expanding active consumer base, which reached 24.1 million (up 24% year-over-year), and an increase in transactions per active consumer to 6.1 (up 20%). The expansion of active merchants also contributes to this fundamental growth in transaction volume.
- Expansion and Deepening of Strategic Partnerships and Merchant Integrations: Key partnerships are pivotal for Affirm's revenue growth. The extended agreement with Amazon, now through January 2031, and the expansion with Shopify in the UK are significant contributors to Affirm's robust performance. Affirm is also expanding its wallet partnerships, including integrations with Apple Pay and Google Pay, to move beyond e-commerce into in-store commerce and further embed its buy-now-pay-later options at the point of checkout for a broader network of merchants.
- Growth and Diversification of Product Offerings: The Affirm Card has shown substantial growth, with its Gross Merchandise Volume increasing by 135% and active cardholders reaching 2.8 million. The company plans to further scale the Affirm Card and enhance engagement through personalized incentives. Additionally, Affirm is expanding into new verticals, such as service, automotive repair, and elective medical procedures, and focusing on broadening its 0% APR offerings, which attract a wider range of consumers.
- International Market Expansion: Affirm is actively pursuing growth in new geographies. Following its launch in the UK, the company has plans to extend its operations into Continental Europe and Australia. This international expansion strategy is expected to open new markets and significantly contribute to future revenue generation by reaching a larger global consumer and merchant base.
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Share Repurchases
- Affirm repurchased $250 million of common stock in connection with the issuance of 2029 Notes.
- The board authorized the repurchase of up to $200 million in outstanding 2026 convertible notes for the period from July 1, 2025, through December 31, 2025.
- As of September 30, 2025, $174 million of this authorization for convertible note repurchases remained available.
Share Issuance
- As of June 30, 2025, 284,378,565 shares of Class A common stock were issued and outstanding, an increase from 267,305,456 shares as of June 30, 2024.
- Additional paid-in capital rose to $6,053,917 thousand as of September 30, 2024, from $5,862,555 thousand as of June 30, 2024.
- As of June 30, 2024, there were 43,492,755 shares of Class A common stock available for future grants under the company's plan.
Inbound Investments
- Affirm has issued convertible senior notes with an aggregate principal balance of $1.2 billion.
- The company maintains a revolving credit facility with a $330 million commitment and has drawn $1.1 billion on its warehouse credit facilities.
- Affirm has attracted a diverse array of investors, including insurance companies, alternative asset managers, sovereign wealth funds, pension funds, and hedge funds, through its expanded and diversified capital platform.
Outbound Investments
No information available.
Capital Expenditures
- In fiscal year 2025, Affirm Holdings's capital expenditure was -$192.19 million.
- Stock-based compensation included in capitalized internal-use software amounted to $178,461 thousand for the year ended June 30, 2025.
- Affirm continues to invest in all of its channels and long-term capital partnerships to expand funding capacity, focusing on deepening stable access to funding and driving operational efficiencies.
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| 02282026 | NDAQ | Nasdaq | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | JEF | Jefferies Financial | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | PAYO | Payoneer Global | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | FOUR | Shift4 Payments | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02202026 | COIN | Coinbase Global | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 2.6% | 2.6% | -6.5% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 62.84 |
| Mkt Cap | 10.2 |
| Rev LTM | 3,780 |
| Op Inc LTM | 1,276 |
| FCF LTM | 1,313 |
| FCF 3Y Avg | 962 |
| CFO LTM | 1,433 |
| CFO 3Y Avg | 1,062 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 31.4% |
| Rev Chg 3Y Avg | 15.7% |
| Rev Chg Q | 30.1% |
| QoQ Delta Rev Chg LTM | 7.1% |
| Op Mgn LTM | 18.6% |
| Op Mgn 3Y Avg | 14.3% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 18.5% |
| CFO/Rev 3Y Avg | 18.0% |
| FCF/Rev LTM | 16.7% |
| FCF/Rev 3Y Avg | 14.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 10.2 |
| P/S | 3.6 |
| P/EBIT | 20.8 |
| P/E | 36.8 |
| P/CFO | 13.6 |
| Total Yield | 3.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 1.5% |
| D/E | 0.4 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.2% |
| 3M Rtn | -21.2% |
| 6M Rtn | -23.7% |
| 12M Rtn | 8.2% |
| 3Y Rtn | 146.6% |
| 1M Excs Rtn | -4.6% |
| 3M Excs Rtn | -19.9% |
| 6M Excs Rtn | -31.7% |
| 12M Excs Rtn | -15.6% |
| 3Y Excs Rtn | 84.0% |
Price Behavior
Price Behavior
| Market Price | $50.72 | |
| Market Cap ($ Bil) | 17.0 | |
| First Trading Date | 01/13/2021 | |
| Distance from 52W High | -45.0% | |
| 50 Days | 200 Days | |
| DMA Price | $64.88 | $69.13 |
| DMA Trend | up | down |
| Distance from DMA | -21.8% | -26.6% |
| 3M | 1YR | |
| Volatility | 62.3% | 72.9% |
| Downside Capture | 283.28 | 286.30 |
| Upside Capture | 79.87 | 224.39 |
| Correlation (SPY) | 35.3% | 64.0% |
AFRM Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.12 | 2.23 | 2.20 | 2.77 | 2.44 | 2.76 |
| Up Beta | -3.31 | -0.35 | 0.85 | 1.30 | 2.33 | 2.38 |
| Down Beta | 5.14 | 3.55 | 3.72 | 3.65 | 2.50 | 2.64 |
| Up Capture | 75% | 31% | 51% | 177% | 439% | 22102% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 11 | 20 | 28 | 58 | 131 | 381 |
| Down Capture | 446% | 374% | 278% | 265% | 161% | 113% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 10 | 21 | 33 | 66 | 119 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AFRM | |
|---|---|---|---|---|
| AFRM | -21.4% | 73.2% | -0.02 | - |
| Sector ETF (XLF) | 0.6% | 19.7% | -0.09 | 59.8% |
| Equity (SPY) | 18.5% | 19.2% | 0.76 | 64.5% |
| Gold (GLD) | 78.4% | 26.1% | 2.20 | -7.7% |
| Commodities (DBC) | 19.7% | 17.1% | 0.89 | 15.5% |
| Real Estate (VNQ) | 5.3% | 16.6% | 0.14 | 36.4% |
| Bitcoin (BTCUSD) | -20.7% | 45.1% | -0.38 | 30.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AFRM | |
|---|---|---|---|---|
| AFRM | -12.4% | 96.8% | 0.30 | - |
| Sector ETF (XLF) | 11.2% | 18.8% | 0.48 | 43.2% |
| Equity (SPY) | 13.9% | 17.0% | 0.65 | 54.9% |
| Gold (GLD) | 23.4% | 17.3% | 1.11 | 3.4% |
| Commodities (DBC) | 11.2% | 19.0% | 0.47 | 12.0% |
| Real Estate (VNQ) | 5.2% | 18.8% | 0.18 | 43.1% |
| Bitcoin (BTCUSD) | 7.7% | 56.8% | 0.36 | 30.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AFRM | |
|---|---|---|---|---|
| AFRM | -6.7% | 97.1% | 0.30 | - |
| Sector ETF (XLF) | 13.8% | 22.2% | 0.57 | 42.4% |
| Equity (SPY) | 15.4% | 17.9% | 0.74 | 54.0% |
| Gold (GLD) | 15.0% | 15.6% | 0.80 | 3.7% |
| Commodities (DBC) | 9.0% | 17.6% | 0.42 | 12.0% |
| Real Estate (VNQ) | 6.5% | 20.7% | 0.28 | 42.8% |
| Bitcoin (BTCUSD) | 66.2% | 66.8% | 1.06 | 30.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/5/2026 | |||
| 11/6/2025 | 11.6% | 10.9% | 3.7% |
| 8/28/2025 | 10.6% | 9.2% | -4.3% |
| 5/8/2025 | -14.5% | -4.6% | 13.0% |
| 2/6/2025 | 21.8% | 28.4% | -24.9% |
| 11/7/2024 | -4.7% | 9.1% | 41.1% |
| 8/28/2024 | 31.9% | 25.5% | 30.3% |
| 5/8/2024 | -9.5% | -4.2% | -10.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 11 | 9 |
| # Negative | 11 | 8 | 10 |
| Median Positive | 25.3% | 19.4% | 41.1% |
| Median Negative | -10.9% | -13.4% | -25.3% |
| Max Positive | 34.4% | 50.7% | 93.3% |
| Max Negative | -22.6% | -35.8% | -55.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/28/2025 | 10-K |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/28/2024 | 10-K |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/25/2023 | 10-K |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-Q |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/29/2022 | 10-K |
| 03/31/2022 | 05/13/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | O'Hare, Robert | Chief Financial Officer | Direct | Sell | 12052025 | 70.00 | 8,189 | 573,230 | 95,760 | Form |
| 2 | Levchin, Max R | Chief Executive Officer | Direct | Sell | 9242025 | 89.27 | 651,713 | Form | ||
| 3 | Jiyane, Siphelele | Chief Accounting Officer | Direct | Sell | 9152025 | 85.42 | 12,500 | 1,067,750 | 18,277,061 | Form |
| 4 | Jiyane, Siphelele | Chief Accounting Officer | Direct | Sell | 9082025 | 90.71 | 25,533 | 2,316,098 | 20,542,822 | Form |
| 5 | Adkins, Katherine | Chief Legal Officer | Direct | Sell | 9032025 | 95.00 | 36,878 | 3,503,410 | 10,773,000 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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