What is the 13F Pro Quality Score for AFRM?

13F Pro ranks Affirm Holdings, Inc. (AFRM) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View AFRM's current score at https://13fpro.ai/research/AFRM (free sign-up required for the full ranking).

Where does 13F Pro source AFRM data?

All Affirm Holdings, Inc. fundamentals and ownership data come directly from SEC EDGAR. Affirm Holdings, Inc. files with the SEC under CIK 1820953. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is AFRM in?

Affirm Holdings, Inc. (AFRM) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

What drives AFRM's revenue?

Per Affirm Holdings, Inc.'s latest 10-Q filed with the SEC on 2026-05-07, the biggest revenue drivers are: Interest income ($1,480.2M, +24% YoY); Merchant network revenue ($847.6M, +32% YoY); Gain on sales of loans ($431.5M, +63% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/AFRM.

What are AFRM's largest expenses?

Affirm Holdings, Inc.'s latest 10-Q reports these as the largest expense items: Provision for credit losses ($573.4M, +25% YoY); Processing and servicing ($454.7M, +38% YoY); Technology and data analytics ($544.6M, +25% YoY). Sourced directly from SEC EDGAR filing text for Q3 FY2026 (nine months ended March 31, 2026).

How often is AFRM research updated on 13F Pro?

AFRM's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Affirm Holdings, Inc.(AFRM)Stock Analysis

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13F Pro Quality Score

71.7/100

Rank #252 of 2,879 stocksTOP 10%

View Financials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

88.4/100

Profitability

89.5/100

Balance Sheet

56.9/100

Earnings Quality

30.0/100

Free Cash Flow

95.6/100

Institutional Flow

55.1/100

Revenue Scale

54.6/100

Dilution Risk

17.0/100

AFRM Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Affirm Holdings, Inc. (AFRM), a Financials sector company. 13F Pro's AI-powered ranking engine scores AFRM at 71.7/100 on a 32-signal composite quality model, placing it at rank #252 of 2,879 stocks — the top 10% of the AI-ranked universe. AFRM scores in the top quartile across free cash flow (95.6), profitability (89.5), revenue growth (88.4). Areas of concern include earnings quality (30.0), which score below median versus the broader universe. Shareholder dilution risk is elevated at 17.0/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q3 2026), Affirm Holdings, Inc. reports quarterly revenue of $1.0B, net income of $102.9M, an operating margin of 8.5%. Top institutional holders of AFRM by reported 13-F value include Capital Research Global Investors, Capital World Investors, MORGAN STANLEY, based on the most recent SEC filings. AFRM trades on the Nasdaq exchange and files with the SEC under CIK 1820953. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate AFRM daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Affirm Holdings, Inc. directly from SEC EDGAR. Affirm Holdings, Inc.'s 13F Pro composite quality score has ranged between 19 and 75 since 2021, currently 71.7 — an improving long-term trajectory across 28 quarterly and live scoring snapshots.

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Fun facts about Affirm Holdings, Inc.

Quirks, history, and lore behind AFRM — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. fintech company · listed on Nasdaq · headquartered in San Francisco · operates in the consumer lending space.
2
The Numbers
Processes tens of billions of dollars in gross merchandise volume annually, yet has spent most of its public life reporting net losses — growth first, profits later (maybe).
3
The History
Founded in 2012 by a co-founder of PayPal, it launched with a mission to make borrowing transparent and interest-simple — no late fees, no gotchas.
4
The Secret
Its secret weapon is underwriting every single loan in real time using its own risk model, rather than outsourcing credit decisions to a bank — which is also why it carries real credit risk on its books.
5
The Lore
CEO Max Levchin has publicly called traditional credit cards a "scam" — bold talk for a man whose company's checkout button appears on Peloton, Walmart, and Amazon.
6
The Giveaway
You've seen the button: "Pay over time — 0% APR, no hidden fees." It's the original big-name buy now, pay later player in the U.S., and its four letters rhyme with "confirm."

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What's Driving AFRM's Business? Latest 10-Q Breakdown

✓ 52/52 datapoints verified

AI-extracted from Affirm Holdings, Inc.'s 10-Q filed 2026-05-07 — Q3 FY2026 (nine months ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Affirm grew net revenue 32% YoY to $3.1B while swinging to $313M net income; GMV surged 37% to $36.1B driven by Affirm Card growth and merchant diversification.

Biggest Revenue Drivers

Total revenue: $3,095.1M+32% YoY

Interest income$1,480.2M+24% YoY

Driven by 24% growth in average loans held for investment and amortization of discount on 0% APR loans

Merchant network revenue$847.6M+32% YoY

GMV growth of 37% to $36.1B, offset by increased loss on loan originations and merchant incentives

Gain on sales of loans$431.5M+63% YoY

Higher loan sale volume ($15.9B, +44%) and favorable transaction economics; repurchase liability decreased

Card network revenue$208.8M+27% YoY

GMV processed by card partners grew 46% to $12.3B; Affirm Card represented 14% of total transactions

Servicing income$127.1M+47% YoY

Average unpaid principal balance of off-balance sheet loans increased 47% driven by higher loan sales

Largest Expense Items

Provision for credit losses$573.4M+25% YoY

Increased provision primarily driven by 24% growth in average loans held for investment

Processing and servicing$454.7M+38% YoY

Payment processing fees up 43%, platform fees up 41%, customer service and collection costs up 44%

Technology and data analytics$544.6M+25% YoY

Amortization of internal software up 36%; data infrastructure and hosting costs up 36%; headcount growth

Loss on loan purchase commitment$235.6M+30% YoY

Increased due to higher loan purchase volume ($28.9B, +34% YoY)

Margins: Operating margin improved to 8.7% for nine months ended March 31, 2026 vs. loss of (6.2%) prior year, reflecting operating leverage from 32% revenue growth outpacing 13% expense growth. Gross revenue (before operating expenses) grew faster than cost structure as loan portfolio and transaction volumes scaled.

Watch Items from the Filing

Amazon concentration: GMV from Amazon represented 20% and 22% of total GMV for Q3 and nine months ended March 31, 2026, respectively. Commercial agreement amended in November 2025 with warrant exercise price modified from $100 to $63.06 per share.
Convertible notes due November 2026: $221.3M outstanding 0% convertible senior notes due November 15, 2026 approaching maturity with conversion price of ~$215.65 per share; maturity creates near-term refinancing risk.
Macroeconomic sensitivity: Delinquency rates and provision expenses increased; company manages via underwriting optimization but remains exposed to consumer spending, employment, and interest rate volatility.
Valuation allowance release potential: Recent profitable quarters improve evidence for release of significant domestic valuation allowance; non-cash tax benefit possible if sustained profitability continues in FY2026.
Funding concentration risk: Certain funding sources (private credit funds) face redemption pressures; forward flow arrangements are fixed-term (1–3 years), requiring continuous renewal and renegotiation.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q3 2026

$1.0B

Net Income

Q3 2026

$102.9M

Free Cash Flow

Q3 2026

$325.1M

Operating Margin

Q3 2026

8.5%

ROIC

Q3 2026

0.7%

D/E Ratio

Q3 2026

2.35

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+38.8% YoY

$3.22BFY 2025

FY22 $1.35BFY23 $1.59BFY24 $2.32BFY25 $3.22B

Net Income

+110.1% YoY

$52.2MFY 2025

FY22 $-707.4MFY23 $-985.3MFY24 $-517.8MFY25 $52.2M

Operating Income

+85.8% YoY

$-87.3MFY 2025

FY22 $-866.0MFY23 $-1.20BFY24 $-615.8MFY25 $-87.3M

EPS (Diluted)

+109.0% YoY

$0.15FY 2025

FY22 $-2.51FY23 $-3.34FY24 $-1.67FY25 $0.15

Total Assets

+17.2% YoY

$11.15BFY 2025

FY22 $6.97BFY23 $8.16BFY24 $9.52BFY25 $11.15B

Total Debt

+314.3% YoY

$7.61BFY 2025

FY22 —FY23 —FY24 $1.84BFY25 $7.61B

Op. Cash Flow

+76.4% YoY

$793.9MFY 2025

FY22 $-162.2MFY23 $12.2MFY24 $450.1MFY25 $793.9M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2019
Revenue	$3.22B +38.8%	$2.32B +46.3%	$1.59B +17.7%	$1.35B +55.0%	$870.5M +229.3%	$264.4M
Net Income	$52.2M +110.1%	$-517.8M +47.5%	$-985.3M -39.3%	$-707.4M -60.4%	$-441.0M -266.1%	$-120.5M
Operating Income	$-87.3M +85.8%	$-615.8M +48.7%	$-1.20B -38.7%	$-866.0M -125.7%	$-383.7M -201.1%	$-127.4M
EPS (Diluted)	$0.15 +109.0%	$-1.67 +50.0%	$-3.34 -33.1%	$-2.51 +14.6%	$-2.94 -3.5%	$-2.84
Total Assets	$11.15B +17.2%	$9.52B +16.7%	$8.16B +16.9%	$6.97B +43.3%	$4.87B	—
Total Debt	$7.61B +314.3%	$1.84B	—	—	—	—
Operating Cash Flow	$793.9M +76.4%	$450.1M +3595.4%	$12.2M +107.5%	$-162.2M +16.0%	$-193.1M -120.3%	$-87.6M

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Available Research

13F Pro tracks comprehensive data for Affirm Holdings, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of AFRM

Capital Research Global Investors
$1.1B24,592,033 sh
Capital World Investors
$1.0B22,512,923 sh
MORGAN STANLEY
$995.0M21,715,982 sh
BlackRock, Inc.
$858.3M18,732,493 sh
FMR LLC
$792.4M17,294,381 sh
VANGUARD CAPITAL MANAGEMENT LLC
$556.8M12,152,375 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$531.5M11,599,993 sh
STATE STREET CORP
$276.3M6,031,141 sh
Durable Capital Partners LP
$258.9M5,649,434 sh
GEODE CAPITAL MANAGEMENT, LLC
$252.4M5,522,772 sh

Fund	Value	Shares
Capital Research Global Investors	$1.1B	24,592,033
Capital World Investors	$1.0B	22,512,923
MORGAN STANLEY	$995.0M	21,715,982
BlackRock, Inc.	$858.3M	18,732,493
FMR LLC	$792.4M	17,294,381
VANGUARD CAPITAL MANAGEMENT LLC	$556.8M	12,152,375
VANGUARD PORTFOLIO MANAGEMENT LLC	$531.5M	11,599,993
STATE STREET CORP	$276.3M	6,031,141
Durable Capital Partners LP	$258.9M	5,649,434
GEODE CAPITAL MANAGEMENT, LLC	$252.4M	5,522,772

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Is AFRM a good stock to buy?

13F Pro's AI-powered analysis of Affirm Holdings, Inc. (AFRM) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for AFRM are available on the AFRM stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own AFRM?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling AFRM. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Affirm Holdings, Inc.'s investment landscape.