AFRM Class A Affirm Holdings, Inc. - Class A Common Stock
NASDAQ · Financial Services · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 27, 2026AFRM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Affirm Holdings, Inc. - Class A Common Stock Company overview from Wikipedia
Affirm Holdings, Inc. is an American financial technology company and a point-of-sale lender. Founded in 2012 by PayPal co-founder Max Levchin, it is the largest U.S. based buy now, pay later (BNPL) financier. As of 2026, Affirm reports nearly 28 million users and processes $50 billion in annual payments.
Affirm offers unsecured installment loans at the point-of-sale through various methods. These include payment links at checkout, virtual or physical cards, and integration into third-party digital wallets and banking apps. The company generates revenue by applying a service fee to sellers, charging interest to borrowers, or both, and does not charge a late fee. Affirm also offers a savings account and a debit card. The lender says its loan underwriting involves evaluating transactions by considering credit scores and other pertinent factors, while also incorporating machine learning. Affirm's services are available in the U.S., Canada, the U.K and Australia.
History
2012–2015: Early years
Affirm was founded in 2012 by Max Levchin, Nathan Gettings, Jeffrey Kaditz, and Alex Rampell as part of the initial portfolio of startup studio HVF. Levchin, who co-founded PayPal, became CEO of Affirm in 2014.
2016–2019: Merchant partnerships
In November 2016, Affirm announced the availability of its buy now, pay later (BNPL) service for retailers using the e-commerce platforms of "Kibo Commerce", BigCommerce, "AspDotNetStorefront" and Zen Cart. By that time, Affirm's service was also available for the Salesforce Commerce Cloud, Magento and Shopify. According to Racked in November 2017, Affirm had launched an app which allowed consumers to take out loans for purchases at any retailer. The company aimed at "building and perfecting a new underwriting system", powered by machine learning, to determine consumer creditworthiness. Racked added that the four retailers it spoke to reported "significantly higher sales and more frequent purchases, with Affirm customers". Affirm's use of machine learning in underwriting has also been claimed by the lender to generate "higher loan approval rate compared to its competitors", while ensuring the borrower can "comfortably repay". In 2018, CBS News cited Affirm's BNPL service as an alternative to the traditional credit card, while expressing a caution about the interest rates charged by BNPL services.
Affirm announced a partnership with Walmart in February 2019. Under the partnership, the company's service became available to customers at self-checkout kiosks in store and on the Walmart website.
2020: Initial public offering
On November 18, 2020, Affirm filed with the Securities and Exchange Commission in preparation for an initial public offering (IPO). On December 12, 2020, it was reported that Affirm had postponed its IPO. On January 13, 2021, Affirm listed on the Nasdaq with symbol AFRM, raising about $1.2 billion in its IPO. By the next day, the price of shares had doubled, making Levchin's stake worth about US$2.5 billion.
2021–2022: Growth
In May 2021, Affirm acquired Returnly, a financial technology service company, for US$300 million.
In August 2021, Affirm announced a partnership with Amazon to make its BNPL service available for certain customers of the latter. According to CNBC in October 2021, Affirm had partnered with Target, and also with Apple, to offer financing services. In November 2021, Affirm announced the expansion of its partnership with Amazon, and said that it would be Amazon's exclusive BNPL partner in the United States up to January 2023. In December 2021, the Consumer Financial Protection Bureau (CFPB) said that it was opening an inquiry into BNPL companies including Affirm, Afterpay, Klarna and others. The bureau said that it was particularly concerned about how these payment providers impacted consumer debt accumulation, what consumer protection laws applied and how the companies harvested data. In response, many of the companies, including Affirm, said that they welcomed the CFPB's investigation.
In May 2022, Affirm signed a partnership with digital payments processor Stripe, Inc. to make its "adaptive checkout" service available to Stripe users in the US. In June 2022, Reuters mentioned Affirm as the "biggest BNPL firm in the United States" while noting that the "rising rates" then would hurt BNPL firms and that Apple's entry to the BNPL sector created "more competition". In the same month, according to a Los Angeles Times report, the "securitization packages" of Affirm's BNPL loans were falling in price for investors to buy while becoming more expensive to issue. This was said to happen at the time when rising rates and a cost-of-living crisis were casting a shadow over the BNPL sector. Additionally, the report cited Affirm as an unsecured loan lender which funded about a third of its business through securitizations. In September 2022, Yahoo! Finance reported on the launch of Amazon's partnership with Affirm in Canada, and stated that Affirm's network served nearly 14 million customers and 235,000 merchants. According to Payments Dive in October 2022, Bank of America Securities identified Affirm as the "most frequently used" BNPL app in the US with a 30% market share, while noting a slowdown in BNPL sector growth in the US and worldwide.
2023: Layoff
In February 2023, Affirm announced it would lay off 19 percent of its workforce as part of a restructuring plan and shut down its crypto unit.
In March 2023, U.S. News & World Report cited Affirm as a "lower-interest alternative to a credit card", available for both in-store or online purchases, while also stating that "it has downsides". According to a Payments Dive article in May 2023, Affirm stated that it was partnering with data analytics company FICO to create a "BNPL credit-scoring model", while noting the CFPB's concerns around the "lack of information being furnished in the BNPL space". The article also cited Affirm as the "largest independent BNPL provider" based in the United States.
In May 2023, payment processor Worldpay launched a partnership with Affirm, enabling Worldpay merchants to use Affirm's payment services. The company reported over 17 million consumers and 279,000 merchants, and processed an annual gross merchandise volume (GMV) of $20.2bn for its fiscal year ending June 30, 2023. Then, in September 2023, online travel platform Booking.com joined Affirm's payment network, which also included American Airlines, Cathay Pacific, CheapOair and Vacasa. In November 2023, CNBC reported that Amazon was expanding its partnership with Affirm to allow small business owners who use Amazon's online store to lend Affirm's loans. The expansion was said to be aimed at sole proprietors, cited by CNBC as the most common form of business ownership in the U.S. That same month, Affirm announced a similar partnership, this time with Best Buy, and the launch of a spending account tied to its debit card. The company's President, Libor Michalek, stated that the account would offer savings account-type interest, ATM access and "direct deposit" capability.
2024–2025: International expansion
According to Reuters in April 2024, Affirm had started offering buy now, pay later loans for elective medical procedures. Affirm stated that the share of transactions in this category at 0% annual interest was nearly half, a higher proportion compared to other categories.
In May 2024, the company reported having 18.1 million "active users" and 292,000 "active merchant clients". That same month, the CFPB announced that it would apply some of the same consumer protection rules on BNPL lenders that applied to credit card companies. The new rule was said to require BNPL lenders including Affirm to investigate customer disputes, refund products that have been returned, and provide periodic billing statements — all requirements that credit card companies complied under the Truth in Lending Act. The CFPB added that the new rule was open to comments until August 1, 2024 and set to be "effective in 60 days". May 2024 also saw Google announce the expansion of its partnerships with Affirm and Zip, following an initial pilot earlier in the year. These partnerships involved showing buy now, pay later options from Affirm and Zip when checking out online with Google Pay. The expansion included a roll out of these options to additional "merchant sites and Android apps" for the U.S. users. In the same month, CNBC called Affirm's savings account the "Best For Simplicity".
In June 2024, Apple announced a partnership with Affirm, allowing U.S. users to apply for Affirm's loans through Apple Pay, and subsequently revealed plans to shut down its own "Pay Later" service. According to CNBC, Affirm was slated to "surface" as an option for U.S. Apple Pay users on iPhones and iPads later in the year. In the same month, the company also announced that its customers may have been affected by a data breach at partner bank Evolve Bank & Trust. Affirm added that its systems were not compromised and Affirm card holders could continue using their cards.
In August 2024, Affirm reported processing $26.6bn in GMV for its fiscal year ending June 30, 2024. In September 2024, the company's installment loans became available to shoppers using Apple Pay, as part of the previously announced partnership between Affirm and Apple. Affirm said it processed $28bn in GMV for the year ending September 30, 2024.
In November 2024, Affirm launched its installment loans in the U.K. with interest-free as well as interest-bearing monthly payment options. Among the first merchants offering Affirm as a payment method in the U.K. were Alternative Airlines, the flight booking website, and payments processing firm Fexco. The company also appointed Robert O'Hare as its Chief Financial Officer (CFO), following an earlier announcement to promote Michael Linford, the then-CFO, to the new position of Chief Operating Officer (COO). That same month, Affirm also stated it accounted for a third of the payment value and over half of the revenue in the U.S. BNPL sector.
In February 2025, Affirm and Shopify extended their partnership beyond the U.S., maintaining Affirm as Shopify's exclusive pay-over-time provider. As part of this expansion, Shop Pay Installments launched in Canada, with preparations underway for rollouts in the U.K., Australia, France, Germany and the Netherlands. That same month, Affirm also partnered with FIS to offer pay-over-time services to FIS's banking clients and their customers. It was reported that the partnership would enable banks working with FIS to offer their own version of the "Affirm Card", allowing consumers to access Affirm's installment plans with payments automatically deducted from their checking accounts.
In March 2025, Affirm was replaced by its competitor Klarna as the exclusive BNPL provider at Walmart. This change came after Walmart-backed OnePay was allowed to acquire shares of Klarna through an arrangement. Affirm stated at that time that its partnership with Walmart had generated about 5% of Affirm's GMV and nearly 2% of its adjusted operating income in the second half of 2024, and that Affirm's products were also available via other means such as the Affirm Card. That same month, JPMorgan Chase's payments unit announced a partnership with Affirm, making the latter's BNPL options available at the point of checkout for the bank's network of merchants. These BNPL options would facilitate purchases up to $30,000 while offering repayment periods up to five years. In May 2025, Costco announced a partnership with Affirm to provide Affirm's installment payment options to Costco's customers when making online purchases. The options were available for purchases ranging from $500 to $17,500, and included several monthly payment plans for customers to choose from.
For the year ended June 30, 2025, Affirm reported $3.22 billion in revenue, $52.2 million in net income and an operating loss of $87.3 million, while processing consumer purchases worth $36.7 billion in GMV. The company also said it had $11.15 billion in total assets and $3.07 billion in total stockholders' equity by the end of June 2025. There were 24.1 million consumers and 419,000 merchants using Affirm's services as of September 2025, according to the company.
Also in June 2025, Affirm was added to Russell 1000 Growth Index.
2026–present: Diversification
In late January 2026, Affirm submitted an application to the Nevada Financial Institutions Division and the FDIC to establish an industrial loan company, to be called Affirm Bank. Max Levchin clarified that the underlying motivation was to gain regularity clarity for the company and its partners. He also identified the application as a long-term investment rather than an immediate growth opportunity, stating that the approval could take many years and the outcomes were uncertain.
In February 2026, Affirm reported that it had 25.8 million active consumers, 3.7 million active card holders and 478,000 active merchants, by the end of 2025. In this month, the company signed exclusive distribution deals to get its buy now, pay later loans on Intuit's Quickbooks Payments system and Expedia's platform. Affirm also announced a pilot program allowing some customers to split monthly rent into two payments. The lender said it was not charging renters interest or fees to use the service, but may charge landlords.
In August 2026, Affirm reported 27.8 million customers, 5.2 million card holders, 571,000 active merchants and 2,358 employees. For the full fiscal year ended June 30, 2026, the company processed $50.2 billion in payments, reported annual revenue of $4.26 billion, operating income of $147 million, and net income of $1.93 billion. As of June 30, 2026, Affirm had total assets of $15.79 billion and total equity of $5.48 billion, respectively. In August 2026, the company also appointed Linford as President and announced the availability of Affirm-powered Shop Pay Installments in Australia.
Business
Affirm places its installment payment options in the checkout stage — either online or at self-checkout kiosks in physical stores or in a digital wallet — while determining the shopper's loan eligibility in real-time. Affirm also provides a "virtual card" to consumers to pay for purchases in any online store as well as a physical debit card for use in any store, physical or online.
Affirm raises funding from banks, insurance firms and the capital markets to front up loans. The company makes money by earning a commission from merchants and by charging interest on the loans opted for by the consumers. The commission earned from merchants can sometimes be as high as 12.5%. The interest rates and other loan terms vary, depending on consumers and the merchants they purchase from, according to Affirm. The annual percentage rates (APRs) for the loan interest range from 0% to 36%, the upper limit for the loan is $25,000, and the payback period ranges from 1 to 60 months. Although the lender does not charge late fees, late payments could prevent the borrower from obtaining future loans from Affirm and may also affect their credit score. Affirm says it doesn't charge compound interest and caps its interest.
Affirm states that it evaluates transactions by considering various factors beyond just credit scores, including the time of day and other nuanced details, to assess risk. The company also says that it deters fraud by leveraging an "artificial intelligence-driven analytics system" which attempts to predict a given transaction's likelihood of fraud based on past warning signs.
Products
Affirm's products are designed for merchants, shoppers, and banks.
Among the products offered to merchants is Adaptive Checkout which offers personalized payment options to online shoppers based on user profiles and shopping cart contents. Using real-time algorithms, it presents pre-approved payment plans with bi-weekly or monthly installments for the shoppers to compare and choose one from. The company also offers an AI-powered promotion platform for merchants, called AdaptAI, that allows retailers to offer rewards to shoppers. Those rewards can include exclusive APR rates, special repayment terms or immediate cash savings, according to Affirm. Affirm also offers BoostAI to merchants, which runs automated A/B tests and deploys merchant-funded incentives. According to the company, BoostAI allows merchants to allocate incremental capital to shape financing offers while Affirm determines how best to deploy the capital.
Affirm provides multiple interest-free products to online shoppers. These include Split Pay which offers a bi-weekly Pay in 4 option, a Pay in 2 which allows to split the cost of a purchase into two payments, and a Pay in 30 which allows to pay in full within 30 days of a purchase. The company also provides an Affirm Card to consumers. This card is for use in both physical stores and online, like a regular debit card. It allows consumers to convert debit transactions ranging from $100 to $1,000 into installment payments within 24 hours through an app. The card is connected to the user's bank account, providing an alternative payment method. Additionally, Affirm offers a savings account, called the Affirm Money Account, to consumers. This account pays 3.85% annual interest and has no minimum balance or fee requirements. The account is FDIC insured up to $250,000 per depositor in the event of a bank failure, and is held by Cross River Bank.
Affirm Edge is a product for banks that allows them to embed Affirm's buy now, pay later and installment loans directly into their banking apps.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | AFRM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 12.85Y avg ≈89.2 | ≈89.2 | 17.5 | Undervalued | |
| P/S (TTM) | 5.65Y avg ≈4.8 | ≈4.8 | 2.0 | Overvalued | |
| P/B (MRQ) | 4.45Y avg ≈3.9 | ≈3.9 | 2.1 | Overvalued | |
| Price / FCF (TTM) | 24.05Y avg ≈6.9 | ≈6.9 | · | · | |
| Price / Cash Flow (TTM) | 19.45Y avg ≈82.6 | ≈82.6 | 15.2 | Overvalued | |
| Price / Tangible Book (MRQ) | 4.45Y avg ≈4.7 | ≈4.7 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | AFRM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 9.8%5Y avg ≈-31.8% | ≈-31.8% | 15.7% | Weak | |
| EBITDA Margin (TTM) | 16.9%5Y avg ≈-25.1% | ≈-25.1% | 18.0% | In line | |
| Pretax Margin (TTM) | 11.6%5Y avg ≈-24.9% | ≈-24.9% | 11.6% | In line | |
| Net Profit Margin (TTM) | 45.3%5Y avg ≈-18.0% | ≈-18.0% | 12.3% | Top tier | |
| ROA (TTM) | 14.3%5Y avg ≈-3.2% | ≈-3.2% | 5.7% | Top tier | |
| ROE (TTM) | 45.1%5Y avg ≈-8.2% | ≈-8.2% | 21.6% | Top tier | |
| ROIC | 29.8%5Y avg ≈-14.9% | ≈-14.9% | 18.3% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
Not enough fundamentals data to compute this ratio group yet.
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | AFRM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 32.1%5Y avg ≈38.0% | ≈38.0% | · | · | |
| Revenue CAGR 3Y | 39.0%5Y avg ≈39.4% | ≈39.4% | · | · | |
| Revenue CAGR 5Y | 37.4% | · | · | · | |
| EPS YoY | 3586.7% | · | · | · | |
| Net Income YoY | 3597.9% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | AFRM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.35Y avg ≈0.3 | ≈0.3 | 0.4 | Weak | |
| Revenue / Employee | ≈$1.8M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| Dec. 31, 2026 | Aug 27, 2026 | $4.62 | $0.35 | 1218.5% |
| June 30, 2026 | $4.62 | $0.35 | 1218.5% | |
| March 31, 2026 | $0.30 | $0.20 | 53.5% | |
| Dec. 31, 2025 | $0.37 | $0.27 | 39.1% | |
| Sept. 30, 2025 | $0.23 | $0.11 | 110.4% | |
| June 30, 2025 | $0.20 | $0.11 | 84.0% | |
| March 31, 2025 | $0.01 | $-0.03 | 133.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.26B | $3.22B | $2.32B | $1.59B | $1.35B | $870M | $510M | $264M | |
| SG&A Expense | $578M | $545M | $525M | $586M | $577M | $384M | $121M | $89M | |
| Operating Expenses | $3.84B | $3.31B | $2.94B | $2.79B | $2.22B | $1.25B | $617M | $392M | |
| Operating Income | $417M | $-87M | $-616M | $-1.20B | $-866M | $-384M | $-108M | $-127M | |
| Interest Income | $2.05B | $1.61B | $1.20B | $685M | $528M | $326M | $187M | $119M | |
| Other Non-op | $76M | $149M | $100M | $212M | $141M | $-60M | $-4M | $7M | |
| Pretax Income | $493M | $61M | $-516M | $-989M | $-725M | $-443M | $-112M | $-120M | |
| Income Tax | $-1.44B | $9M | $2M | $-4M | $-17M | $-2M | $376.0K | $36.0K | |
| Net Income | $1.93B | $52M | $-518M | $-985M | $-707M | $-441M | $-113M | $-120M | |
| EPS (Basic) | $5.76 | $0.16 | $-1.67 | $-3.34 | $-2.51 | $-2.78 | $-2.63 | $-2.84 | |
| EPS (Diluted) | $5.53 | $0.15 | $-1.67 | $-3.34 | $-2.51 | $-2.94 | $-2.63 | $-2.84 | |
| Shares (Basic) | 335,155,421 | 322,851,873 | 309,857,129 | 295,343,466 | 281,704,041 | 158,367,923 | 47,856,720 | 47,345,328 | |
| Shares (Diluted) | 348,846,647 | 341,023,566 | 309,857,129 | 295,343,466 | 281,704,041 | 159,244,611 | 47,856,720 | 47,345,328 | |
| EBITDA | $720M | $138M | $-447M | $-1.07B | $-813M | $-359M | · | · |
Balance Sheet
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.63B | $1.35B | $1.01B | $892M | $1.26B | $1.47B | $267M | · | |
| PP&E (Net) | $686M | $573M | $428M | $290M | $171M | $62M | $48M | · | |
| PP&E (Gross) | $1.40B | $1.03B | $670M | $414M | $232M | $95M | $66M | · | |
| Accum. Depreciation | $717M | $455M | $242M | $124M | $60M | $33M | $18M | · | |
| Goodwill | $524M | $534M | $533M | $543M | $540M | $517M | $1M | $1M | |
| Intangibles | $26M | $13M | $14M | $34M | $79M | $68M | $2M | · | |
| Total Assets | $15.79B | $11.15B | $9.52B | $8.16B | $6.97B | $4.87B | $1.40B | · | |
| Total Liabilities | $10.31B | $8.09B | $6.79B | $5.62B | $4.36B | $2.29B | $965M | · | |
| Long-term Debt | $9.79B | $7.61B | $1.84B | · | · | · | · | · | |
| Common Stock | · | · | · | · | · | $0 | $0 | · | |
| Paid-in Capital | $6.65B | $6.14B | $5.86B | $5.14B | $4.23B | $3.47B | $80M | · | |
| Retained Earnings | $-1.13B | $-3.06B | $-3.11B | $-2.59B | $-1.61B | $-898M | $-447M | · | |
| AOCI | $-36M | $-15M | $-22M | $-15M | $-7M | $7M | $-302.0K | · | |
| Stockholders' Equity | $5.48B | $3.07B | $2.73B | $2.53B | $2.62B | $2.58B | $-367M | $-263M | |
| Liabilities + Equity | $15.79B | $11.15B | $9.52B | $8.16B | $6.97B | $4.87B | $1.40B | · | |
| Shares Outstanding | 337,175,699 | 325,112,799 | 311,053,031 | 296,846,217 | 287,365,373 | 269,358,104 | 47,684,427 | 47,078,208 |
Cash Flow
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $303M | $225M | $169M | $135M | $53M | $20M | $9M | $5M | |
| Stock-based Comp | $305M | $321M | $345M | $452M | $391M | $293M | $30M | $34M | |
| Deferred Tax | $-1.46B | $7M | $0 | $-5M | $-18M | $-2M | $-411.0K | $36.0K | |
| Amort. of Intangibles | $200.0K | $1M | $21M | $52M | $24M | $5M | $0 | · | |
| Restructuring | · | · | $7M | $36M | $0 | $0 | · | · | |
| Other Non-cash | $148M | $188M | $454M | $416M | $119M | $-68M | · | · | |
| Operating Cash Flow | $1.23B | $794M | $450M | $12M | $-162M | $-193M | $-71M | $-88M | |
| CapEx | $238M | $192M | $159M | $121M | $86M | $20M | $21M | $19M | |
| Investing Cash Flow | $-2.55B | $-1.08B | $-1.33B | $-1.65B | $-2.01B | $-1.02B | $-253M | $-354M | |
| Stock Repurchased | $0 | $250M | $0 | $109.0K | $86.0K | $800.0K | $19M | $3M | |
| Net Stock Activity | $0 | $-250M | $0 | $-109.0K | $-86.0K | $-800.0K | · | · | |
| Financing Cash Flow | $2.01B | $751M | $913M | $1.35B | $2.04B | $2.58B | $295M | $562M | |
| Net Change in Cash | $677M | $461M | $35M | $-291M | $-142M | $1.36B | $-30M | $120M | |
| Taxes Paid | $7M | · | · | · | · | · | · | · | |
| Free Cash Flow | $993M | $602M | $291M | $-109M | $-248M | $-213M | · | · |
Profitability
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 9.8% | -2.7% | -26.5% | -75.6% | -64.2% | -43.6% | · | · | |
| Net Margin | 45.3% | 1.6% | -22.3% | -62.1% | -52.4% | -49.5% | · | · | |
| Pretax Margin | 11.6% | 1.9% | -22.2% | -62.3% | -53.7% | -49.8% | · | · | |
| EBITDA Margin | 16.9% | 4.3% | -19.2% | -67.1% | -60.3% | -41.3% | · | · | |
| ROA | 14.3% | 0.50% | -5.9% | -13.0% | -11.9% | -13.8% | · | · | |
| ROE | 42.7% | 1.8% | -19.3% | -39.1% | -27.2% | -17.3% | · | · | |
| ROIC | 29.8% | -2.4% | -22.6% | -47.2% | -32.3% | -14.6% | · | · |
Efficiency
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.3 | · | · |
Per Share
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $16.26 | $9.44 | $8.78 | $8.54 | $9.11 | · | · | · | |
| Revenue / Share | $12.21 | $9.46 | $7.50 | $5.38 | $4.79 | $5.47 | · | · | |
| Cash Flow / Share | $3.53 | $2.33 | $1.45 | $0.04 | $-0.58 | $-1.21 | · | · | |
| Cash / Share | $4.83 | $4.17 | $3.26 | $3.00 | $4.37 | · | · | · | |
| EPS (TTM) | $5.53 | $0.15 | $-1.67 | $-3.34 | $-2.51 | $-2.94 | · | · |
Growth Rates
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 32.1% | 38.8% | 46.3% | 17.7% | 55.0% | 70.8% | · | · | |
| Revenue CAGR 3Y | 39.0% | 33.7% | 38.7% | 46.1% | · | · | · | · | |
| Revenue CAGR 5Y | 37.4% | 44.6% | · | · | · | · | · | · | |
| EPS YoY | 3586.7% | · | · | · | · | · | · | · | |
| Net Income YoY | 3597.9% | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.26B | $3.22B | $2.32B | $1.59B | $1.35B | $870M | · | · | |
| Net Income TTM | $1.93B | $52M | $-518M | $-985M | $-707M | $-441M | · | · | |
| Market Cap | $27.50B | $22.48B | $9.40B | $4.55B | $5.19B | $0 | · | · | |
| P/E | 14.7 | 460.9 | -18.1 | -4.6 | -7.2 | -22.9 | · | · | |
| P/S | 6.5 | 7.0 | 4.0 | 2.9 | 3.8 | 0.0 | · | · | |
| P/B | 5.0 | 7.3 | 3.4 | 1.8 | 2.0 | · | · | · | |
| P / Tangible Book | 5.6 | 8.9 | 4.3 | 2.3 | 2.6 | 0.0 | · | · | |
| P / Cash Flow | 22.3 | 28.3 | 20.9 | 373.6 | -32.0 | 0.0 | · | · | |
| P / FCF | 27.7 | 37.4 | 32.3 | -41.9 | -20.9 | 0.0 | · | · | |
| Earnings Yield | 6.8% | 0.22% | -5.5% | -21.8% | -13.9% | -4.4% | · | · |
Income Statement
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.17B | $1.04B | $1.12B | $933M | $876M | $783M | $866M | $698M | $659M | $576M | $591M | $497M | $446M | $381M | $400M | $362M | |
| SG&A Expense | $147M | $145M | $141M | $145M | $133M | $134M | $139M | $138M | $123M | $129M | $133M | $140M | $128M | $139M | $159M | $161M | |
| Operating Expenses | $1.02B | $950M | $1.01B | $870M | $818M | $792M | $871M | $831M | $733M | $737M | $763M | $706M | $690M | $691M | $759M | $649M | |
| Operating Income | $147M | $88M | $118M | $64M | $58M | $-8M | $-4M | $-133M | $-73M | $-161M | $-172M | $-209M | $-244M | $-310M | $-360M | $-287M | |
| Interest Income | $567M | $532M | $494M | $454M | $419M | $403M | $409M | $377M | $338M | $316M | $288M | $263M | $215M | $178M | $155M | $137M | |
| Other Non-op | $22M | $19M | $16M | $19M | $14M | $14M | $87M | $34M | $29M | $28M | $5M | $39M | $37M | $104M | $36M | $36M | |
| Pretax Income | $169M | $107M | $133M | $83M | $72M | $5M | $83M | $-98M | $-44M | $-133M | $-168M | $-171M | $-207M | $-207M | $-324M | $-251M | |
| Income Tax | $-1.45B | $4M | $4M | $2M | $2M | $3M | $2M | $2M | $997.0K | $890.0K | $-700.0K | $1M | $-1M | $-836.0K | $-2M | $-180.0K | |
| Net Income | $1.62B | $103M | $130M | $81M | $69M | $3M | $80M | $-100M | $-45M | $-134M | $-167M | $-172M | $-206M | $-206M | $-322M | $-251M | |
| EPS (Basic) | $4.82 | $0.31 | $0.39 | $0.24 | $0.21 | $0.01 | $0.25 | $-0.31 | $-0.13 | $-0.43 | $-0.54 | $-0.57 | $-0.69 | $-0.69 | $-1.10 | $-0.86 | |
| EPS (Diluted) | $4.63 | $0.30 | $0.37 | $0.23 | $0.22 | $0.01 | $0.23 | $-0.31 | $-0.13 | $-0.43 | $-0.54 | $-0.57 | $-0.69 | $-0.69 | $-1.10 | $-0.86 | |
| Shares (Basic) | · | 337,142,686 | 334,270,750 | 330,238,205 | · | 324,053,967 | 322,282,334 | 318,234,555 | · | 312,626,728 | 307,571,602 | 303,839,670 | · | 297,204,715 | 293,683,331 | 290,929,270 | |
| Shares (Diluted) | · | 348,096,861 | 349,365,762 | 348,278,403 | · | 344,224,332 | 345,196,568 | 318,234,555 | · | 312,626,728 | 307,571,602 | 303,839,670 | · | 297,204,715 | 293,683,331 | 290,929,270 | |
| EBITDA | · | $88M | $118M | $129M | · | $-8M | $-4M | $-86M | · | $-161M | $-172M | $-169M | · | $-310M | $-360M | $-267M |
Balance Sheet
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.63B | $1.72B | $1.53B | $1.43B | $1.35B | $1.35B | $1.20B | $1.05B | $1.01B | $1.27B | $1.04B | $1.08B | $892M | $972M | $1.44B | $1.53B | |
| PP&E (Net) | $686M | $668M | $640M | $614M | $573M | $543M | $506M | $473M | $428M | $402M | $370M | $339M | · | $277M | $249M | $208M | |
| PP&E (Gross) | $1.40B | $1.33B | $1.23B | $1.13B | $1.03B | $940M | $845M | $760M | $670M | $604M | $538M | $481M | · | $382M | $337M | $281M | |
| Accum. Depreciation | $717M | $661M | $587M | $518M | $455M | $396M | $339M | $287M | $242M | $203M | $168M | $142M | · | $105M | $88M | $73M | |
| Goodwill | $524M | $529M | $533M | $530M | $534M | $522M | $522M | $537M | $533M | $536M | $541M | $536M | $543M | $537M | $528M | $525M | |
| Intangibles | $26M | $27M | $13M | $13M | $13M | $12M | $12M | $13M | $14M | $15M | $17M | $20M | · | $48M | $64M | $71M | |
| Total Assets | $15.79B | $13.14B | $12.96B | $11.48B | $11.15B | $10.44B | $10.48B | $10.14B | $9.52B | $9.20B | $9.06B | $8.41B | · | $7.51B | $7.80B | $7.17B | |
| Total Liabilities | $10.31B | $9.36B | $9.41B | $8.18B | $8.09B | $7.56B | $7.70B | $7.30B | $6.79B | $6.58B | $6.43B | $5.84B | · | $5.00B | $5.29B | $4.60B | |
| Long-term Debt | $9.79B | $8.87B | $9.01B | $7.74B | $7.61B | $7.15B | $7.31B | · | · | · | · | · | · | · | · | · | |
| Paid-in Capital | $6.65B | $6.55B | $6.41B | $6.30B | $6.14B | $6.05B | $5.96B | $6.05B | $5.86B | $5.70B | $5.57B | $5.36B | · | $4.92B | $4.72B | $4.45B | |
| Retained Earnings | $-1.13B | $-2.74B | $-2.85B | $-2.98B | $-3.06B | $-3.13B | $-3.13B | $-3.21B | $-3.11B | $-3.06B | $-2.93B | $-2.76B | · | $-2.39B | $-2.18B | $-1.86B | |
| AOCI | $-36M | $-24M | $-17M | $-24M | $-15M | $-45M | $-48M | $-9M | $-22M | $-17M | $-7M | $-25M | · | $-22M | $-27M | $-34M | |
| Stockholders' Equity | $5.48B | $3.78B | $3.55B | $3.30B | $3.07B | $2.87B | $2.79B | $2.84B | $2.73B | $2.62B | $2.63B | $2.57B | $2.53B | $2.51B | $2.51B | $2.56B | |
| Liabilities + Equity | $15.79B | $13.14B | $12.96B | $11.48B | $11.15B | $10.44B | $10.48B | $10.14B | $9.52B | $9.20B | $9.06B | $8.41B | · | $7.51B | $7.80B | $7.17B | |
| Shares Outstanding | 337,175,699 | 334,846,331 | 332,207,105 | 330,048,504 | 325,112,799 | 322,520,741 | 315,735,274 | 313,977,403 | 311,053,031 | 308,538,201 | 305,534,346 | 301,081,887 | 296,846,217 | 294,650,588 | 292,091,780 | 289,492,216 |
Cash Flow
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $87M | $75M | $76M | $65M | $64M | $59M | $55M | $47M | $65M | $37M | $27M | $40M | $43M | $47M | $23M | $21M | |
| Stock-based Comp | $67M | $74M | $78M | $86M | $65M | $76M | $86M | $94M | $65M | $77M | $90M | $112M | $103M | $107M | $122M | $120M | |
| Amort. of Intangibles | $0 | $0 | $100.0K | $100.0K | $100.0K | $0 | $600.0K | $600.0K | $2M | $2M | $3M | $14M | $14M | $24M | $7M | $7M | |
| Restructuring | · | · | · | · | · | · | · | $0 | · | $5M | $100.0K | $2M | · | $35M | $0 | $0 | |
| Other Non-cash | · | · | · | $143M | · | · | · | $156M | · | · | · | $118M | · | · | · | $162M | |
| Operating Cash Flow | $296M | $387M | $174M | $375M | $75M | $210M | $312M | $197M | $69M | $208M | $74M | $99M | $44M | $-54M | $-29M | $51M | |
| CapEx | $67M | $61M | $56M | $54M | $51M | $53M | $44M | $44M | $38M | $46M | $39M | $36M | $25M | $31M | $34M | $31M | |
| Investing Cash Flow | $-1.20B | $149M | $-1.36B | $-140M | $-455M | $36M | $-89M | $-575M | $-538M | $-147M | $-625M | $-16M | $-777M | $-301M | $-692M | $117M | |
| Stock Repurchased | $0 | $0 | · | · | $0 | $0 | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $109.0K | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $-109.0K | |
| Financing Cash Flow | $866M | $-153M | $1.19B | $110M | $387M | $-246M | $144M | $466M | $146M | $112M | $506M | $149M | $610M | $-129M | $670M | $200M | |
| Net Change in Cash | $-41M | $380M | $-3M | $341M | $20M | $-1M | $353M | $89M | $-324M | $172M | $-41M | $229M | $-122M | $-483M | $-49M | $363M | |
| Free Cash Flow | · | · | · | $320M | · | · | · | $153M | · | · | · | $63M | · | · | · | $20M |
Profitability
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | 8.5% | 10.5% | 6.8% | · | -1.1% | -0.50% | -19.0% | · | -27.9% | -29.1% | -42.2% | · | -81.4% | -90.0% | -79.5% | |
| Net Margin | · | 9.9% | 11.5% | 8.6% | · | 0.36% | 9.3% | -14.3% | · | -23.2% | -28.2% | -34.6% | · | -54.0% | -80.7% | -69.5% | |
| Pretax Margin | · | 10.3% | 11.9% | 8.9% | · | 0.68% | 9.6% | -14.1% | · | -23.1% | -28.3% | -34.4% | · | -54.2% | -81.1% | -69.5% | |
| EBITDA Margin | · | 8.5% | 10.5% | 13.8% | · | -1.1% | -0.50% | -12.3% | · | -27.9% | -29.1% | -34.1% | · | -81.4% | -90.0% | -73.7% | |
| ROA | · | 0.87% | 1.1% | 0.75% | · | 0.03% | 0.82% | -1.1% | · | -1.6% | -2.0% | -2.2% | · | -2.8% | -4.4% | -4.0% | |
| ROE | · | 3.1% | 4.1% | 2.6% | · | 0.10% | 3.0% | -3.7% | · | -5.2% | -6.5% | -6.7% | · | -8.1% | -13.0% | -10.2% | |
| ROIC | · | 2.2% | 3.2% | 1.9% | · | -0.15% | -0.15% | -4.8% | · | -6.2% | -6.5% | -8.2% | · | -12.3% | -14.2% | -11.2% |
Efficiency
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 |
Per Share
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | · | $11.30 | $10.68 | $10.00 | · | $8.91 | $8.82 | $9.03 | · | $8.50 | $8.62 | $8.53 | · | $8.52 | $8.59 | $8.85 | |
| Revenue / Share | · | $2.98 | $3.21 | $2.68 | · | $2.28 | $2.51 | $2.19 | · | $1.84 | $1.92 | $1.63 | · | $1.28 | $1.36 | $1.24 | |
| Cash Flow / Share | · | · | · | $1.08 | · | · | · | $0.62 | · | · | · | $0.33 | · | · | · | $0.18 | |
| Cash / Share | · | $5.15 | $4.60 | $4.33 | · | $4.19 | $3.80 | $3.33 | · | $4.13 | $3.39 | $3.58 | · | $3.30 | $4.93 | $5.29 | |
| EPS (TTM) | · | $1.12 | $0.83 | $0.69 | · | $-0.20 | $-0.64 | $-1.41 | · | $-2.23 | $-2.49 | $-3.05 | · | $-3.27 | $-2.77 | $-2.24 |
Valuation (TTM)
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $3.97B | $3.72B | $3.46B | · | $3.01B | $2.80B | $2.52B | · | $2.11B | $1.91B | $1.72B | · | $1.51B | $1.48B | $1.44B | |
| Net Income TTM | · | $382M | $282M | $233M | · | $-62M | $-199M | $-446M | · | $-679M | $-750M | $-906M | · | $-966M | $-815M | $-652M | |
| Market Cap | · | $15.34B | $24.73B | $24.12B | · | $14.57B | $19.23B | $12.82B | · | $11.50B | $15.01B | $6.40B | · | $3.32B | $2.82B | $5.43B | |
| P/E | · | 40.9 | 89.7 | 105.9 | · | -225.9 | -95.2 | -29.0 | · | -16.7 | -19.7 | -7.0 | · | -3.4 | -3.5 | -8.4 | |
| P/S | · | 3.9 | 6.7 | 7.0 | · | 4.8 | 6.9 | 5.1 | · | 5.4 | 7.8 | 3.7 | · | 2.2 | 1.9 | 3.8 | |
| P/B | · | 4.1 | 7.0 | 7.3 | · | 5.1 | 6.9 | 4.5 | · | 4.4 | 5.7 | 2.5 | · | 1.3 | 1.1 | 2.1 | |
| P / Tangible Book | · | 4.8 | 8.2 | 8.8 | · | 6.2 | 8.5 | 5.6 | · | 5.5 | 7.2 | 3.2 | · | 1.7 | 1.5 | 2.8 | |
| P / Cash Flow | · | · | · | 64.4 | · | · | · | 65.1 | · | · | · | 64.8 | · | · | · | 106.0 | |
| Earnings Yield | · | 2.4% | 1.1% | 0.94% | · | -0.44% | -1.1% | -3.5% | · | -6.0% | -5.1% | -14.3% | · | -29.0% | -28.6% | -11.9% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 |
|---|---|---|---|---|---|
| Revenue | $4.26B | $3.22B | $2.32B | $1.59B | $1.35B |
| Operating Margin % | 9.8% | -2.7% | -26.5% | -75.6% | -64.2% |
| Net Income | $1.93B | $52M | $-518M | $-985M | $-707M |
| Diluted EPS | $5.53 | $0.15 | $-1.67 | $-3.34 | $-2.51 |
Not enough fundamentals data to build this statement yet.
| Metric | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 |
|---|---|---|---|---|---|
| Free Cash Flow | $993M | $602M | $291M | $-109M | $-248M |
Institutional owners (13F) 752 filers · $24.3B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 153 (+39 vs prior Q) | 64 (-60 vs prior Q) | 265 (+30 vs prior Q) | 200 (-19 vs prior Q) | +17.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Capital Research Global Investors | $2,120,360,482 | 26,000,572 | 8.73% | Shares |
| Capital World Investors | $1,885,041,505 | 23,115,136 | 7.76% | Shares |
| MORGAN STANLEY | $1,875,672,248 | 23,000,269 | 7.72% | Shares |
| VANGUARD GROUP INC | $1,849,377,542 | 24,847,206 | 7.61% | Shares |
| BlackRock, Inc. | $1,599,483,967 | 19,613,537 | 6.58% | Shares |
| FMR LLC | $1,433,784,085 | 17,581,656 | 5.90% | Shares |
| JPMORGAN CHASE & CO | $1,368,844,827 | 16,722,922 | 5.63% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,004,768,580 | 12,320,890 | 4.14% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $969,336,328 | 11,886,405 | 3.99% | Shares |
| STATE STREET CORP | $517,778,402 | 6,349,214 | 2.13% | Shares |
| BAILLIE GIFFORD & CO | $477,603,203 | 5,856,569 | 1.97% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $464,655,186 | 5,712,491 | 1.91% | Shares |
| Winslow Capital Management, LLC | $373,300,181 | 4,577,562 | 1.54% | Shares |
| Durable Capital Partners LP | $360,891,859 | 4,425,406 | 1.49% | Shares |
| NORGES BANK | $300,202,757 | 3,681,211 | 1.24% | Shares |
| BANK OF AMERICA CORP /DE/ | $231,623,203 | 2,840,260 | 0.95% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $216,629,420 | 2,656,400 | 0.89% | Call option |
| UBS Group AG | $204,789,991 | 2,511,220 | 0.84% | Shares |
| JANE STREET GROUP, LLC | $199,724,105 | 2,449,100 | 0.82% | Put option |
| D1 Capital Partners L.P. | $155,639,072 | 1,908,511 | 0.64% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $152,933,814 | 1,875,338 | 0.63% | Shares |
| NORTHERN TRUST CORP | $147,966,848 | 1,814,431 | 0.61% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $142,557,555 | 1,748,100 | 0.59% | Put option |
| SEI INVESTMENTS CO | $139,083,777 | 1,705,507 | 0.57% | Shares |
| JANE STREET GROUP, LLC | $138,553,450 | 1,699,000 | 0.57% | Call option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $135,125,985 | 1,656,971 | 0.56% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $130,596,061 | 1,601,389 | 0.54% | Shares |
| Allspring Global Investments Holdings, LLC | $127,473,382 | 1,520,255 | 0.52% | Shares |
| Spyglass Capital Management LLC | $125,410,852 | 1,537,840 | 0.52% | Shares |
| 1832 Asset Management L.P. | $125,130,320 | 1,534,400 | 0.52% | Shares |
| Foxhaven Asset Management, LP | $125,110,340 | 1,534,155 | 0.51% | Shares |
| CITADEL ADVISORS LLC | $123,760,280 | 1,517,600 | 0.51% | Call option |
| MILLENNIUM MANAGEMENT LLC | $120,152,834 | 1,473,364 | 0.49% | Shares |
| TREMBLANT CAPITAL GROUP | $119,399,720 | 1,464,129 | 0.49% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $110,271,910 | 1,352,200 | 0.45% | Shares |
| GOLDMAN SACHS GROUP INC | $103,872,547 | 1,273,728 | 0.43% | Shares |
| Atreides Management, LP | $103,817,228 | 1,273,050 | 0.43% | Shares |
| CITADEL ADVISORS LLC | $103,813,150 | 1,273,000 | 0.43% | Put option |
| CITADEL ADVISORS LLC | $101,804,900 | 1,248,374 | 0.42% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $101,440,698 | 1,243,908 | 0.42% | Shares |
| GILDER GAGNON HOWE & CO LLC | $90,364,169 | 1,108,083 | 0.37% | Shares |
| AMERICAN CENTURY COMPANIES INC | $87,808,555 | 1,076,745 | 0.36% | Shares |
| Artemis Investment Management LLP | $78,369,713 | 961,002 | 0.32% | Shares |
| MARSHALL WACE, LLP | $77,528,199 | 950,683 | 0.32% | Shares |
| Bank of New York Mellon Corp | $75,120,866 | 921,164 | 0.31% | Shares |
| Amundi | $69,071,708 | 846,986 | 0.28% | Shares |
| Nuveen, LLC | $64,096,506 | 785,978 | 0.26% | Shares |
| Swiss National Bank | $64,033,060 | 785,200 | 0.26% | Shares |
| FEDERATED HERMES, INC. | $62,962,961 | 772,078 | 0.26% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $60,533,179 | 742,283 | 0.25% | Shares |
Company insiders 22 insiders · 9 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Max R Levchin | Chief Executive Officer | Jan. 5, 2026 M | 0 | 0 | 2 | $-53,747,813 |
| Robert O'Hare | Chief Financial Officer | Sept. 16, 2026 A | 2,734 | 0 | 5 | $-5,048,361 |
| Libor Michalek | President | Sept. 16, 2026 A | 230,477 | 0 | 0 | $0 |
| Michael Linford | President | Sept. 16, 2026 A | 127,770 | 0 | 2 | $-15,134,502 |
| Katherine Adkins | Chief Legal Officer | Sept. 16, 2026 A | 152,439 | 0 | 4 | $-6,086,351 |
| Siphelele Jiyane | Chief Accounting Officer | Sept. 14, 2026 S | 188,711 | 0 | 2 | $-3,757,936 |
| Silvija Martincevic | Chief Commercial Officer | June 1, 2022 M | 36,299 | 0 | 0 | $0 |
| Del Castillo Sharda Caro | Chief Legal Officer | June 30, 2021 M | 40,051 | 0 | 0 | $0 |
| Sandeep Bhandari | Chief Risk & Strategy Officer | June 1, 2021 M | 59,227 | 0 | 0 | $0 |
| Noel Bertram Watson | Director | Aug. 12, 2026 S | 34,076 | 0 | 3 | $-395,720 |
| Jeremy Liew | Director | July 1, 2026 A | 316,632 | 0 | 0 | $0 |
| Jacqueline D Reses | Director | July 1, 2026 A | 49,456 | 0 | 0 | $0 |
| Christa S Quarles | Director | July 1, 2026 A | 69,316 | 0 | 0 | $0 |
| Ryan M. Schneider | Director | July 1, 2026 A | 3,755 | 0 | 0 | $0 |
| Richard A Galanti | Director | July 1, 2026 A | 12,355 | 0 | 0 | $0 |
| Brian Hughes | Director | Dec. 15, 2025 A | 23,355 | 0 | 0 | $0 |
| Rodriquez Manuel Sanchez | Director | Dec. 15, 2025 A | 40,172 | 0 | 0 | $0 |
| Keith Rabois | Director | May 1, 2025 S | 29,343 | 0 | 0 | $0 |
| James D White | Director | Dec. 4, 2023 A | 37,238 | 0 | 0 | $0 |
| Jenny J Ming | Director | Dec. 6, 2022 A | 28,777 | 0 | 0 | $0 |
| Jeremy Philips | Director | Nov. 18, 2021 M | 757,808 | 0 | 0 | $0 |
| GIC Private Ltd | 10% owner | Dec. 11, 2023 S | 1,592,923 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 66 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| CSMD · Professionally Managed Portfolios | 2.48% | 157,552 NS | July 31, 2026 | N-PORT |
| NUMG · Nushares ETF Trust | 2.19% | 106,865 NS | July 31, 2026 | N-PORT |
| IWLG · New York Life Investments Active ET… | 1.35% | 59,042 NS | July 31, 2026 | N-PORT |
| JMID · Janus Detroit Street Trust | 1.24% | 4,108 NS | July 31, 2026 | N-PORT |
| JSMD · Janus Detroit Street Trust | 1.20% | 176,889 NS | July 31, 2026 | N-PORT |
| QQQJ · Invesco Exchange-Traded Fund Trust … | 1.05% | 175,355 SH | Oct. 2, 2026 | Daily |
| FXR · First Trust Exchange-Traded AlphaDE… | 0.79% | 81,522 NS | July 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.59% | 3,510,235 SH | Aug. 19, 2026 | Daily |
| IWP · iShares Trust | 0.56% | 1,578,944 SH | Sept. 11, 2026 | Daily |
| FFLG · FIDELITY COVINGTON TRUST | 0.47% | 38,613 NS | July 31, 2026 | N-PORT |
| RCGE · EA Series Trust | 0.46% | 6,463 NS | July 31, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.44% | 124,033 NS | July 31, 2026 | N-PORT |
| FTC · First Trust Exchange-Traded AlphaDE… | 0.34% | 63,035 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.27% | 3,377,793 SH | Aug. 19, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.27% | 452,589 SH | Aug. 19, 2026 | Daily |
| IMCG · iShares Trust | 0.27% | 156,368 SH | Sept. 11, 2026 | Daily |
| SMMD · iShares Trust | 0.26% | 149,542 SH | Sept. 11, 2026 | Daily |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0.26% | 168,244 NS | July 31, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.26% | 6,076,574 SH | Aug. 19, 2026 | Daily |
| FBCG · FIDELITY COVINGTON TRUST | 0.25% | 244,335 NS | July 31, 2026 | N-PORT |
| IYJ · iShares Trust | 0.24% | 66,599 SH | Sept. 11, 2026 | Daily |
| TRFM · ETF Series Solutions | 0.22% | 7,722 NS | July 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.22% | 72,938 NS | July 31, 2026 | N-PORT |
| SIZE · iShares Trust | 0.20% | 12,639 SH | Sept. 11, 2026 | Daily |
| EUSA · iShares, Inc. | 0.18% | 50,458 SH | Sept. 11, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.17% | 13,698 NS | July 31, 2026 | N-PORT |
| IWR · iShares Trust | 0.14% | 1,147,816 SH | Sept. 11, 2026 | Daily |
| IMCB · iShares Trust | 0.13% | 33,142 SH | Sept. 11, 2026 | Daily |
| TECB · iShares Trust | 0.13% | 9,237 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.12% | 46,553 SH | Oct. 2, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.09% | 29,060 NS | July 31, 2026 | N-PORT |
| RILA · Spinnaker ETF Series | 0.09% | 548 NS | July 31, 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.08% | 17,279 NS | July 31, 2026 | N-PORT |
| USXF · iShares Trust | 0.08% | 16,487 SH | Sept. 11, 2026 | Daily |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.07% | 443,584 SH | Aug. 19, 2026 | Daily |
| GARP · iShares Trust | 0.06% | 28,909 SH | Sept. 11, 2026 | Daily |
| ILCG · iShares Trust | 0.06% | 27,679 SH | Sept. 11, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.06% | 405,432 NS | July 31, 2026 | N-PORT |
| VEGN · ETF Series Solutions | 0.06% | 1,483 NS | July 31, 2026 | N-PORT |
| IWF · iShares Trust | 0.06% | 1,052,459 SH | Sept. 11, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.05% | 23,797 NS | July 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.05% | 5,167 SH | Oct. 2, 2026 | Daily |
| GLBL · Pacer Funds Trust | 0.05% | 7 NS | July 31, 2026 | N-PORT |
| ESGV · VANGUARD WORLD FUND | 0.04% | 63,322 SH | Aug. 19, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.03% | 59,858 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.03% | 4,779 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.03% | 8,408,184 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.03% | 46,088 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.03% | 23,595 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.03% | 963 NS | July 31, 2026 | N-PORT |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.03% | 48,466 SH | Oct. 2, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.03% | 84,617 NS | July 31, 2026 | N-PORT |
| ILCB · iShares Trust | 0.03% | 5,474 SH | Sept. 11, 2026 | Daily |
| IYY · iShares Trust | 0.03% | 12,398 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.03% | 383,509 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.03% | 193,662 SH | Sept. 11, 2026 | Daily |
| BKLC · BNY Mellon ETF Trust | 0.03% | 20,788 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.03% | 77,438 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.02% | 7,340 NS | July 31, 2026 | N-PORT |
| URTH · iShares, Inc. | 0.02% | 25,297 SH | Sept. 11, 2026 | Daily |
| TOK · iShares Trust | 0.02% | 737 SH | Sept. 11, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.02% | 237,162 SH | Aug. 19, 2026 | Daily |
| ACWI · iShares Trust | 0.02% | 92,865 SH | Sept. 11, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.01% | 674 NS | July 31, 2026 | N-PORT |
| CRBN · iShares Trust | 0.00% | 301 SH | Sept. 8, 2026 | Daily |
| SMLF · iShares Trust | · | 143,379 SH | Sept. 11, 2026 | Daily |
AFRM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
32 analysts · 2026-09-28Mean target $99.09 +40.0%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| AFRM | $27.50B | 14.7 | 32.1% | 45.3% | 42.7% | · |
| V | · | · | 11.3% | 50.1% | 52.8% | · |
| MA | · | 34.6 | 16.4% | 45.6% | 210.5% | · |
| XYZ | $39.19B | 31.0 | 0.30% | 5.4% | 6.0% | 42.8% |
| PYPL | $53.71B | 10.8 | 4.3% | 15.8% | 25.9% | · |
| CPAY | $20.57B | 20.0 | 13.9% | 23.6% | 30.5% | · |
| FISV | $52.66B | 10.6 | 3.6% | 16.4% | 13.2% | · |
| GPN | $18.32B | 13.4 | -0.39% | 18.2% | 6.2% | · |
| TOST | $20.92B | 63.4 | 24.1% | 5.6% | 17.3% | 25.9% |
| FIS | $42.27B | 91.0 | 5.4% | 3.6% | 2.6% | 36.9% |
| CHYM | $0 | -5.9 | 30.7% | -46.2% | -71.4% | 88.0% |
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