Morningstar
•
May 28, 2026
Affirm Holdings, Inc.: Affirm: Increasing Our Fair Value Estimate on Better-Than-Expected Volume and Better Pricing
Symbols
AFRMSector(s)
Financial Services
Rating
Current Price
73.65
Fair Value
Economic Moat
Stewardship
Summary
Founded in 2012, Affirm is a market leader in the buy-now, pay-later space with around $36 billion in transaction volume in fiscal 2025. Affirm offers both zero-interest financing, which is merchant subsidized, and interest-bearing loans, which function as personal loans that are approved on a per-transaction basis. Over 70% of Affirm’s transaction volume comes from its interest-bearing loans, which also comprise the majority of its revenue. Affirm primarily
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