Question 1

What is Affirm Holdings's P/B ratio?

Accepted Answer

Affirm Holdings (AFRM) P/B ratio is 6.8× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Affirm Holdings?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Affirm Holdings specifically, the relevant sector benchmark is the current sector median of 1.7×.

Question 5

Is Affirm Holdings's P/B ratio high or low?

Accepted Answer

Affirm Holdings's P/B ratio of 6.8× is above its own 5-year average of 5.2× and above the sector median of 1.7×. That places the current reading at the 72th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Affirm Holdings's historical P/B ratio range?

Accepted Answer

In the available daily series, Affirm Holdings (AFRM) P/B ratio has ranged from a low of 1.0× in 2022 to a high of 24.1× in 2020. The 5-year average is 5.2× and the 5-year median is 4.8×.

Question 7

What was Affirm Holdings's P/B ratio in 2025?

Accepted Answer

Affirm Holdings (AFRM) P/B ratio at the end of 2025 was 7.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Affirm Holdings's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$22.6B	$3.07B	7.4×	+3.9×	Jun 30, 2025
2024	$9.41B	$2.73B	3.4×	+1.6×	Jun 30, 2024
2023	$4.59B	$2.53B	1.8×	-0.2×	Jun 30, 2023
2022	$5.2B	$2.62B	2.0×	-5.0×	Jun 30, 2022
2021	$18B	$2.58B	7.0×	—	Jun 30, 2021
2020	$20.1B	—	—	—	Jun 30, 2020


AXIS Capital Holdings (AXS)	1.2×
Loews (L)	1.2×
First Financial (THFF)	1.1×
Citizens Financial Group (CFG)	1.1×
Citigroup (C)	1.1×
Federal Agricultural Mortgage (AGM)	1.1×
UMB Financial (UMBF)	1.1×
Southside Bancshares (SBSI)	1.1×
Prudential Financial (PRU)	1.1×
United Bankshares (UBSI)	1.1×
Alerus Financial (ALRS)	1.0×
Capital One Financial (COF)	1.0×
Franklin Resources (BEN)	1.0×
American International Group (AIG)	1.0×
Eagle Financial Services (EFSI)	1.0×
Truist Financial (TFC)	1.0×
Ares Capital (ARCC)	0.9×
Huntington Bancshares (HBAN)	0.9×
Auburn National Bancorporation (AUBN)	0.9×
Invesco (IVZ)	0.9×
Everest Group (EG)	0.9×
PSB Holdings (PSBQ)	0.8×
Global Payments (GPN)	0.7×
Assured Guaranty (AGO)	0.7×
Atlantic Union Bankshares (AUB)	0.0×

P/B Ratio for Affirm Holdings (AFRM) 2021-2026

P/B Ratio daily chart for Affirm Holdings (AFRM)

Historical P/B Ratio for Affirm Holdings (AFRM) from 2020 to 2025

About P/B Ratio at Affirm Holdings (AFRM)

Affirm Holdings P/B Ratio by Year

Affirm Holdings P/B Ratio 2025: 7.4×

Affirm Holdings P/B Ratio 2024: 3.4×

Affirm Holdings P/B Ratio 2023: 1.8×

Affirm Holdings P/B Ratio 2022: 2.0×

Affirm Holdings P/B Ratio 2021: 7.0×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Affirm Holdings (AFRM) Key Financials