Affirm Holdings, Inc. (AFRM)

Nasdaq · Common Stock · Personal Credit Institutions

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

36 entities across 7 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-08-27 — see the exhibit.

Which other public companies file entities in the same places:

Delaware24 United Kingdom4 Canada3 Netherlands2 Australia1 Spain1 Poland1

Subsidiaries of Affirm Holdings, Inc. as disclosed in its SEC filing
Entity	Jurisdiction	Note
Affirm ABS Funding Trust I	Delaware
Affirm ABS LLC	Delaware
Affirm ABS II LLC	Delaware
Affirm Asset Securitization Trust 2022-Z1	Delaware
Affirm Asset Securitization Trust 2023-X1	Delaware
Affirm Asset Securitization Trust 2024-A	Delaware
Affirm Asset Securitization Trust 2024-B	Delaware
Affirm Asset Securitization Trust 2024-X1	Delaware
Affirm Asset Securitization Trust 2024-X2	Delaware
Affirm Asset Securitization Trust 2025-X1	Delaware
Affirm Asset Securitization Trust 2025-X2	Delaware
Affirm Australia Pty Ltd	Australia
Affirm B.V.	Netherlands
Affirm Canada Holdings Ltd.	Canada
Affirm Financial Solutions, LLC	Delaware
Affirm Financial Solutions, S.L.	Spain
Affirm, Inc.	Delaware
Affirm Loan Asset Sales I LLC	Delaware
Affirm Loan Asset Sales II LLC	Delaware
Affirm Loans UK Ltd	United Kingdom
Affirm Loan Services LLC	Delaware
Affirm Master Trust	Delaware
Affirm Operational Loans VII Trust	Delaware
Affirm Operational Loans VIII Trust	Delaware
Affirm Operational Loans XI Trust	Delaware
Affirm Operational Loans XII Trust	Delaware
Affirm Opportunity Fund I LLC	Delaware
Affirm Payments, LLC	Delaware
Affirm Poland spółka z ograniczoną odpowiedzialnością	Poland
Affirm U.K. Limited	United Kingdom
Butter Holdings Ltd	United Kingdom
Butter SPV 1 Ltd	United Kingdom
PayBright Funding GP Inc.	Canada
Paybright Funding Limited Partnership	Canada
Returnly Holdings, LLC	Delaware
Stichting Affirm for Client Funds	Netherlands

Financial health

Two standard screens, computed from the XBRL in FY2026 against FY2025. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

4 / 7

PASSReturn on assets positiveROA 12.2%
PASSOperating cash flow positiveOCF 1.2B
PASSReturn on assets improving0.5% → 12.2%
FAILCash flow exceeds earningsOCF 1.2B vs NI 1.9B
PASSLong-term debt ratio falling68.2% → 62.0% of assets
FAILCurrent ratio improvingno data
FAILNo share dilution341M → 349M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improving0.29× → 0.27×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2021	$870.5M	−$430.9M	−$213.4M	—	159,244,611
FY2022	$1.3B	−$707.4M	−$248.5M	—	281,704,041
FY2023	$1.6B	−$985.3M	−$108.6M	—	295,343,466
FY2024	$2.3B	−$517.8M	$290.8M	—	309,857,129
FY2025	$3.2B	$52.2M	$601.7M	—	341,023,566
FY2026	$4.3B	$1.9B	$992.6M	—	348,846,647

Ownership flow

2 institutions tracked — 2 added, 0 reduced.

Institutional holders of Affirm Holdings, Inc. and their share-count change
Manager	Kind	Shares	Change	Value
BAILLIE GIFFORD & CO	Value	5,856,569	+554,272	$477.6M
GEODE CAPITAL MANAGEMENT, LLC	Index	5,712,491	+189,719	$464.7M

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Identity

CIK: 0001820953
LEI: 529900LZI7FSF8IS2V41
FIGI: BBG00Y7BP8Y1
SIC: 6141 · Personal Credit Institutions
Incorporated: NV
Headquarters: SAN FRANCISCO, CA

Ownership

Institutional: 88.6%
Institutions: 906
Insiders: 4.3%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other personal credit institutions companies

Affirm Holdings, Inc. files under SIC 6141 — all 4 personal credit institutions companies compared on assets and F-score.

Enova International, Inc.ENVA Regional Management Corp.RM WORLD ACCEPTANCE CORPWRLD

Questions about Affirm Holdings, Inc.

How many subsidiaries does Affirm Holdings, Inc. file with the SEC?: 36, listed in its most recent exhibit 21. They are incorporated across 7 jurisdictions, led by Delaware, Australia, Netherlands. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is Affirm Holdings, Inc. financially healthy?: Affirm Holdings, Inc. scores 4 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of Affirm Holdings, Inc.?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BAILLIE GIFFORD & CO (adding), GEODE CAPITAL MANAGEMENT, LLC (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

36 entities across 7 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-08-27 — see the exhibit.

Entity

Jurisdiction

Note

Affirm ABS Funding Trust I

Delaware

Affirm ABS LLC

Delaware

Affirm ABS II LLC

Delaware

Affirm Asset Securitization Trust 2022-Z1

Delaware

Affirm Asset Securitization Trust 2023-X1

Delaware

Affirm Asset Securitization Trust 2024-A

Delaware

Affirm Asset Securitization Trust 2024-B

Delaware

Affirm Asset Securitization Trust 2024-X1

Delaware

Affirm Asset Securitization Trust 2024-X2

Delaware

Affirm Asset Securitization Trust 2025-X1

Delaware

Affirm Asset Securitization Trust 2025-X2

Delaware

Affirm Australia Pty Ltd

Australia

Affirm B.V.

Netherlands

Affirm Canada Holdings Ltd.

Canada

Affirm Financial Solutions, LLC

Delaware

Affirm Financial Solutions, S.L.

Spain

Affirm, Inc.

Delaware

Affirm Loan Asset Sales I LLC

Delaware

Affirm Loan Asset Sales II LLC

Delaware

Affirm Loans UK Ltd

United Kingdom

Affirm Loan Services LLC

Delaware

Affirm Master Trust

Delaware

Affirm Operational Loans VII Trust

Delaware

Affirm Operational Loans VIII Trust

Delaware

Affirm Operational Loans XI Trust

Delaware

Affirm Operational Loans XII Trust

Delaware

Affirm Opportunity Fund I LLC

Delaware

Affirm Payments, LLC

Delaware

Affirm Poland spółka z ograniczoną odpowiedzialnością

Poland

Affirm U.K. Limited

United Kingdom

Butter Holdings Ltd

United Kingdom

Butter SPV 1 Ltd

United Kingdom

PayBright Funding GP Inc.

Canada

Paybright Funding Limited Partnership

Canada

Returnly Holdings, LLC

Delaware

Stichting Affirm for Client Funds

Netherlands

Financial health

Two standard screens, computed from the XBRL in FY2026 against FY2025. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

4 / 7

PASSReturn on assets positiveROA 12.2%
PASSOperating cash flow positiveOCF 1.2B
PASSReturn on assets improving0.5% → 12.2%
FAILCash flow exceeds earningsOCF 1.2B vs NI 1.9B
PASSLong-term debt ratio falling68.2% → 62.0% of assets
FAILCurrent ratio improvingno data
FAILNo share dilution341M → 349M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improving0.29× → 0.27×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2021	$870.5M	−$430.9M	−$213.4M	—	159,244,611
FY2022	$1.3B	−$707.4M	−$248.5M	—	281,704,041
FY2023	$1.6B	−$985.3M	−$108.6M	—	295,343,466
FY2024	$2.3B	−$517.8M	$290.8M	—	309,857,129
FY2025	$3.2B	$52.2M	$601.7M	—	341,023,566
FY2026	$4.3B	$1.9B	$992.6M	—	348,846,647

Ownership flow

2 institutions tracked — 2 added, 0 reduced.

Institutional holders of Affirm Holdings, Inc. and their share-count change
Manager	Kind	Shares	Change	Value
BAILLIE GIFFORD & CO	Value	5,856,569	+554,272	$477.6M
GEODE CAPITAL MANAGEMENT, LLC	Index	5,712,491	+189,719	$464.7M

Questions about Affirm Holdings, Inc.

How many subsidiaries does Affirm Holdings, Inc. file with the SEC?

36, listed in its most recent exhibit 21. They are incorporated across 7 jurisdictions, led by Delaware, Australia, Netherlands. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is Affirm Holdings, Inc. financially healthy?

Affirm Holdings, Inc. scores 4 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of Affirm Holdings, Inc.?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BAILLIE GIFFORD & CO (adding), GEODE CAPITAL MANAGEMENT, LLC (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.