AFRM vs. FRHC: Affirm vs. Freedom Stock Comparison

November 11, 2026

How do Affirm (AFRM) and Freedom (FRHC) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Affirm (AFRM) and Freedom (FRHC) both fall under the Financial Services industry group, but AFRM is classified in Financial Services while FRHC is classified in Capital Markets.

Company profile comparison for Affirm (AFRM) and Freedom (FRHC)
Profile Item	AFRM	FRHC
Name	Affirm Holdings, Inc.	Freedom Holding Corp.
Country/Region	United States	United States
GICS Sector	Financials	Financials
GICS Industry Group	Financial Services	Financial Services
GICS Industry	Financial Services	Capital Markets
GICS Sub-Industry	Transaction & Payment Processing Services	Investment Banking & Brokerage
Market Capitalization	23.09 billion USD	11.41 billion USD
Currency	USD	USD
Exchange	Nasdaq	Nasdaq
Listing Date	January 13, 2021	February 7, 2018
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

AFRM

FRHC

GSPC

Affirm (AFRM) vs. Freedom (FRHC), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Affirm (AFRM) and Freedom (FRHC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Affirm (AFRM) and Freedom (FRHC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Affirm (AFRM) and Freedom (FRHC)
Metric	AFRM	FRHC
Total Return (1Y)	-6.89%	18.04%
Total Return (3Y, Annualized)	40.23%	28.04%
Total Return (5Y, Annualized)	-15.36%	18.95%

Risk Profile

Drawdown History

AFRM

FRHC

GSPC

Affirm (AFRM) vs. Freedom (FRHC), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Affirm (AFRM) and Freedom (FRHC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Affirm (AFRM) carries a highly aggressive beta of 3.70, indicating much higher sensitivity to broad-market moves, whereas Freedom (FRHC) is closer to market-like at 0.71 — a noticeable difference in market-sensitivity profile.

Risk profile metrics for Affirm (AFRM) and Freedom (FRHC)
Metric	AFRM	FRHC
Volatility (1Y, Annualized)	58.20%	47.01%
Beta (5Y)	3.70	0.71
Max Drawdown (5Y)	-94.35%	-45.80%
Avg. Volume (3M)	4.46M	108.35K

Risk-Adjusted Performance

Risk-Return Positioning

AFRM and FRHC are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Affirm (AFRM) and Freedom (FRHC)
Metric	AFRM	FRHC
Sharpe Ratio (1Y)	-0.19	0.29
Sortino Ratio (1Y)	-0.28	0.45

Profitability

ROE (TTM)

Affirm (AFRM) at 44.49% sits in the top ROE quartile, while Freedom (FRHC) at 10.68% is closer to the peer norm — stronger capital efficiency for AFRM.

AFRM

Financial Services industry group

44.49%

Max: 44.78%
AFRM: 44.49%
Q3: 21.85%
Median: 12.91%
Q1: 4.48%
Min: -18.71%

FRHC

Financial Services industry group

10.68%

Max: 44.78%
Q3: 21.85%
Median: 12.91%
FRHC: 10.68%
Q1: 4.48%
Min: -18.71%

Affirm (AFRM) vs. Freedom (FRHC): A comparison of their ROE against the Financial Services industry group benchmark.

Net Margin (TTM)

Affirm (AFRM) at 43.86% retains a top-quartile share of revenue as profit, ahead of Freedom (FRHC) at 8.43%, which keeps about the industry-typical share.

AFRM

Financial Services industry group

43.86%

Max: 62.84%
AFRM: 43.86%
Q3: 28.05%
Median: 15.36%
Q1: 4.82%
Min: -28.52%

FRHC

Financial Services industry group

8.43%

Max: 62.84%
Q3: 28.05%
Median: 15.36%
FRHC: 8.43%
Q1: 4.82%
Min: -28.52%

Affirm (AFRM) vs. Freedom (FRHC): A comparison of their net margin against the Financial Services industry group benchmark.

Operating Margin (TTM)

Affirm (AFRM) at 14.82% runs core operations around its industry’s norm, while Freedom (FRHC) at 5.01% operates in the bottom quartile.

AFRM

Financial Services industry group

14.82%

Max: 107.33%
Q3: 55.90%
Median: 30.09%
AFRM: 14.82%
Q1: 14.60%
Min: -44.34%

FRHC

Financial Services industry group

5.01%

Max: 107.33%
Q3: 55.90%
Median: 30.09%
Q1: 14.60%
FRHC: 5.01%
Min: -44.34%

Affirm (AFRM) vs. Freedom (FRHC): A comparison of their operating margin against the Financial Services industry group benchmark.

Profitability Metrics

Profitability metrics for Affirm (AFRM) and Freedom (FRHC)
Metric	AFRM	FRHC
ROE (TTM)	44.49%	10.68%
ROA (TTM)	2.42%	1.24%
Net Margin (TTM)	43.86%	8.43%
Operating Margin (TTM)	14.82%	5.01%
Gross Margin (TTM)	--	--

Growth

Revenue Growth

Affirm (AFRM) at 32.15% sits in the top revenue growth quartile, while Freedom (FRHC) at 8.97% is closer to the peer norm — faster top-line expansion for AFRM.

Affirm (AFRM) vs. Freedom (FRHC): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both companies show strong earnings momentum, but Affirm (AFRM) at 3,586.67% is the standout with EPS growth above its industry range; Freedom (FRHC) at 98.93% also sits in the top quartile.

Affirm (AFRM) vs. Freedom (FRHC): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Affirm (AFRM) and Freedom (FRHC)
Metric	AFRM	FRHC
Revenue Growth (YoY)	32.15%	8.97%
Revenue Growth (3Y CAGR)	38.96%	39.61%
EPS Growth (YoY)	3,586.67%	98.93%
EPS Growth (3Y CAGR)	--	-10.08%

Financial Strength

Current Ratio (MRQ)

current ratio doesn’t apply on either side: Affirm (AFRM) in Financial Services and Freedom (FRHC) in Financial Services both report balance sheets without a current/non-current split, so their short-term liquidity is better judged through regulatory and funding measures.

Debt / Equity (MRQ)

debt-to-equity ratio is set aside for both: Affirm (AFRM) in Financial Services and Freedom (FRHC) in Financial Services run businesses where balance-sheet leverage is part of the model, so capital-adequacy and funding measures are the better gauges of balance-sheet risk.

Financial Strength Metrics

Financial strength metrics for Affirm (AFRM) and Freedom (FRHC)
Metric	AFRM	FRHC
Current Ratio (MRQ)	--	--
Debt / Equity (MRQ)	--	--
Net Debt / EBITDA	--	--

Dividends

Dividend Yield (TTM)

Neither Affirm (AFRM) nor Freedom (FRHC) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

AFRM

Financial Services industry group

0.00%

Max: 9.77%
Q3: 3.92%
Median: 1.09%
AFRM: 0.00%
Q1: 0.00%
Min: 0.00%

FRHC

Financial Services industry group

0.00%

Max: 9.77%
Q3: 3.92%
Median: 1.09%
FRHC: 0.00%
Q1: 0.00%
Min: 0.00%

Affirm (AFRM) vs. Freedom (FRHC): A comparison of their dividend yield against the Financial Services industry group benchmark.

Dividend Payout Ratio (TTM)

Neither Affirm (AFRM) nor Freedom (FRHC) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

AFRM

Financial Services industry group

0.00%

Max: 241.07%
Q3: 97.36%
Median: 25.77%
AFRM: 0.00%
Q1: 0.00%
Min: 0.00%

FRHC

Financial Services industry group

0.00%

Max: 241.07%
Q3: 97.36%
Median: 25.77%
FRHC: 0.00%
Q1: 0.00%
Min: 0.00%

Affirm (AFRM) vs. Freedom (FRHC): A comparison of their payout ratio against the Financial Services industry group benchmark.

Dividend Metrics

Dividend metrics for Affirm (AFRM) and Freedom (FRHC)
Metric	AFRM	FRHC
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

Affirm (AFRM) at 11.80 is near its industry’s usual P/E ratio, while Freedom (FRHC) at 70.97 sits above its peer range — an unusually expensive price for FRHC’s trailing earnings.

AFRM

Financial Services industry group

11.80

Max: 45.85
Q3: 24.64
Median: 15.37
AFRM: 11.80
Q1: 9.68
Min: 0.16

FRHC

Financial Services industry group

70.97

FRHC: 70.97
Max: 45.85
Q3: 24.64
Median: 15.37
Q1: 9.68
Min: 0.16

Affirm (AFRM) vs. Freedom (FRHC): A comparison of their P/E ratio against the Financial Services industry group benchmark.

P/S Ratio (TTM)

Both Affirm (AFRM) at 5.03 and Freedom (FRHC) at 6.51 command a richer price per dollar of sales than most peers, sitting in the upper P/S ratio quartile of their industries.

AFRM

Financial Services industry group

5.03

Max: 9.23
AFRM: 5.03
Q3: 4.57
Median: 2.72
Q1: 1.28
Min: -0.55

FRHC

Financial Services industry group

6.51

Max: 9.23
FRHC: 6.51
Q3: 4.57
Median: 2.72
Q1: 1.28
Min: -0.55

Affirm (AFRM) vs. Freedom (FRHC): A comparison of their P/S ratio against the Financial Services industry group benchmark.

P/B Ratio (MRQ)

Both Affirm (AFRM) at 4.01 and Freedom (FRHC) at 7.16 carry a premium to book value versus peers, sitting in the upper P/B ratio quartile of their industries.

AFRM

Financial Services industry group

4.01

Max: 7.79
AFRM: 4.01
Q3: 3.63
Median: 1.57
Q1: 0.81
Min: -0.39

FRHC

Financial Services industry group

7.16

Max: 7.79
FRHC: 7.16
Q3: 3.63
Median: 1.57
Q1: 0.81
Min: -0.39

Affirm (AFRM) vs. Freedom (FRHC): A comparison of their P/B ratio against the Financial Services industry group benchmark.

Valuation Metrics

Valuation metrics for Affirm (AFRM) and Freedom (FRHC)
Metric	AFRM	FRHC
P/E Ratio (TTM)	11.80	70.97
P/S Ratio (TTM)	5.03	6.51
P/B Ratio (MRQ)	4.01	7.16
Free Cash Flow Yield (TTM)	--	--