Affirm: Investor Day Outlines Roadmap to $100bn+ GMV

研报英文原文证据摘录

Affirm: Investor Day Outlines Roadmap to $100bn+ GMV

Deutsche Bank

Research

Rating Company Date

Buy Affirm 13 May 2026

North America Reuters Bloomberg Rating Buy

United States AFRM.OQ AFRM US Price target (USD) 80.00 Price at 12 May 26 65.43

52-week range 92.18 – 42.53

TMT

e-Finance Valuation & Risks

Investor Day Outlines Roadmap to $100bn+

GMV NateResearchSvensson,AnalystCFA

+1-917-547-4768

Multiple growth avenues to arrive at midterm financial outlook

Hersh Shintre, CFA At AFRM’s investor forum in NYC, the company provided an update on its existing Research Associate

strategy, future growth drivers, and financial outlook. Mgmt. highlighted its +1-917-459-1162

positioning as a provider of honest financial products that have helped build its

network and drive benefits for consumers and merchants alike. Highlighted Paul Tomaszewski

Research Associate growth drivers include the continued expansion of share-of-checkout at existing

+917-419-2598

merchants, increased card penetration, and the deepening of strategic

partnerships, coupled with key structural advantages that have set it apart from

competitors. Looking ahead, mgmt. expects growth to be driven by continued

momentum in merchant POS and D2C, alongside international expansion, with

additional upside from initiatives such as Affirm Edge and agentic commerce,

which are not incorporated into the midterm outlook. Together, AFRM guided to

a midterm ~$100bn GMV target with growth of 25%+ annually. In addition, AFRM

also outlined new profitability targets, broadly in line with our expectations,

raising the low end of its RLTC take rate to 3.75-4% and adj. operating margin

range of ~30-35% (70%+ incremental margin). AFRM also provided GAAP targets