Affirm Holdings Inc (AFRM) is fairly valued and SoFi Technologies Inc (SOFI) is undervalued.
Against our estimates of intrinsic value, SOFI trades at the wider discount: a margin of safety of +40%, against -3% for AFRM.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.2% (average of 3 methods) values the shares at $69.53; the price of $71.77 is 3% above that value, and 77% of that value comes from beyond year five.
Leak Score 37/100 on 8 of 12 signals
Discounting its cash flows at 14.1% (average of 3 methods) values the shares at $28.62; the price of $17.16 is 40% below that value, and 63% of that value comes from beyond year five.
Leak Score 50/100 on 9 of 12 signals
| Metric | AFRM | SOFI |
|---|---|---|
| Verdict | Fairly valued | Undervalued |
| Price | $71.77 | $17.16 |
| Intrinsic value | $69.53 | $28.62 |
| Margin of safety | -3% | +40% |
| Leak Score | 37/100 (8/12) | 50/100 (9/12) |
| Market cap | $24.2B | $22.2B |
| Revenue growth, 5 years | 44.6% | 44.7% |
| Operating margin | 22.1% | 15.3% |
| Net margin | 48.9% | 11.4% |
| Return on equity | 45.1% | 7.1% |
| Debt to equity | 1.79 | 0.31 |
| P/E | 13.0x | 36.2x |
| Forward P/E | 24.8x | 20.9x |
| P/B | 4.4x | 2.0x |