Affirm Holdings Inc (AFRM) is fairly valued and Visa Inc (V) is overvalued.
Both trade above our estimate of their intrinsic value. AFRM is the closer of the two: -3%, against -45% for V.
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 9.0% (average of 3 methods) values the shares at $249.15; the price of $362.04 is 45% above that value, and 76% of that value comes from beyond year five.
Leak Score 59/100 on 9 of 12 signals
| Metric | AFRM | V |
|---|---|---|
| Verdict | Fairly valued | Overvalued |
| Price | $71.77 | $362.04 |
| Intrinsic value | $69.53 | $249.15 |
| Margin of safety | -3% | -45% |
| Leak Score | 37/100 (8/12) | 59/100 (9/12) |
| Market cap | $24.2B | $675.9B |
| Revenue growth, 5 years | 44.6% | 12.9% |
| Operating margin | 22.1% | 67.0% |
| Net margin | 48.9% | 50.4% |
| Return on equity | 45.1% | 60.7% |
| Debt to equity | 1.79 | 0.68 |
| P/E | 13.0x | 31.1x |
| Forward P/E | 24.8x | 24.1x |
| P/B | 4.4x | 19.5x |
| Dividend yield | — | 0.8% |