Jim Cramer Affirm Holdings'e İnanmaya Devam Ediyor (NASDAQ:AFRM)

Jim Cramer Remains A Believer In Affirm Holdings (NASDAQ:AFRM)

Sat, September 12, 2026 at 1:52 PM GMT+3 3 min read

Affirm Holdings (NASDAQ:AFRM) is one of Jim Cramer's favorite stocks in the sector. Over the course of the past several months, the CNBC TV host has praised the firm's CEO, Max Levchin, on multiple occasions. In fact, in mid-August, Cramer went as far as to say that the stock should be at a hundred. Affirm Holdings (NASDAQ:AFRM)'s shares currently trade around the $70 mark. In his morning appearance on September 3rd, Cramer continued to praise the firm after it reported its fiscal fourth quarter earnings on August 27th:

"I have SoFi on tonight, I mean you look at XYZ, you listen to Affirm, one after another they're all good. And one after another, they all seem stuck. First is the traditional banks which have been moving up. And I look at these fintech, and I think people just say, yeah, they're expensive. Now I think Affirm is by far the best. Affirm had an amazing quarter, the stock went up ten and they gave it up! I was shocked because I like Affirm very much."

Since the 27th, Affirm Holdings (NASDAQ:AFRM)'s shares are down by more than 12%. Given Cramer's love of the stock, his reaction is unsurprising. As is the case with any payment services provider, a handful of metrics drive the stock's narrative. These are its gross merchandise volume (GMV), active customer growth and revenue less transaction costs (RLTC) growth. The metrics factor in Affirm Holdings (NASDAQ:AFRM)'s business costs and provide insight into whether it is profitably scaling its operations.

The fourth quarter results saw the firm grow its GMV by 36% while the firm guided its fiscal year 2027 RLTC as a percentage of GMV to 4.16% which was lower than the quarter's 4.2% and higher than the average of the three latest fiscal years. Affirm Holdings (NASDAQ:AFRM) also confirmed that 30% of its Affirm Card transactions now take place offline, which indicates that the firm is managing to diversify away from traditional eCommerce and into physical stores. Looking at these figures, it's unsurprising that Cramer was shocked that Affirm Holdings (NASDAQ:AFRM)'s shares dropped since the earnings.

Shifting towards Block Inc. (NYSE:XYZ), the stock is up by more than 7% over the past year. Some of the key metrics to watch for the firm are its CashApp growth, its loan losses, Bitcoin growth and Square growth. Starting from CashApp, during the fiscal second quarter reported on August 2nd, Block Inc. (NYSE:XYZ)'s platform grew its gross profits by 31% annually to $2 billion. Similarly, Square gross profit jumped by 13% to $1.16 billion.

The two platforms are Block Inc. (NYSE:XYZ)'s twin engines, with the former targeting the consumer and the latter targeting business spending. The CashApp growth also led to the firm's operating margin sitting at a whopping 27% to smash management estimates out of the park. Yet, on the bearish front, Block Inc. (NYSE:XYZ)'s Bitcoin gross profit fell by 31% to $72 million, while the surge in CashApp growth was accompanied by a stunning 99% jump in transaction and loan losses to $585 million.

Looking at hedge fund sentiment, 57 funds tracked by Insider Monkey held a stake in AFRM in Q2 which was lower than the 76 that had held a stake in Block Inc. (NYSE:XYZ). Looks like the funds disagree with Cramer and are focused more on the former. On a valuation basis, AFRM's forward P/E ratio of 37.31 is more than twice than Block Inc. (NYSE:XYZ)'s 15.53. The higher valuation is accompanied by a higher short interest as a percentage of float of 4.92%.

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Disclosure: None.