Key Takeaways Affirm trades at premium multiples even as it captures strong transaction and merchant growth.Repeat customers drove 96% of transactions, while active merchants rose 30% to 419,000.Affirm Card expansion and new markets supported rising users and 52.2% transaction growth.Affirm Holdings, Inc. (AFRM) continues to behave like a market favorite, but its valuation suggests investors are pricing in an almost flawless future. The stock trades at a forward 12-month price-to-sales (P/S) multiple of 5.1 ...