Axos Financial (AX)
Market Price (6/25/2026): $95.5 | Market Cap: $5.4 BilSector: Financials | Industry: Regional Banks
Axos Financial (AX)
Market Price (6/25/2026): $95.5Market Cap: $5.4 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18% Low stock price volatilityVol 12M is 32% Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 12% Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 14% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.03 | Short seller reportHindenburg Research report on 6/4/2024. Key risksAX key risks include [1] its heavy concentration in commercial real estate loans and [2] allegations of lax underwriting standards and questionable accounting. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Low stock price volatilityVol 12M is 32% |
| Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 12% |
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 14% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.03 |
| Short seller reportHindenburg Research report on 6/4/2024. |
| Key risksAX key risks include [1] its heavy concentration in commercial real estate loans and [2] allegations of lax underwriting standards and questionable accounting. |
Qualitative Assessment
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Axos Financial (AX) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Earnings Performance.
Axos Financial reported robust year-over-year growth for its fiscal third quarter ended March 31, 2026. Net income increased by 18.5% to $124.7 million, and diluted earnings per share (EPS) rose by 18.8% to $2.15 compared to the prior year's quarter. Net interest income grew by 11.2% year-over-year to $306.3 million. Additionally, non-interest income surged by 157.7% to $86.0 million, significantly boosted by a one-time $22.0 million favorable legal settlement and contributions from the Verdant Commercial Capital acquisition. While the diluted EPS of $2.15 missed analyst estimates of $2.17 or $2.13, the reported revenue of $392.25 million exceeded consensus expectations.
2. Regulatory Approval for Strategic Deposit Acquisition.
On June 8, 2026, the Office of the Comptroller of the Currency (OCC) granted approval for a planned deposit acquisition by Axos Bank, a subsidiary of Axos Financial. This regulatory milestone is anticipated to finalize later in calendar year 2026 and is considered a significant catalyst for the company's strategic growth, aiming to optimize funding and support further organic loan expansion.
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Axos Financial (AX) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Earnings Performance.
Axos Financial reported robust year-over-year growth for its fiscal third quarter ended March 31, 2026. Net income increased by 18.5% to $124.7 million, and diluted earnings per share (EPS) rose by 18.8% to $2.15 compared to the prior year's quarter. Net interest income grew by 11.2% year-over-year to $306.3 million. Additionally, non-interest income surged by 157.7% to $86.0 million, significantly boosted by a one-time $22.0 million favorable legal settlement and contributions from the Verdant Commercial Capital acquisition. While the diluted EPS of $2.15 missed analyst estimates of $2.17 or $2.13, the reported revenue of $392.25 million exceeded consensus expectations.
2. Regulatory Approval for Strategic Deposit Acquisition.
On June 8, 2026, the Office of the Comptroller of the Currency (OCC) granted approval for a planned deposit acquisition by Axos Bank, a subsidiary of Axos Financial. This regulatory milestone is anticipated to finalize later in calendar year 2026 and is considered a significant catalyst for the company's strategic growth, aiming to optimize funding and support further organic loan expansion.
3. Positive Industry Recognition and Analyst Outlook.
Axos Financial received notable industry recognition, being named to D.A. Davidson's 8th Annual Gold Trophy List on June 3, 2026, for its shareholder value and management quality. Earlier in the period, on April 1, 2026, Axos Bank was recognized as the 4th highest-performing publicly traded bank in 2025. Analysts maintain a "Moderate Buy" consensus rating for Axos Financial, with an average price target of $109.40, which is considerably above the stock's recent trading levels, indicating a perceived undervaluation.
4. Robust Balance Sheet Expansion and Deposit Growth.
The company demonstrated significant balance sheet growth, with total assets increasing by 18.0% to $29.2 billion as of March 31, 2026, from $24.8 billion at June 30, 2025. Total deposits also grew by 11.2% year-over-year, reaching $22.4 billion. A key highlight within this period was Axos Bank announcing that it had surpassed $1 billion in small business deposits during National Small Business Week (May 3-9, 2026), reflecting successful client acquisition and growing trust in its digital-first banking platform.
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Stock Movement Drivers
Fundamental Drivers
The 8.7% change in AX stock from 2/28/2026 to 6/24/2026 was primarily driven by a 6.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 86.82 | 94.35 | 8.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,322 | 1,405 | 6.3% |
| Net Income Margin (%) | 34.5% | 33.9% | -1.9% |
| P/E Multiple | 10.8 | 11.2 | 4.3% |
| Shares Outstanding (Mil) | 57 | 57 | -0.1% |
| Cumulative Contribution | 8.7% |
Market Drivers
2/28/2026 to 6/24/2026| Return | Correlation | |
|---|---|---|
| AX | 8.7% | |
| Market (SPY) | 7.2% | 32.5% |
| Sector (XLF) | 5.0% | 55.6% |
Fundamental Drivers
The 14.8% change in AX stock from 11/30/2025 to 6/24/2026 was primarily driven by a 12.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 82.18 | 94.35 | 14.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,245 | 1,405 | 12.9% |
| Net Income Margin (%) | 34.8% | 33.9% | -2.6% |
| P/E Multiple | 10.7 | 11.2 | 4.8% |
| Shares Outstanding (Mil) | 57 | 57 | -0.4% |
| Cumulative Contribution | 14.8% |
Market Drivers
11/30/2025 to 6/24/2026| Return | Correlation | |
|---|---|---|
| AX | 14.8% | |
| Market (SPY) | 7.9% | 32.3% |
| Sector (XLF) | 1.6% | 60.9% |
Fundamental Drivers
The 35.7% change in AX stock from 5/31/2025 to 6/24/2026 was primarily driven by a 21.1% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 69.54 | 94.35 | 35.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,212 | 1,405 | 15.9% |
| Net Income Margin (%) | 35.2% | 33.9% | -3.9% |
| P/E Multiple | 9.3 | 11.2 | 21.1% |
| Shares Outstanding (Mil) | 57 | 57 | 0.5% |
| Cumulative Contribution | 35.7% |
Market Drivers
5/31/2025 to 6/24/2026| Return | Correlation | |
|---|---|---|
| AX | 35.7% | |
| Market (SPY) | 25.8% | 40.5% |
| Sector (XLF) | 7.0% | 63.0% |
Fundamental Drivers
The 149.5% change in AX stock from 5/31/2023 to 6/24/2026 was primarily driven by a 66.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.82 | 94.35 | 149.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 846 | 1,405 | 66.1% |
| Net Income Margin (%) | 32.8% | 33.9% | 3.2% |
| P/E Multiple | 8.2 | 11.2 | 37.7% |
| Shares Outstanding (Mil) | 60 | 57 | 5.7% |
| Cumulative Contribution | 149.5% |
Market Drivers
5/31/2023 to 6/24/2026| Return | Correlation | |
|---|---|---|
| AX | 149.5% | |
| Market (SPY) | 82.4% | 46.0% |
| Sector (XLF) | 77.5% | 63.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AX Return | 49% | -32% | 43% | 28% | 23% | 6% | 144% |
| Peers Return | 38% | -31% | 37% | 52% | 43% | -0% | 184% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| AX Win Rate | 75% | 50% | 50% | 58% | 58% | 50% | |
| Peers Win Rate | 55% | 47% | 53% | 63% | 62% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AX Max Drawdown | -16% | -43% | -35% | -23% | -23% | -19% | |
| Peers Max Drawdown | -24% | -48% | -34% | -23% | -33% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SCHW, SOFI, ALLY, IBKR, SYF.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/24/2026 (YTD)
How Low Can It Go
| Event | AX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -19.5% | -18.8% |
| % Gain to Breakeven | 24.2% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.5% | -9.5% |
| % Gain to Breakeven | 32.4% | 10.5% |
| Time to Breakeven | 24 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.5% | -6.7% |
| % Gain to Breakeven | 46.0% | 7.1% |
| Time to Breakeven | 270 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.8% | -24.5% |
| % Gain to Breakeven | 66.1% | 32.4% |
| Time to Breakeven | 486 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.5% | -33.7% |
| % Gain to Breakeven | 94.2% | 50.9% |
| Time to Breakeven | 224 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -32.0% | -19.2% |
| % Gain to Breakeven | 47.1% | 23.8% |
| Time to Breakeven | 722 days | 105 days |
In The Past
Axos Financial's stock fell -19.5% during the 2025 US Tariff Shock. Such a loss loss requires a 24.2% gain to breakeven.
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Asset Allocation
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| Event | AX | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.5% | -9.5% |
| % Gain to Breakeven | 32.4% | 10.5% |
| Time to Breakeven | 24 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.5% | -6.7% |
| % Gain to Breakeven | 46.0% | 7.1% |
| Time to Breakeven | 270 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.8% | -24.5% |
| % Gain to Breakeven | 66.1% | 32.4% |
| Time to Breakeven | 486 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.5% | -33.7% |
| % Gain to Breakeven | 94.2% | 50.9% |
| Time to Breakeven | 224 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -32.0% | -19.2% |
| % Gain to Breakeven | 47.1% | 23.8% |
| Time to Breakeven | 722 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -82.5% | -6.8% |
| % Gain to Breakeven | 469.9% | 7.3% |
| Time to Breakeven | 3092 days | 15 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -23.5% | -15.4% |
| % Gain to Breakeven | 30.7% | 18.2% |
| Time to Breakeven | 638 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -52.1% | -53.4% |
| % Gain to Breakeven | 108.8% | 114.4% |
| Time to Breakeven | 164 days | 1085 days |
In The Past
Axos Financial's stock fell -19.5% during the 2025 US Tariff Shock. Such a loss loss requires a 24.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Axos Financial (AX)
Axos Financial, Inc. (AX) is a dynamic financial services company based in the United States, offering a comprehensive range of consumer and business banking products. Operating primarily as a digital-first bank, it provides a variety of deposit accounts for both individuals and businesses, including checking, demand, savings, money market, and time deposit accounts. It also offers specialized options such as zero balance and insured cash sweep accounts.
The company maintains a diverse lending portfolio, extending single-family, multifamily, and commercial mortgage loans, alongside commercial real estate secured loans. For businesses, Axos provides commercial and industrial loans that are non-real estate, asset-backed, lines of credit, and term loans. Consumer lending options include automobile loans, fixed-rate unsecured loans, and other solutions like securities-backed loans. Beyond deposits and loans, Axos supports its customers with extensive digital banking and payment services, such as ACH origination, wire transfers, remote deposit capture, mobile banking, debit/credit cards, and digital wallets.
Furthermore, Axos Financial has a dedicated Securities Business segment. This division offers disclosed clearing services and comprehensive back-office support, which encompasses record keeping, trade reporting, accounting, securities and margin lending, and custody of securities for brokerage customers. Through these integrated banking and securities operations, Axos Financial serves a broad clientele ranging from individual consumers and various types of businesses to brokerage firms, providing a wide array of financial solutions across the U.S.
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A comprehensive online bank, like a more robust Ally Financial, for both consumers and businesses.
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- Deposit Accounts: Offers various consumer and business checking, savings, money market, and time deposit accounts.
- Loan Products: Provides a wide range of loans including single-family, multifamily, commercial real estate, commercial and industrial, automobile, and other specialized loans.
- Payment and Banking Technology Services: Delivers services such as ACH origination, wire transfers, remote deposit capture, online payment portals, and debit/credit cards.
- Securities Clearing and Brokerage Support Services: Offers disclosed clearing services, comprehensive back-office support, and financing to brokerage customers.
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Major Customers of Axos Financial (AX)
Axos Financial serves a diverse customer base, primarily falling into the following three categories:
-
Individual Consumers
Individuals are a core customer segment, utilizing Axos Financial for a variety of personal banking products. These include consumer checking, savings, and money market accounts, as well as single-family mortgage loans, automobile loans, fixed-rate term unsecured loans, and other consumer-focused financial products like debit/credit cards and digital wallets.
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Businesses (Small to Large)
Axos Financial provides a comprehensive suite of banking products and services to businesses. This segment encompasses companies of various sizes that use business checking, demand, savings, and time deposit accounts. They also access commercial mortgage loans, commercial real estate secured loans, commercial and industrial non-real estate loans, asset-backed loans, lines of credit, and various treasury management services such as ACH origination, wire transfers, remote deposit capture, and merchant services.
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Financial Institutions and Brokerage Firms
Through its Securities Business segment, Axos Financial serves other financial entities, specifically brokerage customers. These customers utilize Axos for disclosed clearing services, back-office support (including record keeping, trade reporting, and accounting), securities and margin lending, reorganization assistance, custody of securities, and financing to brokerage clients.
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- Visa Inc. (V)
- Mastercard Incorporated (MA)
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Gregory Garrabrants
President and Chief Executive Officer
Gregory Garrabrants has served as President and CEO of Axos Bank since October 2007. Prior to joining Axos Bank, he was a Senior Vice President and the Head of Corporate Business Development at the nation's seventh-largest thrift, where he focused on new business segments, mergers and acquisitions, joint ventures, and strategic alliances. Before his senior executive roles in banking, Mr. Garrabrants spent over 15 years in the financial services industry as an investment banker at Goldman Sachs, a management consultant at McKinsey & Company, and an attorney. He began his career at Deloitte Consulting.
Derrick K. Walsh
Executive Vice President, Chief Financial Officer
Derrick K. Walsh joined Axos in 2013 and was promoted to Executive Vice President, Chief Financial Officer in September 2021. He previously held various accounting and finance positions at Axos, including Chief Accounting Officer. Before his tenure at Axos, Mr. Walsh led the SEC & Regulatory Reporting department at LPL Financial. Prior to LPL, he worked as a manager in public accounting, auditing publicly traded organizations and financial institutions.
Raymond D. Matsumoto
Executive Vice President, Chief Operating Officer
Raymond D. Matsumoto is the Executive Vice President and Chief Operating Officer of Axos Bank. Before joining Axos Bank, he served as Executive Vice President and Chief Administrative Officer at CIT Group, where his responsibilities included transformation management, corporate service sourcing/contracts, security, and resolution planning. Mr. Matsumoto also held executive positions at OneWest Bank and Indymac Bank. He began his career with 18 years as a Senior Manager Certified Public Accountant at KPMG and as the Chief Financial and Operations Officer for a consumer food products company.
Eshel Bar-Adon
Executive Vice President, Strategic Partnerships and Chief Legal Officer
Eshel Bar-Adon is the Executive Vice President, Strategic Partnerships and Chief Legal Officer of Axos. Prior to joining Axos Bank, he was Executive Vice President and Chief Legal Officer, and also served as acting President, at Seneca One Finance, Inc., a specialty finance firm. Before that, he was Senior Vice President for Transactional Affairs and Corporate Counsel and a member of the Executive Committee at Stone Street Capital, Inc., another specialty finance firm. Mr. Bar-Adon also practiced law in Washington, D.C., where he was a partner at the national law firm Sullivan & Worcester, specializing in representing commercial real estate developers and banks in real estate finance transactions.
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The key risks to Axos Financial (AX) predominantly revolve around its loan portfolio, interest rate sensitivity, and the integration of acquired businesses.
- Commercial Real Estate (CRE) Exposure and Underwriting Standards: A significant portion of Axos Financial's loan portfolio is concentrated in commercial real estate (CRE), particularly in potentially volatile markets. This high exposure, coupled with concerns raised by some reports regarding lax underwriting standards and lending to borrowers who might have been denied by other banks, presents a substantial risk to the company's asset quality. A downturn in the commercial real estate market could lead to an increase in non-performing loans and require higher provisions for credit losses, directly impacting profitability.
- Net Interest Margin (NIM) Compression and Interest Rate Fluctuations: As a financial institution, Axos Financial is highly susceptible to interest rate risks. Fluctuations in interest rates can significantly affect the company's net interest margin (NIM), which is a key driver of its profitability. Recent trends indicate a decline in NIM, partly due to increasing reliance on costlier brokered deposits. Sustained elevated interest rates or an intensely competitive deposit environment could further pressure NIM, constraining the profitability of its lending activities.
- Operational Risks from Acquisitions and Integration Challenges: Axos Financial has engaged in strategic acquisitions, such as Verdant Commercial Capital, to fuel growth. While acquisitions can offer expansion opportunities, they also introduce operational risks and challenges related to the successful integration of new businesses. Issues with integration can lead to increased non-interest expenses, including depreciation, amortization, and salaries, which could negatively impact the company's overall profitability if not managed effectively.
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The expansion of financial services by large technology companies such as Apple, Google, and Amazon. These companies possess vast user bases, significant data and AI capabilities, and strong brand loyalty, allowing them to offer integrated financial products (e.g., high-yield savings accounts, payment solutions, and lending to merchants) that could directly compete with and potentially disrupt Axos Financial's consumer and business banking segments by offering seamless integration, potentially lower costs, and superior user experiences.
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Addressable Markets for Axos Financial's Main Products and Services (U.S. Region)
- Retail Banking Market: The U.S. retail banking market was valued at approximately USD 870 billion in 2025 and is estimated to grow to USD 1,112.2 billion by 2031. Another source indicates the U.S. retail banking market generated revenue of USD 1.28 trillion in 2025.
- Commercial Banking Market: The U.S. commercial banking market size is estimated at USD 732.5 billion in 2025 and is forecasted to reach USD 915.45 billion by 2030. Other estimates place the U.S. commercial banking market at USD 229 billion in 2023, projected to reach USD 339 billion by 2032.
- Small Business Loan Market: The U.S. small business loan market was valued at USD 245.39 billion in 2023 and is projected to reach USD 349.64 billion by 2033.
- Mortgage Market (Residential and Commercial):
- Residential Mortgage Debt: The total residential mortgage debt in the U.S. was USD 11.92 trillion as of the fourth quarter of 2022.
- Commercial Real Estate Debt: Commercial real estate debt in the U.S. totaled USD 5.62 trillion in 2022.
- Home Mortgage Originations: U.S. home mortgage originations totaled USD 1.50 trillion in 2023 and rose to USD 1.69 trillion in 2024.
- Payment Processing Solutions Market: The U.S. payment processing solutions market generated a revenue of USD 16.0 billion in 2023 and is expected to reach USD 36.75 billion by 2030. The total transaction volume for the U.S. market in 2023 was over USD 10 trillion.
- Digital Banking Market: The U.S. digital banking market generated revenue of USD 1.84 billion in 2024 and is anticipated to reach USD 3.86 billion by 2032. The U.S. digital banking platform market size was valued at USD 30.4 billion in 2023 and is projected to reach USD 168.3 billion by 2032.
- Clearing Houses and Settlements Market: The United States Clearing Houses and Settlements Market was valued at USD 6.75 billion in 2024 and is expected to reach USD 9.02 billion by 2030.
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Axos Financial (AX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Continued Loan Growth, particularly in Commercial and Specialty Lending: Axos Financial has demonstrated strong net loan growth across various categories, including asset-based lending, commercial specialty, equity finance, commercial real estate specialty, and auto lending. Management has outlined a target for low to mid-teens loan growth for fiscal year 2026. This diversified approach to lending is expected to continue contributing significantly to net interest income.
- Strategic Acquisitions: The company's strategy includes opportunistic and accretive mergers and acquisitions. The recent acquisition of Verdant, for instance, significantly contributed to loan growth and non-interest income, with expectations for it to be accretive to earnings per share by 2% to 3% in fiscal year 2026 and 5% to 6% in fiscal year 2027. This indicates that strategic M&A will be a driver for expanded revenue streams.
- Growth in Non-Interest Income and Fee Diversification: Axos Financial is focusing on diversifying its revenue streams beyond traditional net interest income. Recent increases in non-interest income have been attributed to higher banking service fees, mortgage banking income, and prepayment penalty fees. Future growth is anticipated from areas such as securities lending, wealth and asset management, and payment-related services, as the company scales its treasury and real-time payment capabilities.
- Deposit Growth and Optimized Funding Costs: The company emphasizes growing its deposit base, particularly nationally sourced digital deposits, to provide a relatively lower cost of funding. Robust deposit inflows, including in noninterest-bearing accounts, help to lower the overall cost of funds, thereby supporting net interest margin and contributing to revenue growth.
- Leveraging Technology for Operational Efficiency and New Initiatives: Axos Financial's proprietary technology stack and universal digital banking platform are key to its long-term growth strategy. By investing in automation, real-time decisioning, and cloud-native microservices, Axos aims to reduce unit costs, accelerate product development, and expand services, creating operating leverage and enabling new business initiatives for incremental growth across its consumer, commercial, and securities banking segments.
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Share Repurchases
- Axos Financial's Board of Directors authorized a $100 million increase to its existing common stock repurchase program on May 12, 2025, with approximately $48 million remaining from a prior increase announced on February 12, 2024.
- The company repurchased $58.5 million worth of common stock under its repurchase program in the fiscal year ending June 30, 2025.
- Axos Financial completed a buyback program from February 12, 2024, repurchasing 853,609 shares for a total spend of US$51.93 million.
Share Issuance
- Axos Financial, Inc. announced the pricing of a public offering of $200 million in aggregate principal amount of 7.00% Fixed-to-Floating Rate Subordinated Notes due 2035 on September 17, 2025.
- While there was a net decline in shares outstanding over recent years, common shares issued at the end of fiscal year 2025 were 71,101,642, an increase from 70,221,632 in 2024 and 69,465,446 in 2023.
Outbound Investments
- Axos Financial undertook acquisitions to enhance its asset base, including $52 million in marine floor financing loans.
- The company acquired two loan portfolios from the FDIC with an aggregate unpaid principal balance of $1.3 billion.
- Axos is actively exploring merger and acquisition (M&A) opportunities in specialty finance and fee-based businesses.
Capital Expenditures
- In the last 12 months, Axos Financial's capital expenditures were -$58.18 million, indicating that proceeds from asset sales exceeded capital purchases.
- The company is investing in technology and AI to improve operational efficiency.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Would You Still Hold Axos Financial Stock If It Fell 30%? | 10/17/2025 | |
| Why Axos Financial Stock Moved: AX Stock Has Gained 131% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues | 08/08/2025 | |
| Axos Financial (AX) Valuation Ratios Comparison | 08/08/2025 | |
| AX Dip Buy Analysis | 07/10/2025 | |
| Axos Financial Stock Soars 16% In A Single Month, Time To Buy The Stock? | 02/28/2025 | |
| Axos Financial (AX) Operating Cash Flow Comparison | 02/17/2025 | |
| Axos Financial (AX) Net Income Comparison | 02/15/2025 | |
| Fundamental Metrics: ... | 06/19/2024 | |
| ARTICLES | ||
| Small Cap Stocks Trading At 52-Week High | 08/22/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 83.85 |
| Mkt Cap | 24.1 |
| Rev LTM | 9,963 |
| Op Inc LTM | 9,116 |
| FCF LTM | 4,989 |
| FCF 3Y Avg | 4,930 |
| CFO LTM | 6,997 |
| CFO 3Y Avg | 6,890 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.0% |
| Rev Chg 3Y Avg | 13.0% |
| Rev Chg Q | 21.5% |
| QoQ Delta Rev Chg LTM | 5.0% |
| Op Inc Chg LTM | 15.2% |
| Op Inc Chg 3Y Avg | 32.9% |
| Op Mgn LTM | 86.3% |
| Op Mgn 3Y Avg | 84.8% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 43.0% |
| CFO/Rev 3Y Avg | 46.9% |
| FCF/Rev LTM | 28.7% |
| FCF/Rev 3Y Avg | 33.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Banking Business | 1,161 | 1,090 | 819 | 659 | 607 |
| Securities Business Segment | 148 | 155 | 162 | 82 | 46 |
| Corporate/Eliminations | -49 | -61 | -77 | -20 | -9 |
| Total | 1,259 | 1,184 | 904 | 721 | 644 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Banking Business | 23,989 | 22,166 | 19,396 | 16,003 | 12,745 |
| Securities Business Segment | 752 | 649 | 899 | 1,329 | 1,451 |
| Corporate/Eliminations | 43 | 40 | 53 | 70 | 70 |
| Total | 24,783 | 22,855 | 20,348 | 17,401 | 14,266 |
Price Behavior
| Market Price | $94.35 | |
| Market Cap ($ Bil) | 5.4 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -6.6% | |
| 50 Days | 200 Days | |
| DMA Price | $89.63 | $87.73 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 5.3% | 7.5% |
| 3M | 1YR | |
| Volatility | 33.6% | 32.3% |
| Downside Capture | 54.01 | 94.37 |
| Upside Capture | 66.86 | 99.17 |
| Correlation (SPY) | 31.6% | 39.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.74 | 1.24 | 0.91 | 0.99 | 1.19 | 1.23 |
| Up Beta | 3.97 | 1.95 | 1.38 | 1.40 | 1.51 | 1.34 |
| Down Beta | 0.33 | -0.27 | 0.76 | 0.79 | 1.18 | 1.02 |
| Up Capture | -93% | 49% | 55% | 81% | 106% | 224% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 7 | 22 | 33 | 68 | 130 | 370 |
| Down Capture | 88% | 170% | 93% | 96% | 109% | 106% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 13 | 19 | 30 | 56 | 119 | 376 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AX | |
|---|---|---|---|---|
| AX | 27.0% | 32.3% | 0.78 | - |
| Sector ETF (XLF) | 7.0% | 14.6% | 0.25 | 62.3% |
| Equity (SPY) | 23.3% | 12.5% | 1.40 | 39.0% |
| Gold (GLD) | 17.7% | 27.7% | 0.57 | -3.4% |
| Commodities (DBC) | 18.2% | 18.6% | 0.76 | -16.6% |
| Real Estate (VNQ) | 11.6% | 13.8% | 0.56 | 37.0% |
| Bitcoin (BTCUSD) | -40.6% | 42.4% | -1.11 | 26.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AX | |
|---|---|---|---|---|
| AX | 13.9% | 40.8% | 0.43 | - |
| Sector ETF (XLF) | 9.5% | 18.6% | 0.39 | 67.2% |
| Equity (SPY) | 13.2% | 17.1% | 0.60 | 54.4% |
| Gold (GLD) | 16.4% | 18.3% | 0.73 | -1.3% |
| Commodities (DBC) | 6.9% | 19.5% | 0.26 | 7.1% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 51.7% |
| Bitcoin (BTCUSD) | 10.4% | 54.1% | 0.39 | 24.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AX | |
|---|---|---|---|---|
| AX | 18.2% | 42.6% | 0.54 | - |
| Sector ETF (XLF) | 13.4% | 22.1% | 0.55 | 69.7% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 57.1% |
| Gold (GLD) | 11.5% | 16.1% | 0.59 | -5.8% |
| Commodities (DBC) | 5.7% | 18.0% | 0.24 | 16.7% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 51.6% |
| Bitcoin (BTCUSD) | 57.2% | 66.5% | 0.97 | 15.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | -9.4% | -9.1% | -10.5% |
| 1/29/2026 | 4.6% | 3.8% | -5.5% |
| 10/30/2025 | -1.7% | 0.4% | 2.9% |
| 7/30/2025 | 1.2% | -0.3% | 7.1% |
| 4/30/2025 | 3.2% | 5.7% | 9.5% |
| 1/28/2025 | -4.2% | -1.8% | -8.4% |
| 10/30/2024 | 1.8% | 22.7% | 24.6% |
| 7/30/2024 | -5.9% | -16.3% | -11.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 16 |
| # Negative | 10 | 9 | 8 |
| Median Positive | 4.4% | 6.6% | 9.2% |
| Median Negative | -3.6% | -2.0% | -8.3% |
| Max Positive | 13.9% | 22.7% | 28.1% |
| Max Negative | -9.4% | -16.3% | -11.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | -9.4% | -9.1% | -10.5% |
| 1/29/2026 | 4.6% | 3.8% | -5.5% |
| 10/30/2025 | -1.7% | 0.4% | 2.9% |
| 7/30/2025 | 1.2% | -0.3% | 7.1% |
| 4/30/2025 | 3.2% | 5.7% | 9.5% |
| 1/28/2025 | -4.2% | -1.8% | -8.4% |
| 10/30/2024 | 1.8% | 22.7% | 24.6% |
| 7/30/2024 | -5.9% | -16.3% | -11.4% |
| 4/30/2024 | 9.7% | 17.0% | 6.9% |
| 1/30/2024 | -2.4% | -9.8% | -8.2% |
| 10/26/2023 | -7.9% | 5.6% | 0.9% |
| 7/27/2023 | 5.1% | -2.0% | -10.3% |
| 4/27/2023 | 9.8% | 0.1% | 11.0% |
| 1/26/2023 | 13.9% | 20.0% | 13.2% |
| 10/27/2022 | 7.3% | 1.8% | 6.3% |
| 8/4/2022 | 0.4% | 6.6% | -4.5% |
| 4/28/2022 | -8.4% | -9.5% | -6.5% |
| 1/27/2022 | 1.8% | 5.4% | 8.9% |
| 10/28/2021 | 1.7% | 12.1% | 10.9% |
| 7/29/2021 | -1.5% | -1.0% | 2.1% |
| 4/29/2021 | -2.5% | -0.0% | 2.4% |
| 1/28/2021 | -2.9% | 7.5% | 19.2% |
| 10/29/2020 | 4.2% | 11.2% | 28.1% |
| 7/29/2020 | 6.5% | 8.5% | 19.7% |
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 16 |
| # Negative | 10 | 9 | 8 |
| Median Positive | 4.4% | 6.6% | 9.2% |
| Median Negative | -3.6% | -2.0% | -8.3% |
| Max Positive | 13.9% | 22.7% | 28.1% |
| Max Negative | -9.4% | -16.3% | -11.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 01/29/2026 | 10-Q |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/21/2025 | 10-K |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 01/28/2025 | 10-Q |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/22/2024 | 10-K |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 01/30/2024 | 10-Q |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 08/29/2023 | 10-K |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 01/26/2023 | 10-Q |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 09/08/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 01/29/2026 | 10-Q |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/21/2025 | 10-K |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 01/28/2025 | 10-Q |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/22/2024 | 10-K |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 01/30/2024 | 10-Q |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 08/29/2023 | 10-K |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 01/26/2023 | 10-Q |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 09/08/2022 | 10-K |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 01/27/2022 | 10-Q |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 08/26/2021 | 10-K |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 01/28/2021 | 10-Q |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 08/26/2020 | 10-K |
| 03/31/2020 | 04/29/2020 | 10-Q |
| 12/31/2019 | 01/29/2020 | 10-Q |
| 09/30/2019 | 10/30/2019 | 10-Q |
| 06/30/2019 | 08/28/2019 | 10-K |
Insider Activity
Updated 6/9/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Constantine, Thomas M | Direct | Sell | 6092026 | 88.55 | 1,994 | 176,575 | 1,434,116 | Form | |
| 2 | Watson, Michael James | Direct | Sell | 5212026 | 83.77 | 1,653 | 138,470 | 384,667 | Form | |
| 3 | Santi, Roque A | Direct | Sell | 5122026 | 87.77 | 500 | 43,885 | 671,089 | Form | |
| 4 | Nick, Mosich | Direct | Sell | 2192026 | 98.00 | 1,275 | 124,950 | 7,834,316 | Form | |
| 5 | Nick, Mosich | Direct | Sell | 2132026 | 97.00 | 1,000 | 97,000 | 7,878,049 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Constantine, Thomas M | Direct | Sell | 6092026 | 88.55 | 1,994 | 176,575 | 1,434,116 | Form | |
| 2 | Watson, Michael James | Direct | Sell | 5212026 | 83.77 | 1,653 | 138,470 | 384,667 | Form | |
| 3 | Santi, Roque A | Direct | Sell | 5122026 | 87.77 | 500 | 43,885 | 671,089 | Form | |
| 4 | Nick, Mosich | Direct | Sell | 2192026 | 98.00 | 1,275 | 124,950 | 7,834,316 | Form | |
| 5 | Nick, Mosich | Direct | Sell | 2132026 | 97.00 | 1,000 | 97,000 | 7,878,049 | Form | |
| 6 | Constantine, Thomas M | Direct | Sell | 2092026 | 100.00 | 3,260 | 326,000 | 1,607,700 | Form | |
| 7 | Walsh, Derrick | EVP, Chief Financial Officer | Direct | Sell | 2062026 | 101.21 | 4,846 | 490,464 | 3,839,503 | Form |
| 8 | Court, James John | Direct | Sell | 2062026 | 101.01 | 11,163 | 1,127,575 | 3,249,391 | Form | |
| 9 | Garrabrants, Gregory | President and CEO | Direct | Sell | 2062026 | 99.10 | 43,294 | 4,290,392 | 140,596,805 | Form |
| 10 | Bohlig, Tamara N | Direct | Sell | 12102025 | 86.23 | 2,145 | 184,964 | 1,114,011 | Form | |
| 11 | Ratinoff, Edward James | Direct | Sell | 12082025 | 84.59 | 2,145 | 181,446 | 3,908,819 | Form | |
| 12 | Constantine, Thomas M | Direct | Sell | 9122025 | 92.00 | 1,476 | 135,792 | 1,565,840 | Form | |
| 13 | Thiele, Candace L | Direct | Sell | 9032025 | 90.14 | 700 | 63,094 | 2,073 | Form | |
| 14 | Nick, Mosich | Direct | Sell | 9032025 | 90.50 | 620 | 56,110 | 7,194,298 | Form | |
| 15 | Nick, Mosich | Direct | Sell | 9032025 | 90.01 | 4,380 | 394,253 | 7,211,311 | Form | |
| 16 | Micheletti, Andrew J | EVP, Finance | Direct | Sell | 8052025 | 85.38 | 13,960 | 1,191,905 | 5,759,735 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Regional Banks Resources |
| Bank Director |
| Independent Banker |
| S&P Global Market Intelligence |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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