Axos Financial (AX)

Market Price (11/13/2026): $91.29 | Market Cap: $5.2 BilSector: Financials | Industry: Regional Banks

Axos Financial (AX)

Market Price (11/13/2026): $91.29
Market Cap: $5.2 Bil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%, FCF Yield is 5.6%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%

Low stock price volatility
Vol 12M is 30%

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 low
Uninsured 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 drivers
Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.

Weak multi-year price returns
2Y Excs Rtn is -12%

Short seller report
Hindenburg Research report on 6/4/2024.

Key risks
AX key risks include [1] its heavy concentration in commercial real estate loans and [2] allegations of lax underwriting standards and questionable accounting.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%, FCF Yield is 5.6%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%
2	Low stock price volatility Vol 12M is 30%
3	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%
4	Uninsured deposits are low Uninsured 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%
5	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.
6	Weak multi-year price returns 2Y Excs Rtn is -12%
7	Short seller report Hindenburg Research report on 6/4/2024.
8	Key risks AX key risks include [1] its heavy concentration in commercial real estate loans and [2] allegations of lax underwriting standards and questionable accounting.

AX in ETFs

Weight = AX's share of each fund

VTI0.01%

ITOT0.01%

IWM0.17%

IJR0.30%

VB0.06%

KRE1.1%

SLYG0.66%

IJT0.65%

+11 more covered ETFs

Valuation & Metrics

FYE: 6/30	Forward FYE		Now	Historical (CYE & TTM)
	2028	2027	11/13/26	2025	2024	2023
Share Price			$91.29	$86.16	$69.85	$54.60
Mkt Cap ($ Bil)			5.2	4.9	4.0	3.2
+ Debt ($ Bil)			1.1	1.4	0.4	0.5
- Cash ($ Bil)			1.1	2.6	2.6	2.2
TEV ($ Bil)			5.1	6.3	4.4	3.7
Valuation Ratios
P/S	2.9	3.2	3.5	3.9	3.5	3.5
P/EBIT	5.9	6.7	-	-	-	-
P/E	8.2	9.3	10.6	11.2	8.3	9.7
P/FCF	—	—	17.8	9.9	13.5	24.5
Sector Ratios (* = sector average)
P/S *			3.2	3.1	3.1	2.7
P/EBIT *			6.7	7.7	8.5	7.5
P/E *			11.3	11.0	11.6	10.0
P/FCF *			8.6	9.0	9.0	7.9

FYE: 6/30	Forward FYE		Now
	2028	2027	11/13/26
Share Price			$91.29
Mkt Cap ($ Bil)			5.2
+ Debt ($ Bil)			1.1
- Cash ($ Bil)			1.1
TEV ($ Bil)			5.1
Valuation Ratios
P/S	2.9	3.2	3.5
P/EBIT	5.9	6.7	-
P/E	8.2	9.3	10.6
P/FCF	—	—	17.8
Sector Ratios (* = sector average)
P/S *			3.2
P/EBIT *			6.7
P/E *			11.3
P/FCF *			8.6

FYE: 6/30	AX [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$1.5 Bil	—
FY 2027 Sales	$1.6 Bil	—
FY 2028 Sales	$1.8 Bil	—
FY 2027 Sales Growth	12.4%	—
FY 2028 Sales Growth	10.4%	8.6%
EARNINGS
LTM Net Income (GAAP) [3]	$490.4 Mil	—
FY 2027 Net Income (Non-GAAP)	$556.7 Mil	—
FY 2028 Net Income (Non-GAAP)	$631.8 Mil	—
FY 2028 Net Income Growth	13.5%	12.8%
FY 2027 EPS (Non-GAAP)	$9.64	—
FY 2028 EPS (Non-GAAP)	$10.91	—
FY 2028 EPS Growth	13.2%	—
VALUATION
FY 2027 P/S	3.2	1.7
FY 2028 P/S	2.9	—
FY 2027 P/E	9.3	8.9
FY 2028 P/E	8.2	—

[1] AX forward figures are analyst consensus for the next two fiscal years (fiscal year end 6/30). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	AX	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	1.5
Rev Chg Q	18.3%	8.8%
Rev Chg LTM	17.8%	8.7%
Rev Chg 3Y Avg	18.0%	6.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.6
Net Inc LTM ($ Bil)	0.5
CFO/Rev LTM	38.1%	21.4%
Net Inc Mgn	33.5%	13.5%
VALUATION	LOW
P/S	3.5	3.2
P/CFO	9.3	15.4
P/FCF	17.8	20.5
P/E	10.6	21.9

AI Analysis | Feedback

Metric	Value	Date	Source
Assets Under Custody and/or Administration	43000000000	9302025	Link
Net Interest Margin	4.75%	9302025	Link
Efficiency Ratio	48.32%	9302025	Link
Book Value Per Share	49.31	9302025	Link
Tangible Book Value per Share	45.21	10282025	Link
Net Charge-offs to Average Loans	11 basis points	9302025	Link
Loan Originations for Sale	47122000	9302025	Link
Allowance for credit losses to non-accrual loans and leases	180.4%	9302025	Link

Price Chart

Recent
10/29/2026	Earnings Release	Rev: $395 Mil (A) vs. $386 Mil (E) EPS: 2.34 (A) vs. $2.26 (E)
Upcoming
1/28/2027	Earnings Release	Rev: $406 Mil (E) EPS: $2.35 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Prices as of 11/12/2026

Down 17.9% from its Aug 4 high to Sep 29, up 5.8% since (S&P 500 down 0.9%)
The stock declined without company news. The S&P 500 also moved down, but to a much lesser extent.

Oct 30: down 2.3% the day after its Oct 29 earnings report (S&P 500 down 1.8%)
The stock declined due to broader market pressures. This occurred despite Axos Financial reporting Q1 earnings and revenues that topped estimates.

Holding a concentrated position? Know your true downside before the momentum shifts.

Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -10.0% change in AX stock from 7/31/2026 to 11/12/2026 was primarily driven by a -12.4% change in the company's P/E Multiple.

(LTM values as of)	7312026	11122026	Change
Stock Price ($)	101.41	91.29	-10.0%
Change Contribution By:
Total Revenues ($ Mil)	1,405	1,463	4.1%
Net Income Margin (%)	33.9%	33.5%	-1.1%
P/E Multiple	12.1	10.6	-12.4%
Shares Outstanding (Mil)	57	57	-0.3%
Cumulative Contribution			-10.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/12/2026

	Return	Correlation
AX	-10.0%
Market (SPY)	1.4%	34.1%
Sector (XLF)	2.2%	61.1%

Fundamental Drivers

The -5.3% change in AX stock from 4/30/2026 to 11/12/2026 was primarily driven by a -7.9% change in the company's P/E Multiple.

(LTM values as of)	4302026	11122026	Change
Stock Price ($)	96.44	91.29	-5.3%
Change Contribution By:
Total Revenues ($ Mil)	1,405	1,463	4.1%
Net Income Margin (%)	33.9%	33.5%	-1.1%
P/E Multiple	11.5	10.6	-7.9%
Shares Outstanding (Mil)	57	57	-0.3%
Cumulative Contribution			-5.3%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/12/2026

	Return	Correlation
AX	-5.3%
Market (SPY)	5.6%	25.3%
Sector (XLF)	12.1%	53.9%

Fundamental Drivers

The 17.1% change in AX stock from 10/31/2025 to 11/12/2026 was primarily driven by a 17.5% change in the company's Total Revenues ($ Mil).

(LTM values as of)	10312025	11122026	Change
Stock Price ($)	77.98	91.29	17.1%
Change Contribution By:
Total Revenues ($ Mil)	1,245	1,463	17.5%
Net Income Margin (%)	34.8%	33.5%	-3.6%
P/E Multiple	10.2	10.6	4.0%
Shares Outstanding (Mil)	57	57	-0.6%
Cumulative Contribution			17.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/12/2026

	Return	Correlation
AX	17.1%
Market (SPY)	11.9%	35.3%
Sector (XLF)	12.5%	60.4%

Fundamental Drivers

The 153.4% change in AX stock from 10/31/2023 to 11/12/2026 was primarily driven by a 65.2% change in the company's P/E Multiple.

(LTM values as of)	10312023	11122026	Change
Stock Price ($)	36.03	91.29	153.4%
Change Contribution By:
Total Revenues ($ Mil)	927	1,463	57.8%
Net Income Margin (%)	35.8%	33.5%	-6.2%
P/E Multiple	6.4	10.6	65.2%
Shares Outstanding (Mil)	59	57	3.7%
Cumulative Contribution			153.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/12/2026

	Return	Correlation
AX	153.4%
Market (SPY)	87.3%	45.3%
Sector (XLF)	87.8%	62.8%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
AX Return	49%	-32%	43%	28%	23%	6%	143%
Peers Return	38%	-31%	37%	52%	43%	-9%	157%
S&P 500 Return	27%	-19%	24%	23%	16%	11%	103%
Monthly Win Rates [3]
AX Win Rate	75%	50%	50%	58%	58%	55%
Peers Win Rate	55%	47%	53%	63%	62%	44%
S&P 500 Win Rate	75%	42%	67%	75%	67%	45%
Max Drawdowns [4]
AX Max Drawdown	-16%	-43%	-35%	-23%	-23%	-19%
Peers Max Drawdown	-24%	-48%	-34%	-23%	-33%	-30%
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 11/12/2026 (YTD)

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

Compare to SCHW, SOFI, ALLY, IBKR, SYF

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.

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

Compare to SCHW, SOFI, ALLY, IBKR, SYF

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)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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.

AI Analysis | Feedback

A comprehensive online bank, like a more robust Ally Financial, for both consumers and businesses.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.
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.
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.

AI Analysis | Feedback

Visa Inc. (V)
Mastercard Incorporated (MA)

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

Interactive Breakdown

null

null

Better Bets vs. Axos Financial (AX)

null

Peer Outperformance in Regional Banks

AX has outperformed 54% of its 265 Regional Banks peers over 5Y. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.

Share of Regional Banks constituents that AX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

15%

of 284 industry peers · 11.3% return

94%

of 275 industry peers · 173.7% return

54%

of 265 industry peers · 54.1% return

No Regional Banks peer with a comparable growth profile has beaten AX by more than 20pp over 5Y.

Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is AX's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Reinsurance	6	32.7%	70.1%	120.1%	SPNT 197% · RGA 170% · RNR 135%
Diversified Banks	12	29.4%	142.4%	90.8%	CM 145% · JPM 133% · RY 128%
Multi-Sector Holdings	4	17.4%	64.3%	87.4%	BRK-B 106% · VOYA 69% · JEF 31%
Investment Banking & Brokerage	13	-6.1%	93.4%	86.8%	IBKR 355% · SNEX 172% · GS 155%
Life & Health Insurance	20	10.5%	53.3%	80.5%	JXN 431% · UNM 245% · FG 214%
Property & Casualty Insurance	42	13.9%	74.2%	68.1%	TRV 182% · PGR 174% · ACGL 173%
Multi-line Insurance	9	8.1%	72.8%	60.5%	AIZ 118% · L 99% · GNW 94%
Regional Banks ←	266	29.7%	90.4%	46.1%	CBC 275% · FCNCA 182% · NIC 142%
Insurance Brokers	15	0.6%	8.2%	18.1%	LIFE 284% · ARX 89% · WTW 52%
Financial Exchanges & Data	15	17.0%	33.5%	13.5%	CBOE 201% · VIRT 152% · CME 73%
Asset Management & Custody Banks	85	-8.2%	18.2%	8.1%	VCTR 271% · WT 239% · AAMI 213%
Diversified Financial Services	4	-9.8%	16.5%	7.0%	FRHC 126% · EQH 82%
Consumer Finance	30	-2.8%	75.5%	0.3%	ENVA 289% · FCFS 145% · ECPG 86%
Commercial & Residential Mortgage Finance	14	-45.6%	13.0%	-3.7%	FNMA 338% · FMCC 287% · ACT 161%
Specialized Finance	3	13.2%	27.4%	-22.3%	HASI -22% · CACC -25%
Transaction & Payment Processing Services	17	15.4%	9.7%	-29.6%	V 106% · CPAY 89% · MA 85%
Mortgage REITs	34	-24.5%	-11.9%	-42.1%	RITM 32% · DX 9% · AGNC 4%
Diversified Capital Markets	20	-45.7%	-25.5%	-67.3%	LPLA 81% · TW 40% · RIOT -60%

Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Would You Still Hold Axos Financial Stock If It Fell 30%?	10/17/2025
2	Why Axos Financial Stock Moved: AX Stock Has Gained 131% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues	08/08/2025
3	Axos Financial (AX) Valuation Ratios Comparison	08/08/2025
4	AX Dip Buy Analysis	07/10/2025
5	Axos Financial Stock Soars 16% In A Single Month, Time To Buy The Stock?	02/28/2025
6	Axos Financial (AX) Operating Cash Flow Comparison	02/17/2025
7	Axos Financial (AX) Net Income Comparison	02/15/2025
8	Fundamental Metrics: ...	06/19/2024
9	ARTICLES
10	Small Cap Stocks Trading At 52-Week High	08/22/2025

	Title
0	DASHBOARDS
1	Would You Still Hold Axos Financial Stock If It Fell 30%?
2	Why Axos Financial Stock Moved: AX Stock Has Gained 131% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues
3	Axos Financial (AX) Valuation Ratios Comparison
4	AX Dip Buy Analysis
5	Axos Financial Stock Soars 16% In A Single Month, Time To Buy The Stock?
6	Axos Financial (AX) Operating Cash Flow Comparison
7	Axos Financial (AX) Net Income Comparison
8	Fundamental Metrics: ...
9	ARTICLES
10	Small Cap Stocks Trading At 52-Week High

Trade Ideas

Select ideas related to AX.

null

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MBGL	Mobility Global	6.8	16.1%	10.5%
SWRD	Stewards	0.5	16.0%	-51.6%
FRMI	Fermi	1.3	13.8%	-74.2%
AVEX	AEVEX	0.7	13.4%	-48.9%
HPK	HighPeak Energy	1.0	13.2%	75.7%
ADRX	Adarx Pharmaceuticals	1.5	12.1%	-22.9%
ATEX	Anterix	1.6	8.0%	278.8%
KOS	Kosmos Energy	1.3	7.4%	141.3%
LUNR	Intuitive Machines	2.1	7.0%	-19.7%
IBP	Installed Building Products	6.0	6.8%	-12.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ADIG	ADI Global Distribution	0.7	-49.8%	-55.4%
ENVX	Enovix	0.4	-28.7%	-75.3%
CTVA	Corteva	6.1	-24.3%	-8.0%
EMAT	Evolution Metals & Technologies	0.6	-19.2%	-95.3%
SEPN	Septerna	1.9	-13.8%	50.1%
MANE	Veradermics	5.5	-13.6%	258.4%
DGII	Digi International	2.2	-12.7%	35.0%
SANA	Sana Biotechnology	0.6	-12.2%	-50.6%
NVAX	Novavax	1.4	-12.2%	30.4%
GPN	Global Payments	23.8	-12.0%	15.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FLY	Firefly Aerospace	4.1	66.8%	13.1%
AOSL	Alpha & Omega Semiconductor	0.9	65.2%	54.1%
BW	Babcock & Wilcox Enterprises	0.7	56.8%	-23.3%
LUNR	Intuitive Machines	2.1	51.2%	-19.7%
FRVO	Fervo Energy	1.8	49.6%	-68.1%
AVEX	AEVEX	0.7	48.6%	-48.9%
FROG	JFrog	13.5	48.2%	77.1%
DCTH	Delcath Systems	0.8	47.6%	111.7%
LASR	nLight	2.5	46.8%	14.8%
AAON	AAON	6.5	44.8%	3.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
EMAT	Evolution Metals & Technologies	0.6	-48.2%	-95.3%
ADIG	ADI Global Distribution	0.7	-46.7%	-55.4%
STLN	Starling Oncology	0.4	-44.0%	-27.5%
PRAA	PRA	0.5	-41.8%	-32.8%
NRDS	Nerdwallet	0.5	-36.0%	-46.1%
PAYS	PaySign	0.5	-33.7%	84.3%
AGNT	AGNT	0.4	-31.5%	-69.5%
KRT	Karat Packaging	0.7	-31.3%	63.5%
OPEN	Opendoor Technologies	1.2	-31.0%	-78.8%
NAVI	Navient	0.6	-30.4%	-50.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
REPL	Replimune	2.3	93.0%	126.1%
SGRY	Surgery Partners	3.4	79.2%	72.0%
ULH	Universal Logistics	0.8	76.6%	99.2%
GDYN	Grid Dynamics	1.1	74.4%	48.2%
LQDA	Liquidia	5.2	71.2%	68.5%
XERS	Xeris Biopharma	2.9	70.4%	112.1%
ONT	Onterris	0.8	70.3%	-7.0%
VRDN	Viridian Therapeutics	3.3	65.8%	-2.1%
BRZE	Braze	5.2	65.0%	35.9%
XNCR	Xencor	2.9	63.0%	149.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
AESI	Atlas Energy Solutions	0.7	-50.3%	-41.6%
MNTN	MNTN	0.4	-46.9%	-58.2%
IOVA	Iovance Biotherapeutics	3.4	-46.3%	179.5%
MPT	Medical Properties Trust	1.0	-44.1%	-63.7%
PCT	PureCycle Technologies	0.3	-44.1%	-79.0%
BXBL	BOXABL	5.4	-43.6%	-81.6%
VCYT	Veracyte	2.0	-43.4%	-41.5%
STLN	Starling Oncology	0.4	-42.4%	-27.5%
BCAX	Bicara Therapeutics	0.7	-41.7%	-39.9%
SGML	Sigma Lithium	0.6	-41.0%	-62.0%

Peer Comparisons

Peers to compare with:

Financials

	AX	SCHW	SOFI	ALLY	IBKR	SYF	Median
Name	Axos Fin.	Charles .	SoFi Tec.	Ally Fin.	Interact.	Synchron.
Mkt Price	91.29	91.89	15.69	38.01	81.75	71.48	76.62
Mkt Cap	5.2	158.8	20.3	11.6	37.2	22.8	21.5
Rev LTM	1,463	27,061	4,729	9,839	11,504	15,027	10,672
Op Inc LTM	-	-	-	-	9,933	-	9,933
FCF LTM	291	11,696	-10,546	2,177	12,184	9,555	5,866
FCF 3Y Avg	332	14,468	-5,016	747	12,459	9,706	5,226
CFO LTM	558	12,493	-10,209	4,959	12,294	9,555	7,257
CFO 3Y Avg	451	15,091	-4,776	4,151	12,530	9,706	6,928

Growth & Margins

	AX	SCHW	SOFI	ALLY	IBKR	SYF	Median
Name	Axos Fin.	Charles .	SoFi Tec.	Ally Fin.	Interact.	Synchron.
Rev Chg LTM	17.8%	18.1%	42.3%	13.8%	16.2%	8.0%	17.0%
Rev Chg 3Y Avg	18.0%	11.6%	34.2%	2.5%	17.2%	5.2%	14.4%
Rev Chg Q	18.3%	16.9%	44.0%	8.9%	15.5%	-0.1%	16.2%
QoQ Delta Rev Chg LTM	4.1%	4.0%	9.8%	2.2%	3.8%	-0.0%	3.9%
Op Inc Chg LTM	-	-	-	-	17.3%	-	17.3%
Op Inc Chg 3Y Avg	-	-	-	-	18.8%	-	18.8%
Op Mgn LTM	-	-	-	-	86.3%	-	86.3%
Op Mgn 3Y Avg	-	-	-	-	85.2%	-	85.2%
QoQ Delta Op Mgn LTM	-	-	-	-	-0.2%	-	-0.2%
CFO/Rev LTM	38.1%	46.2%	-215.9%	50.4%	106.9%	63.6%	48.3%
CFO/Rev 3Y Avg	35.4%	73.9%	-117.3%	45.2%	123.9%	66.5%	55.9%
FCF/Rev LTM	19.9%	43.2%	-223.0%	22.1%	105.9%	63.6%	32.7%
FCF/Rev 3Y Avg	26.7%	71.3%	-124.0%	7.6%	123.2%	66.5%	46.6%

Valuation

	AX	SCHW	SOFI	ALLY	IBKR	SYF	Median
Name	Axos Fin.	Charles .	SoFi Tec.	Ally Fin.	Interact.	Synchron.
Mkt Cap	5.2	158.8	20.3	11.6	37.2	22.8	21.5
P/S	3.5	5.9	4.3	1.2	3.2	1.5	3.4
P/Op Inc	-	-	-	-	3.7	-	3.7
P/EBIT	-	-	-	-	3.7	-	3.7
P/E	10.6	14.9	27.5	7.8	31.6	6.8	12.8
P/CFO	9.3	12.7	-2.0	2.3	3.0	2.4	2.7
Total Yield	9.4%	8.3%	3.7%	16.1%	3.6%	16.4%	8.9%
Dividend Yield	0.0%	1.6%	0.0%	3.3%	0.4%	1.8%	1.0%
FCF Yield 3Y Avg	7.5%	11.3%	-26.0%	6.6%	47.9%	43.3%	9.4%
D/E	0.2	0.3	0.2	2.1	0.0	0.7	0.2
Net D/E	-0.0	-0.3	-0.2	-0.2	-0.2	-0.1	-0.2

Returns

	AX	SCHW	SOFI	ALLY	IBKR	SYF	Median
Name	Axos Fin.	Charles .	SoFi Tec.	Ally Fin.	Interact.	Synchron.
1M Rtn	3.3%	-4.2%	3.0%	2.0%	-6.6%	-2.4%	-0.2%
3M Rtn	-9.4%	-16.3%	-14.9%	-14.0%	-10.5%	-10.3%	-12.2%
6M Rtn	9.4%	3.0%	-2.1%	-8.8%	-7.2%	1.2%	-0.4%
12M Rtn	11.3%	-4.8%	-51.3%	-2.8%	12.9%	-3.7%	-3.2%
3Y Rtn	173.7%	76.7%	122.9%	63.9%	307.0%	156.8%	139.8%
1M Excs Rtn	6.7%	-3.8%	11.6%	5.7%	-1.5%	1.4%	3.6%
3M Excs Rtn	-8.5%	-15.1%	-12.1%	-12.4%	-9.0%	-9.2%	-10.6%
6M Excs Rtn	7.8%	1.5%	-3.6%	-10.4%	-8.8%	-0.4%	-2.0%
12M Excs Rtn	0.1%	-14.5%	-60.6%	-12.1%	4.5%	-13.6%	-12.8%
3Y Excs Rtn	67.1%	-1.0%	37.1%	-15.6%	232.6%	83.9%	52.1%

FDIC Bank Data

Bank Capital

FDIC Data As Of	12312018
CAPITAL
Equity Total Capital ($ Bil)	1
Tier 1 (Core) Capital ($ Bil)	1
ASSETS
Total Assets ($ Bil)	10
Adjusted Average Assets ($ Bil)	10
Risk Weighted Assets Adjusted ($ Bil)	7
LEVERAGE RATIOS
Tier 1 Capital / Total Assets Ratio	8.9%
Tier 1 Capital / Adjusted Avg Assets Ratio	9.0%
Tier 1 Capital / Risk Wtd Assets Ratio	12.1%

Bank Deposits

FDIC Data As Of	12312018
DEPOSITS
Total Deposits ($ Bil)	8
Uninsured Deposits ($ Bil)	1
Uninsured Deposits Ratio %	14.1%

Bank Assets

FDIC Data As Of	12312018
ASSETS
Cash Balance ($ Bil)	0
Securities ($ Bil)	0
Net Loans ($ Bil)	9
Trading Assets ($ Bil)	0
Bank Premises Assets ($ Bil)	0
Other Real Estate Owned ($ Bil)	0
Goodwill & Intangibles ($ Bil)	0
Other Assets ($ Bil)	0
Total Assets (Sum) ($ Bil)	10
Total Assets (Reported) ($ Bil)	10
Risk Weighted Assets ($ Bil)	7
SECURITIES DETAILS
US Govt Securities ($ Bil)	0
Equity Securities Not Held for Trading ($ Bil)	0
Total Debt Securities ($ Bil)	0
Mortgage-Backed Securities ($ Bil)	0
SECURITIES VALUATION
Securities Held to Maturity (Book Value) ($ Bil)	0
Securities Available for Sale (Fair Market) ($ Bil)	0

Bank Loans

FDIC Data As Of	12312018
LOAN DETAILS
All Real Estate Loans ($ Bil)	8
Farm Loans ($ Bil)	0
Commercial and Industrial Loans ($ Bil)	1
Loans to Individuals (CC, revolving credit, auto, other) (non-mortgage) ($ Bil)	0
Commercial Real Estate Loans not Secured by Real Estate ($ Bil)	0
Commercial Real Estate Owner-Occupied ($ Bil)	0
Commercial Real Estate Other Non-Farm Non-Residential ($ Bil)	1
Total Net Loans ($ Bil)	9

FDA Approved Drugs Data

Expand for Morenull

Clinical Pipeline

null

Financials

Annual
Quarterly

$ Mil \| FY: 6/30	LTM	2026	2025	2024	2023	2022	2021
Period End	6/30/2026	6/30/2026	6/30/2025	6/30/2024	6/30/2023	6/30/2022	6/30/2021
Filing Date	8/20/2026	8/20/2026	8/21/2025	8/22/2024	8/29/2023	9/8/2022	8/26/2021
Key Financials
Total Revenue	1,463	1,463	1,242	1,073	890	705	633
Net Income	490	490	433	450	307	241	216
EPS	8.66	8.66	7.61	7.82	5.15	4.04	3.64
Growth Rates
Total Revenue Growth	17.8%	17.8%	15.7%	20.6%	26.2%	11.5%	10.6%
Net Income Growth	13.3%	13.3%	-3.8%	46.5%	27.6%	11.6%	17.6%
Margins
Net Income Margin	33.5%	33.5%	34.9%	41.9%	34.5%	34.1%	34.1%
Cash & Debt
Total Cash	1,162	1,162	1,999	2,121	2,465	1,465	903
Total Debt	1,074	1,074	373	416	452	563	575
Net Debt / (Cash)	-88	-88	-1,627	-1,705	-2,014	-902	-328
Cash Flows & CapEx
Net Cash from Operations	558	558	490	305	197	217	413
Total CapEx	-266	-266	-54	-36	-30	-22	-10
Free Cash from Operations	291	291	436	270	166	195	402
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	0
Share Repurchases	22	22	58	96	49	-0	22
Share Count
Basic Shares (Wtd Avg, Mil)		56.7	56.9	57.5	59.7	59.5	59.2
Diluted Shares (Wtd Avg, Mil)		57.8	58.2	58.7	60.6	60.6	60.5

$ Mil \| FY: 6/30	2026Q4	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1
Period End	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Filing Date	8/20/2026	4/30/2026	1/29/2026	10/30/2025	8/21/2025	4/30/2025	1/28/2025	10/30/2024	8/22/2024	4/30/2024	1/30/2024	10/26/2023
Key Financials Quarterly
Total Revenue	375	388	381	319	317	305	304	316	287	290	254	242
Net Income	125	125	128	112	111	105	105	112	105	111	152	83
EPS	2.20	2.20	2.27	1.99	1.96	1.84	1.83	1.97	1.84	1.94	2.65	1.40
Key Financials TTM
Total Revenue TTM	1,463	1,405	1,322	1,245	1,242	1,212	1,197	1,148	1,073	1,019	957	927
Net Income TTM	490	476	457	433	433	427	433	480	450	432	402	331
Growth Rates Quarterly
Total Revenue Growth	18.3%	27.3%	25.4%	0.9%	10.5%	4.9%	19.3%	30.9%	23.2%	27.4%	13.3%	18.0%
Net Income Growth	12.9%	18.5%	22.6%	0.0%	5.5%	-5.0%	-31.0%	35.9%	20.1%	38.7%	86.1%	41.5%
Margins Quarterly
Net Income Margin	33.3%	32.2%	33.7%	35.2%	34.9%	34.5%	34.5%	35.5%	36.5%	38.1%	59.7%	34.2%
Cash & Debt
Total Cash	1,162	1,569	1,071	2,618	1,999	2,081	2,535	2,709	2,121	2,337	1,809	2,398
Total Debt	1,074	2,818	1,116	1,352	373	437	419	404	416	420	431	538
Net Debt / (Cash)	-88	1,249	46	-1,265	-1,627	-1,643	-2,117	-2,305	-1,705	-1,917	-1,377	-1,861
Cash Flows Quarterly
Net Cash from Operations	293	42	104	118	183	74	163	71	37	116	119	34
Total CapEx	-95	-143	-19	-9	-22	-9	-6	-18	-10	-8	-11	-6
Free Cash from Operations	198	-101	85	109	162	65	156	53	26	107	108	28
Cash Flows TTM
Net Cash from Operations TTM	558	448	480	538	490	344	386	342	305	346	172	160
Total CapEx TTM	-266	-193	-58	-46	-54	-43	-43	-47	-36	-36	-33	-29
Free Cash from Operations TTM	291	255	421	492	436	301	343	295	270	310	139	131
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	22	-0	-0	-0	32	26	-0	-0	13	1	64	18
Return on Invested Capital (ROIC) Quarterly
ROIC	-	39.9%	1122.7%	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	38.1%	998.2%	-	-	-	-	-	-	-	-	-
Share Count
Basic Shares (Wtd Avg, Mil)	56.9	56.7	56.7	56.5	56.4	57.0	57.1	56.9	56.9	56.9	57.2	58.9
Diluted Shares (Wtd Avg, Mil)	58.0	58.1	57.7	57.8	58.9	58.2	58.2	58.2	58.8	58.0	57.9	59.8

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Banking Business Segment	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

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Banking Business Segment	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

Price Behavior

Market Price	$91.29
Market Cap ($ Bil)	5.2
First Trading Date	12/29/2006
Distance from 52W High	-13.1%
	50 Days	200 Days
DMA Price	$90.87	$92.31
DMA Trend	down	indeterminate
Distance from DMA	0.5%	-1.1%
	3M	1YR
Volatility	22.8%	29.9%
Downside Capture	83.73	83.44
Upside Capture	36.86	86.14
Correlation (S&P 500)	31.9%	34.4%

AX Betas & Captures as of 10/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.49	0.51	0.64	0.54	0.82	1.14
Up Beta	-1.23	-1.01	0.38	0.16	0.81	1.24
Down Beta	0.51	0.38	0.40	0.13	0.52	0.96
Up Capture	100%	55%	45%	75%	92%	178%
Bmk +ve Days	12	18	28	62	130	427
Stock +ve Days	12	19	28	62	134	378
Down Capture	24%	103%	118%	83%	94%	103%
Bmk -ve Days	10	25	36	64	121	325
Stock -ve Days	10	24	36	64	117	371

[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	11.5%	29.9%	0.36	-
Sector ETF (XLF)	10.8%	15.3%	0.45	60.7%
Equity (SPY)	11.8%	13.7%	0.55	34.8%
Gold (GLD)	-6.6%	28.9%	-0.24	1.3%
Commodities (DBC)	32.8%	21.3%	1.22	-30.3%
Real Estate (VNQ)	9.8%	14.2%	0.41	39.3%
Bitcoin (BTCUSD)	-28.5%	43.4%	-0.66	17.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with AX
AX	9.3%	40.4%	0.32	-
Sector ETF (XLF)	9.6%	18.4%	0.38	66.9%
Equity (SPY)	11.6%	17.3%	0.50	53.9%
Gold (GLD)	16.2%	19.2%	0.68	-1.1%
Commodities (DBC)	8.2%	19.6%	0.30	3.3%
Real Estate (VNQ)	1.4%	18.9%	-0.04	51.9%
Bitcoin (BTCUSD)	3.7%	51.5%	0.25	25.3%

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	17.4%	41.7%	0.52	-
Sector ETF (XLF)	13.6%	22.1%	0.55	70.4%
Equity (SPY)	15.5%	18.0%	0.73	57.3%
Gold (GLD)	11.1%	16.6%	0.54	-4.3%
Commodities (DBC)	7.6%	18.1%	0.33	14.6%
Real Estate (VNQ)	6.2%	20.7%	0.25	53.0%
Bitcoin (BTCUSD)	58.4%	66.3%	0.98	15.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	10302026
Short Interest: Shares Quantity	3.2 Mil
Short Interest: % Change Since 10152026	-2.4%
Average Daily Volume	0.3 Mil
Days-to-Cover Short Interest	9.3 days
Basic Shares Quantity	56.9 Mil
Short % of Basic Shares	5.7%

Returns Analyses

	Title
0	Would You Still Hold Axos Financial Stock If It Fell 30%?

Earnings Returns History

Updated 11/9/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/29/2026	-2.3%	-0.1%
7/30/2026	3.0%	3.5%	-0.6%
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%
...
SUMMARY STATS
# Positive	13	14	14
# Negative	11	10	9
Median Positive	3.2%	5.7%	8.0%
Median Negative	-2.9%	-1.9%	-8.2%
Max Positive	13.9%	22.7%	24.6%
Max Negative	-9.4%	-16.3%	-11.4%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/29/2026	-2.3%	-0.1%
7/30/2026	3.0%	3.5%	-0.6%
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%
SUMMARY STATS
# Positive	13	14	14
# Negative	11	10	9
Median Positive	3.2%	5.7%	8.0%
Median Negative	-2.9%	-1.9%	-8.2%
Max Positive	13.9%	22.7%	24.6%
Max Negative	-9.4%	-16.3%	-11.4%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
06/30/2026	08/20/2026	10-K
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

Collapse to Preview

Report Date	Filing Date	Filing
06/30/2026	08/20/2026	10-K
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

Recent Forward Guidance

Updated 11/2/2026

Latest: Q1 2027 Earnings Reported 10/29/2026

null

Insider Activity

Updated 11/10/2026

Expand for More

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Constantine, Thomas M	Direct	Sell	11102026	94.72	913	86,479	1,618,291	Form
2	Santi, Roque A	Direct	Sell	8072026	105.30	500	52,650	752,474	Form
3	Constantine, Thomas M	Direct	Sell	6092026	88.55	1,994	176,575	1,434,116	Form
4	Watson, Michael James	Direct	Sell	5212026	83.77	1,653	138,470	384,667	Form
5	Santi, Roque A	Direct	Sell	5122026	87.77	500	43,885	671,089	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Constantine, Thomas M		Direct	Sell	11102026	94.72	913	86,479	1,618,291	Form
2	Santi, Roque A		Direct	Sell	8072026	105.30	500	52,650	752,474	Form
3	Constantine, Thomas M		Direct	Sell	6092026	88.55	1,994	176,575	1,434,116	Form
4	Watson, Michael James		Direct	Sell	5212026	83.77	1,653	138,470	384,667	Form
5	Santi, Roque A		Direct	Sell	5122026	87.77	500	43,885	671,089	Form
6	Nick, Mosich		Direct	Sell	2192026	98.00	1,275	124,950	7,834,316	Form
7	Nick, Mosich		Direct	Sell	2132026	97.00	1,000	97,000	7,878,049	Form
8	Constantine, Thomas M		Direct	Sell	2092026	100.00	3,260	326,000	1,607,700	Form
9	Walsh, Derrick	EVP, Chief Financial Officer	Direct	Sell	2062026	101.21	4,846	490,464	3,839,503	Form
10	Court, James John		Direct	Sell	2062026	101.01	11,163	1,127,575	3,249,391	Form
11	Garrabrants, Gregory	President and CEO	Direct	Sell	2062026	99.10	43,294	4,290,392	140,596,805	Form
12	Bohlig, Tamara N		Direct	Sell	12102025	86.23	2,145	184,964	1,114,011	Form
13	Ratinoff, Edward James		Direct	Sell	12082025	84.59	2,145	181,446	3,908,819	Form

Investor Activity (13F)

Updated Nov 13, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Stieven Capital Advisors, L.P.	$20.5 Mil	4.4%	35	TRIM -5.9%	13F
Philadelphia Financial Management of San Francisco, LLC	$7.5 Mil	2.4%	42	New	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Philadelphia Financial Management of San Francisco, LLC	$7.5 Mil	2.4%	42	New	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Stieven Capital Advisors, L.P.	$20.5 Mil	4.4%	35	TRIM -5.9%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Stieven Capital Advisors, L.P.	$20.5 Mil	4.4%	35	TRIM -5.9%	13F
Philadelphia Financial Management of San Francisco, LLC	$7.5 Mil	2.4%	42	New	13F

AX Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Status	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing AX?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What AX Makes & Who Pays

TTM figures based on

AX Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

Regional Banks Resources

Bank Director

Independent Banker

S&P Global Market Intelligence

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 11/12/2026

Axos Financial (AX)

Market Price (11/13/2026): $91.29 | Market Cap: $5.2 BilSector: Financials | Industry: Regional Banks

Axos Financial (AX)

Market Price (11/13/2026): $91.29Market Cap: $5.2 BilSector: FinancialsIndustry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

AX in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Axos Financial (AX)

Major Customers of Axos Financial (AX)

Individual Consumers

Businesses (Small to Large)

Financial Institutions and Brokerage Firms

Gregory Garrabrants

Derrick K. Walsh

Raymond D. Matsumoto

Eshel Bar-Adon

Addressable Markets for Axos Financial's Main Products and Services (U.S. Region)

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Axos Financial (AX)

Peer Outperformance in Regional Banks

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Clinical Pipeline

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

Market Price (11/13/2026): $91.29
Market Cap: $5.2 Bil
Sector: Financials
Industry: Regional Banks