# Axos Financial (AX.US)

Canonical: https://gigainvestors.com/s/AX

Analysis as of: 2026-10-16T07:26:42.518Z. Financial observations: FY2016–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $87.52 per share; close as of 2026-10-15.

Estimated value: low $110.80 per share, central $138.51 per share, high $184.67 per share. Buy at or below the central value $138.51 per share. Valuation as of 2026-10-16T07:26:42.518Z; scenarios are not confidence intervals.

Expected annual return: 12.3% at the stated quote. About 12.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.09×

Chart: Net income; fiscal year observations.

- FY2017: $134M

- FY2018: $152M

- FY2019: $155M

- FY2020: $183M

- FY2021: $216M

- FY2022: $241M

- FY2023: $307M

- FY2024: $450M

- FY2025: $433M

- FY2026: $490M

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 16.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 16.2%

- Cost / income, median: 48.2%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 16.4%

- FY2018: 17.3%

- FY2019: 15.7%

- FY2020: 16.6%

- FY2021: 16.8%

- FY2022: 16.2%

- FY2023: 17.4%

- FY2024: 20.9%

- FY2025: 17.0%

- FY2026: 16.8%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 17.8%

- Book return interval: 10 years

- Starting book value per share: $10.61

- Ending book value per share: $51.49

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 21.8%

- FY2018: 7.6%

- FY2019: 14.8%

- FY2020: 13.6%

- FY2021: 19.9%

- FY2022: 15.1%

- FY2023: 25.7%

- FY2024: 26.4%

- FY2025: 19.8%

- FY2026: 15.0%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -0.9%

- Share growth excluding flagged crisis recapitalisations: -1.1%

- Five-year share growth excluding flagged crisis recapitalisations: -0.9%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.07×

- Book value created per share: $40.88

- Earnings retained per share after dividends and buybacks: $38.38

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 100

- FY2018: 99

- FY2019: 97

- FY2020: 96

- FY2021: 93

- FY2022: 94

- FY2023: 94

- FY2024: 90

- FY2025: 89

- FY2026: 89

### accounting: pass

- Financial accounting warning count: 0

- Deposits, annualized growth: 15.1%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 0

- Years credit losses exceeded peer median: 3

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 3.7% a year forever · net income +13.3%

Story as of 2026-10-16T09:58:21.210Z; price observation 2026-10-15.

The price assumes profits grow 3.7% a year forever

- 2025-07-30: Earnings call transcript: Axos Financial beats Q4 2025 EPS expectations ([investing.com](https://www.investing.com/news/transcripts/earnings-call-transcript-axos-financial-beats-q4-2025-eps-expectations-93CH-4161522))

### Net income · FY2026

net income +13.3%; source https://www.sec.gov/Archives/edgar/data/1299709/000129970926000060/ax-20260630.htm; observed 2026-08-20.

- FY2017: $134M 

- FY2018: $152M 

- FY2019: $155M 

- FY2020: $183M 

- FY2021: $216M 

- FY2022: $241M 

- FY2023: $307M 

- FY2024: $450M 

- FY2025: $433M 

- FY2026: $490M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are USD 1.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1299709/000129970926000060/ax-20260630.htm#000129970926000060 (filed 2026-08-20); FY2026: revenue 1480493000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AX.US: Axos Financial, Inc., together with its subsidiaries, provides consumer and business banking products in the United States. It operates through two segments, Banking Business and Securities Business. The company offers various deposits products, including consumer and business checking, savings, and time deposits; and demand accounts, and money market accounts. It also provides residential single family, multifamily, and commercial mortgage loans; loans secured by commercial real estate properties; loans secured by commercial assets and non-bank lenders; auto and unsecured loans and other loans; and lender finance loans, asset-based loans, capital call facilities, equipment lending and leasing, retail and floor plan marine loans, and other consumer loans. In addition, the company offers a range of investment and wealth management services, such as disclosed clearing, recordkeeping, trade reporting, and reorganization assistance services, and securities clearing and custody, as well as margin loans and securities lending services; and retail self-directed and digital advice services. It offers it services through its digital online and mobile banking platforms, distribution channels, and affinity partners. The company was formerly known as BofI Holding, Inc. and changed its name to Axos Financial, Inc. in September 2018. Axos Financial, Inc. was incorporated in 1999 and is based in Las Vegas, Nevada.

### Why customers stay

It earns 16.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-20); 10-year return on tangible equity observations [[2017,0.16354454587923853],[2018,0.173452235691234],[2019,0.15686421521792213],[2020,0.16642130000708838],[2021,0.1677228562645675],[2022,0.1619273386753919],[2023,0.17403017546642796],[2024,0.20942039979039717],[2025,0.17002287745343506],[2026,0.16810250999194062]]; median 0.16791268312825408. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 10 years; bought back USD 22 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-20); Dividend observations: [[2017,309000],[2018,309000],[2019,232000],[2020,386000],[2021,103000],[2022,0],[2023,108724000],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1299709/000129970926000060/ax-20260630.htm (filed 2026-08-20); FY2026: cash repurchases 21980000 USD.

### Are managers owners

Insiders own 4.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AX.US SharesStats.PercentInsiders = 4.361000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 3.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-20); Price 87.52; FX 1; original perpetual distributable cash 5.540235519950727; discount 0.1; growth 0.03669749177387195. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $18.63 per share

- 2016-11: $23.63 per share

- 2016-12: $28.55 per share

- 2017-01: $29.50 per share

- 2017-02: $31.54 per share

- 2017-03: $26.13 per share

- 2017-04: $23.89 per share

- 2017-05: $22.20 per share

- 2017-06: $23.72 per share

- 2017-07: $27.87 per share

- 2017-08: $26.51 per share

- 2017-09: $28.47 per share

- 2017-10: $26.90 per share

- 2017-11: $27.64 per share

- 2017-12: $29.90 per share

- 2018-01: $35.97 per share

- 2018-02: $37.19 per share

- 2018-03: $40.53 per share

- 2018-04: $40.28 per share

- 2018-05: $41.21 per share

- 2018-06: $40.91 per share

- 2018-07: $39.02 per share

- 2018-08: $37.24 per share

- 2018-09: $34.39 per share

- 2018-10: $30.36 per share

- 2018-11: $31.20 per share

- 2018-12: $25.18 per share

- 2019-01: $30.36 per share

- 2019-02: $32.28 per share

- 2019-03: $28.96 per share

- 2019-04: $32.72 per share

- 2019-05: $27.31 per share

- 2019-06: $27.25 per share

- 2019-07: $29.31 per share

- 2019-08: $25.91 per share

- 2019-09: $27.65 per share

- 2019-10: $29.05 per share

- 2019-11: $29.45 per share

- 2019-12: $30.28 per share

- 2020-01: $28.17 per share

- 2020-02: $24.91 per share

- 2020-03: $18.13 per share

- 2020-04: $23.05 per share

- 2020-05: $21.80 per share

- 2020-06: $22.08 per share

- 2020-07: $22.41 per share

- 2020-08: $24.78 per share

- 2020-09: $23.31 per share

- 2020-10: $27.26 per share

- 2020-11: $33.50 per share

- 2020-12: $37.53 per share

- 2021-01: $38.95 per share

- 2021-02: $46.27 per share

- 2021-03: $47.01 per share

- 2021-04: $45.15 per share

- 2021-05: $47.41 per share

- 2021-06: $46.39 per share

- 2021-07: $47.85 per share

- 2021-08: $48.48 per share

- 2021-09: $51.54 per share

- 2021-10: $53.00 per share

- 2021-11: $56.61 per share

- 2021-12: $55.91 per share

- 2022-01: $51.50 per share

- 2022-02: $54.74 per share

- 2022-03: $46.39 per share

- 2022-04: $37.88 per share

- 2022-05: $38.65 per share

- 2022-06: $35.85 per share

- 2022-07: $41.76 per share

- 2022-08: $41.78 per share

- 2022-09: $34.23 per share

- 2022-10: $38.96 per share

- 2022-11: $40.11 per share

- 2022-12: $38.22 per share

- 2023-01: $48.12 per share

- 2023-02: $47.39 per share

- 2023-03: $36.92 per share

- 2023-04: $40.67 per share

- 2023-05: $37.82 per share

- 2023-06: $39.44 per share

- 2023-07: $47.00 per share

- 2023-08: $43.09 per share

- 2023-09: $37.86 per share

- 2023-10: $36.03 per share

- 2023-11: $38.27 per share

- 2023-12: $54.60 per share

- 2024-01: $55.43 per share

- 2024-02: $52.12 per share

- 2024-03: $54.04 per share

- 2024-04: $50.61 per share

- 2024-05: $53.87 per share

- 2024-06: $57.15 per share

- 2024-07: $73.01 per share

- 2024-08: $69.43 per share

- 2024-09: $62.88 per share

- 2024-10: $67.72 per share

- 2024-11: $82.85 per share

- 2024-12: $69.85 per share

- 2025-01: $69.93 per share

- 2025-02: $66.80 per share

- 2025-03: $64.52 per share

- 2025-04: $63.48 per share

- 2025-05: $69.54 per share

- 2025-06: $76.04 per share

- 2025-07: $86.35 per share

- 2025-08: $91.21 per share

- 2025-09: $84.65 per share

- 2025-10: $77.98 per share

- 2025-11: $82.18 per share

- 2025-12: $86.16 per share

- 2026-01: $98.99 per share

- 2026-02: $86.82 per share

- 2026-03: $85.09 per share

- 2026-04: $96.44 per share

- 2026-05: $86.91 per share

- 2026-06: $97.39 per share

- 2026-07: $101.41 per share

- 2026-08: $96.79 per share

- 2026-09: $86.57 per share

- 2026-10: $87.52 per share

## Annual estimated value (USD per share)

- FY2017: low $23.56 per share, central $29.45 per share, high $39.27 per share

- FY2018: low $26.08 per share, central $32.61 per share, high $43.47 per share

- FY2019: low $30.77 per share, central $38.46 per share, high $51.28 per share

- FY2020: low $34.90 per share, central $43.63 per share, high $58.17 per share

- FY2021: low $43.24 per share, central $54.04 per share, high $72.06 per share

- FY2022: low $51.16 per share, central $63.95 per share, high $85.26 per share

- FY2023: low $61.76 per share, central $77.20 per share, high $102.93 per share

- FY2024: low $79.89 per share, central $99.86 per share, high $133.15 per share

- FY2025: low $97.57 per share, central $121.96 per share, high $162.61 per share

- FY2026: low $111.20 per share, central $139.00 per share, high $185.33 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1299709/000129970926000060/ax-20260630.htm); period 2026-06-30, filed 2026-08-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.