At a glance
Axos Financial Inc is worth $5.19B, about 11 times its fiscal 2026 earnings. Revenue grew 17.6% to $1.48B in fiscal 2026, with 33.1% kept as profit; over 5 years it has grown 18.1% a year. It pays no dividend; it spent $225.4M buying back its shares over FY2022–FY2026. The stock returned +13.4% over the past year with dividends reinvested and +11.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.9% in the 2020 crash (S&P 500: 33.7%) and 43.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 19 months after the lows.
The business in plain English
Axos Financial, once known as BofI Holding, is a technology-driven financial services company with about $30.0 billion in assets, according to its 10-K annual report for the year ended June 30, 2026. Its bank serves consumers and businesses nationwide through online and mobile banking and partner firms rather than a branch-heavy network. Deposits come from retail savers, small businesses, specialty clients such as title and escrow companies and homeowner associations, and brokerage cash “swept” in from advisory and clearing firms.
The Banking segment lends to homeowners, apartment and commercial property owners, businesses (for example, asset-based and equipment loans), car buyers and personal borrowers. Most revenue is net interest income: the gap between interest earned on loans and securities and interest paid on deposits and borrowings. In fiscal 2026, that was $1.25 billion of $1.48 billion in total revenue. The other $234 million was noninterest income, such as loan sale and servicing fees, lease income, deposit and payment fees, and securities fees.
The Securities segment runs Axos Clearing and Axos Advisor Services. They provide trade clearing, custody, margin loans and securities lending to about 300 broker-dealers and registered investment advisors as of June 30, 2026, with about $47.8 billion in assets under custody or administration. Axos Invest offers consumers self-directed trading and digital investment management.
Price history
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AX +13.4% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q1 FY2027 (ended Sep 30, 2026), revenue was $395.1M, up 22.2% from a year earlier, and net income was $129.6M (+15.4%).
- For fiscal 2026, revenue was $1.48B (+17.6% year over year; +18.1% a year from FY2021 to FY2026) with a 33.1% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +18.1% good |
|---|---|
| Return on equity | 15.5% good |
| Net income / revenue | 33.1% good |
| Deposits | $25.41B |
| Loans | $25.91B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $644.0M | $215.7M | — |
| FY2022 | $720.5M | $240.7M | — |
| FY2023 | $903.6M | $307.2M | — |
| FY2024 | $1.18B | $450.0M | — |
| FY2025 | $1.26B | $432.9M | — |
| FY2026 | $1.48B | $490.4M | — |
Valuation snapshot
| Market value | $5.19B |
|---|---|
| P/E ratio | 10.8 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Axos Financial’s market value went from $1.58B at the end of 2018 to $5.19B on Oct 28, 2026, about 3.3 times as much; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.19B | +6.3% |
| 2025 | $4.88B | +22.4% |
| 2024 | $3.99B | +26.5% |
| 2023 | $3.15B | +37.5% |
| 2022 | $2.29B | -31.1% |
| 2021 | $3.33B | +50.1% |
| 2020 | $2.22B | +19.4% |
| 2019 | $1.86B | +17.3% |
| 2018 | $1.58B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AX price data to Oct 28, 2026 | +6.2% | +13.4% | +37.9% | +11.9% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.2% |
| 2025 | +23.4% |
| 2024 | +27.9% |
| 2023 | +42.9% |
| 2022 | -31.6% |
| 2021 | +49.0% |
| 2020 | +23.9% |
| 2019 | +20.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 48.5% over that stretch · deepest drop along the way 48.9%, back to its old high 7.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 37.1% over that stretch · deepest drop along the way 43.4%, back to its old high 19.3 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 4 sales ($412K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 8, 2026 | Thomas M Constantine EVP, Chief Credit Officer | sell | $177K |
| May 19, 2026 | Michael James Watson EVP, Head of Axos Securities | sell | $138K |
| Aug 5, 2026 | Roque A Santi Director | sell | $53K |
| May 8, 2026 | Roque A Santi Director | sell | $44K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 5.5% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.3% | Jun 30, 2026 |
| FMR LLC | 5.2% | Jun 30, 2026 |
| Vanguard Capital Management | 5.09% | Mar 31, 2026 |
ETFs with the most weight in AX
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 1.17% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.12% |
| KBE SPDR S&P Bank ETF | 1.11% |
| PSCF Invesco S&P SmallCap Financials ETF | 1.03% |
| FSGS First Trust SMID Growth Strength ETF | 0.99% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 0.95% |
| PSC Principal U.S. Small-Cap ETF | 0.7% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.68% |
What could go wrong
- Concentrated in California and New York property. Its real estate loans are heavily concentrated in California and New York. A regional downturn or falling property values there could raise loan losses and reduce the value of its loans.
- Apartment and commercial property loans could sour. Many of its mortgages are on apartment buildings and commercial property. Repayment depends mainly on each property's rental or operating income, so higher vacancies or weaker rents could lead to defaults.
- Business loans carry higher credit risk. Its commercial loans include leveraged cash-flow loans that depend on a borrower's profits. If a business fails, collateral such as receivables, inventory or equipment may not cover what is owed.
- Clearing business adds securities-industry risk. Axos Clearing makes margin loans and lends securities to other broker-dealers. This exposes the company to securities-market risks and to separate broker-dealer and investment-adviser rules on top of bank regulation.
- Funding and liquidity are not assured. Loans are funded mainly by deposits. In a downturn, balances could fall or shift toward higher-cost accounts, and trouble at other financial firms could spill over, raising funding costs or limiting access.
- Interest rate moves can squeeze profits. Earnings rely on net interest income. Loan and deposit rates reset at different times, so rapid rate rises can lift deposit costs, cut loan demand and push more adjustable-rate borrowers into default.
Recent events
- Quarterly results released
- Acquisition or sale of assets completed
- Investor presentation or announcement
- Quarterly results released; Other company announcement
- Other company announcement
- Other company announcement
- Investor presentation or announcement
- Acquisition or sale of assets completed
- Quarterly results released
- Major agreement signed
For income and retirement investors
Axos Financial does not pay a dividend and paid none from fiscal 2022 through fiscal 2026 (its fiscal year ends June 30). An investor who needs regular income would have to sell shares. The company instead uses buybacks, repurchasing its own stock to shrink the share count. It spent about $225 million this way over those five years, though the amount swung from zero in fiscal 2022 to $96 million in fiscal 2024 and $22 million in fiscal 2026. Shares outstanding fell 4.7% between October 20, 2021, and October 16, 2026.
Downturns have hit the shares hard. In the 2020 COVID crash, they fell 48.9% between February 20 and March 23, 2020, then recovered by November 3, 2020. In the 2022 bear market, they fell 43.4% from January 7 to September 30, 2022, and did not regain that level until May 9, 2024. A single stock like this carries more risk than a diversified fund.
Questions investors ask
Does Axos Financial pay a dividend?
No. Axos Financial paid no dividends from fiscal 2022 through fiscal 2026 (its fiscal year ends June 30). It returns capital through stock buybacks instead, spending about $225 million on repurchases over those five years. Shares outstanding fell 4.7% between October 2021 and October 2026. Buybacks can raise each remaining share's claim on future earnings, but they provide no cash income unless an investor sells shares.
How does Axos Financial make money?
Mostly from lending. In fiscal 2026 (the year ended June 30, 2026), net interest income was $1.25 billion of $1.48 billion in total revenue. Net interest income is the difference between interest earned on loans and securities and interest paid on deposits and borrowings. The remaining $234 million was noninterest income. That includes loan sale and servicing fees, lease income, deposit and payment fees, and clearing, custody and trading fees from its Securities segment.
Is Axos an online bank?
Largely, yes. Axos describes itself as technology-driven. Its bank reaches consumers and businesses nationwide through online and mobile platforms, low-cost sales channels and partner organizations rather than a branch-intensive model. It is classified as a federally chartered savings institution. Beyond banking, it owns Axos Clearing and Axos Advisor Services, which served about 300 broker-dealers and investment advisors as of June 30, 2026, plus Axos Invest for self-directed investors.
How much did Axos Financial stock fall in 2022?
The shares lost 31.6% in calendar 2022. From peak to low, they fell 43.4% between January 7 and September 30, 2022, during the broader bear market, and did not regain that peak until May 9, 2024. In the 2020 COVID crash, the stock dropped 48.9% between February 20 and March 23, 2020, but recovered by November 3, 2020. In the 12 months to October 28, 2026, its largest decline was 19%.
What is Axos Financial's P/E ratio?
About 10.8 as of October 28, 2026, based on fiscal 2026 diluted earnings of $8.48 per share. The price-to-earnings (P/E) ratio compares the share price with a year's profit. The company's market value was about $5.19 billion on that date. In fiscal 2026, net income rose 13.3% to $490 million, and return on equity (profit as a share of shareholders' capital) was 15.5%. For banks, a low P/E can also reflect worries about credit and interest-rate risk.