Axos Financial, Inc. (AX) Stock Price & How to Invest
Last updated July 2026
Short answer
Axos Financial (AX) is a branchless, digital-first US bank holding company that gathers deposits nationally online and lends into higher-yield niches, so investing in AX is a bet on a high-return-on-equity specialty lender that trades at a low-single-digit-teens earnings multiple because of its concentrated commercial real estate loan book.
AX stock price
As of 2026-07-23, Axos Financial, Inc. (AX) last closed at $95.22, up 12.6% over the past year. Over the past 52 weeks it has traded between $75.60 and $101.01.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Axos Financial, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Axos Financial, Inc. (AX) do?
Axos Financial is the holding company for Axos Bank, a US digital-first (branchless) bank founded in 2000 that gathers consumer and business deposits online and deploys them into selected lending niches including commercial real estate, multifamily, single-family mortgage, and asset-based commercial loans. Beyond spread lending it runs fee-generating securities businesses (clearing, custody, and an adviser platform via Axos Securities and its Verdant and Advisor Services operations), plus treasury and cash-management services, so it is more diversified than a pure online savings bank. The branchless model lets it operate at a lower cost structure than branch-heavy regional peers while sustaining a net interest margin near 4.5 to 4.8 percent, well above the typical bank.
The investment picture is a fast-growing, highly profitable bank trading at a discount to what its returns would normally command. Fiscal third quarter 2026 (quarter ended March 2026) net income was ~$124.7 million (up ~18 percent year over year) on ~$392 million of revenue, with total assets reaching ~$29.3 billion. That growth and a mid-teens-plus return on equity would usually earn a premium multiple, but AX trades at a low earnings multiple and a modest premium to tangible book because roughly half its loan book is commercial real estate, a concentration that drew a 2024 short-seller report and keeps a credit-risk discount on the stock.
What's driving Axos Financial, Inc. (AX)?
1. Low-cost branchless deposit gathering
Axos raises deposits nationally online without the fixed cost of a physical branch network, which supports a structurally lower efficiency ratio than branch-based peers. Total deposits reached ~$22.4 billion as of March 2026. This funding advantage is the engine behind its above-average net interest margin.
2. High-margin specialty lending
Rather than compete on plain-vanilla mortgages, Axos targets niches (commercial real estate, multifamily, asset-based lending, fund finance) where underwriting expertise commands wider spreads. Net interest margin ran near 4.57 percent in the March 2026 quarter, far above the typical bank. The strategy drives high returns on equity but concentrates credit exposure.
3. Fee businesses reduce spread dependence
Axos has built securities clearing, custody, and registered-adviser platform operations (including Axos Securities and the Advisor Services and Verdant units) that generate fee income independent of interest rates. Non-interest income rose sharply in fiscal Q3 2026, aided by these operations and a legal settlement. These businesses aim to diversify earnings away from pure net interest spread.
4. Balance-sheet and earnings growth
Total assets grew ~18 percent year over year to ~$29.3 billion, with double-digit growth in deposits, loans, net income, and diluted EPS in fiscal Q3 2026. Management frames the model around disciplined credit, low loan-to-value asset-based lending, and a largely FDIC-insured or collateralized deposit base. Sustained double-digit growth at high profitability is the core bull thesis.
What are the risks to Axos Financial, Inc. (AX)?
Concentration is the central risk: roughly half of the loan book is tied to commercial real estate, versus a mid-teens-percent average at regional-bank peers, so a downturn in CRE values or occupancy could drive outsized credit losses. A June 2024 Hindenburg Research short report alleged lax underwriting and loan evergreening in the CRE book (the bank disputed the claims and the stock later recovered), but the episode illustrates the market's sensitivity to credit-quality questions here. As a spread lender, Axos is exposed to interest-rate swings that can compress its net interest margin, which already stepped down quarter over quarter. Deposit competition from larger online banks and any deterioration in the specialty-lending niches it favors could pressure both funding costs and asset yields. Being a mid-cap bank, the stock can be volatile around earnings, credit-cycle headlines, and short-seller commentary.
How is Axos Financial, Inc. (AX) valued? (approximate, July 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Axos Financial, Inc.'s investor relations page or your broker.
- Market cap: ~$5.5B
- Revenue (TTM): ~$1.5B
- Net income (fiscal Q3 2026): ~$124.7M
- Diluted EPS (fiscal Q3 2026): ~$2.15
- Trailing P/E: ~11x
- Net interest margin: ~4.57%
AX trades around a low-teens trailing earnings multiple and a modest premium to tangible book value, cheaper than its growth and mid-teens-plus return on equity would typically warrant. The discount reflects the market's caution about its commercial real estate concentration rather than weak fundamentals. Total assets stood at ~$29.3 billion with ~$22.4 billion of deposits as of March 2026.
Who competes with Axos Financial, Inc. (AX)?
Digital and online banks
Ally Financial and SoFi Technologies compete for branchless deposits and consumer lending at national scale, with Ally far larger by assets and SoFi targeting younger, high-earning consumers through an integrated app. These names set the pricing environment for online deposit gathering.
Specialty and commercial real estate lenders
Regional and specialty banks active in CRE, multifamily, and asset-based lending (such as commercial-property-focused regional lenders) compete for the higher-yield loan niches Axos favors. Competition and credit conditions in these niches directly affect Axos's spreads and loss experience.
Securities clearing and custody providers
In its fee businesses, Axos Securities and its custody and adviser-platform operations compete with established clearing and custody firms serving independent broker-dealers and registered investment advisers. Scale players dominate this segment, so Axos is a smaller, growing challenger.
How to invest in Axos Financial, Inc. (AX)
There are three common ways to get AX exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so AX sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where AX fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Axos Financial, Inc. (AX)
AX offers bank-beating profitability and growth at a modest valuation, with the trade-off being an outsized commercial real estate concentration that keeps a credit-risk discount attached to the shares.
More on Axos Financial, Inc. (AX)
Whether AX is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is AX a buy?, and where the stock could go from here in the AX stock forecast.
For income investors, whether AX pays a dividend and how the payout looks is covered in does AX pay a dividend?
Build a basket around AX with Walnut
Use Axos Financial, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Axos Financial do?
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Axos Financial is the holding company for Axos Bank, a US branchless digital bank founded in 2000. It gathers consumer and business deposits online and lends into niches such as commercial real estate, multifamily, single-family mortgage, and asset-based commercial loans, plus runs securities clearing, custody, and adviser-platform fee businesses.
Is Axos Financial profitable?
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Yes. Axos reported net income of roughly $124.7 million in its fiscal third quarter of 2026 (quarter ended March 2026), up about 18 percent year over year, on roughly $392 million of revenue. It runs a high return on equity by bank standards, helped by an above-average net interest margin.
Why does AX trade at a low P/E?
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AX trades at a low-teens trailing earnings multiple partly because roughly half of its loan book is commercial real estate, a much higher concentration than typical regional banks. The market applies a credit-risk discount for that concentration despite the bank's strong growth and profitability.
What was the Hindenburg short report about Axos?
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In June 2024 Hindenburg Research disclosed a short position and alleged that Axos had glaring commercial real estate loan problems and lax underwriting, including loan evergreening. Axos disputed the claims and the stock later recovered, but the episode highlighted the market's sensitivity to its CRE exposure.
How big is Axos Financial?
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As of March 2026 Axos had approximately $29.3 billion in total assets and about $22.4 billion in deposits, with a market capitalization near $5.5 billion as of July 2026. That makes it a mid-cap US bank rather than a large-cap national institution.
Who are Axos Financial's competitors?
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In online banking it competes with digital banks like Ally Financial and SoFi. In lending it competes with regional and specialty commercial real estate and asset-based lenders. In its fee businesses it competes with established securities clearing and custody providers serving broker-dealers and advisers.
Does Axos Financial pay a dividend?
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Axos has historically focused on reinvesting earnings and share repurchases rather than a large dividend, so income is not the primary reason investors hold the stock. Investors should check the latest company disclosures for current capital-return policy, since it can change over time.
What are the main risks of investing in AX?
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The biggest risk is concentration in commercial real estate lending, which could produce outsized losses in a CRE downturn. Other risks include interest-rate swings compressing the net interest margin, deposit competition from larger online banks, and stock volatility around earnings and credit-cycle headlines.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Axos Financial, Inc.'s investor relations page or your broker before making investment decisions.