Axos Financial, Inc. (AX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-26.0%

$71.24

vs $96.24 price

Levered DCF

$61.71

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.46

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	11.25×	9.99×	7.34×	7.66×	8.87×	12.74×	7.34×	10.76×
P/B	1.74×	1.61×	1.44×	1.23×	1.3×	1.96×	1.09×	1.56×
P/S	2.52×	2.24×	1.87×	1.86×	2.82×	3.86×	1.87×	2.59×
EV / EBITDA	7.54×	4.3×	2.62×	1.26×	4.1×	7.75×	0.22×	7.8×
Gross margin	63.0%	61.5%	58.9%	68.5%	89.9%	85.6%	73.9%	71.5%
Operating margin	29.5%	31.8%	36.0%	34.2%	44.9%	42.9%	36.6%	33.0%
Net margin	22.4%	22.4%	25.5%	24.3%	31.8%	30.3%	25.6%	24.1%
Current ratio	0.07×	0.11×	0.12×	0.17×	0.13×	0.11×	0.18×	0.1×
Debt / equity	0.34×	0.14×	0.18×	0.24×	0.34×	0.41×	0.39×	0.58×
Interest coverage	0.91×	0.89×	0.92×	1.15×	6.47×	3.86×	1.81×	1.36×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.2%	0.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.5%	16.1%	19.6%	16.0%	14.7%	15.4%	14.9%	14.5%
Return on invested capital	9.7%	12.0%	14.1%	11.0%	8.2%	7.4%	8.5%	7.8%
Return on assets	1.6%	1.7%	2.0%	1.5%	1.4%	1.5%	1.3%	1.4%
Free cash flow yield	5.3%	10.1%	8.2%	7.1%	9.1%	14.6%	20.2%	11.0%
Earnings yield	8.9%	10.0%	13.6%	13.0%	11.3%	7.9%	13.7%	9.3%
Enterprise value	$5.5B	$2.8B	$1.7B	$573M	$1.5B	$2.6B	$64.2M	$1.8B
Net debt / EBITDA	-0.05×	-2.43×	-2.36×	-3.91×	-1.76×	-0.42×	-4.29×	0.51×
Cash conversion cycle (days)	-85	-101	-92	-280	-2,246	-1,710	-565	-359