AXOS FINANCIAL, INC.
In the published model solve dated 2026-Q2, anchored at $97.95, AXOS FINANCIAL, INC. (AX) is priced for 18.1% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• Axos runs a bank without a branch network, describing its own model as ⟦"lending through online, low-cost distribution channels to serve the needs of consumers and small businesses nationally"⟧ while gathering deposits nationwide through industry verticals, and that structure is why a lender of this size earns a 16.1% return on equity. • Concentration is the exposure that matters: the 10-K puts the commercial and industrial book at ⟦"approximately $6.8 billion at June 30, 2025, or 31.6% of our
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371 institutional managers reported holding AX in 13F filings for the quarter ended 2026-03-31. Together they hold about 84% of the company; the top 10 hold 52%. 39 opened new positions that quarter. Held by BlackRock, Vanguard Group, State Street, among others. On the short side, 3.2M shares were sold short as of the 2026-06-15 count, about 6% of shares outstanding (9.7 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
AX has cut its share count 4.5% over the past five years, spending $204.73M on repurchases. It pays no dividend. Cash returned over the past three years: $155.47M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at AX over the trailing three years: 2024: 1 buy totaling $249k; 2025: 1 buy totaling $194k. 22 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
AX's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-30 | +1.0% | -13.1% |
| 2023-10-27 | -4.3% | +56.5% |
| 2024-01-31 | -2.6% | -7.7% |
| 2024-05-01 | +7.8% | +2.5% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
AX's latest 8-K filings: 2026-08-06 (items 7.01, 9.01); 2026-07-30 (items 2.02, 8.01, 9.01); 2026-07-07 (items 8.01, 9.01); 2026-06-09 (items 8.01, 9.01); 2026-05-04 (items 7.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.