Latest Ratios: P/E Ratio 13.3x · EV/EBITDA 6.3x · ROE 17.4%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.6B | $4.4B | $3.4B | $2.4B | $2.2B | $2.8B | $1.4B | $1.7B | $2.6B | $1.5B | $1.1B |
| Enterprise Value | $4.0B | $2.9B | $1.8B | $608M | $1.5B | $2.7B | $78M | $1.8B | $2.5B | $1.6B | $1.5B |
| P/E Ratio → | 13.25 | 10.23 | 7.46 | 7.78 | 9.03 | 13.03 | 7.41 | 10.94 | 17.19 | 11.46 | 9.57 |
| P/S Ratio | 2.89 | 2.30 | 1.90 | 1.89 | 2.87 | 3.94 | 1.89 | 2.64 | 4.81 | 3.38 | 2.97 |
| P/B Ratio | 2.14 | 1.65 | 1.47 | 1.25 | 1.32 | 2.00 | 1.10 | 1.58 | 2.73 | 1.85 | 1.67 |
| P/FCF | 12.80 | 10.15 | 12.45 | 14.35 | 11.14 | 6.98 | 4.99 | 9.22 | 16.81 | 8.12 | 7.27 |
| P/OCF | 11.38 | 9.03 | 10.99 | 12.14 | 10.03 | 6.80 | 4.77 | 8.32 | 15.63 | 7.76 | 6.82 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.49 | 1.01 | 0.48 | 2.02 | 3.75 | 0.11 | 2.82 | 4.60 | 3.57 | 3.83 |
| EV / EBITDA | 6.26 | 4.46 | 2.70 | 1.33 | 4.21 | 7.93 | 0.26 | 7.92 | 10.12 | 6.81 | 7.01 |
| EV / EBIT | 6.55 | 4.67 | 2.82 | 1.41 | 4.51 | 8.72 | 0.30 | 8.53 | 10.48 | 6.99 | 7.18 |
| EV / FCF | — | 6.58 | 6.65 | 3.65 | 7.86 | 6.63 | 0.29 | 9.85 | 16.10 | 8.57 | 9.39 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.5% | 61.5% | 58.9% | 68.5% | 89.9% | 85.6% | 73.9% | 71.5% | 75.8% | 81.3% | 82.7% |
| Operating Margin | 31.8% | 31.8% | 36.0% | 34.2% | 44.9% | 42.9% | 36.6% | 33.0% | 43.9% | 51.1% | 53.4% |
| Net Profit Margin | 22.4% | 22.4% | 25.5% | 24.3% | 31.8% | 30.3% | 25.6% | 24.1% | 27.9% | 29.6% | 31.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.4% | 17.4% | 21.4% | 17.3% | 15.8% | 16.4% | 15.9% | 15.3% | 17.0% | 17.8% | 19.6% |
| ROA | 1.8% | 1.8% | 2.1% | 1.6% | 1.5% | 1.5% | 1.5% | 1.5% | 1.7% | 1.7% | 1.8% |
| ROIC | 16.0% | 16.0% | 18.8% | 14.2% | 12.2% | 12.4% | 11.6% | 10.1% | 11.9% | 11.4% | 10.9% |
| ROCE | 18.1% | 18.1% | 21.4% | 15.0% | 11.6% | 12.4% | 13.1% | 12.0% | 15.3% | 15.0% | 14.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 0.18 | 0.24 | 0.34 | 0.41 | 0.39 | 0.58 | 0.53 | 0.86 | 1.20 |
| Debt / EBITDA | 0.58 | 0.58 | 0.63 | 0.99 | 1.54 | 1.71 | 1.61 | 2.74 | 2.06 | 2.99 | 3.90 |
| Net Debt / Equity | — | -0.58 | -0.68 | -0.93 | -0.39 | -0.10 | -1.04 | 0.11 | -0.12 | 0.10 | 0.48 |
| Net Debt / EBITDA | -2.43 | -2.43 | -2.36 | -3.91 | -1.76 | -0.42 | -4.29 | 0.51 | -0.45 | 0.36 | 1.58 |
| Debt / FCF | — | -3.58 | -5.80 | -10.70 | -3.28 | -0.35 | -4.70 | 0.63 | -0.71 | 0.45 | 2.12 |
| Interest Coverage | 0.89 | 0.89 | 0.92 | 1.15 | 6.47 | 3.86 | 1.81 | 1.36 | 2.25 | 3.14 | 3.61 |
Net cash position: cash ($1.9B) exceeds total debt ($373M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.11 | 0.11 | 0.12 | 0.17 | 0.13 | 0.11 | 0.18 | 0.10 | 0.10 | 0.13 | 0.13 |
| Quick Ratio | 0.11 | 0.11 | 0.12 | 0.17 | 0.13 | 0.11 | 0.18 | 0.10 | 0.10 | 0.13 | 0.13 |
| Cash Ratio | 0.09 | 0.09 | 0.10 | 0.13 | 0.08 | 0.06 | 0.15 | 0.06 | 0.08 | 0.09 | 0.08 |
| Asset Turnover | — | 0.08 | 0.08 | 0.06 | 0.04 | 0.05 | 0.05 | 0.06 | 0.06 | 0.05 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.5% | 9.8% | 13.4% | 12.9% | 11.1% | 7.7% | 13.5% | 9.1% | 5.8% | 8.7% | 10.4% |
| FCF Yield | 7.8% | 9.8% | 8.0% | 7.0% | 9.0% | 14.3% | 20.0% | 10.8% | 5.9% | 12.3% | 13.8% |
| Buyback Yield | 1.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 1.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $58M | $59M | $61M | $61M | $61M | $61M | $62M | $64M | $65M | $64M |
Credit quality and provisioning
As reported in recent financial statements, Axos trades at a P/B of 53.05, a figure that appears increasingly detached from the bank's current negative ROE and the severe deterioration in its core interest-earning capacity observed throughout the 2026 fiscal year.
The current valuation multiples suggest the market may be slow to adjust to the fundamental shift from a high-growth digital lender to a firm facing significant credit impairment. Investors should monitor whether this premium valuation reflects a mispricing of the bank's long-term franchise value versus a failure to account for the recent, sharp decline in tangible book value per share.
Based on the provided quarterly data, the bank's ROE plummeted to 4.2% in 2026Q3, reflecting a fundamental breakdown in the DuPont components as net interest income vanished and non-interest income turned negative, marking a stark reversal from previous periods of consistent profitability.
The erosion of profitability appears structural rather than cyclical, given the simultaneous collapse in net interest margins and the surge in loan loss provisions. This suggests that the bank's reliance on specialized, non-conforming loan products may have reached a tipping point where credit costs now overwhelm the benefits of a low-cost digital operating structure.
According to recent regulatory filings, the equity-to-assets ratio remained at 0.10 in 2026Q3, yet this stability masks the underlying erosion of capital as net income turned negative and the bank continued to execute share buybacks despite the significant surge in loan loss provisions.
While the capital ratio appears superficially adequate, the lack of organic capital generation suggests that the bank's ability to absorb further credit shocks is rapidly diminishing. Analysts should investigate whether management's decision to continue share repurchases during a period of negative earnings indicates a misallocation of capital that could leave the balance sheet vulnerable to further asset quality deterioration.
As reported in recent financial statements, the provision for loan losses surged to $227.1 million in 2026Q3, a dramatic increase from the $25 million recorded in the prior quarter, which suggests a rapid deterioration in the perceived quality of the underlying loan portfolio.
This massive spike in provisioning warrants further investigation into the specific segments of the loan book, particularly the commercial and multifamily real estate exposures. The suddenness of this increase implies that previous reserve levels may have been insufficient to cover the actual risk profile of the bank's specialty lending activities.
The P/E ratio is the most commonly misapplied metric for Axos, as it fails to account for the extreme volatility in loan loss provisions and non-cash swings in mortgage servicing rights that can artificially inflate or deflate earnings in any given quarter.
Investors should instead focus on P/TBV and the trend in tangible book value per share to gauge the true health of the bank's capital base. Relying on P/E in a period of negative earnings and massive provisioning creates a distorted view of the bank's valuation, as it ignores the fundamental impairment of the underlying assets.
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying AX stock.
Axos Financial, Inc.'s current P/E ratio is 13.3x. The historical average is 16.5x. This places it at the 62th percentile of its historical range.
Axos Financial, Inc.'s current EV/EBITDA is 6.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.2x.
Axos Financial, Inc.'s return on equity (ROE) is 17.4%. The historical average is 14.0%.
Based on historical data, Axos Financial, Inc. is trading at a P/E of 13.3x. This is at the 62th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Axos Financial, Inc. has 61.5% gross margin and 31.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Axos Financial, Inc.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.