MeritValue

Axos Financial, Inc.

AXdata completeness 100%16 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$31.3M1$59.4M2$65.3M3$64.6M3$65.8M3
Net income$215.7M4$240.7M5$307.2M6$450M6$432.9M6
Operating cash flow$412.6M7$216.6M8$196.7M9$305.5M9$490.3M9
Capital expenditure$10.4M10$21.5M11$30.2M12$36M12$54.2M12
Free cash flow (derived)$402.1M7$195.1M8$166.5M9$269.5M9$436.1M9
Total debt$221.4M13$445.2M14$361.8M15$325.7M16$312.7M16
Cash & equivalents$1.04B17$1.57B18$2.23B19$1.98B20$1.93B20
Diluted shares59.2M59.5M59.7M57.5M56.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000018%
of the whole company
Your share of last year’s profit
$76.13
Your share of its debt
$54.99
Your share of free cash flow
$76.7
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$92.61
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$269.5M
DCF · Growth Exit 5Y
$97.88
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$269.5M
Earnings Power Value
$56.92
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$307.2M
  • growthAssumed0.0%
Graham Number
$88.78
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $97.88

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001299709-23-000198 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001299709-24-000113 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001299709-25-000125 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-06-30 · accession 0001299709-23-000198 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0001299709-24-000113 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001299709-25-000125 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0001299709-23-000198 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0001299709-24-000113 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0001299709-25-000125 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0001299709-23-000198 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-06-30 · accession 0001299709-24-000113 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-06-30 · accession 0001299709-25-000125 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-06-30 · accession 0001299709-22-000232 (LongTermDebt)
  14. 10-K · period ending 2022-06-30 · accession 0001299709-23-000198 (LongTermDebt)
  15. 10-K · period ending 2023-06-30 · accession 0001299709-24-000113 (LongTermDebt)
  16. 10-K · period ending 2024-06-30 · accession 0001299709-25-000125 (LongTermDebt)
  17. 10-K · period ending 2021-06-30 · accession 0001299709-24-000113 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-06-30 · accession 0001299709-23-000198 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-06-30 · accession 0001299709-24-000113 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-06-30 · accession 0001299709-25-000125 (CashAndCashEquivalentsAtCarryingValue)