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Side-by-side financial comparison of Axos Financial, Inc. (AX) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
Axos Financial, Inc. is the larger business by last-quarter revenue ($392.2M vs $209.6M, roughly 1.9× Varex Imaging Corp). Axos Financial, Inc. runs the higher net margin — 31.8% vs 1.1%, a 30.7% gap on every dollar of revenue. Over the past eight quarters, Axos Financial, Inc.'s revenue compounded faster (16.1% CAGR vs 0.8%).
Axos Financial is an American bank holding company based in Las Vegas, Nevada and is the parent of Axos Bank, a direct bank. It also offers registered investment adviser services and an electronic trading platform.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
AX vs VREX — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $392.2M | $209.6M |
| Net Profit | $124.7M | $2.3M |
| Gross Margin | — | 33.3% |
| Operating Margin | — | 7.3% |
| Net Margin | 31.8% | 1.1% |
| Revenue YoY | — | 4.9% |
| Net Profit YoY | 18.5% | 866.7% |
| EPS (diluted) | $2.15 | $0.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $392.2M | $209.6M | ||
| Q4 25 | $385.1M | $228.9M | ||
| Q3 25 | $323.4M | $203.0M | ||
| Q2 25 | $321.4M | $212.9M | ||
| Q1 25 | $308.8M | $199.8M | ||
| Q4 24 | $307.9M | — | ||
| Q3 24 | $320.7M | $205.7M | ||
| Q2 24 | $290.9M | $209.1M |
| Q1 26 | $124.7M | $2.3M | ||
| Q4 25 | $128.4M | $12.2M | ||
| Q3 25 | $112.4M | $-89.1M | ||
| Q2 25 | $110.7M | $6.9M | ||
| Q1 25 | $105.2M | $-300.0K | ||
| Q4 24 | $104.7M | — | ||
| Q3 24 | $112.3M | $-51.1M | ||
| Q2 24 | $104.9M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | — | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 36.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 45.6% | 8.6% | ||
| Q3 25 | 46.3% | -39.8% | ||
| Q2 25 | 48.5% | 10.4% | ||
| Q1 25 | 47.9% | 5.6% | ||
| Q4 24 | 48.8% | — | ||
| Q3 24 | 49.6% | 5.3% | ||
| Q2 24 | 49.6% | 4.4% |
| Q1 26 | 31.8% | 1.1% | ||
| Q4 25 | 33.3% | 5.3% | ||
| Q3 25 | 34.7% | -43.9% | ||
| Q2 25 | 34.4% | 3.2% | ||
| Q1 25 | 34.1% | -0.2% | ||
| Q4 24 | 34.0% | — | ||
| Q3 24 | 35.0% | -24.8% | ||
| Q2 24 | 36.0% | 0.7% |
| Q1 26 | $2.15 | $0.05 | ||
| Q4 25 | $2.22 | $0.29 | ||
| Q3 25 | $1.94 | $-2.15 | ||
| Q2 25 | $1.89 | $0.17 | ||
| Q1 25 | $1.81 | $-0.01 | ||
| Q4 24 | $1.80 | — | ||
| Q3 24 | $1.93 | $-1.25 | ||
| Q2 24 | $1.75 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $125.6M |
| Total DebtLower is stronger | — | $367.6M |
| Stockholders' EquityBook value | $3.1B | $476.9M |
| Total Assets | $29.2B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $1.0B | $155.1M | ||
| Q3 25 | $2.6B | $152.6M | ||
| Q2 25 | $1.9B | $223.0M | ||
| Q1 25 | $2.0B | $212.6M | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.6B | $200.5M | ||
| Q2 24 | $2.0B | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | — | $367.5M | ||
| Q3 25 | — | $367.5M | ||
| Q2 25 | $312.7M | $567.2M | ||
| Q1 25 | $377.4M | $567.0M | ||
| Q4 24 | $358.7M | — | ||
| Q3 24 | $313.5M | $443.4M | ||
| Q2 24 | $325.7M | $443.1M |
| Q1 26 | $3.1B | $476.9M | ||
| Q4 25 | $2.9B | $472.6M | ||
| Q3 25 | $2.8B | $455.3M | ||
| Q2 25 | $2.7B | $549.7M | ||
| Q1 25 | $2.6B | $540.2M | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $2.4B | $529.1M | ||
| Q2 24 | $2.3B | $581.2M |
| Q1 26 | $29.2B | $1.1B | ||
| Q4 25 | $28.2B | $1.1B | ||
| Q3 25 | $27.4B | $1.1B | ||
| Q2 25 | $24.8B | $1.4B | ||
| Q1 25 | $24.0B | $1.3B | ||
| Q4 24 | $23.7B | — | ||
| Q3 24 | $23.6B | $1.2B | ||
| Q2 24 | $22.9B | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | — | 0.78× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | 0.12× | 1.03× | ||
| Q1 25 | 0.14× | 1.05× | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.13× | 0.84× | ||
| Q2 24 | 0.14× | 0.76× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-16.1M |
| Free Cash FlowOCF − Capex | — | $-26.8M |
| FCF MarginFCF / Revenue | — | -12.8% |
| Capex IntensityCapex / Revenue | — | 5.1% |
| Cash ConversionOCF / Net Profit | — | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $104.1M | $7.9M | ||
| Q3 25 | $118.4M | $7.7M | ||
| Q2 25 | $490.3M | $16.6M | ||
| Q1 25 | $73.7M | $9.5M | ||
| Q4 24 | $162.5M | — | ||
| Q3 24 | $70.8M | $25.9M | ||
| Q2 24 | $305.5M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $85.4M | $2.3M | ||
| Q3 25 | $109.3M | $1.4M | ||
| Q2 25 | $436.1M | $9.8M | ||
| Q1 25 | $65.1M | $5.3M | ||
| Q4 24 | $156.4M | — | ||
| Q3 24 | $53.0M | $19.9M | ||
| Q2 24 | $269.5M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | 22.2% | 1.0% | ||
| Q3 25 | 33.8% | 0.7% | ||
| Q2 25 | 135.7% | 4.6% | ||
| Q1 25 | 21.1% | 2.7% | ||
| Q4 24 | 50.8% | — | ||
| Q3 24 | 16.5% | 9.7% | ||
| Q2 24 | 92.6% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 4.9% | 2.4% | ||
| Q3 25 | 2.8% | 3.1% | ||
| Q2 25 | 16.9% | 3.2% | ||
| Q1 25 | 2.8% | 2.1% | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 5.5% | 2.9% | ||
| Q2 24 | 12.4% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | 0.81× | 0.65× | ||
| Q3 25 | 1.05× | — | ||
| Q2 25 | 4.43× | 2.41× | ||
| Q1 25 | 0.70× | — | ||
| Q4 24 | 1.55× | — | ||
| Q3 24 | 0.63× | — | ||
| Q2 24 | 2.91× | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AX
| Net Interest Income | $306.3M | 78% |
| Noninterest Income | $86.0M | 22% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
