Axos Financial (NYSE: AX) closed fiscal 2026 with a $490.4M net income print (+13.3% YoY) and $8.48 diluted GAAP EPS, but the quarter the market is reading is the $124.9M Q4 (+12.9% YoY) that carries a $21.0M FINRA arbitration accrual at Axos Clearing, a 736-basis-point jump in the efficiency ratio to 54.23%, and a net interest margin that has now compressed 30 basis points year over year to 4.54% even as the balance sheet grew $5.2B. The year was funded by a $4.5B increase in net loans and a $2.3B Jenius Bank deposit acquisition that closed in May 2026, and the company tacked on Arc Technologies (cash management) on July 20, 2026, three weeks after the year-end. Following the August 6, 2026 investor-presentation 8-K, AX trades at $100.66, a $5.80B market cap on 56.7M shares, 12.45x trailing GAAP P/E and 10.58x forward - the question the year answers is whether the ~$1.4B of acquired deposits and the Verdant equipment-lease book can be deployed at a NIM that stops compressing while the FINRA overhang resolves.