Cutting 1/4 of the depth it should be cutting

Week three and things are going generally fine except I appear to have Z issues. This carve below is consistent with all the others I’ve done. Material is 3/8" thick, outer circle should be a through cut (3/8" deep) with 6 tabs. Inner fill circle is set to 1/4" deep and the letters set to 0.325" deep. But, it’s only carving as follows:

Outer through cut circle: should be 3/8" deep, actually only cutting 3/32" deep.
Inner circle: should be 1/4" deep, actually only cutting 1/16"
The circle diameters are spot on.
I don’t think the Z is slipping because all the depths are consistent (but wrong).
Looks like it’s cutting a quarter of what it should be cutting.

Any thoughts? I know this is probably something really simple and stupid but it’s 100% consistent across all carves.

Turns out that 2 of the dip switches for the z-axis on the controller board were set incorrectly. My bad!!