American Express Company (AXP) Key Metrics
AXP valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $211.77B
- Enterprise value
- $225.11B
- P/E (TTM)
- 19.0 10-yr median 16.3
- Forward P/E
- 15.1
- PEG ratio
- 1.22
- Price / sales
- 3.0 10-yr median 2.2
- Price / book
- 5.9 10-yr median 4.7
- EV / EBITDA
- — 10-yr median 12.4
- Dividend yield
- 1.21% $3.80 a year
- Beta
- 1.08
AXP key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAXP valuation Price multiples at each fiscal year-end price.
AXP returns How much profit the business earns on the capital it uses.
AXP per-share figures Results divided by the shares outstanding at year-end.
AXP financial health Debt, liquidity and how easily interest is covered.
AXP efficiency & capital use Working capital cycle and where the cash goes.
AXP valuation history
AXP returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AXP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AXP cash returned to shareholders
AXP price vs earnings per share
AXP key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $257.49B | $211.61B | $137.88B | $111.11B | $129.24B | $97.45B | $103.33B | $81.88B | $87.99B | $69.26B |
| Enterprise value | $266.71B | $220.96B | $138.39B | $116.64B | $145.66B | $87.82B | $134.91B | $114.04B | $111.03B | $93.52B |
| P/E ratio | 23.8 | 20.9 | 16.5 | 14.8 | 16.0 | 31.1 | 15.3 | 11.8 | 32.0 | 12.9 |
| Price / sales | 3.2 | 2.9 | 2.0 | 2.0 | 2.9 | 2.5 | 2.2 | 1.9 | 2.3 | 1.8 |
| Price / book | 7.7 | 7.0 | 4.9 | 4.5 | 5.8 | 4.2 | 4.5 | 3.7 | 4.8 | 3.4 |
| Price / free cash flow | 16.1 | 17.4 | 8.1 | 5.8 | 9.9 | 23.7 | 8.6 | 10.7 | 7.1 | 10.1 |
| Price / operating cash flow | 14.0 | 15.1 | 7.4 | 5.3 | 8.8 | 17.4 | 7.6 | 9.2 | 6.5 | 8.4 |
| EV / sales | 3.3 | 3.0 | 2.1 | 2.1 | 3.3 | 2.3 | 2.9 | 2.6 | 2.8 | 2.4 |
| EV / EBITDA | 17.1 | 15.2 | 11.4 | 10.4 | 11.8 | 15.0 | 14.0 | 12.1 | 12.7 | 10.2 |
| EV / free cash flow | 16.7 | 18.2 | 8.1 | 6.1 | 11.1 | 21.4 | 11.3 | 15.0 | 8.9 | 13.7 |
| Earnings yield | 4.2% | 4.8% | 6.1% | 6.8% | 6.2% | 3.2% | 6.5% | 8.5% | 3.1% | 7.8% |
| Free cash flow yield | 6.2% | 5.7% | 12.3% | 17.3% | 10.1% | 4.2% | 11.6% | 9.3% | 14.2% | 9.9% |
| Dividend yield | 0.9% | 0.9% | 1.3% | 1.4% | 1.1% | 1.5% | 1.4% | 1.6% | 1.4% | 1.7% |
| Shareholder yield (dividends + buybacks) | 3.1% | 3.8% | 3.9% | 4.6% | 8.3% | 2.6% | 5.9% | 3.7% | 6.4% | 8.2% |
| Share price at fiscal year-end | $369.95 | $296.79 | $187.34 | $147.75 | $163.60 | $120.91 | $124.49 | $95.32 | $99.31 | $74.08 |
| Per share | ||||||||||
| Revenue per share | $115.61 | $104.07 | $91.53 | $73.97 | $56.24 | $47.56 | $56.74 | $50.36 | $44.01 | $41.03 |
| Earnings per share | $15.56 | $14.21 | $11.38 | $9.99 | $10.20 | $3.89 | $8.14 | $8.06 | $3.10 | $5.75 |
| Operating cash flow per share | $26.48 | $19.71 | $25.22 | $28.03 | $18.54 | $6.94 | $16.42 | $10.40 | $15.28 | $8.80 |
| Free cash flow per share | $22.99 | $17.03 | $23.09 | $25.56 | $16.58 | $5.10 | $14.44 | $8.87 | $14.08 | $7.33 |
| Cash per share | $69.73 | $58.55 | $66.10 | $51.05 | $31.01 | $67.58 | $39.38 | $34.07 | $40.67 | $30.28 |
| Book value per share | $48.09 | $42.45 | $38.12 | $32.86 | $28.07 | $28.52 | $27.80 | $25.61 | $20.61 | $21.93 |
| Tangible book value per share | $40.96 | $36.40 | $32.76 | $27.63 | $23.00 | $23.41 | $23.48 | $21.71 | $16.20 | $17.87 |
| Dividends per share | $3.26 | $2.80 | $2.42 | $2.08 | $1.83 | $1.83 | $1.71 | $1.54 | $1.41 | $1.29 |
| Capex per share | $3.48 | $2.68 | $2.12 | $2.47 | $1.96 | $1.83 | $1.98 | $1.53 | $1.20 | $1.47 |
| Debt per share | $82.99 | $71.65 | $66.79 | $58.41 | $51.79 | $55.62 | $77.44 | $71.51 | $66.68 | $56.23 |
| Shares outstanding | 696.0M | 713.0M | 736.0M | 752.0M | 790.0M | 806.0M | 830.0M | 859.0M | 886.0M | 935.0M |
| Change in shares outstanding | −2.4% | −3.1% | −2.1% | −4.8% | −2.0% | −2.9% | −3.4% | −3.0% | −5.2% | −6.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 34.0% | 34.7% | 31.7% | 32.1% | 35.7% | 13.6% | 30.0% | 34.4% | 14.2% | 25.9% |
| Return on invested capital (ROIC) | 26.3% | 29.7% | 28.5% | 21.8% | 31.0% | 9.2% | 12.4% | 14.5% | 8.6% | 11.2% |
| Return on assets (ROA) | 3.8% | 3.8% | 3.4% | 3.6% | 4.2% | 1.6% | 3.5% | 3.7% | 1.6% | 3.4% |
| Return on tangible assets | 3.7% | 3.8% | 3.3% | 3.3% | 4.4% | 1.7% | 3.5% | 3.7% | 1.6% | 3.5% |
| Free cash flow margin | 19.9% | 16.4% | 25.2% | 34.6% | 29.5% | 10.7% | 25.5% | 17.6% | 32.0% | 17.9% |
| Income quality (OCF / net income) | 1.70 | 1.39 | 2.22 | 2.81 | 1.82 | 1.78 | 2.02 | 1.29 | 4.93 | 1.53 |
| Financial health | ||||||||||
| Total debt | $57.76B | $51.09B | $49.16B | $43.92B | $40.92B | $44.83B | $64.28B | $61.42B | $59.08B | $52.57B |
| Cash & short-term investments | $48.53B | $41.74B | $48.65B | $38.39B | $24.50B | $54.47B | $32.69B | $29.26B | $36.04B | $28.32B |
| Net debt | $9.22B | $9.35B | $509.0M | $5.53B | $16.42B | −$9.64B | $31.59B | $32.16B | $23.04B | $24.25B |
| Debt / equity | 1.73 | 1.69 | 1.75 | 1.78 | 1.85 | 1.95 | 2.79 | 2.79 | 3.24 | 2.56 |
| Debt / assets | 0.19 | 0.19 | 0.19 | 0.19 | 0.22 | 0.23 | 0.32 | 0.32 | 0.33 | 0.33 |
| Net debt / EBITDA | 0.59 | 0.64 | 0.04 | 0.49 | 1.33 | −1.65 | 3.28 | 3.42 | 2.63 | 2.65 |
| Current ratio | 0.28 | 0.27 | 0.33 | 0.31 | 0.27 | 0.58 | 0.95 | 2.12 | 0.46 | 0.44 |
| Quick ratio | 0.28 | 0.27 | −0.66 | 0.05 | −0.48 | −0.58 | 0.09 | −0.09 | 0.38 | 0.31 |
| Interest coverage | 1.7 | 1.6 | 1.5 | 3.5 | 8.3 | 2.0 | 2.4 | 2.8 | 3.5 | 4.7 |
| Working capital | −$122.27B | −$115.05B | −$96.96B | −$87.45B | −$71.81B | −$42.10B | −$4.77B | $17.20B | −$46.58B | −$41.76B |
| Invested capital | $42.70B | $39.61B | $28.57B | $30.24B | $38.60B | $13.35B | $54.66B | $54.16B | $41.30B | $44.76B |
| Tangible asset value | $28.51B | $25.95B | $24.11B | $20.78B | $18.17B | $18.87B | $19.49B | $18.65B | $14.35B | $16.71B |
| Net current asset value | −$218.04B | −$199.45B | −$184.40B | −$165.25B | −$139.17B | −$110.92B | −$85.77B | −$134.45B | −$123.00B | −$106.15B |
| Graham number | $129.78 | $116.48 | $98.79 | $85.95 | $80.28 | $49.96 | $71.37 | $68.14 | $37.93 | $53.25 |
| Graham net-net per share | −$246.63 | −$217.42 | −$90.93 | −$137.93 | −$129.52 | −$67.37 | −$71.81 | −$92.56 | −$136.63 | −$110.31 |
| Capital allocation | ||||||||||
| Dividends paid | $2.27B | $2.00B | $1.78B | $1.56B | $1.45B | $1.47B | $1.42B | $1.32B | $1.25B | $1.21B |
| Share buybacks (net) | $5.81B | $6.02B | $3.65B | $3.50B | $9.25B | $1.03B | $4.68B | $1.69B | $4.40B | $4.50B |
| Dividend payout ratio | 21.0% | 19.7% | 21.3% | 20.8% | 18.0% | 47.0% | 21.0% | 19.1% | 45.5% | 22.5% |
| Dividends + buybacks / free cash flow | 50.5% | 66.1% | 31.9% | 26.4% | 81.7% | 60.9% | 50.9% | 39.5% | 45.3% | 83.3% |
| Capex / revenue | 3.0% | 2.6% | 2.3% | 3.3% | 3.5% | 3.9% | 3.5% | 3.0% | 2.7% | 3.6% |
| Capex / operating cash flow | 13.2% | 13.6% | 8.4% | 8.8% | 10.6% | 26.4% | 12.1% | 14.7% | 7.8% | 16.7% |
| Capex / depreciation | 1.36 | 1.14 | 0.95 | 1.14 | 0.91 | 0.96 | 1.38 | 1.01 | 0.80 | 1.26 |
| Stock-based compensation / revenue | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% | 0.6% | 0.6% | 0.7% | 0.7% | 0.7% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 19.0% | 19.2% | 19.7% | 22.8% | 26.0% | 24.6% | 27.7% | 27.4% | 28.4% | 30.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 274.7 | 293.9 | 327.0 | 207.2 | 23.4 | 284.6 | 433.2 | 245.6 | 30.1 | 239.0 |
| Days of inventory on hand | — | — | 2,743.3 | 3,964.1 | -254,665.3 | 5,224.1 | 2,974.3 | 1,183.6 | 595.3 | 1,174.4 |
| Days payables outstanding | 386.7 | 366.6 | 391.3 | 838.0 | -26,862.4 | 592.9 | 648.2 | 780.2 | 968.2 | 1,125.3 |
| Cash conversion cycle (days) | -112.0 | -72.8 | 2,679.0 | 3,333.3 | -227,779.5 | 4,915.8 | 2,759.3 | 649.0 | -342.8 | 288.1 |
| Receivables turnover | 1.33 | 1.24 | 1.12 | 1.76 | 15.59 | 1.28 | 0.84 | 1.49 | 12.11 | 1.53 |
| Payables turnover | 0.94 | 1.00 | 0.93 | 0.44 | −0.01 | 0.62 | 0.56 | 0.47 | 0.38 | 0.32 |
| Inventory turnover | — | — | 0.13 | 0.09 | −0.00 | 0.07 | 0.12 | 0.31 | 0.61 | 0.31 |
| Asset turnover | 0.28 | 0.28 | 0.28 | 0.27 | 0.23 | 0.20 | 0.24 | 0.23 | 0.23 | 0.24 |
| Average receivables | $60.55B | $59.74B | $60.35B | $31.58B | $2.85B | $29.90B | $55.90B | $29.10B | $3.22B | $25.12B |
| Average payables | $14.29B | $13.50B | $12.62B | $11.35B | $10.01B | $11.09B | $12.50B | $13.46B | $12.92B | $11.51B |
| Average inventory | — | — | $88.48B | $53.70B | $94.89B | $97.73B | $57.34B | $20.41B | $7.95B | $12.01B |
| Intangibles / total assets | 1.7% | 1.6% | 1.5% | 1.7% | 2.1% | 2.2% | 1.8% | 1.8% | 2.2% | 2.4% |
Computed from AXP's annual financial statements (latest annual report filed February 6, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AXP valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), American Express traded at 23.8 times earnings, against a 10-year median of 16.3. Based on the latest twelve months, the trailing P/E is 19.0 and the forward P/E is 15.1. American Express earned a return on equity of 34.0% and a return on invested capital of 26.3% in fiscal 2025. It ended the year with $57.8 billion of debt and $48.5 billion in cash and short-term investments, net debt of $9.2 billion. It returned $8.1 billion to shareholders: $2.3 billion in dividends and $5.8 billion in share buybacks, 51% of free cash flow. The share count fell 25.6% from 935.0M to 696.0M over 9 years.
See the AXP income statement, the AXP chart for price history, or the AXP stock overview for the latest quote and news.
AXP key metrics FAQ
What is American Express's P/E ratio?
American Express's trailing P/E ratio is 19.0 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 15.1. At the end of fiscal 2025 it was 23.8, compared with a 10-year median of 16.3.
What is American Express's EV/EBITDA?
American Express's enterprise value was 17.1 times EBITDA at the end of fiscal 2025 (enterprise value $266.7 billion, EBITDA $15.6 billion).
What is American Express's return on equity?
American Express's return on equity (ROE) was 34.0% in fiscal 2025: net income of $10.8 billion on average shareholders' equity of $31.9 billion.
What is American Express's ROIC?
American Express's return on invested capital was 26.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does American Express have?
American Express had total debt of $57.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.73 and $9.2 billion of net debt (0.59 times EBITDA).
What is American Express's dividend yield?
American Express's forward dividend yield is 1.21%. American Express paid $2.3 billion in dividends in fiscal 2025 ($3.26 per share), a payout ratio of 21.0%.
Does American Express buy back its shares?
Yes. American Express spent $5.8 billion on net share repurchases in fiscal 2025 Shares outstanding changed −2.4% over the year, to 696.0M..
What is American Express's free cash flow yield?
American Express generated $16.0 billion of free cash flow in fiscal 2025, a free cash flow yield of 6.2% on its market value at year-end ($257.5 billion).
What is American Express's current ratio?
American Express's current ratio was 0.28 at the end of fiscal 2025: current assets were 0.28 times current liabilities.