AXIS Capital Holdings Limited (AXS) Key Metrics
AXS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $7.27B
- Enterprise value
- $8.21B
- P/E (TTM)
- 7.1 10-yr median 12.1
- Forward P/E
- 7.3
- PEG ratio
- 1.18
- Price / sales
- 1.1 10-yr median 0.9
- Price / book
- 1.2 10-yr median 0.9
- EV / EBITDA
- — 10-yr median 1.8
- Dividend yield
- 1.77% $1.76 a year
- Beta
- 0.46
AXS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAXS valuation Price multiples at each fiscal year-end price.
AXS returns How much profit the business earns on the capital it uses.
AXS per-share figures Results divided by the shares outstanding at year-end.
AXS financial health Debt, liquidity and how easily interest is covered.
AXS efficiency & capital use Working capital cycle and where the cash goes.
AXS valuation history
AXS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AXS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AXS cash returned to shareholders
AXS price vs earnings per share
AXS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $8.49B | $7.55B | $4.76B | $4.64B | $4.65B | $4.25B | $5.02B | $4.34B | $4.23B | $5.98B |
| Enterprise value | $4.26B | $2.12B | $979.9M | $1.19B | $563.6M | −$313.3M | $580.8M | −$7.73B | −$9.10B | −$5.44B |
| P/E ratio | 8.4 | 7.0 | 12.7 | 20.8 | 7.5 | — | 15.5 | 100.8 | — | 11.6 |
| Price / sales | 1.3 | 1.3 | 0.9 | 0.9 | 0.9 | 0.9 | 1.0 | 0.8 | 1.0 | 1.4 |
| Price / book | 1.3 | 1.2 | 0.9 | 1.0 | 0.9 | 0.8 | 0.9 | 0.9 | 0.8 | 1.0 |
| Price / free cash flow | — | 4.1 | 3.8 | 6.7 | 4.2 | 12.4 | 25.2 | — | 14.9 | 22.7 |
| Price / operating cash flow | — | 4.1 | 3.8 | 6.7 | 4.2 | 12.4 | 25.2 | 402.7 | 16.3 | 14.7 |
| EV / sales | 0.6 | 0.4 | 0.2 | 0.2 | 0.1 | -0.1 | 0.1 | -1.5 | -2.0 | -1.3 |
| EV / EBITDA | 3.2 | 1.9 | 1.8 | 3.2 | 0.7 | — | 1.2 | — | — | — |
| EV / free cash flow | — | 1.1 | 0.8 | 1.7 | 0.5 | — | 2.9 | — | — | — |
| Earnings yield | 11.9% | 14.3% | 7.9% | 4.8% | 13.3% | −2.8% | 6.4% | 1.0% | −8.7% | 8.6% |
| Free cash flow yield | −0.5% | 24.4% | 26.4% | 14.9% | 24.0% | 8.1% | 4.0% | −0.3% | 6.7% | 4.4% |
| Dividend yield | 2.0% | 2.4% | 3.9% | 3.9% | 3.8% | 4.1% | 3.6% | 4.1% | 4.4% | 2.9% |
| Shareholder yield (dividends + buybacks) | 12.5% | 5.1% | 4.4% | 4.6% | 4.5% | 9.4% | 8.1% | 4.3% | 11.2% | 12.3% |
| Share price at fiscal year-end | $107.09 | $88.62 | $55.37 | $54.17 | $54.47 | $50.39 | $59.44 | $51.64 | $50.26 | $65.27 |
| Per share | ||||||||||
| Revenue per share | $82.81 | $70.66 | $65.00 | $61.92 | $62.39 | $56.50 | $61.39 | $60.94 | $52.81 | $45.08 |
| Earnings per share | $12.73 | $12.70 | $4.37 | $2.60 | $7.25 | −$1.43 | $3.83 | $0.51 | −$4.39 | $5.61 |
| Operating cash flow per share | −$0.52 | $21.66 | $14.60 | $8.08 | $13.07 | $4.08 | $2.36 | $0.13 | $3.08 | $4.44 |
| Free cash flow per share | −$0.52 | $21.66 | $14.60 | $8.08 | $13.07 | $4.08 | $2.36 | −$0.17 | $3.38 | $2.88 |
| Cash per share | $72.16 | $81.24 | $61.68 | $57.73 | $64.63 | $71.32 | $75.34 | $159.62 | $174.83 | $146.43 |
| Book value per share | $80.19 | $71.49 | $61.19 | $54.16 | $63.44 | $62.85 | $65.63 | $59.88 | $63.50 | $68.52 |
| Tangible book value per share | $67.14 | $60.59 | $52.60 | $45.15 | $54.35 | $59.00 | $61.59 | $55.79 | $59.22 | $67.59 |
| Dividends per share | $2.18 | $2.14 | $2.14 | $2.10 | $2.06 | $2.06 | $2.13 | $2.10 | $2.23 | $1.88 |
| Capex per share | $0.65 | $0.20 | $0.36 | $0.43 | $0.45 | $0.53 | $0.75 | $0.30 | $0.30 | $1.57 |
| Debt per share | $18.84 | $17.47 | $17.70 | $17.47 | $16.77 | $17.21 | $22.77 | $15.97 | $16.37 | $21.69 |
| Shares outstanding | 79.3M | 85.2M | 86.0M | 85.7M | 85.3M | 84.3M | 84.5M | 84.0M | 84.1M | 91.5M |
| Change in shares outstanding | −6.9% | −1.0% | +0.4% | +0.4% | +1.2% | −0.2% | +0.6% | −0.1% | −8.1% | −8.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 16.2% | 19.1% | 7.6% | 4.4% | 11.6% | −2.2% | 6.1% | 0.8% | −6.4% | 8.5% |
| Return on invested capital (ROIC) | 72.4% | 94.3% | 27.9% | 17.6% | 57.1% | −11.1% | — | — | — | — |
| Return on assets (ROA) | 3.0% | 3.4% | 1.3% | 0.8% | 2.3% | −0.5% | 1.3% | 0.2% | −1.6% | 2.5% |
| Return on tangible assets | 3.0% | 3.4% | 1.3% | 0.8% | 2.3% | −0.5% | 1.3% | 0.2% | −1.5% | 2.5% |
| Free cash flow margin | −0.6% | 30.7% | 22.5% | 13.0% | 20.9% | 7.2% | 3.8% | −0.3% | 6.4% | 6.4% |
| Income quality (OCF / net income) | −0.04 | 1.71 | 3.34 | 3.10 | 1.80 | — | 0.62 | 0.25 | — | 0.79 |
| Financial health | ||||||||||
| Total debt | $1.49B | $1.49B | $1.52B | $1.50B | $1.43B | $1.45B | $1.92B | $1.34B | $1.38B | $1.99B |
| Cash & short-term investments | $5.72B | $6.92B | $5.31B | $4.95B | $5.51B | $6.01B | $6.36B | $13.41B | $14.70B | $13.40B |
| Net debt | −$4.23B | −$5.43B | −$3.78B | −$3.45B | −$4.08B | −$4.56B | −$4.44B | −$12.07B | −$13.33B | −$11.42B |
| Debt / equity | 0.23 | 0.24 | 0.29 | 0.32 | 0.26 | 0.27 | 0.35 | 0.27 | 0.26 | 0.32 |
| Debt / assets | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.08 | 0.06 | 0.06 | 0.10 |
| Net debt / EBITDA | −3.13 | −4.80 | −6.97 | −9.21 | −5.25 | −389.25 | −9.24 | −134.43 | — | −19.10 |
| Current ratio | 1.58 | 1.59 | 1.46 | 1.40 | 1.43 | 89.78 | 15.67 | 0.97 | 1.04 | 1.24 |
| Quick ratio | 1.58 | 1.59 | 2.73 | 2.30 | 2.31 | 156.81 | 22.34 | 1.00 | 1.06 | 1.26 |
| Interest coverage | 18.4 | 14.9 | 5.8 | 3.9 | 10.4 | -1.7 | 5.0 | 0.2 | -6.7 | 10.2 |
| Working capital | $7.82B | $7.48B | $5.61B | $4.59B | $4.73B | $12.45B | $19.79B | −$614.9M | $702.9M | $3.26B |
| Invested capital | $2.13B | $657.7M | $1.48B | $1.19B | $1.33B | $736.4M | $1.10B | −$7.04B | −$7.99B | −$5.15B |
| Tangible asset value | $5.32B | $5.16B | $4.52B | $3.87B | $4.64B | $4.97B | $5.20B | $4.69B | $4.98B | $6.19B |
| Net current asset value | −$6.75B | −$6.48B | −$7.25B | −$6.91B | −$6.24B | −$7.99B | $1.08B | −$1.71B | −$673.7M | $2.27B |
| Graham number | $151.54 | $142.93 | $77.61 | $56.33 | $101.75 | — | $75.20 | $26.27 | — | $92.98 |
| Graham net-net per share | −$159.41 | −$139.98 | −$230.37 | −$191.63 | −$176.25 | −$159.87 | −$149.82 | −$9.70 | −$1.05 | $25.29 |
| Capital allocation | ||||||||||
| Dividends paid | $173.0M | $182.0M | $184.0M | $179.6M | $175.9M | $173.4M | $179.8M | $176.1M | $187.9M | $172.2M |
| Share buybacks (net) | $887.7M | $199.9M | $23.6M | $35.0M | $35.0M | $225.0M | $225.0M | $10.1M | $285.9M | $561.5M |
| Dividend payout ratio | 17.1% | 16.8% | 48.9% | 80.5% | 28.4% | — | 55.6% | 409.4% | — | 33.5% |
| Dividends + buybacks / free cash flow | — | 20.7% | 16.5% | 31.0% | 18.9% | 116.0% | 203.4% | — | 166.5% | 278.7% |
| Capex / revenue | 0.8% | 0.3% | 0.6% | 0.7% | 0.7% | 0.9% | 1.2% | 0.5% | 0.6% | 3.5% |
| Capex / operating cash flow | — | 0.9% | 2.5% | 5.3% | 3.5% | 13.0% | 31.7% | 233.0% | 9.8% | 35.3% |
| Capex / depreciation | 0.91 | 0.31 | 0.41 | 0.54 | 0.58 | 0.68 | 0.84 | 2.56 | 0.81 | 5.84 |
| Stock-based compensation / revenue | 0.7% | 0.7% | 1.0% | 0.9% | 0.7% | 0.6% | 0.6% | 0.7% | 0.3% | 1.3% |
| SG&A / revenue | 10.7% | 11.1% | 12.2% | 12.8% | 12.5% | 12.2% | 12.2% | 12.3% | 13.0% | 14.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 648.7 | 619.0 | 629.9 | 604.3 | 551.7 | 579.8 | 503.0 | 475.8 | 459.4 | 393.6 |
| Days of inventory on hand | — | — | -1,073.5 | -862.8 | -886.9 | -797.8 | -430.7 | -44.4 | -27.4 | -24.0 |
| Days payables outstanding | 199.6 | 151.3 | 141.3 | 125.6 | 112.2 | 105.8 | 120.6 | 98.2 | 61.8 | 52.5 |
| Cash conversion cycle (days) | 449.2 | 467.6 | -584.9 | -384.0 | -447.4 | -323.8 | -48.2 | 333.1 | 370.2 | 317.1 |
| Receivables turnover | 0.56 | 0.59 | 0.58 | 0.60 | 0.66 | 0.63 | 0.73 | 0.77 | 0.79 | 0.93 |
| Payables turnover | 1.83 | 2.41 | 2.58 | 2.91 | 3.25 | 3.45 | 3.03 | 3.72 | 5.91 | 6.95 |
| Asset turnover | 0.20 | 0.19 | 0.19 | 0.19 | 0.20 | 0.18 | 0.21 | 0.21 | 0.19 | 0.20 |
| Average receivables | $11.67B | $10.21B | $9.65B | $8.78B | $8.04B | $7.56B | $7.15B | $6.67B | $5.59B | $4.45B |
| Average payables | $1.80B | $1.75B | $1.70B | $1.47B | $1.21B | $1.22B | $1.34B | $1.12B | $696.1M | $424.8M |
| Average inventory | — | — | −$12.92B | −$10.08B | −$9.55B | −$9.20B | −$4.80B | −$506.2M | −$308.6M | −$194.3M |
| Intangibles / total assets | 3.0% | 2.8% | 2.4% | 2.8% | 2.8% | 1.3% | 1.3% | 1.4% | 1.5% | 0.4% |
Computed from AXS's annual financial statements (latest annual report filed February 27, 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.
AXS valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), AXIS Capital traded at 8.4 times earnings, against a 10-year median of 12.1. Based on the latest twelve months, the trailing P/E is 7.1 and the forward P/E is 7.3. AXIS Capital earned a return on equity of 16.2% and a return on invested capital of 72.4% in fiscal 2025. It ended the year with $1.5 billion of debt and $5.7 billion in cash and short-term investments, a net cash position of $4.2 billion. It returned $1.1 billion to shareholders: $173.0 million in dividends and $887.7 million in share buybacks. The share count fell 13.4% from 91.5M to 79.3M over 9 years.
See the AXS income statement, the AXS chart for price history, or the AXS stock overview for the latest quote and news.
AXS key metrics FAQ
What is AXIS Capital's P/E ratio?
AXIS Capital's trailing P/E ratio is 7.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 7.3. At the end of fiscal 2025 it was 8.4, compared with a 10-year median of 12.1.
What is AXIS Capital's EV/EBITDA?
AXIS Capital's enterprise value was 3.2 times EBITDA at the end of fiscal 2025 (enterprise value $4.3 billion, EBITDA $1.3 billion).
What is AXIS Capital's return on equity?
AXIS Capital's return on equity (ROE) was 16.2% in fiscal 2025: net income of $1.0 billion on average shareholders' equity of $6.2 billion.
What is AXIS Capital's ROIC?
AXIS Capital's return on invested capital was 72.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does AXIS Capital have?
AXIS Capital had total debt of $1.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.23 and more cash than debt.
What is AXIS Capital's dividend yield?
AXIS Capital's forward dividend yield is 1.77%. AXIS Capital paid $173.0 million in dividends in fiscal 2025 ($2.18 per share), a payout ratio of 17.1%.
Does AXIS Capital buy back its shares?
Yes. AXIS Capital spent $887.7 million on net share repurchases in fiscal 2025 Shares outstanding changed −6.9% over the year, to 79.3M..
What is AXIS Capital's free cash flow yield?
AXIS Capital generated -$40.9 million of free cash flow in fiscal 2025, a free cash flow yield of −0.5% on its market value at year-end ($8.5 billion).
What is AXIS Capital's current ratio?
AXIS Capital's current ratio was 1.58 at the end of fiscal 2025: current assets were 1.58 times current liabilities.