Latest Ratios: P/E Ratio 23.1x · EV/EBITDA 16.3x · ROE 34.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $244.2B | $257.5B | $211.6B | $137.9B | $111.1B | $129.2B | $97.5B | $103.3B | $81.9B | $88.0B | $69.3B |
| Enterprise Value | $254.2B | $267.5B | $222.1B | $140.5B | $121.5B | $148.6B | $109.5B | $143.3B | $116.0B | $114.2B | $96.7B |
| P/E Ratio → | 23.15 | 24.05 | 21.17 | 16.71 | 15.02 | 16.33 | 32.07 | 15.58 | 11.83 | 33.44 | 13.11 |
| P/S Ratio | 3.03 | 3.20 | 2.85 | 2.05 | 2.00 | 2.91 | 2.54 | 2.19 | 1.89 | 2.26 | 1.81 |
| P/B Ratio | 7.40 | 7.69 | 6.99 | 4.91 | 4.50 | 5.83 | 4.24 | 4.48 | 3.67 | 4.82 | 3.38 |
| P/FCF | 15.26 | 16.09 | 17.43 | 8.11 | 5.78 | 9.87 | 23.69 | 8.62 | 10.75 | 7.05 | 10.11 |
| P/OCF | 13.25 | 13.97 | 15.06 | 7.43 | 5.27 | 8.83 | 17.43 | 7.58 | 9.17 | 6.50 | 8.42 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.32 | 2.99 | 2.09 | 2.18 | 3.35 | 2.86 | 3.04 | 2.68 | 2.93 | 2.52 |
| EV / EBITDA | 16.32 | 17.18 | 15.25 | 11.55 | 10.84 | 12.00 | 18.75 | 14.90 | 12.32 | 13.06 | 10.59 |
| EV / EBIT | 18.43 | 19.39 | 17.23 | 13.37 | 12.68 | 13.91 | 25.48 | 17.00 | 14.28 | 15.38 | 12.03 |
| EV / FCF | — | 16.72 | 18.30 | 8.27 | 6.32 | 11.35 | 26.61 | 11.96 | 15.23 | 9.15 | 14.13 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 83.2% | 83.2% | 81.9% | 82.5% | 91.1% | 100.3% | 82.2% | 85.1% | 85.4% | 87.5% | 86.6% |
| Operating Margin | 17.1% | 17.1% | 17.4% | 15.6% | 17.2% | 24.1% | 11.2% | 17.9% | 18.8% | 19.0% | 21.0% |
| Net Profit Margin | 13.5% | 13.5% | 13.7% | 12.4% | 13.5% | 18.1% | 8.2% | 14.4% | 16.0% | 7.0% | 14.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 34.0% | 34.0% | 34.7% | 31.7% | 32.1% | 35.7% | 13.6% | 29.8% | 34.1% | 14.2% | 26.1% |
| ROA | 3.8% | 3.8% | 3.8% | 3.4% | 3.6% | 4.2% | 1.6% | 3.5% | 3.7% | 1.6% | 3.4% |
| ROIC | 12.0% | 12.0% | 12.2% | 10.8% | 10.9% | 12.2% | 4.2% | 7.4% | 7.6% | 7.4% | 8.2% |
| ROCE | 11.3% | 11.3% | 11.2% | 9.6% | 10.0% | 11.8% | 4.4% | 8.2% | 8.3% | 8.3% | 9.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.73 | 1.73 | 1.69 | 1.75 | 1.78 | 1.85 | 1.95 | 2.79 | 2.76 | 3.24 | 2.56 |
| Debt / EBITDA | 3.71 | 3.71 | 3.51 | 4.04 | 3.92 | 3.30 | 7.68 | 6.68 | 6.53 | 6.76 | 5.75 |
| Net Debt / Equity | — | 0.30 | 0.35 | 0.09 | 0.42 | 0.87 | 0.52 | 1.73 | 1.53 | 1.43 | 1.34 |
| Net Debt / EBITDA | 0.65 | 0.65 | 0.72 | 0.22 | 0.93 | 1.57 | 2.06 | 4.16 | 3.63 | 3.00 | 3.01 |
| Debt / FCF | — | 0.63 | 0.87 | 0.15 | 0.54 | 1.48 | 2.92 | 3.34 | 4.48 | 2.10 | 4.01 |
| Interest Coverage | 1.68 | 1.68 | 1.56 | 1.53 | 3.47 | 8.33 | 2.05 | 2.43 | 2.76 | 3.52 | 4.72 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.28 | 0.28 | 0.27 | 0.33 | 0.31 | 0.27 | 0.58 | 0.95 | 1.02 | 0.46 | 0.44 |
| Quick Ratio | 0.28 | 0.28 | 0.27 | 0.33 | 0.31 | 0.27 | 0.58 | 0.95 | 1.02 | 0.46 | 0.44 |
| Cash Ratio | 0.28 | 0.28 | 0.26 | 0.32 | 0.27 | 0.22 | 0.33 | 0.26 | 0.32 | 0.38 | 0.34 |
| Asset Turnover | — | 0.27 | 0.27 | 0.26 | 0.24 | 0.24 | 0.20 | 0.24 | 0.23 | 0.22 | 0.24 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.9% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 21.0% | 21.0% | 19.7% | 21.3% | 20.8% | 18.0% | 47.0% | 21.0% | 19.1% | 45.5% | 22.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 4.2% | 4.7% | 6.0% | 6.7% | 6.1% | 3.1% | 6.4% | 8.5% | 3.0% | 7.6% |
| FCF Yield | 6.6% | 6.2% | 5.7% | 12.3% | 17.3% | 10.1% | 4.2% | 11.6% | 9.3% | 14.2% | 9.9% |
| Buyback Yield | 2.4% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 3.3% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $696M | $713M | $736M | $752M | $790M | $806M | $830M | $859M | $886M | $935M |
Regulatory and T&E sensitivity
Based on current market data, AXP trades at a forward P/E of 19.23, which suggests investors are pricing in a premium for its closed-loop network advantages compared to traditional bank lenders, though this remains significantly lower than the multiples commanded by pure-play payment processors like Visa.
The current PEG ratio of 0.68 indicates that the market may be undervaluing the company's growth trajectory relative to its earnings potential. Investors should monitor whether this valuation gap narrows as the market increasingly recognizes the firm's evolution into a high-intent lifestyle services platform rather than a standard credit issuer.
As reported in recent financial statements, the company's ROIC has remained in a modest range between 2.5% and 5.3% over the last ten quarters, which appears to reflect the heavy capital requirements of maintaining a proprietary lending book alongside its payment network operations.
The divergence between AXP's ROIC and the significantly higher returns seen at asset-light peers like Mastercard suggests that the company's capital intensity is a structural feature of its business model. This warrants further investigation into whether management can improve capital efficiency as the mix shifts toward higher-margin digital services.
According to quarterly filings, the company has maintained a debt-to-equity ratio fluctuating near 1.78, a figure that appears remarkably conservative for a major financial institution and suggests a deliberate strategy to preserve balance sheet flexibility while scaling its global credit card receivables.
While the reported leverage appears manageable, the interest coverage ratio of 3.34 in 2026Q1 indicates that debt service remains comfortable under current conditions. However, investors should monitor if this leverage profile shifts significantly if the company increases its reliance on wholesale funding to support future loan growth.
The most commonly misapplied metric for this business model is the Price-to-Book ratio, which, at 7.08, often leads analysts to incorrectly label the stock as overvalued when compared to traditional money-center banks that lack the company's unique closed-loop network and premium brand equity.
Because AXP functions as both a lender and a network, the book value fails to capture the intangible value of the proprietary data ecosystem and the high-intent customer base. Analysts should instead prioritize EV/EBITDA or cash-flow-based metrics to better reflect the earnings power of the network-driven revenue streams.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AXP stock.
American Express Company's current P/E ratio is 23.1x. The historical average is 18.7x. This places it at the 77th percentile of its historical range.
American Express Company's current EV/EBITDA is 16.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.2x.
American Express Company's return on equity (ROE) is 34.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 25.9%.
Based on historical data, American Express Company is trading at a P/E of 23.1x. This is at the 77th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
American Express Company's current dividend yield is 0.92% with a payout ratio of 21.0%.
American Express Company has 83.2% gross margin and 17.1% operating margin. Operating margin between 10-20% is typical for established companies.
American Express Company's Debt/EBITDA ratio is 3.7x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.