Latest Ratios: P/E Ratio 9.3x · EV/EBITDA 7.1x · ROE 16.2%. (2002–2025 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 | $8.4B | $8.5B | $7.5B | $4.8B | $4.6B | $4.6B | $4.2B | $5.0B | $4.3B | $4.2B | $6.0B |
| Enterprise Value | $9.1B | $9.2B | $6.9B | $5.3B | $5.4B | $5.2B | $4.8B | $5.7B | $3.9B | $4.2B | $5.7B |
| P/E Ratio → | 9.27 | 8.67 | 7.18 | 13.77 | 24.08 | 7.89 | — | 17.80 | 101.25 | — | 12.85 |
| P/S Ratio | 1.29 | 1.29 | 1.25 | 0.85 | 0.87 | 0.87 | 0.89 | 0.97 | 0.85 | 0.95 | 1.45 |
| P/B Ratio | 1.43 | 1.34 | 1.24 | 0.90 | 1.00 | 0.86 | 0.80 | 0.91 | 0.86 | 0.79 | 0.95 |
| P/FCF | — | — | 4.09 | 3.79 | 7.08 | 4.32 | 14.21 | 36.95 | — | 14.85 | 22.69 |
| P/OCF | — | — | 4.09 | 3.79 | 6.70 | 4.17 | 12.36 | 25.23 | 402.68 | 16.31 | 14.69 |
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 | — | 1.40 | 1.15 | 0.95 | 1.02 | 0.98 | 1.01 | 1.10 | 0.75 | 0.95 | 1.39 |
| EV / EBITDA | 7.11 | 7.15 | 6.48 | 11.25 | 17.29 | 7.31 | — | 13.82 | 172.36 | — | 10.48 |
| EV / EBIT | 7.44 | 7.09 | 6.41 | 11.42 | 17.58 | 7.36 | — | 14.06 | 48.14 | — | 9.99 |
| EV / FCF | — | — | 3.74 | 4.25 | 8.22 | 4.86 | 16.04 | 41.97 | — | 14.90 | 21.75 |
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 | 49.9% | 49.9% | 29.7% | 21.4% | 19.6% | 26.1% | 11.6% | 21.5% | 18.8% | 7.4% | 28.5% |
| Operating Margin | 18.7% | 18.7% | 16.8% | 7.1% | 4.6% | 12.2% | -2.7% | 6.5% | 0.2% | -8.3% | 12.6% |
| Net Profit Margin | 15.4% | 15.4% | 18.0% | 6.7% | 4.2% | 11.6% | -2.5% | 6.2% | 0.8% | -8.3% | 12.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.2% | 16.2% | 19.1% | 7.6% | 4.4% | 11.6% | -2.2% | 6.1% | 0.8% | -6.4% | 8.5% |
| ROA | 3.0% | 3.0% | 3.4% | 1.3% | 0.8% | 2.3% | -0.5% | 1.3% | 0.2% | -1.6% | 2.5% |
| ROIC | 14.8% | 14.8% | 13.4% | 5.3% | 3.2% | 8.2% | -1.6% | 4.7% | 0.2% | -4.9% | 6.7% |
| ROCE | 6.0% | 6.0% | 5.3% | 2.3% | 1.5% | 4.2% | -0.5% | 1.4% | 0.2% | -5.3% | 7.4% |
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 | 0.23 | 0.23 | 0.24 | 0.29 | 0.32 | 0.26 | 0.27 | 0.35 | 0.27 | 0.26 | 0.16 |
| Debt / EBITDA | 1.16 | 1.16 | 1.40 | 3.21 | 4.80 | 2.00 | — | 4.66 | 60.08 | — | 1.82 |
| Net Debt / Equity | — | 0.11 | -0.11 | 0.11 | 0.16 | 0.11 | 0.10 | 0.12 | -0.10 | 0.00 | -0.04 |
| Net Debt / EBITDA | 0.52 | 0.52 | -0.62 | 1.20 | 2.39 | 0.82 | — | 1.65 | -21.85 | — | -0.45 |
| Debt / FCF | — | — | -0.36 | 0.45 | 1.14 | 0.54 | 1.83 | 5.02 | — | 0.04 | -0.94 |
| Interest Coverage | 19.39 | 19.39 | 15.88 | 6.82 | 4.85 | 11.42 | -0.72 | 5.95 | 1.19 | -5.72 | 11.16 |
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 | 1.58 | 1.58 | 1.59 | 1.46 | 1.40 | 1.43 | — | — | 0.97 | 1.04 | 1.24 |
| Quick Ratio | 1.58 | 1.58 | 1.59 | 1.46 | 1.40 | 1.43 | — | — | 0.97 | 1.04 | 1.24 |
| Cash Ratio | 0.42 | 0.42 | 0.55 | 0.44 | 0.43 | 0.50 | — | — | 0.74 | 0.82 | 0.99 |
| Asset Turnover | — | 0.19 | 0.18 | 0.18 | 0.19 | 0.19 | 0.18 | 0.20 | 0.21 | 0.18 | 0.20 |
| 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 | 1.6% | 1.7% | 2.0% | 3.2% | 3.2% | 3.1% | 3.3% | 2.7% | 3.1% | 3.2% | 2.2% |
| Payout Ratio | 14.1% | 14.1% | 14.0% | 40.9% | 66.9% | 23.5% | — | 42.4% | 310.3% | — | 25.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.8% | 11.5% | 13.9% | 7.3% | 4.2% | 12.7% | — | 5.6% | 1.0% | — | 7.8% |
| FCF Yield | — | — | 24.4% | 26.4% | 14.1% | 23.2% | 7.0% | 2.7% | — | 6.7% | 4.4% |
| Buyback Yield | 10.5% | 10.5% | 2.6% | 0.0% | 0.8% | 0.0% | 0.2% | 0.2% | 0.2% | 6.8% | 9.4% |
| Total Shareholder Yield | 12.1% | 12.1% | 4.7% | 3.2% | 4.0% | 3.1% | 3.6% | 2.9% | 3.3% | 10.0% | 11.6% |
| Shares Outstanding | — | $79M | $85M | $86M | $86M | $85M | $84M | $84M | $84M | $84M | $92M |
Social inflation reserve adequacy
Based on recent financial data, AXS trades at a P/B of 1.36, which appears to reflect a persistent valuation discount relative to peers like Arch Capital, suggesting the market remains skeptical of the firm's transition from a volatile reinsurer to a primary specialty insurance carrier.
The current P/B multiple suggests that investors are not yet fully pricing in the improved underwriting quality resulting from the exit of property catastrophe lines. This discount warrants further investigation into whether the market is waiting for a longer track record of stable ROE before re-rating the stock toward the higher multiples commanded by pure-play specialty peers.
As reported in quarterly filings, the combined ratio reached 81.3% in 2026Q1, demonstrating a significant improvement from the 113.1% observed in 2023Q4 and indicating that the company's strategic pivot toward specialty lines is successfully enhancing core underwriting profitability and reducing exposure to volatile catastrophe events.
The trajectory of the combined ratio suggests that management's focus on underwriting discipline is yielding tangible results. However, the variability in the loss ratio over the past ten quarters implies that the firm remains sensitive to external shocks, and investors should monitor whether this margin expansion is sustainable or merely a result of favorable market pricing cycles.
According to the latest balance sheet figures, AXS maintains a healthy capital position with total equity reaching $6.4 billion in 2026Q1, providing a robust buffer that supports the firm's ongoing expansion into niche specialty markets while maintaining prudent underwriting leverage relative to its historical risk profile.
The company's ability to grow its equity base while navigating a structural shift in its business model suggests a disciplined approach to capital management. This capital strength appears sufficient to support current growth initiatives, though the firm's leverage ratios should be monitored to ensure they remain within the guidelines expected by rating agencies for a specialty-focused insurer.
As noted in institutional research, the P/E ratio is frequently misapplied to AXS, as it fails to account for the volatility inherent in reserve development and the impact of catastrophe-related earnings swings, which can mask the underlying quality of the firm's primary insurance underwriting performance.
Investors should prioritize the combined ratio and reserve development trends over P/E multiples to better assess the company's true economic profitability. Relying on P/E may lead to an inaccurate assessment of the firm's value, as it ignores the potential for future reserve strengthening necessitated by the long-tail nature of the company's professional liability and casualty insurance exposures.
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying AXS stock.
AXIS Capital Holdings Limited's current P/E ratio is 9.3x. The historical average is 17.0x. This places it at the 60th percentile of its historical range.
AXIS Capital Holdings Limited's current EV/EBITDA is 7.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.4x.
AXIS Capital Holdings Limited's return on equity (ROE) is 16.2%. The historical average is 10.4%.
Based on historical data, AXIS Capital Holdings Limited is trading at a P/E of 9.3x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AXIS Capital Holdings Limited's current dividend yield is 1.57% with a payout ratio of 14.1%.
AXIS Capital Holdings Limited has 49.9% gross margin and 18.7% operating margin. Operating margin between 10-20% is typical for established companies.
AXIS Capital Holdings Limited's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.