Stocks · Financial Services

American Express Company (AXP)

$314.46

−0.19% last session

Market value

$212.8bn

P/E ratio

18.5

Dividend yield

1.46%

52-week range

$291–$387

What American Express Company does

American Express is a global payments and premium lifestyle brand powered by technology. Founded in 1850 and headquartered in New York, American Express' card-issuing, merchant-acquiring and card network businesses offer products and services to a broad range of customers, including consumers, small businesses, mid-sized companies and large corporations around the world. We were founded as a joint stock association and incorporated in 1965 as a New York corporation.

Financial Services · based in the US · listed since 1977Company website ↗From the annual report ↗

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AGrowthGrowing fast

Sales growth, last 12 months9.5% · 68/100

Sales growth a year, 5 years16.0% · 85/100

Earnings per share growth a year, 5 years32.0% · 100/100

AProfitabilityHighly profitable

Net profit margin14.1% · 75/100

Return on equity34% · 98/100

FFinancial strengthFragile

Current ratio (short-term assets ÷ debts)0.26 · 20/100

BValuationReasonably priced

P/E against its own 10-year history57th percentile · 43/100

Free cash flow yield7.1% · 93/100

PEG (P/E ÷ growth)0.6 · 98/100

Our base-case value vs price22% · 78/100

FMomentumStrong downtrend

Share price, last 12 months−11.8% · 30/100

Share price, last 3 months−4.0% · 38/100

Price

−13.3% over 1Y

27 Oct 2026$313.63

Daily closing prices. Source: Twelve Data.

If you'd invested £1,000

in pounds, including currency moves

Invested	Worth now	Per year	+ dividends received	Same in the S&P 500
1 year ago Oct 2025	£860	−14.0%	+£9	£1,115 index ahead
3 years ago Oct 2023	£1,968	+25.3%	+£53	£1,683 AXP ahead
5 years ago Oct 2021	£1,876	+13.4%	+£73	£1,739 AXP ahead
10 years ago Oct 2016	£4,345	+15.8%	+£272	£3,326 AXP ahead

Over 10 years, £1,000 became £4,617 including dividends. Past returns don't predict future ones.

Bull vs bear

The numbers lean bullish (9 vs 4)

The bull case

Shareholder-friendly management●●○

Passes 4 of 6 capital-allocation checks.

Our cash-flow model sees value●●○

Base case 22% above today's price.

Low expectations priced in●●○

Today's price implies about 11.2% a year if our base case plays out.

Cash machine●○○

Turns 39% of revenue into free cash flow.

Analysts see upside●○○

Average target 17% above the price.

Has always bounced back●○○

Recovered from all 10 past falls of 20%+ in the price history.

The bear case

Growth is slowing●●○

Revenue growth over the last 12 months (9%) is well below its 5-year average (16%).

Has overpaid for deals before●○○

$1.2bn spent buying businesses since 2015; $220m written off as overpaid. Goodwill is 1.6% of assets

Recoveries can take years●○○

Took 98 months to recover after the 1972 fall.

Can you answer every bear point? Put your answers in your thesis under risks.

See the full picture on American Express Company

Ten years of results, revenue by product and region, a management scorecard, bear/base/bull valuations, analyst targets, every SEC filing explained, and a thesis that checks itself after each report. Free.

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American Express Company (AXP)

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