Latest Ratios: P/E Ratio 7.7x · EV/EBITDA 5.9x · 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 | $7.0B | $8.5B | $7.5B | $4.8B | $4.6B | $4.6B | $4.2B | $5.0B | $4.3B | $4.2B | $6.0B |
| Enterprise Value | $7.6B | $9.2B | $6.9B | $5.3B | $5.4B | $5.2B | $4.8B | $5.7B | $3.9B | $4.2B | $5.7B |
| P/E Ratio → | 7.72 | 8.67 | 7.18 | 13.77 | 24.08 | 7.89 | — | 17.80 | 101.25 | — | 12.85 |
| P/S Ratio | 1.06 | 1.29 | 1.25 | 0.85 | 0.87 | 0.87 | 0.89 | 0.97 | 0.85 | 0.95 | 1.45 |
| P/B Ratio | 1.19 | 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 | 5.95 | 7.15 | 6.48 | 11.25 | 17.29 | 7.31 | — | 13.82 | 172.36 | — | 10.48 |
| EV / EBIT | 6.22 | 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 | 1.9% | 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 | 13.0% | 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 | 12.8% | 10.5% | 2.6% | 0.0% | 0.8% | 0.0% | 0.2% | 0.2% | 0.2% | 6.8% | 9.4% |
| Total Shareholder Yield | 14.7% | 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 |
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 7.7x. The historical average is 17.0x. This places it at the 25th percentile of its historical range.
AXIS Capital Holdings Limited's current EV/EBITDA is 5.9x. 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 7.7x. This is at the 25th 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 1.89% 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.
Key Metrics
Top Statement Risk
Social inflation casualty reserve risk
Metrics are mathematically derived from official filings.
Underwriting Profitability Inflects Sharply
AXIS Capital's combined ratio has improved to 80.9% in Q2 2026 from 83.9% a year ago, driven by a significant loss ratio decline, which according to recent SEC filings indicates strong current accident year performance and potential prior-year reserve releases.
The 300 basis point year-over-year improvement in the combined ratio, anchored by a 1,840 basis point reduction in the loss ratio, signals a powerful inflection in underwriting discipline. This level of profitability, consistently below 82% for four consecutive quarters, generates substantial free cash flow and validates the strategic pivot toward specialty lines. However, the magnitude of the loss ratio decline warrants monitoring to distinguish between current accident year strength and the contribution of favorable reserve development.
P/B Multiple Reflects Discount to Peers
Based on reported figures, AXIS trades at a P/B of 1.25x, a notable discount to peer Arch Capital's 1.56x, which may suggest the market still applies a legacy volatility discount despite the company's improving return on equity trajectory.
The P/B valuation appears to embed a lower return on equity expectation than AXIS is currently generating, with ROE expanding to 5.9% in Q2 2026. This discount relative to higher-quality peers like ACGL suggests investors may be underweighting the sustainability of the improved combined ratio. If the sub-81% underwriting profitability can be maintained, the multiple should converge toward the peer average, representing potential valuation upside.
ROE Expansion Driven by Underwriting
AXIS Capital's ROE has accelerated to 5.9% in Q2 2026, up from a trough of 3.2% in Q1 2025, with the primary driver being the 19.1% underwriting margin which now generates the core of the company's returns on equity.
The decomposition of profitability indicates that the improving combined ratio is now the dominant earnings driver, overtaking the contribution from investment income on float. This shift is positive for earnings quality, as it ties returns directly to underwriting expertise rather than market-dependent investment yields. The current ROE level, while still below peer averages, shows a clear upward trajectory that, if sustained, would support a higher valuation multiple.
Expense Ratio Shows Cyclical Variation
AXIS Capital's expense ratio has increased to 27.6% in Q2 2026 from unusually low levels of 11.6-12.3% in prior quarters, a shift that appears to normalize operating costs after a period of favorable seasonal or accounting treatment.
The apparent spike in the expense ratio is more reflective of a return to a normalized run-rate after an anomaly in the 2025 Q3-Q1 period where expenses were recorded at ~12%. The current 27.6% level, while higher, is not necessarily indicative of deteriorating efficiency but rather a correction that allows for more accurate assessment of the company's true operating cost structure. Investors should benchmark this normalized rate against peers to assess scale advantages.
Underwriting Leverage Remains Conservative
Based on the reported debt-to-equity ratio of 0.23x and low premium-to-surplus ratios implied by the capital structure, AXIS Capital appears to maintain underwriting leverage well within conservative guidelines, supporting financial flexibility.
The consistently low D/E ratio, which has ranged from 0.02x to 0.28x over the past ten quarters, indicates that AXS funds its underwriting growth primarily through retained earnings and equity rather than debt. This conservative leverage profile provides a significant buffer against adverse loss experience and positions the company to expand its underwriting capacity opportunistically as market conditions allow.
P/E Multiple May Mislead on Core Earnings
The reported P/E ratio of 8.1x appears inexpensive but may be artificially depressed by volatile, non-recurring items such as catastrophe losses and reserve adjustments, which as reported in financial statements can cause significant swings in quarterly earnings.
The most commonly misapplied ratio for insurers like AXIS is the P/E multiple, which is highly sensitive to catastrophe charges, large loss events, and the timing of reserve releases. A single large loss quarter can spike the P/E ratio to unrealistic levels, while a favorable development quarter can make it appear artificially cheap. The P/B ratio, anchored by invested assets backing reserves, provides a more stable and relevant valuation anchor for assessing the underlying franchise value of the insurance operations.