Latest Ratios: P/E Ratio 6.8x · EV/EBITDA 6.3x · 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 | $7.7B | $8.5B | $7.5B | $4.8B | $4.6B | $4.6B | $4.2B | $5.0B | $4.3B | $4.2B | $6.0B |
| Enterprise Value | $8.4B | $9.2B | $6.9B | $5.3B | $5.4B | $5.2B | $4.8B | $5.7B | $3.9B | $4.2B | $5.7B |
| P/E Ratio → | 6.84 | 8.67 | 7.18 | 13.77 | 24.08 | 7.89 | — | 17.80 | 101.25 | — | 12.85 |
| P/S Ratio | 1.12 | 1.29 | 1.25 | 0.85 | 0.87 | 0.87 | 0.89 | 0.97 | 0.85 | 0.95 | 1.45 |
| P/B Ratio | 1.32 | 1.34 | 1.24 | 0.90 | 1.00 | 0.86 | 0.80 | 0.91 | 0.86 | 0.79 | 0.95 |
| P/FCF | 3.10 | — | 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 | 6.27 | 7.15 | 6.48 | 11.25 | 17.29 | 7.31 | — | 13.82 | 172.36 | — | 10.48 |
| EV / EBIT | 6.86 | 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 | 1.7% | 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 | 14.6% | 11.5% | 13.9% | 7.3% | 4.2% | 12.7% | — | 5.6% | 1.0% | — | 7.8% |
| FCF Yield | 32.2% | — | 24.4% | 26.4% | 14.1% | 23.2% | 7.0% | 2.7% | — | 6.7% | 4.4% |
| Buyback Yield | 11.5% | 10.5% | 2.6% | 0.0% | 0.8% | 0.0% | 0.2% | 0.2% | 0.2% | 6.8% | 9.4% |
| Total Shareholder Yield | 13.2% | 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
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AXS stock.
AXIS Capital Holdings Limited's current P/E ratio is 6.8x. The historical average is 17.0x. This places it at the 15th percentile of its historical range.
AXIS Capital Holdings Limited's current EV/EBITDA is 6.3x. 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 6.8x. This is at the 15th 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 1.70% 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
Reserve adequacy and catastrophe exposure
Metrics are mathematically derived from official filings.
P/B Discount Reflects Unproven Underwriting Durability
Based on reported figures, AXS trades at 1.35x book and 8.74x trailing earnings, a discount to ACGL's 1.72x P/B that suggests the market is still pricing in volatility rather than the specialty franchise.
A 1.35x P/B multiple implies the market expects ROE to sustain only modestly above cost of equity, which is consistent with the recent 3.3% to 5.9% quarterly ROE range rather than a mature specialty return profile. The gap to Arch Capital's 18.3% ROE and 1.72x P/B indicates investors are discounting AXS for inconsistent combined ratios that swung between 78.1% and 85.3%. Investors should monitor whether sustained combined ratios below 85% can narrow this discount, as the current multiple appears to reflect execution uncertainty more than franchise impairment.
Combined Ratio Volatility Clouds Underlying Profitability
As reported in the quarterly filings, AXS's combined ratio moved from 83.9% in 2025Q1 to 78.1% in 2025Q3 and back to 85.3% in 2026Q3, with loss ratios swinging between 49.6% and 71.6%.
The loss ratio compression from 71.6% in 2025Q1 to 49.6% in 2025Q4 coincided with an expense ratio jump from 12.3% to 31.1%, suggesting the headline improvement may partly reflect classification or reserve timing rather than pure claims discipline. The most recent 85.3% combined ratio, still below 100%, indicates underwriting profit remains intact but with a thinner cushion than the mid-2025 readings. Investors should treat the 2025 underwriting improvement as provisional until attritional trends are separated from prior-year development.
ROE Depends on Investment Income Amid Thin Underwriting Margins
Based on reported figures, AXS's ROE fell from 5.9% in 2026Q2 to 3.3% in 2026Q3 while ROA held near 0.6% to 1.1%, indicating returns are being driven by leverage and investment income rather than underwriting spread.
With underwriting margins of 14.7% to 21.9%, the bulk of pre-tax earnings likely derives from net investment income on float, which is a structural feature of primary specialty carriers. The gap between ROE of 3.3% to 5.9% and the 12% to 18% ROE of peers ACGL and MKL suggests AXS converts its asset base into equity returns less efficiently. Investors should watch whether investment yield can offset future underwriting volatility, as the current ROE levels leave limited room for a bad catastrophe or reserve year.
Premium Leverage Constrained by Modest Capital Base
According to reported balance sheet figures, AXS's equity of roughly $6.3B against $36.5B of total assets implies about 5.8x asset leverage, leaving limited capacity to absorb reserve shortfalls without pressure on statutory capital.
The debt-to-equity ratio of 0.23 in recent quarters, up from 0.02 in late 2025, suggests the capital structure shifted modestly toward debt, which warrants monitoring alongside the interest coverage ratio that fell from 23.2x to 16.4x. Premium-to-surplus leverage cannot be fully assessed from the supplied data, so the analysis rests on asset-to-equity proxies that may understate or overstate true underwriting capacity. Investors should treat the thin capital cushion as a constraint on growth rather than a near-term solvency concern based on the reported figures.
Misapplied Combined Ratio Masks Reserve Timing Effects
Based on reported quarterly figures, the combined ratio is the metric most often misread for AXS, since the 78.1% low in 2025Q3 may reflect favorable prior-year reserve development rather than sustainable current-year underwriting.
The combined ratio alone ignores reserve development, and the sharp loss ratio drop from 66.6% in 2025Q3 to 49.6% in 2025Q4 coincides with a period of strong earnings growth that may indicate reserve releases. A better approach would be to evaluate the ex-catastrophe, current-accident-year combined ratio and to compare it against prior-year development separately. Investors should avoid extrapolating the 2025 underwriting peak as a run-rate without verifying the composition of the reported loss ratio.