AMERICAN EXPRESS CO
$320.60
+2.54 (+0.80%) · delayed · Nov 13, 2026
Five-year price
52w $290.97 to $387.49
- Market cap
- $215.0B
- Enterprise value
- $224.9B
- P/E
- 20.8×
- 23.7× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 7.4%
- ROIC
- —
- Debt / equity
- 1.73
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ●ROE > 15% (5y avg)5y avg ROE 32.5%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 178% (5y avg)
- ●Growing revenueRevenue CAGR 5y 13.5%
- ●Shrinking share countDiluted shares -13.6% over 5y
Value
25
- ○P/E below 15P/E 20.8
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 7.4%
- ○Price below Graham NumberGraham Number $131.43
- ○P/B below 3P/B 6.4
Safety
33
- ○Debt / equity below 0.5D/E 1.73
- ●Debt payable in < 4 yrs of earningsNet debt $10.0B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
60
- ●Adequate size (revenue > $2B)Revenue $41.3B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 23.7
- ○P/E × P/B ≤ 22.5Product 152.1
Valuation lab
What do you have to believe?
At $320.60, the market is pricing in about 1.0% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $10.0B · 671M shares · 5y revenue CAGR 13.5%
Intrinsic value
$817.31
Price
$320.60
Margin of safety
61%
What the price implies
The market is paying for 1.0% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
65% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 24,235 | 24,780 | 26,607 | 28,159 | 21,974 | 27,716 | 34,219 | 37,218 | 38,825 | 41,304 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 8,042 | 7,425 | 8,122 | 8,429 | 4,296 | 10,689 | 9,585 | 10,513 | 12,895 | 13,795 |
| Income tax | 2,667 | 4,677 | 1,201 | 1,670 | 1,161 | 2,629 | 2,071 | 2,139 | 2,766 | 2,962 |
| Net income | 5,375 | 2,748 | 6,921 | 6,759 | 3,135 | 8,060 | 7,514 | 8,374 | 10,129 | 10,833 |
| EPS (diluted) | — | — | — | 7.99 | 3.77 | 10.02 | 9.85 | 11.21 | 14.01 | 15.38 |
| Diluted shares | 935 | 886 | 859 | 830 | 806 | 790 | 752 | 736 | 713 | 696 |
Who owns it