American Express Co. (AXP) intrinsic value & 10-year financials
American Express Co. (AXP) has a Graham intrinsic value of $325.09 per share. At $313.59 on Oct 17, 2026, the stock trades 4% below that value. Over the last 10 fiscal years revenue grew 6.1% a year to $41.3B, with an average return on invested capital of 16.0%.
- Graham intrinsic value
- $325.09
- Share price (Oct 17, 2026)
- $313.59
- Price vs Graham value
- 4% below
- Market cap
- $218.3B
- Revenue (FY2025)
- $41.3B
- Revenue growth (10-yr CAGR)
- 6.1%
- ROIC (10-yr avg)
- 16.0%
- Free cash flow (FY2025)
- $16.0B
AXP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $41.3B | $10.8B | $15.38 | $16.0B | — | 25.7% |
| FY2024 | $38.8B | $10.1B | $14.01 | $12.1B | — | 28.4% |
| FY2023 | $37.2B | $8.4B | $11.21 | $17.0B | — | 25.6% |
| FY2022 | $34.2B | $7.5B | $9.85 | $19.2B | — | 19.8% |
| FY2021 | $27.7B | $8.1B | $10.02 | $13.1B | — | 21.2% |
| FY2020 | $22.0B | $3.1B | $3.77 | $4.1B | — | 6.4% |
| FY2019 | $28.2B | $6.8B | $7.99 | $12.0B | — | 11.4% |
| FY2018 | $26.6B | $6.9B | — | $7.6B | — | 10.4% |
| FY2017 | $24.8B | $2.7B | — | $12.5B | — | 3.7% |
| FY2016 | $24.2B | $5.4B | — | $6.8B | — | 7.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
American Express has demonstrated mature, steady growth, with revenue compounding at 6.1% annually over the past decade.
American Express has earned high returns on invested capital, averaging 16.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, American Express shows that management has aggressively returned capital to shareholders by retiring 25.6% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, American Express is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $325.09 per share.