Question 1

What is American Express's EV/EBITDA ratio?

Accepted Answer

American Express (AXP) EV/EBITDA ratio is 13.0× as of July 22, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for American Express?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For American Express specifically, the relevant sector benchmark is the current sector median of 10.2×.

Question 5

Is American Express's EV/EBITDA ratio high or low?

Accepted Answer

American Express's EV/EBITDA ratio of 13.0× is above its own 5-year average of 12.3× and above the sector median of 10.2×. That places the current reading at the 63th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is American Express's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, American Express (AXP) EV/EBITDA ratio has ranged from a low of 7.9× in 2016 to a high of 27.1× in 2002. The 5-year average is 12.3× and the 5-year median is 11.9×.

Question 7

What was American Express's EV/EBITDA ratio in 2025?

Accepted Answer

American Express (AXP) EV/EBITDA ratio at the end of 2025 was 16.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does American Express's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$254B	$15.6B	16.9×	+1.9×	Dec 31, 2025
2024	$209B	$14.6B	15.0×	+3.8×	Dec 31, 2024
2023	$136B	$12.2B	11.2×	+0.9×	Dec 31, 2023
2022	$110B	$11.2B	10.3×	-1.4×	Dec 31, 2022
2021	$129B	$12.4B	11.7×	-3.3×	Dec 31, 2021
2020	$97.3B	$5.84B	15.0×	+1.2×	Dec 31, 2020
2019	$101B	$9.62B	13.8×	+2.1×	Dec 31, 2019
2018	$81B	$9.42B	11.7×	-0.7×	Dec 31, 2018
2017	$85.9B	$8.77B	12.4×	+2.5×	Dec 31, 2017
2016	$67.4B	$9.19B	10.0×	-0.9×	Dec 31, 2016
2015	$68B	$8.98B	10.9×	-2.6×	Dec 31, 2015
2014	$95.6B	$10B	13.5×	-2.0×	Dec 31, 2014
2013	$96.8B	$8.91B	15.5×	+1.5×	Dec 31, 2013
2012	$63.8B	$7.44B	14.0×	+2.0×	Dec 31, 2012
2011	$54.7B	$7.87B	11.9×	-3.3×	Dec 31, 2011
2010	$51.2B	$6.88B	15.2×	-5.8×	Dec 31, 2010
2009	$48B	$3.91B	21.0×	+7.6×	Dec 31, 2009
2008	$21.4B	$4.29B	13.4×	-6.5×	Dec 31, 2008
2007	$60B	$6.25B	19.9×	-1.2×	Dec 31, 2007
2006	$72B	$5.92B	21.1×	-0.1×	Dec 31, 2006
2005	$63.4B	$4.85B	21.1×	+2.4×	Dec 31, 2005
2004	$61.7B	$5.35B	18.7×	+0.7×	Dec 31, 2004
2003	$54.4B	$4.92B	18.0×	+3.4×	Dec 31, 2003
2002	$40.5B	$4.68B	14.6×	—	Dec 31, 2002


Arch Capital Group (ACGL)	4.3×
M&T Bank (MTB)	3.8×
1st Source (SRCE)	3.5×
Allstate (ALL)	3.4×
Mercury General (MCY)	3.2×
AXIS Capital Holdings (AXS)	2.2×
Commerce Bancshares (CBSH)	2.2×
American International Group (AIG)	1.9×
United Bankshares (UBSI)	1.7×
Atlantic Union Bankshares (AUB)	1.1×
W. R. Berkley (WRB)	0.2×
KeyCorp (KEY)	-0.4×
Capital One Financial (COF)	-0.5×
Everest Group (EG)	-0.7×
Aflac (AFL)	-1.1×
Northern Trust (NTRS)	-2.6×
Regions Financial (RF)	-3.1×
Principal Financial Group (PFG)	-4.1×
Fifth Third Bank (FITB)	-4.4×
JPMorgan Chase (JPM)	-5.2×
BancFirst (BANF)	-5.5×
Wells Fargo (WFC)	-6.9×
Ames National (ATLO)	-16.7×
Apollo Global Management (APO)	-17.2×
MetLife (MET)	-46.3×

EV/EBITDA for American Express (AXP) 2002-2026

EV/EBITDA daily chart for American Express (AXP)

Historical EV/EBITDA for American Express (AXP) from 2002 to 2025

About EV/EBITDA at American Express (AXP)

American Express EV/EBITDA by Year

American Express EV/EBITDA 2025: 16.9×

American Express EV/EBITDA 2024: 15.0×

American Express EV/EBITDA 2023: 11.2×

American Express EV/EBITDA 2022: 10.3×

American Express EV/EBITDA 2021: 11.7×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

American Express (AXP) Key Financials