Question 1

What is American Express's P/FCF ratio?

Accepted Answer

American Express (AXP) P/FCF ratio is 16.7× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for American Express?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For American Express specifically, the relevant sector benchmark is the current sector median of 12.0×.

Question 5

Is American Express's P/FCF ratio high or low?

Accepted Answer

American Express's P/FCF ratio of 16.7× is above its own 5-year average of 11.0× and above the sector median of 12.0×. That places the current reading at the 87th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, American Express (AXP) P/FCF ratio has ranged from a low of 2.8× in 2008 to a high of 133.8× in 2020. The 5-year average is 11.0× and the 5-year median is 9.8×.

Question 7

What was American Express's P/FCF ratio in 2025?

Accepted Answer

American Express (AXP) P/FCF ratio at the end of 2025 was 15.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does American Express's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$16B	15.9×	-1.3×	Dec 31, 2025
2024	$209B	$12.1B	17.2×	+9.2×	Dec 31, 2024
2023	$136B	$17B	8.0×	+2.3×	Dec 31, 2023
2022	$110B	$19.2B	5.7×	-4.1×	Dec 31, 2022
2021	$129B	$13.1B	9.8×	-13.8×	Dec 31, 2021
2020	$97.3B	$4.11B	23.7×	+15.2×	Dec 31, 2020
2019	$101B	$12B	8.5×	-2.2×	Dec 31, 2019
2018	$81B	$7.62B	10.6×	+3.7×	Dec 31, 2018
2017	$85.9B	$12.5B	6.9×	-3.0×	Dec 31, 2017
2016	$67.4B	$6.85B	9.8×	+2.8×	Dec 31, 2016
2015	$68B	$9.63B	7.1×	-2.7×	Dec 31, 2015
2014	$95.6B	$9.8B	9.8×	-3.1×	Dec 31, 2014
2013	$96.8B	$7.54B	12.8×	+2.3×	Dec 31, 2013
2012	$63.8B	$6.03B	10.6×	+4.7×	Dec 31, 2012
2011	$54.7B	$9.29B	5.9×	-0.2×	Dec 31, 2011
2010	$51.2B	$8.4B	6.1×	-2.5×	Dec 31, 2010
2009	$48B	$5.61B	8.6×	+5.8×	Dec 31, 2009
2008	$21.4B	$7.69B	2.8×	-5.4×	Dec 31, 2008
2007	$60B	$7.34B	8.2×	-0.7×	Dec 31, 2007
2006	$72B	$8.14B	8.8×	+0.3×	Dec 31, 2006
2005	$63.4B	$7.44B	8.5×	+1.2×	Dec 31, 2005
2004	$61.7B	$8.4B	7.3×	-28.5×	Dec 31, 2004
2003	$54.4B	$1.52B	35.9×	+30.8×	Dec 31, 2003
2002	$40.5B	$8B	5.1×	—	Dec 31, 2002


UMB Financial (UMBF)	8.8×
Federal Agricultural Mortgage (AGM)	8.6×
T. Rowe Price (TROW)	8.6×
First Financial (THFF)	8.3×
Old Republic International (ORI)	8.0×
1st Source (SRCE)	8.0×
Auburn National Bancorporation (AUBN)	7.7×
Eagle Financial Services (EFSI)	7.5×
PayPal (PYPL)	7.5×
Assurant (AIZ)	7.5×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
American Financial Group (AFG)	6.8×
Hartford Insurance Group (HIG)	6.5×
Travelers Companies (TRV)	6.3×
Invesco (IVZ)	6.1×
Arch Capital Group (ACGL)	5.9×
Principal Financial Group (PFG)	5.5×
Allstate (ALL)	4.7×
Everest Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
MetLife (MET)	2.8×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for American Express (AXP) 2002-2026

P/FCF Ratio daily chart for American Express (AXP)

Historical P/FCF Ratio for American Express (AXP) from 2002 to 2025

About P/FCF Ratio at American Express (AXP)

American Express P/FCF Ratio by Year

American Express P/FCF Ratio 2025: 15.9×

American Express P/FCF Ratio 2024: 17.2×

American Express P/FCF Ratio 2023: 8.0×

American Express P/FCF Ratio 2022: 5.7×

American Express P/FCF Ratio 2021: 9.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

American Express (AXP) Key Financials