Question 1

What is American Express's P/S ratio?

Accepted Answer

American Express (AXP) P/S ratio is 2.9× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue Per Share. 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

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

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For American Express specifically, the relevant sector benchmark is the current sector median of 2.3×.

Question 5

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

Accepted Answer

American Express's P/S ratio of 2.9× is above its own 5-year average of 2.5× and above the sector median of 2.3×. That places the current reading at the 69th 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/S ratio range?

Accepted Answer

In the available daily series, American Express (AXP) P/S ratio has ranged from a low of 0.5× in 2009 to a high of 3.7× in 2022. The 5-year average is 2.5× and the 5-year median is 2.5×.

Question 7

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

Accepted Answer

American Express (AXP) P/S ratio at the end of 2025 was 3.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$80.5B	3.2×	+0.3×	Dec 31, 2025
2024	$209B	$74.2B	2.8×	+0.8×	Dec 31, 2024
2023	$136B	$67.4B	2.0×	+0.0×	Dec 31, 2023
2022	$110B	$55.3B	2.0×	-0.9×	Dec 31, 2022
2021	$129B	$44.4B	2.9×	+0.4×	Dec 31, 2021
2020	$97.3B	$38.3B	2.5×	+0.4×	Dec 31, 2020
2019	$101B	$47B	2.2×	+0.3×	Dec 31, 2019
2018	$81B	$43.3B	1.9×	-0.4×	Dec 31, 2018
2017	$85.9B	$38.1B	2.3×	+0.3×	Dec 31, 2017
2016	$67.4B	$35B	1.9×	-0.1×	Dec 31, 2016
2015	$68B	$34.4B	2.0×	-0.7×	Dec 31, 2015
2014	$95.6B	$35.2B	2.7×	-0.1×	Dec 31, 2014
2013	$96.8B	$34.9B	2.8×	+0.9×	Dec 31, 2013
2012	$63.8B	$33.8B	1.9×	+0.2×	Dec 31, 2012
2011	$54.7B	$32.3B	1.7×	-0.0×	Dec 31, 2011
2010	$51.2B	$29.9B	1.7×	-0.1×	Dec 31, 2010
2009	$48B	$26.5B	1.8×	+1.1×	Dec 31, 2009
2008	$21.4B	$32.1B	0.7×	-1.2×	Dec 31, 2008
2007	$60B	$31.9B	1.9×	-0.6×	Dec 31, 2007
2006	$72B	$29.4B	2.4×	-0.2×	Dec 31, 2006
2005	$63.4B	$24.1B	2.6×	+0.4×	Dec 31, 2005
2004	$61.7B	$27.4B	2.3×	+0.1×	Dec 31, 2004
2003	$54.4B	$25.9B	2.1×	+0.4×	Dec 31, 2003
2002	$40.5B	$23.8B	1.7×	—	Dec 31, 2002


Citigroup (C)	1.5×
W. R. Berkley (WRB)	1.5×
American International Group (AIG)	1.5×
Capital One Financial (COF)	1.5×
Travelers Companies (TRV)	1.4×
Federal Agricultural Mortgage (AGM)	1.4×
Franklin Resources (BEN)	1.4×
Brookfield (BN)	1.3×
American Financial Group (AFG)	1.3×
Hartford Insurance Group (HIG)	1.3×
Markel (MKL)	1.3×
PSB Holdings (PSBQ)	1.3×
Principal Financial Group (PFG)	1.3×
PayPal (PYPL)	1.2×
Loews (L)	1.2×
AXIS Capital Holdings (AXS)	1.1×
Old Republic International (ORI)	1.0×
Assurant (AIZ)	0.8×
Allstate (ALL)	0.8×
Mercury General (MCY)	0.8×
Everest Group (EG)	0.8×
MetLife (MET)	0.6×
Prudential Financial (PRU)	0.5×
StoneX Group (SNEX)	0.0×
Atlantic Union Bankshares (AUB)	0.0×

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

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

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

About P/S Ratio at American Express (AXP)

American Express P/S Ratio by Year

American Express P/S Ratio 2025: 3.2×

American Express P/S Ratio 2024: 2.8×

American Express P/S Ratio 2023: 2.0×

American Express P/S Ratio 2022: 2.0×

American Express P/S Ratio 2021: 2.9×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

American Express (AXP) Key Financials