NYSE · Financial Services

American Express Company

AXP · Credit Services

$320.26

▲ 0.59 (0.18%)

Data cached · refreshes every 10 min

Mr. Market is currently offering American Express Company at $320.26.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability B

Net Income Margin 15.0%

Fin. Health D

Years to Pay Off Debt 5.3 yrs

Valuation F

Margin of Safety 0.0%

Price-to-Book 6.53x

Cash Flow B

Free Cash Flow $16.0B

CapEx % of Net Income 22.4%

Owner Earnings $15.0B

4/6

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $218.5B

Enterprise Value $224.7B

P/E (TTM) 19.99

Dividend Yield 1.07%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 15.0%

Company Info

Sector Financial Services

Industry Credit Services

Employees 76800

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering American Express Company at $320.26.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $320.26, the stock trades at a 146% premium to its Graham Number of $130.29. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About American Express Company

American Express Company, together with its subsidiaries, operates as an integrated payments company in the United States, Europe, the Middle East and Africa, the Asia Pacific, Australia, New Zealand, Latin America, Canada, the Caribbean, and internationally. It operates through four segments: U.S. Consumer Services, Commercial Services, International Card Services, and Global Merchant and Network Services. The company offers credit and charge cards and complementary products and services, including travel, dining, and lifestyle and expense management products and services; and banking and other payment and financing products and services, including deposits and non-card lending. It also provides merchant acquisition and processing, servicing and settlement, fraud prevention, and point-of-sale marketing and information products and services, as well as network services. The company offers its products and services to consumers, small businesses, mid-sized companies, and large corporations through mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, in-house sales teams, direct mail, telephone, and direct response advertising. American Express Company was founded in 1850 and is headquartered in New York, New York.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	N/A •	N/A	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A	N/A
Net Income %	15.0% ▼	15.4%	13.8%	14.2%	N/A
Diluted EPS	15.38 ▲	14.01	11.21	9.85	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$300.1B	$271.5B	$261.1B	$228.4B	N/A
Total Debt	$57.8B ↑	$51.1B	$49.2B	$43.9B	N/A
Working Capital	N/A •	N/A	N/A	N/A	N/A
Years to Pay Debt	5.33	5.04	5.87	5.85	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$16.0B ▲	$12.1B	$17.0B	$19.2B	N/A
Owner Earnings	$15.0B	$13.7B	$11.6B	$11.0B	N/A
CapEx % of Net Income	22.4%	18.9%	18.7%	24.7%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-20,613	87,517	-36,337	-30,672
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	-96,000	408,000	-179,000	-142,000
Total Unusual Items Excluding Goodwill	-96,000	408,000	-179,000	-142,000
Net Income From Continuing Operation Net Minority Interest	10,833,000	10,129,000	8,374,000	7,514,000
Reconciled Depreciation	1,777,000	1,676,000	1,651,000	1,626,000
Net Interest Income	17,364,000	15,543,000	13,134,000	9,895,000
Interest Expense	8,234,000	8,252,000	6,849,000	2,763,000
Interest Income	25,598,000	23,795,000	19,983,000	12,658,000
Normalized Income	10,908,387	9,808,517	8,516,663	7,625,328
Net Income From Continuing And Discontinued Operation	10,833,000	10,129,000	8,374,000	7,514,000
Diluted Average Shares	696,000	713,000	736,000	752,000
Basic Average Shares	695,000	712,000	735,000	751,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	10,701,000	9,995,000	8,252,000	7,400,000
Net Income Common Stockholders	10,701,000	9,995,000	8,252,000	7,400,000
Otherunder Preferred Stock Dividend	74,000	76,000	64,000	57,000
Preferred Stock Dividends	58,000	58,000	58,000	57,000
Net Income	10,833,000	10,129,000	8,374,000	7,514,000
Net Income Including Noncontrolling Interests	10,833,000	10,129,000	8,374,000	7,514,000
Net Income Continuous Operations	10,833,000	10,129,000	8,374,000	7,514,000
Tax Provision	2,962,000	2,766,000	2,139,000	2,071,000
Pretax Income	13,795,000	12,895,000	10,513,000	9,585,000
Special Income Charges	-96,000	408,000	-179,000	-142,000
Gain On Sale Of Business	0	531,000	0	0
Restructuring And Mergern Acquisition	96,000	123,000	179,000	142,000
Gain On Sale Of Security			-152,000	-302,000	767,000
Selling General And Administration	15,268,000	14,238,000	13,280,000	12,710,000
Selling And Marketing Expense	6,252,000	6,040,000	5,213,000	5,458,000
General And Administrative Expense	9,016,000	8,198,000	8,067,000	7,252,000
Salaries And Wages	9,016,000	8,198,000	8,067,000	7,252,000
Total Revenue	72,230,000	65,949,000	60,515,000	52,862,000
Operating Revenue	72,230,000	65,949,000	60,515,000	52,862,000
Occupancy And Equipment	2,986,000				2,431,000
Professional Expense And Contract Services Expense	2,424,000	2,274,000	2,029,000	2,074,000
Other Non Interest Expense	32,404,000	31,765,000	26,786,000	23,563,000

Balance Sheet

	2025	2024	2023	2022	2021
Preferred Shares Number	1,600	1,600	1,600	1,600
Ordinary Shares Number	686,000	702,000	723,000	743,000
Share Issued	686,000	702,000	723,000	743,000
Net Debt	10,051,000	10,537,000	2,629,000	10,381,000
Total Debt	57,759,000	51,089,000	49,159,000	43,921,000
Tangible Book Value	28,511,000	25,954,000	24,108,000	20,779,000
Invested Capital	91,233,000	81,353,000	77,216,000	68,629,000
Net Tangible Assets	28,511,000	25,954,000	24,108,000	20,779,000
Capital Lease Obligations				3,000	14,000
Common Stock Equity	33,474,000	30,264,000	28,057,000	24,711,000
Total Capitalization	89,862,000	79,979,000	75,923,000	67,281,000
Total Equity Gross Minority Interest	33,474,000	30,264,000	28,057,000	24,711,000
Stockholders Equity	33,474,000	30,264,000	28,057,000	24,711,000
Gains Losses Not Affecting Retained Earnings	-3,277,000	-3,395,000	-3,072,000	-3,210,000
Foreign Currency Translation Adjustments	-2,783,000	-2,924,000	-2,571,000	-2,622,000
Minimum Pension Liabilities	-490,000	-462,000	-487,000	-524,000
Unrealized Gain Loss	-4,000	-9,000	-14,000	-64,000
Retained Earnings	25,487,000	22,148,000	19,612,000	16,279,000
Additional Paid In Capital	11,126,000	11,370,000	11,372,000	11,493,000
Capital Stock	138,000	141,000	145,000	149,000
Common Stock	138,000	141,000	145,000	149,000
Total Liabilities Net Minority Interest	266,578,000	241,197,000	233,051,000	203,643,000
Employee Benefits	3,091,000	2,676,000	2,567,000	2,530,000
Non Current Deferred Liabilities	4,655,000	4,042,000	3,442,000	3,027,000
Non Current Deferred Revenue	4,655,000	4,042,000	3,442,000	3,027,000
Long Term Debt And Capital Lease Obligation	56,388,000	49,715,000	47,866,000	42,573,000
Long Term Capital Lease Obligation				3,000	14,000
Long Term Debt	56,388,000	49,715,000	47,866,000	42,570,000
Current Debt And Capital Lease Obligation	1,371,000	1,374,000	1,293,000	1,348,000
Current Debt	1,371,000	1,374,000	1,293,000	1,348,000
Other Current Borrowings	1,371,000	1,374,000	1,293,000	1,348,000
Payables And Accrued Expenses	18,348,000	17,391,000	16,445,000	15,910,000
Current Accrued Expenses	2,247,000	2,121,000	2,061,000	2,126,000
Payables	16,101,000	15,270,000	14,384,000	13,784,000
Total Tax Payable	1,401,000	1,386,000	1,275,000	1,651,000
Income Tax Payable	1,401,000	1,386,000	1,275,000	1,651,000
Accounts Payable	14,700,000	13,884,000	13,109,000	12,133,000
Total Assets	300,052,000	271,461,000	261,108,000	228,354,000
Investments And Advances	1,043,000	1,240,000	2,186,000	4,578,000
Available For Sale Securities	217,000	48,000	66,000	41,000
Goodwill And Other Intangible Assets	4,963,000	4,310,000	3,949,000	3,932,000
Other Intangible Assets	90,000	123,000	98,000	146,000
Goodwill	4,873,000	4,187,000	3,851,000	3,786,000
Net PPE	7,116,000	6,175,000	5,908,000	5,215,000
Accumulated Depreciation	-12,039,000	-10,739,000	-9,911,000	-9,850,000
Gross PPE	19,155,000	16,914,000	15,819,000	15,065,000
Other Properties	19,155,000	16,914,000	15,819,000
Receivables					2,700,000
Other Receivables					2,700,000
Other Short Term Investments	826,000	1,192,000	2,120,000	4,537,000
Cash And Cash Equivalents	47,708,000	40,552,000	46,530,000	33,537,000
Cash Equivalents	658,000	139,000	100,000	253,000
Cash Financial	3,559,000	3,407,000	7,118,000	5,505,000
Cash Cash Equivalents And Federal Funds Sold	47,792,000	40,640,000	46,596,000	33,914,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	16,003,000	12,139,000	16,996,000	19,224,000
Repurchase Of Capital Stock	-5,814,000	-6,020,000	-3,650,000	-3,502,000
Repayment Of Debt	-18,157,000	-10,759,000	-10,703,000	-18,906,000
Issuance Of Debt	24,377,000	12,602,000	15,674,000	23,230,000
Issuance Of Capital Stock	57,000	100,000	28,000	56,000
Capital Expenditure	-2,425,000	-1,911,000	-1,563,000	-1,855,000
End Cash Position	47,792,000	40,640,000	46,596,000	33,914,000
Beginning Cash Position	40,640,000	46,596,000	33,914,000	22,028,000
Effect Of Exchange Rate Changes	405,000	-40,000	177,000	-13,000
Changes In Cash	6,747,000	-5,916,000	12,505,000	11,899,000
Financing Cash Flow	11,210,000	4,436,000	18,379,000	24,509,000
Cash Flow From Continuing Financing Activities	11,210,000	4,436,000	18,379,000	24,509,000
Cash Dividends Paid	-2,271,000	-1,999,000	-1,780,000	-1,565,000
Common Stock Dividend Paid	-2,271,000	-1,999,000	-1,780,000	-1,565,000
Net Preferred Stock Issuance			0	0	-16,000
Preferred Stock Payments			0	0	-1,600,000
Preferred Stock Issuance			0	0	1,584,000
Net Common Stock Issuance	-5,757,000	-5,920,000	-3,622,000	-3,446,000
Common Stock Payments	-5,814,000	-6,020,000	-3,650,000	-3,502,000
Common Stock Issuance	57,000	100,000	28,000	56,000
Net Issuance Payments Of Debt	6,193,000	2,050,000	4,866,000	3,618,000
Net Short Term Debt Issuance	-27,000	207,000	-105,000	-706,000
Net Long Term Debt Issuance	6,220,000	1,843,000	4,971,000	4,324,000
Long Term Debt Payments	-18,157,000	-10,759,000	-10,703,000	-18,906,000
Long Term Debt Issuance	24,377,000	12,602,000	15,674,000	23,230,000
Investing Cash Flow	-22,891,000	-24,402,000	-24,433,000	-33,689,000
Cash Flow From Continuing Investing Activities	-22,891,000	-24,402,000	-24,433,000	-33,689,000
Net Investment Purchase And Sale	-260,000	628,000	2,318,000	-2,257,000
Sale Of Investment	1,500,000	2,221,000	3,890,000	1,918,000
Purchase Of Investment	-1,760,000	-1,593,000	-1,572,000	-4,175,000
Net Business Purchase And Sale	-633,000	140,000	-64,000	-15,000
Sale Of Business	0	594,000	0	0
Purchase Of Business	-633,000	-454,000	-64,000	-15,000
Net PPE Purchase And Sale	-2,425,000	-1,911,000	-1,563,000	-1,855,000
Purchase Of PPE	-2,425,000	-1,911,000	-1,563,000	-1,855,000
Operating Cash Flow	18,428,000	14,050,000	18,559,000	21,079,000
Cash Flow From Continuing Operating Activities	18,428,000	14,050,000	18,559,000	21,079,000
Change In Working Capital	864,000	-1,890,000	3,821,000	10,206,000
Change In Other Current Assets	-2,781,000	1,007,000	-1,244,000	1,391,000
Change In Payables And Accrued Expense	3,645,000	-2,897,000	5,065,000	8,815,000
Change In Payable	3,645,000	-2,897,000	5,065,000	8,815,000
Change In Account Payable	3,645,000	-2,897,000	5,065,000	8,815,000
Other Non Cash Items	-311,000	-564,000	669,000	365,000
Stock Based Compensation	551,000	504,000	450,000	375,000
Deferred Tax	-542,000	-990,000	-1,329,000	-1,189,000
Deferred Income Tax	-542,000	-990,000	-1,329,000	-1,189,000
Depreciation Amortization Depletion	1,777,000	1,676,000	1,651,000	1,626,000
Depreciation And Amortization	1,777,000	1,676,000	1,651,000	1,626,000
Net Income From Continuing Operations	10,833,000	10,129,000	8,374,000	7,514,000

These metrics estimate what American Express Company is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$130.29

Margin of Safety

Market Cap ÷ Company Value

2.68

P/B Ratio

6.53

Warren's Owner Earnings

$15.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/6 — Enterprising Investor

✅ Adequate Size

$72.2B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.07%

vs Uninterrupted dividends

✅ Earnings Growth

+56.1% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

20.0x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

6.53x P/B (P/E×P/B: 130.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	22.4%	18.9%	18.7%	24.7%	N/A
Repurchase of Capital Stock	-$5.8B	-$6.0B	-$3.6B	-$3.5B	N/A
Free Cash Flow	$16.0B ▲	$12.1B ▼	$17.0B ▼	$19.2B •	N/A •
Warren's Owner Earnings	$15.0B	$13.7B	$11.6B	$11.0B	N/A

Peers & Industry

No auto-detected peers for Credit Services. You can manually compare AXP against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

22.34%

High — management has strong skin in the game

Return on Equity (ROE)

32.4%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

3.6%

Fair — average asset utilization

Share Buybacks (Latest Year)

$5.8B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+13.1% YoY

Debt is growing — management is leveraging up

Leadership Team

Stephen Joseph Squeri

Chairman & CEO

Age 65

Pay: $17,287,408

0.160% of net income

Christophe Le Caillec

Chief Financial Officer

Age 58

Pay: $6,992,536

0.065% of net income

Raymond Donald Joabar

Group President of Global Commercial Services

Age 58

Pay: $6,363,786

0.059% of net income

Howard Martin Grosfield

Group President of US Consumer Services

Age 56

Pay: $6,975,740

0.064% of net income

Denise Pickett

President of Enterprise Shared Services

Age 59

Top Institutional Holders

Institution	% Owned	Shares
Berkshire Hathaway, Inc	22.22%	151,610,700
Vanguard Group Inc	6.76%	46,109,777
Blackrock Inc.	6.21%	42,342,836
State Street Corporation	4.32%	29,464,868
JPMORGAN CHASE & CO	3.08%	21,032,958
Morgan Stanley	1.93%	13,199,234
Geode Capital Management, LLC	1.86%	12,708,136
Fisher Asset Management, LLC	1.32%	9,023,482

Risk Analysis

Beta (Market Risk)

1.08

Moderate volatility — moves slightly more than market

Short Interest

2.1% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.78x

Moderate leverage

Current Ratio

1.57x

Adequate liquidity

52-Week Price Range

Low: $273.61 Current: $320.26 High: $387.49

Currently at 41% of 52-week range

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