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American Express Company

AXP
69
Financial - Credit Services · Financial Services
Also trades as: 0R3C.L GBP 1.49 (+0.00%)
Price
$324.99
+1.38 (+0.43%)
Market Cap
$219.47B
Winston Score
69
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 22, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
29/30
Growth
Strong
16/20
Cash Flow
Exceptional
9/10
Stability
Mixed
4/10
Valuation
Strong
7/10
Ownership
Weak
1/15
Dividends
Good
3/5

69 of 100 counted points = Winston Score 69.

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Share count falling — buybacks

−11.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 790.0M (2021) → 696.0M (2025)

§Winston Score History

The full picture

American Express is a financial services company that issues credit cards and charge cards to consumers and businesses. Its main products are its branded payment cards, which let cardholders spend now and pay later, often with rewards like travel points or cash back. American Express is unusual because it runs its own payment network, meaning it acts as both the card issuer and the network processor — a role most competitors split between two separate companies.

American Express earns money in three main ways: fees charged to merchants when customers swipe their cards, annual fees paid by cardholders, and interest charged on carried balances. The company operates globally but generates most of its revenue in the United States, and it targets higher-income customers, which historically leads to lower default rates than mass-market card issuers. Its biggest growth driver is continued spending by its premium cardholder base, while its main risk is an economic slowdown that causes consumers and businesses to cut back on spending.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+11.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$49.6B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

American Express Company is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
85.9%
Premium pricing power — 85.9% gross margin
Profit after running costs
Operating Margin
43.2%
Excellent — 43.2% operating margin
Return on the money invested
ROCE
24.5%
Exceptional — 24.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+9.4%
Steady sales growth (+9.4% YoY)
Profit growth
EPS YoY
+16.1%
Earnings growing fast (+16.1% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
161%
Turns 161% of profit into real cash
Spare cash per sale
FCF Margin
17.9%
Converts sales into free cash efficiently (17.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.72
Elevated debt (1.72)
Covers its interest
Interest Cover
2.81x
Tight — interest eats into profit (2.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
19.7x
Fair value — P/E 19.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+6.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (19.7 → 13.7)

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Dividends

Dividend
Dividend Yield
1.23%
Small dividend — 1.23% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+16.1%
Dividend growing fast (16.1% YoY)
Payout Ratio
21%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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