AXA S.A.

AXA.DE

Insurance - Diversified · Financial Services

Price

€43.70

+0.14 (+0.32%)

Market Cap

€88.90B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Exceptional

Cash Flow

Strong

Stability

Weak

Valuation

Good

Dividends

Exceptional

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Share count falling — buybacks

−12.5% over 4y

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

Diluted shares outstanding: 2.39B (2021) → 2.09B (2025)

Winston Score History

The full picture

AXA is a French company that sells insurance and financial products to individuals and businesses around the world. Its main products include health insurance, life insurance, property and casualty insurance, and asset management services. AXA is one of the largest insurance groups in the world by revenue, operating across more than 50 countries.

AXA makes money by collecting premiums from policyholders and earning investment returns on the money it holds before paying out claims. It also earns fees through AXA Investment Managers, which manages money on behalf of clients. The company is heavily diversified across Europe, Asia, and the Americas, which helps spread risk across different economies and regulatory environments. AXA has been shifting its focus toward health insurance and protection products, which offer more stable, recurring revenue than life savings products — but rising claims costs from natural disasters and an aging population remain ongoing pressures on profitability.

Growth Profile

For growth stock investors

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

Revenue Growth

+155.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+133.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

6.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€321.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

AXA S.A. grew revenue 155% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

33.7%

Modest — 33.7% gross margin

Profit after running costs

Operating Margin

9.5%

Modest — 9.5% operating margin

Return on the money invested

ROCE

-7.6%

Weak — -7.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+95.1%

Fast-growing sales (+95.1% YoY)

Profit growth

EPS YoY

+92.9%

Earnings growing fast (+92.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

116%

Turns 116% of profit into real cash

Spare cash per sale

FCF Margin

11.6%

Modest free cash flow (11.6%)

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

1.59

Elevated debt (1.59)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

8.9x

Attractive valuation — P/E 8.9

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-0.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

5.19%

Healthy income — 5.19% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+61.7%

Dividend growing fast (61.7% YoY)

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