American Express (AXP)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $208.5B, American Express's free cash flow of $16.0B (fiscal 2025) would need to grow about -1% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from American Express's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from AXP's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from American Express's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $42.4B | $52.9B | $60.5B | $65.9B | $72.2B |
| Net income | $8.1B | $7.5B | $8.4B | $10.1B | $10.8B |
| Free cash flow | $13.1B | $19.2B | $17.0B | $12.1B | $16.0B |
| EPS (diluted) | $10.02 | $9.85 | $11.21 | $14.01 | $15.38 |
| Operating margin | — | — | — | — | — |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own AXP
From each investor's latest 13F filing (what a 13F shows). 18 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Warren Buffett Berkshire Hathaway |
Held | $51.3B | 17.1% | Q2 2026 |
| Jean-Marie Eveillard First Eagle Investment Management |
Added | $568M | 0.95% | Q2 2026 |
| Bill Smead Smead Capital Management |
Trimmed | $192M | 4.1% | Q2 2026 |
| Tom Gayner Markel Group Inc. |
Held | $166M | 1.3% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Trimmed | $145M | 0.05% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $132M | 1.2% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Trimmed | $102M | 0.08% | Q2 2026 |
| Dodge & Cox Dodge & Cox |
Trimmed | $92M | 0.05% | Q2 2026 |
| Bill Nygren Harris Associates LP |
Trimmed | $69M | 0.09% | Q2 2026 |
| Tweedy, Browne Tweedy, Browne Company |
Trimmed | $21M | 1.6% | Q2 2026 |
| Francois Rochon Giverny Capital Inc. |
New position | $16M | 0.53% | Q2 2026 |
| Charles de Vaulx International Value Advisers |
Trimmed | $9M | 1.5% | Q4 2020 |
Insider buying
Open-market purchases by American Express's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 30, 2026 | Ro Khanna |
0 | $297.47 | — |
| Mar 30, 2026 | Ro Khanna |
0 | $297.47 | — |
| Mar 11, 2026 | Shelley Moore Capito |
0 | $305.98 | — |
| Mar 11, 2026 | Shelley Moore Capito |
0 | $305.98 | — |
| Jan 29, 2026 | Ro Khanna |
0 | $358.09 | — |
| Jan 29, 2026 | Ro Khanna |
0 | $358.09 | — |
| Jan 23, 2026 | Ro Khanna |
0 | $361.76 | — |
| Jan 23, 2026 | Ro Khanna |
0 | $361.76 | — |
| Dec 29, 2025 | Markwayne Mullin |
0 | $375.21 | — |
| Dec 29, 2025 | Markwayne Mullin |
0 | $375.21 | — |
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In the full deep dive
Questions
What growth does American Express's stock price imply?
At a market value of $208.5B, American Express would need its free cash flow to grow about -1% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 10% a year.
Are American Express insiders buying the stock?
10 open-market insider purchases of AXP in the last 12 months, from SEC Form 4 filings.
Which superinvestors own American Express?
18 of the superinvestors Investingly tracks hold AXP in their latest 13F, including Warren Buffett, Jean-Marie Eveillard, Bill Smead.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.