AXP Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	208.11B EUR	230.8B EUR	206.29B EUR	253.79B EUR
Enterprise Value	221.4B EUR	244.68B EUR	213.09B EUR	263.84B EUR
Valuation Multiples
Trailing P/E	18.7x	20.17x	18.39x	30.77x
Forward P/E	15.27x	--	--	--
Price to Sales	2.93x	3.04x	2.78x	4.59x
Price to Book	6.07x	6.73x	6.07x	7.58x
EV/Revenue	3.12x	3.22x	2.87x	4.77x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	15.33x	14.4x	21.75x
EV/FCF	--	16.26x	14.88x	22.61x
FCF Yield	--	6.52%	6.94%	4.6%