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Axis Capital Holdings Limited

AXS Financial Insurance Specialty

Axis Capital Holdings Limited’s revenue for fiscal 2025 (year ended December 2025) was $6.6 billion, up 10.2% from fiscal 2024.

Revenue
+6.91%
EPS
−24.1%
Free cash flow
+31.7%
Total debt
−4.85%

Quarter to September 2026, against a year earlier

105.79 2.14 −1.98%
Market cap
$7.7B
P/E
8.0×
Fwd P/E
8.2×
Dividend yield
1.64%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Sold, $m 0.77
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 1 — — — — — 1
Insider Ownership 2.30%

Capital & Financial Ratios $m

Size
Market Cap 7,740.00
Revenue ttm 6,920.91
Net income ttm 1,011.54
Free cash flow ttm 2,602.73
Net debt Q (47.29)
Valuation
P/E 8.04
Forward P/E 8.18
Price / sales 1.13
Forward P/S Powerpack
Price / FCF 3.00
Price / book 1.36
Financial health
Current ratio Q 0.63
Debt / equity Q 0.24
Interest coverage Q 15.75
Growth
Revenue growth Q +6.91% (above 0%: growing)
Operating income growth Q −29.60% (below 0%: shrinking)
EPS, this year −4.30% (below 0%: weak)
EPS, next year A +8.36%
Revenue, next year A −0.73% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +4.57%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 14.70%
10-year low 10-year high
P/S against its own 10 years 68.76%
10-year low 10-year high
P/B against its own 10 years 91.35%
10-year low 10-year high

Dividends

Yield
1.64%
Annual rate
1.76
Payout ratio
13.3%
Growth, 2017–25
+1.77%/yr
  1. 1.53 ’17
  2. 1.57 ’18 +3
  3. 1.61 ’19 +3
  4. 1.65 ’20 +2
  5. 1.69 ’21 +2
  6. 1.73 ’22 +2
  7. 1.76 ’23 +2
  8. 1.76 ’24 +0
  9. 1.76 ’25 +0
  10. 1.76 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,384 3,064 1,321 1,548
Receivables 11,989 12,265 15,126 15,960
Inventory — — — —
Other — — — —
13,373 15,329 16,447 17,509
2023 2024 2025 Q'26
Payables 22,974 24,145 25,830 27,960
ST’ Debt — — — —
Other — — — —
22,974 24,145 25,830 27,960

Compound Annual Growth %

10y 5y 3y
Sales 4.74% 6.27% 8.52%
Cash Flow 0.00% 0.00% 0.00%
Earnings 4.99% 0.00% 71.85%
Book Value 0.80% 3.72% 11.06%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.97 Actual 3.12

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.97 3.25 Beat by 0.28
Q1 FY26 3.23 3.42 Beat by 0.19
Q2 FY26 3.23 2.84 Miss by 0.39
Q3 FY26 2.97 3.12 Beat by 0.15
Q4 FY26 3.20 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 3.29 3.38 2.85 — —
’25 2.26 2.72 3.74 3.67 12.35
’24 4.53 2.40 2.04 3.38 12.35
’23 2.01 1.67 2.10 (1.76) 4.02
’22 1.65 0.32 (0.20) 0.48 2.25
’21 1.36 2.67 0.56 2.31 6.90
’20 (2.20) 1.33 (0.87) (0.06) (1.79)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,644 1,753 1,790 — —
’25 1,522 1,633 1,674 1,734 6,564
’24 1,425 1,451 1,611 1,472 5,958
’23 1,344 1,384 1,434 1,481 5,643
’22 1,262 1,198 1,228 1,448 5,135
’21 1,250 1,341 1,337 1,393 5,322
’20 1,110 1,204 1,250 1,277 4,842
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 519 632 878 — —
’25 309 (1,654) 674 630 (41)
’24 384 518 587 356 1,845
’23 241 397 369 249 1,256
’22 133 380 403 (119) 798
’21 145 390 475 188 1,198
’20 (50) 156 243 (5) 344
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 505 617 866 — —
’25 302 (1,666) 658 630 (41)
’24 376 509 582 356 1,845
’23 246 384 360 218 1,224
’22 123 374 395 (131) 761
’21 139 382 459 180 1,159
’20 (63) 141 235 (13) 299
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 20.3% a year for ten years. It grew 4.2% a year over the last ten.

Implied
20.3%
10 years, reported
4.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,006 4,592 5,090 5,173 4,842 5,322 5,135 5,643 5,958 6,564 6,921 +5.6% 6,516 6,710 7,328 +3.7%
Gross margin, % 26.33 10.46 18.29 21.34 13.04 26.14 16.96 22.14 29.02 32.58 28.66 +6.3 pt
EBT 522 (368) 13 337 (129) 649 243 398 1,008 1,216 1,210 +9.9%
EBT margin, % 13.03 (8.02) 0.25 6.52 (2.67) 12.19 4.73 7.06 16.92 18.53 17.49 +5.5 pt
Net income 513 (369) 43 323 (120) 619 223 376 1,082 1,009 1,012 +7.8%
Per share, $
Per share, $ Revenue 44.13 54.59 60.96 61.67 57.46 62.83 60.51 66.28 70.79 83.94 95.24 +7.4%
Earnings 5.13 (4.94) 0.00 3.37 (1.79) 6.95 2.27 4.06 12.49 12.52 13.36 +10.4%
Cash flow 4.48 3.08 0.13 2.37 4.08 14.14 9.40 14.75 21.92 (0.52) 36.59 n/m
Capex (0.30) (0.51) (0.30) (0.75) (0.53) (0.46) (0.43) (0.37) 0.00 0.00 (0.77) n/m
Free cash flow 4.18 2.57 (0.17) 1.62 3.55 13.68 8.97 14.38 21.92 (0.52) 35.82 n/m
Book value 69.10 63.50 60.24 66.08 62.85 63.88 54.67 61.82 72.35 81.29 86.68 +1.8%
Shares, m 91 84 84 84 84 85 85 85 84 78 75 (1.6%)
Valuation, ×
Valuation, × P/E 12.63 0.00 5,164.00 17.69 0.00 7.84 24.17 13.58 7.10 8.52 8.04 525.6
P/S 1.48 0.90 0.85 0.96 0.88 0.87 0.91 0.83 1.25 1.28 1.13 1.0
P/B 1.15 0.91 1.01 1.05 0.89 0.95 1.14 1.00 1.35 1.44 1.36 1.1
EV/Sales 1.44 0.93 0.77 1.02 0.86 0.87 0.95 0.84 1.01 1.29 — 1.0
EV/FCF 15.15 19.66 (126.26) 38.64 13.91 4.00 6.43 3.93 3.38 (103.98) — (12.5)
Cash, $m
Cash, $m Operating cash flow 407 259 11 199 344 1,198 798 1,256 1,845 (41) 2,659 n/m
Capex (27) (43) (25) (63) (45) (39) (37) (31) — — (56) +2.0%
Free cash flow 380 217 (14) 136 299 1,159 761 1,224 1,845 (41) 2,603 n/m
Balance, $m
Balance, $m Working capital (6,639) (8,932) (7,542) (7,694) (8,273) (9,026) (9,216) (9,602) (8,816) (9,383) (10,452) +3.9%
Net debt (186) 113 (376) 265 (89) 25 239 42 (1,412) 99 (47) n/m
Shareholders’ equity 6,272 5,341 5,030 5,544 5,296 5,411 4,640 5,263 6,089 6,356 6,299 +0.1%
Returns, %
Returns, % ROA 2.28 (1.82) 0.00 1.14 (0.59) 2.21 0.70 1.19 3.34 2.92 2.77 +0.6 pt
ROIC 4.64 (1.74) 1.58 4.64 0.42 8.18 2.30 6.53 14.05 13.80 12.60 +9.2 pt
ROE 8.96 (8.56) 0.01 6.26 (3.17) 12.25 4.31 7.86 20.51 17.25 16.97 +8.3 pt
People
People Employees 1,325 1,647 1,567 1,667 1,921 2,082 2,064 2,048 1,876 1,966 — +4.5%
Revenue/emp, $m 3.02 2.79 3.25 3.10 2.52 2.56 2.49 2.76 3.18 3.34 — +1.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

AXIS Capital is a Bermuda-headquartered specialty insurer and reinsurer led by Chief Executive Officer Vincent Tizzio. It sells coverage for risks faced by businesses, organizations and individuals, and it also provides insurance companies with protection against losses they have agreed to cover.

Its insurance business offers policies in areas including professional liability, property, cyber, marine and aviation, accident and health, and credit and political risk. For example, a company can buy coverage for a cyberattack, a bank can insure against a borrower’s default, and an airline can obtain coverage for aircraft and liability risks. AXIS also insures some risks that are exposed to catastrophes.

Axis Capital Holdings Limited vs peers in Insurance Specialty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FNF Fidelity National Financial, Inc. $11.5B 15.2× 9.3× +11.44% (above 0%: growing) +9.80% (above 0%: growing) −1.24% (below 0%: shrinking) 53.15% 9.85% Compare
AXS Axis Capital Holdings Limited $7.7B 8.0× 8.2× +6.91% (above 0%: growing) −24.09% (below 0%: shrinking) +31.71% (above 0%: growing) 24.75% 14.68%
FAF First American Financial Corporation $7.0B 9.5× 9.6× +5.34% (above 0%: growing) −6.52% (below 0%: shrinking) −12.25% (below 0%: shrinking) 100.00% 14.30% Compare
ACT Enact Holdings, Inc. $6.6B 9.9× 9.8× +0.45% (above 0%: growing) +4.50% (above 0%: growing) −4.21% (below 0%: shrinking) 0.00% 0.00% Compare
ESNT Essent Group Ltd. $6.2B 9.5× 8.8× +13.64% (above 0%: growing) +7.18% (above 0%: growing) +3.88% (above 0%: growing) 65.75% 65.75% Compare
MTG MGIC Investment Corporation $6.0B 9.1× 8.7× −1.78% (below 0%: shrinking) +2.41% (above 0%: growing) +0.56% (above 0%: growing) 77.43% 76.97% Compare
RDN Radian Group Inc. $4.9B 9.5× 8.8× +92.58% (above 0%: growing) −17.48% (below 0%: shrinking) +147.96% (above 0%: growing) 50.35% 30.09% Compare
NMIH NMI Holdings Inc $3.3B 8.5× 8.0× +8.12% (above 0%: growing) +13.82% (above 0%: growing) +10.69% (above 0%: growing) 93.00% 76.67% Compare
AGO Assured Guaranty Ltd. $3.2B 9.6× 11.1× −30.60% (below 0%: shrinking) −57.89% (below 0%: shrinking) −48.72% (below 0%: shrinking) 97.95% 42.05% Compare
Median of peers $6.1B 9.5× 9.1× +6.73% +3.46% −0.34% 71.59% 36.07%

All 15 Insurance Specialty stocks →

From the latest earnings call

Updated

  • CEO Vincent Tizzio said AXIS is becoming more selective in property and reducing liability exposure where pricing falls short of its expectations.
  • CFO Matt Kirk said higher-commission business raised acquisition costs, while AXIS’s investment income outlook improved as it added higher-yielding fixed-income securities.

Pay and ownership Proxy statement filed 2 April 2026

Ownership

Directors and executive officers, together 0.60%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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AXS metrics, ten years each

stockrow.com/AXS · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com