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. In the quarter to June 2026, revenue grew 7.35%, EPS grew 24.0%, free cash flow grew 137.1% and total debt rose 7.24%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for three.
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Axis Capital Holdings Limited (AXS) Piotroski F-score
Axis Capital Holdings Limited's Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, down from 7 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | (1.00) |
| FY2024 | 7 | (1.00) |
| FY2023 | 8 | 4.00 |
| FY2022 | 4 | (3.00) |
| FY2021 | 7 | 4.00 |
| FY2020 | 3 | (2.00) |
| FY2019 | 5 | (4.00) |
| FY2018 | 9 | 5.00 |
| FY2017 | 4 | 0.00 |
| FY2016 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 2.92% | 3.34% | Pass | 1 |
| Positive operating cash flow | (40.93m) | 1.84b | Fail | 0 |
| Rising return on assets | 2.92% | 3.34% | Fail | 0 |
| Cash flow above net income | (1.02b) | 793.28m | Fail | 0 |
| Falling long-term leverage | 0.04 | 0.05 | Pass | 1 |
| Rising current ratio | 0.64 | 0.63 | Pass | 1 |
| No new shares issued | 78,192,000 | 84,165,000 | Pass | 1 |
| Rising gross margin | 32.58% | 29.02% | Pass | 1 |
| Rising asset turnover | 0.20 | 0.19 | Pass | 1 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| FAF First American Financial Corporation compare | 8 |
| MTG MGIC Investment Corporation compare | 6 |
| FNF Fidelity National Financial, Inc. compare | 6 |
| AXS Axis Capital Holdings Limited | 6 |
| AGO Assured Guaranty Ltd. compare | 6 |
| RYAN Ryan Specialty Holdings Inc. compare | 5 |
| ESNT Essent Group Ltd. compare | 5 |
| ACT Enact Holdings, Inc. compare | 5 |
| RDN Radian Group Inc. compare | 5 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover