AMERICAN EXPRESS CO
AXP · NYSE · CIK 0000004962
SIC 6199
Finance Services
Category
Other
Entity
operating
Incorp.
NY
Fiscal Y/E
1231
Source: SEC EDGAR · All filings on SEC →
Investment Indicators
$312.34
-3.69 (-1.17%)
Open
$315.85
High
$316.40
Low
$311.81
Prev Close
$316.03
Volume
3,081,268
52W High
$385.41
52W Low
$278.54
50-day MA
$310.97
Quote as of: 2026-05-11
Market Cap
$215.64B
P/E
19.73
P/B
6.34
PEG
1.55
EPS
16.02
BPS
49.85
Dividend Yield
1.07%
Beta
1.08
ROE
32.36%
ROA
3.61%
D/E Ratio
7.96
Operating Margin
10.21%
Net Margin
38.94%
Book Value/Share
$48.80
Intrinsic Value Estimates
Multiple valuation methods, each with its own assumptions — outputs can diverge widely
Median consensus (7 methods)
$90.33B
| Method | Implied market cap | vs current |
|---|---|---|
Graham Number √(22.5 × 순이익 × 자본) | $90.33B | +139% |
Graham Formula 순이익 × (8.5 + 2 × 성장률%) | $242.67B | -11% |
Justified P/E 순이익 × 산업 평균 P/E | $162.50B | +33% |
P/B 배수 자본 × 산업 평균 P/B | $50.21B | +329% |
P/S 배수 매출 × 산업 평균 P/S | $55.64B | +288% |
DCF (Gordon) CF × (1+g) / (r − g) | $565.44B | -62% |
DDM (Gordon) D × (1+g) / (r − g) | $80.24B | +169% |
▶ Detailed analysis — formula walk-through & scenarios
Why this conclusion
Of the 7 valuation methods, 7 were applicable. Their median fair-value lands +138.7% below the current market cap → the stock trades above most formulas' estimates (overvalued). 5 methods flag overvalued, 2 flag undervalued, the rest land within fair range. Read each formula's assumptions below before treating any single number as the answer.
Graham Number
Overvalued +138.7%√(22.5 × 순이익 × 자본)
Current
$215.64B
Implied fair
$90.33B
Gap (current − fair)
+$125.31B(+138.7%)
NetIncome = $10.83B Equity = $33.47B √(22.5 × $10.83B × $33.47B) = $90.33B
- 최대 PER 15배
- 최대 PBR 1.5배
- 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula
Undervalued -11.1%순이익 × (8.5 + 2 × 성장률%)
Current
$215.64B
Implied fair
$242.67B
Gap (current − fair)
$-27.03B(-11.1%)
NetIncome = $10.83B Growth g = 7.0% → cap 7.0% Multiple = 8.5 + 2 × 7.0 = 22.4× $10.83B × 22.4 = $242.67B
- EPS 성장률 7.0%/년 가정 (직전 1년 기준)
- 무성장 기업 P/E = 8.5
- 현재 적용 배수: 22.4x
Justified P/E
Overvalued +32.7%순이익 × 산업 평균 P/E
Current
$215.64B
Implied fair
$162.50B
Gap (current − fair)
+$53.14B(+32.7%)
NetIncome = $10.83B Industry P/E = 15× $10.83B × 15 = $162.50B
- 산업 평균 PER 15x 가정 (사용자 정의 가능)
- 동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장
P/B 배수
Overvalued +329.5%자본 × 산업 평균 P/B
Current
$215.64B
Implied fair
$50.21B
Gap (current − fair)
+$165.42B(+329.5%)
Equity = $33.47B Industry P/B = 1.5× $33.47B × 1.5 = $50.21B
- 산업 평균 PBR 1.5x 가정
- 은행·보험·자산집약적 산업에 특히 유효
P/S 배수
Overvalued +287.6%매출 × 산업 평균 P/S
Current
$215.64B
Implied fair
$55.64B
Gap (current − fair)
+$160.00B(+287.6%)
Revenue = $27.82B Industry P/S = 2× $27.82B × 2 = $55.64B
- 산업 평균 PSR 2x 가정
- 매출 기반 — 적자 기업·신생 기업에 적용 가능
- 이익률 차이 무시
DCF (Gordon)
Undervalued -61.9%CF × (1+g) / (r − g)
Current
$215.64B
Implied fair
$565.44B
Gap (current − fair)
$-349.80B(-61.9%)
FCF = $16.00B Discount r = 4.0% + 5.0% = 9.0% Growth g = 6.0% $16.00B × (1 + 6.0%) / (9.0% − 6.0%) = $565.44B
- 현금흐름 입력: FCF (잉여현금흐름)
- 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
- 영구 성장률 6.0% (실질 GDP 수준)
DDM (Gordon)
Overvalued +168.7%D × (1+g) / (r − g)
Current
$215.64B
Implied fair
$80.24B
Gap (current − fair)
+$135.39B(+168.7%)
Dividend D = $2.27B Discount r = 9.0% Growth g = 6.0% $2.27B × (1 + 6.0%) / (9.0% − 6.0%) = $80.24B
- 배당 입력: 실제 지급 배당
- 할인율 9.0%
- 배당 영구 성장률 6.0%
DCF sensitivity: discount rate × terminal growth
Each cell is the (current vs FCF × (1+g) / (r − g)) discount % under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | -20.0% | -6.6% | +6.7% | +20.1% | +33.4% |
| 2% | -33.9% | -20.7% | -7.5% | +5.7% | +18.9% |
| 3% | -47.7% | -34.6% | -21.5% | -8.4% | +4.7% |
| 4% | -61.1% | -48.2% | -35.2% | -22.3% | -9.3% |
| 5% | -74.3% | -61.5% | -48.7% | -35.8% | -23.0% |
DDM sensitivity: discount rate × dividend growth
Each cell is the discount % vs Dividend × (1+g) / (r − g) under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +464.1% | +558.1% | +652.1% | +746.1% | +840.1% |
| 2% | +365.5% | +458.5% | +551.6% | +644.7% | +737.8% |
| 3% | +268.7% | +360.9% | +453.1% | +545.3% | +637.5% |
| 4% | +173.9% | +265.2% | +356.5% | +447.8% | +539.1% |
| 5% | +80.9% | +171.3% | +261.7% | +352.2% | +442.6% |
All estimates rest on strong assumptions. Treat the spread, not any single number, as the signal.
Financial Statements
In USD millions (per-share figures shown directly) · Financials as of: 2026-02-06
Income Statement
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Net Income | 10,833 | 10,129 | 8,374 | 7,514 | 8,060 |
| EPS (Basic) | 15.41 | 14.04 | 11.23 | 9.86 | 10.04 |
| EPS (Diluted) | 15.38 | 14.01 | 11.21 | 9.85 | 10.02 |
Balance Sheet
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total Assets | 300,052 | 271,461 | 261,108 | 228,354 | 188,548 |
| Total Liabilities | 266,578 | 241,197 | 233,051 | 203,643 | 166,371 |
| Long-term Debt | 56,387 | 49,715 | 47,866 | 42,573 | 38,675 |
| Total Equity | 33,474 | 30,264 | 28,057 | 24,711 | 22,177 |
Cash Flow
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating CF | 18,428 | 14,050 | 18,559 | 21,079 | 14,645 |
| Investing CF | -22,891 | -24,402 | -24,433 | -33,689 | -10,529 |
| Financing CF | 11,210 | 4,436 | 18,379 | 24,509 | -14,933 |
| CapEx | 2,425 | 1,911 | 1,563 | 1,855 | 1,550 |
| Dividends Paid | 2,271 | 1,999 | 1,780 | 1,565 | 1,448 |
📄 SEC Filings
Institutional Holdings
xslForm13F_X02/primary_doc.xml
2026-05-08
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Current Report
8-K
2026-05-07
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Current Report
8-K
2026-05-04
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8-K
2026-05-04
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Quarterly Report
10-Q
2026-04-23
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Current Report
8-K
2026-04-23
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Current Report
8-K
2026-04-15
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Proxy Statement
DEF 14A
2026-03-25
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Current Report
8-K
2026-03-16
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Current Report
8-K
2026-03-02
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2026-02-25
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8-K
2026-02-17
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2026-02-10
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Institutional Holdings
xslForm13F_X02/primary_doc.xml
2026-02-06
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Annual Report
10-K
2026-02-06
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8-K
2026-01-30
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2026-01-15
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2025-12-15
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2025-11-17
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Other filings (81)
Insider Transaction
PRIMARY DOCUMENT
2026-05-07
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Insider Transaction
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2026-05-07
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Insider Transaction
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2026-05-07
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SCHEDULE 13D/A
xslSCHEDULE_13D_X01/primary_doc.xml
2026-05-04
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SCHEDULE 13G
xslSCHEDULE_13G_X02/primary_doc.xml
2026-04-29
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424B2
424B2
2026-04-28
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FWP
FWP
2026-04-27
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IRANNOTICE
IRANNOTICE
2026-04-23
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Insider Transaction
PRIMARY DOCUMENT
2026-04-06
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Insider Transaction
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2026-04-02
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Insider Transaction
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2026-04-02
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SCHEDULE 13G/A
xslSCHEDULE_13G_X02/primary_doc.xml
2026-03-26
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DEFA14A
DEFA14A
2026-03-25
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ARS
ARS
2026-03-25
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Insider Transaction
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2026-03-13
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Insider Transaction
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2026-03-10
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xsl144X01/primary_doc.xml
2026-03-06
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Insider Transaction
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xsl144X01/primary_doc.xml
2026-02-19
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Insider Transaction
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2026-02-13
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Insider Transaction
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2026-02-10
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Insider Transaction
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2026-02-10
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144
xsl144X01/primary_doc.xml
2026-02-09
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xsl144X01/primary_doc.xml
2026-02-09
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Insider Transaction
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2026-02-06
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Insider Transaction
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2026-02-06
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144
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2026-02-05
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424B2
424B2
2026-02-04
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424B2
424B2
2026-02-04
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FWP
FWP
2026-02-04
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FWP
FWP
2026-02-04
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Insider Transaction
PRIMARY DOCUMENT
2026-02-03
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Insider Transaction
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2026-02-03
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Insider Transaction
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2026-01-05
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2026-01-05
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Insider Transaction
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2025-12-16
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xsl144X01/primary_doc.xml
2025-12-12
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Insider Transaction
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Insider Transaction
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2025-11-04
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Insider Transaction
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2025-11-04
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2025-11-04
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2025-11-04
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Insider Transaction
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2025-11-04
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