American Express Company (AXP) - Net Assets
Based on the latest financial reports, American Express Company (AXP) has net assets worth $33.99 Billion USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($308.89 Billion) and total liabilities ($274.90 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check how tangible is American Express Company's equity to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $33.99 Billion |
| % of Total Assets | 11.01% |
| Annual Growth Rate | 5.05% |
| 5-Year Change | 50.94% |
| 10-Year Change | 63.28% |
| Growth Volatility | 11.87 |
American Express Company - Net Assets Trend (1989–2025)
This chart illustrates how American Express Company's net assets have evolved over time, based on quarterly financial data. See American Express Company defensive interval ratio to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for American Express Company (1989–2025)
The table below shows the annual net assets of American Express Company from 1989 to 2025. For live valuation and market cap data, see AXP market cap.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $33.47 Billion | +10.61% |
| 2024-12-31 | $30.26 Billion | +7.87% |
| 2023-12-31 | $28.06 Billion | +13.54% |
| 2022-12-31 | $24.71 Billion | +11.43% |
| 2021-12-31 | $22.18 Billion | -3.51% |
| 2020-12-31 | $22.98 Billion | -0.38% |
| 2019-12-31 | $23.07 Billion | +4.87% |
| 2018-12-31 | $22.00 Billion | +20.48% |
| 2017-12-31 | $18.26 Billion | -10.93% |
| 2016-12-31 | $20.50 Billion | -2.38% |
| 2015-12-31 | $21.00 Billion | +1.58% |
| 2014-12-31 | $20.67 Billion | +8.81% |
| 2013-12-31 | $19.00 Billion | +0.60% |
| 2012-12-31 | $18.89 Billion | +0.49% |
| 2011-12-31 | $18.79 Billion | +17.46% |
| 2010-12-31 | $16.00 Billion | +11.06% |
| 2009-12-31 | $14.41 Billion | +21.66% |
| 2008-12-31 | $11.84 Billion | +7.36% |
| 2007-12-31 | $11.03 Billion | +4.93% |
| 2006-12-31 | $10.51 Billion | -0.36% |
| 2005-12-31 | $10.55 Billion | -34.15% |
| 2004-12-31 | $16.02 Billion | +4.55% |
| 2003-12-31 | $15.32 Billion | +10.55% |
| 2002-12-31 | $13.86 Billion | +15.15% |
| 2001-12-31 | $12.04 Billion | +3.02% |
| 2000-12-31 | $11.68 Billion | +15.74% |
| 1999-12-31 | $10.10 Billion | -1.01% |
| 1998-12-31 | $10.20 Billion | +6.52% |
| 1997-12-31 | $9.57 Billion | +12.27% |
| 1996-12-31 | $8.53 Billion | +3.75% |
| 1995-12-31 | $8.22 Billion | +27.78% |
| 1994-12-31 | $6.43 Billion | -26.35% |
| 1993-12-31 | $8.73 Billion | +16.47% |
| 1992-12-31 | $7.50 Billion | +0.46% |
| 1991-12-31 | $7.46 Billion | +12.51% |
| 1990-12-31 | $6.63 Billion | +16.59% |
| 1989-12-31 | $5.69 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to American Express Company's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 570.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $25.49 Billion | 76.14% |
| Common Stock | $138.00 Million | 0.41% |
| Other Comprehensive Income | $-3.28 Billion | -9.79% |
| Other Components | $11.13 Billion | 33.24% |
| Total Equity | $33.47 Billion | 100.00% |
American Express Company Competitors by Market Cap
The table below lists competitors of American Express Company ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Novartis AG
SW:NOVN
|
$216.30 Billion |
|
Arm Holdings plc American Depositary Shares
NASDAQ:ARM
|
$221.23 Billion |
|
Nestlé S.A
F:NESM
|
$224.33 Billion |
|
Qualcomm Incorporated
NASDAQ:QCOM
|
$225.63 Billion |
|
Citigroup Inc.
NYSE:C
|
$214.65 Billion |
|
Foxconn Industrial Internet Co Ltd
SHG:601138
|
$211.69 Billion |
|
Bank of China Limited
SHG:601988
|
$210.88 Billion |
|
Linde plc Ordinary Shares
NASDAQ:LIN
|
$210.18 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in American Express Company's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 30,264,000,000 to 33,474,000,000, a change of 3,210,000,000 (10.6%).
- Net income of 10,833,000,000 contributed positively to equity growth.
- Dividend payments of 2,271,000,000 reduced retained earnings.
- Share repurchases of 5,814,000,000 reduced equity.
- New share issuances of 57,000,000 increased equity.
- Other comprehensive income increased equity by 118,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $10.83 Billion | +32.36% |
| Dividends Paid | $2.27 Billion | -6.78% |
| Share Repurchases | $5.81 Billion | -17.37% |
| Share Issuances | $57.00 Million | +0.17% |
| Other Comprehensive Income | $118.00 Million | +0.35% |
| Other Changes | $287.00 Million | +0.86% |
| Total Change | $- | 10.61% |
Book Value vs Market Value Analysis
This analysis compares American Express Company's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 7.08x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 75.57x to 7.08x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1989-12-31 | $4.51 | $340.74 | x |
| 1990-12-31 | $5.00 | $340.74 | x |
| 1991-12-31 | $5.28 | $340.74 | x |
| 1992-12-31 | $5.38 | $340.74 | x |
| 1993-12-31 | $4.68 | $340.74 | x |
| 1994-12-31 | $4.19 | $340.74 | x |
| 1995-12-31 | $5.48 | $340.74 | x |
| 1996-12-31 | $5.84 | $340.74 | x |
| 1997-12-31 | $6.66 | $340.74 | x |
| 1998-12-31 | $7.34 | $340.74 | x |
| 1999-12-31 | $7.38 | $340.74 | x |
| 2000-12-31 | $8.59 | $340.74 | x |
| 2001-12-31 | $9.01 | $340.74 | x |
| 2002-12-31 | $10.42 | $340.74 | x |
| 2003-12-31 | $11.81 | $340.74 | x |
| 2004-12-31 | $12.47 | $340.74 | x |
| 2005-12-31 | $8.39 | $340.74 | x |
| 2006-12-31 | $8.49 | $340.74 | x |
| 2007-12-31 | $9.22 | $340.74 | x |
| 2008-12-31 | $10.23 | $340.74 | x |
| 2009-12-31 | $12.30 | $340.74 | x |
| 2010-12-31 | $13.39 | $340.74 | x |
| 2011-12-31 | $15.87 | $340.74 | x |
| 2012-12-31 | $16.55 | $340.74 | x |
| 2013-12-31 | $17.45 | $340.74 | x |
| 2014-12-31 | $19.67 | $340.74 | x |
| 2015-12-31 | $20.94 | $340.74 | x |
| 2016-12-31 | $21.93 | $340.74 | x |
| 2017-12-31 | $20.61 | $340.74 | x |
| 2018-12-31 | $25.61 | $340.74 | x |
| 2019-12-31 | $27.80 | $340.74 | x |
| 2020-12-31 | $28.52 | $340.74 | x |
| 2021-12-31 | $28.07 | $340.74 | x |
| 2022-12-31 | $32.86 | $340.74 | x |
| 2023-12-31 | $38.12 | $340.74 | x |
| 2024-12-31 | $42.45 | $340.74 | x |
| 2025-12-31 | $48.09 | $340.74 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently American Express Company utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 32.36%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 13.46%
- • Asset Turnover: 0.27x
- • Equity Multiplier: 8.96x
- Recent ROE (32.36%) is above the historical average (23.25%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1989 | 20.33% | 4.62% | 0.19x | 22.99x | $587.90 Million |
| 1990 | 2.73% | 0.74% | 0.18x | 20.75x | $-482.50 Million |
| 1991 | 10.57% | 3.06% | 0.18x | 19.62x | $42.50 Million |
| 1992 | 6.15% | 1.71% | 0.15x | 23.44x | $-288.40 Million |
| 1993 | 16.92% | 10.43% | 0.15x | 10.78x | $604.60 Million |
| 1994 | 21.96% | 9.89% | 0.15x | 15.08x | $769.70 Million |
| 1995 | 19.03% | 9.87% | 0.15x | 13.07x | $742.00 Million |
| 1996 | 22.29% | 11.71% | 0.15x | 12.72x | $1.05 Billion |
| 1997 | 20.80% | 11.21% | 0.15x | 12.53x | $1.03 Billion |
| 1998 | 20.99% | 11.19% | 0.15x | 12.45x | $1.12 Billion |
| 1999 | 24.52% | 11.63% | 0.14x | 14.71x | $1.47 Billion |
| 2000 | 24.05% | 11.87% | 0.15x | 13.22x | $1.64 Billion |
| 2001 | 10.89% | 5.81% | 0.15x | 12.55x | $107.30 Million |
| 2002 | 19.27% | 11.22% | 0.15x | 11.34x | $1.28 Billion |
| 2003 | 19.49% | 11.55% | 0.15x | 11.42x | $1.45 Billion |
| 2004 | 21.50% | 15.26% | 0.12x | 12.12x | $1.84 Billion |
| 2005 | 34.80% | 15.04% | 0.21x | 10.80x | $2.62 Billion |
| 2006 | 35.27% | 13.39% | 0.22x | 12.21x | $2.66 Billion |
| 2007 | 36.38% | 12.72% | 0.21x | 13.58x | $2.91 Billion |
| 2008 | 22.79% | 8.46% | 0.25x | 10.65x | $1.51 Billion |
| 2009 | 14.79% | 8.09% | 0.21x | 8.69x | $689.40 Million |
| 2010 | 25.36% | 13.52% | 0.20x | 9.19x | $2.46 Billion |
| 2011 | 26.26% | 15.29% | 0.21x | 8.16x | $3.06 Billion |
| 2012 | 23.73% | 13.27% | 0.22x | 8.11x | $2.59 Billion |
| 2013 | 28.21% | 15.39% | 0.23x | 8.05x | $3.46 Billion |
| 2014 | 28.47% | 16.74% | 0.22x | 7.70x | $3.82 Billion |
| 2015 | 24.59% | 15.02% | 0.21x | 7.67x | $3.06 Billion |
| 2016 | 26.22% | 14.01% | 0.24x | 7.75x | $3.32 Billion |
| 2017 | 15.05% | 7.05% | 0.22x | 9.92x | $921.90 Million |
| 2018 | 31.46% | 16.00% | 0.23x | 8.59x | $4.72 Billion |
| 2019 | 29.30% | 14.35% | 0.24x | 8.60x | $4.45 Billion |
| 2020 | 13.64% | 8.18% | 0.20x | 8.33x | $836.60 Million |
| 2021 | 36.34% | 18.14% | 0.24x | 8.50x | $5.84 Billion |
| 2022 | 30.41% | 13.51% | 0.24x | 9.24x | $5.04 Billion |
| 2023 | 29.85% | 12.43% | 0.26x | 9.31x | $5.57 Billion |
| 2024 | 33.47% | 13.65% | 0.27x | 8.97x | $7.10 Billion |
| 2025 | 32.36% | 13.46% | 0.27x | 8.96x | $7.49 Billion |
Industry Comparison
This section compares American Express Company's net assets metrics with peer companies in the Credit Services industry.
Industry Context
- Industry: Credit Services
- Average net assets among peers: $3,513,863,294
- Average return on equity (ROE) among peers: 3.47%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| American Express Company (AXP) | $33.99 Billion | 20.33% | 8.09x | $215.64 Billion |
| Affirm Holdings Inc (AFRM) | $2.73 Billion | -18.95% | 2.48x | $21.03 Billion |
| Federal Agricultural Mortgage Corporation (AGM) | $1.49 Billion | 13.91% | 20.04x | $1.71 Billion |
| Federal Agricultural Mortgage Corporation (AGM-A) | $1.72 Billion | 12.06% | 19.66x | $142.66 Million |
| AIOS Tech Inc. (AIOS) | $189.80 Million | 9.28% | 0.49x | $3.53 Million |
| Ally Financial Inc (ALLY) | $20.49 Billion | 5.25% | 7.40x | $12.59 Billion |
| Antalpha Platform Holding Co (ANTA) | $12.71 Million | -51.81% | 56.59x | $158.11 Million |
| Atlanticus Holdings Corporation (ATLC) | $738.20 Million | 13.64% | 0.36x | $1.34 Billion |
| Bread Financial Holdings, Inc. (BFH) | $3.33 Billion | 15.57% | 5.81x | $4.10 Billion |
| Credit Acceptance Corporation (CACC) | $928.10 Million | 32.29% | 2.65x | $5.46 Billion |
About American Express Company
American Express Company, together with its subsidiaries, operates as an integrated payments company in the United States, Europe, the Middle East and Africa, the Asia Pacific, Australia, New Zealand, Latin America, Canada, the Caribbean, and internationally. It operates through four segments: U.S. Consumer Services, Commercial Services, International Card Services, and Global Merchant and Networ… Read more