AXA SA (AXAHY)
OTHER OTC:AXAHY
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AXA SA
(OTC:AXAHY)
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Rating:74Outperform
Price Target:
$56.00
▲(24.39% Upside)
Action:ReiteratedDate:04/20/26
The score is driven primarily by solid financial performance (strong cash generation and improving leverage, albeit with some data inconsistencies) and attractive valuation (low P/E and strong dividend yield). Offsetting these, technicals look overbought, while the latest earnings call was broadly supportive with upbeat guidance and capital returns despite manageable underwriting and competitive risks.
Positive Factors
Strong recurring cash generation
AXA's free cash flow is consistently strong and 2025 FCF (~$20.2B) materially exceeded reported net income, with multi-year FCF conversion near 1.0x. Durable cash generation supports underwriting volatility, ongoing capex, dividends and buybacks, and provides a cushion for regulatory or claim shocks.
Negative Factors
Removal of recurring AXA IM earnings
The AXA IM disposal generated one‑off gains that inflated reported net income while eliminating a recurring fee-income stream. Loss of stable asset-management earnings reduces revenue diversification and increases reliance on underwriting and investment returns to deliver repeatable profits over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong recurring cash generation
AXA's free cash flow is consistently strong and 2025 FCF (~$20.2B) materially exceeded reported net income, with multi-year FCF conversion near 1.0x. Durable cash generation supports underwriting volatility, ongoing capex, dividends and buybacks, and provides a cushion for regulatory or claim shocks.
Read all positive factors
AXA SA (AXAHY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$96.65B
Dividend Yield5.03%
Average Volume (3M)152.41K
Price to Earnings (P/E)9.1
Beta (1Y)0.55
Revenue Growth5.74%
EPS Growth36.28%
CountryUS
Employees100,041
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)2.13
Shares Outstanding2,090,621,800
10 Day Avg. Volume143,680
30 Day Avg. Volume152,412
Financial Highlights & Ratios
PEG Ratio0.27
Price to Book (P/B)1.81
Price to Sales (P/S)0.77
P/FCF Ratio4.22
Enterprise Value/Market Cap0.79
Enterprise Value/Revenue0.65
Enterprise Value/Gross Profit0.65
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)4.81
Revenue Forecast (FY)$89.14B
AXA SA Business Overview & Revenue Model
Company Description
AXA SA, through its subsidiaries, provides insurance, asset management, and banking services worldwide. The company operates through France, Europe, Asia, AXA XL, International, and Transversal & Central Holdings segments. It offers life and savin...
How the Company Makes Money
AXA primarily makes money by underwriting insurance and collecting premiums. In its Property & Casualty business, AXA earns premium revenue from policies (e.g., motor, home, commercial, specialty lines) and aims to generate an underwriting profit ...
AXA SA Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial picture: record revenues (EUR 116bn), robust underlying earnings (EUR 8.4bn) with EPS growth at the high end of targets, improved solvency (224%), and shareholder distributions (dividend +8%, EUR 1.25bn buyback). Strategic execution (digital acquisitions, AI investment, recruitment of ~900 data scientists, and distribution growth with 1.7M net new P&C contracts) underpins confidence. Lowlights are manageable: weather-related claims (ongoing floods/storms), a one‑off Mexico VAT hit (~EUR 0.1bn), the removal of AXA IM recurring earnings after its sale (which did boost 2025 net income via capital gains), heightened competition in some commercial lines, and industry‑wide reinsurance selectivity. Overall, the positives — strong growth, margin improvement, capital strength and clear strategic moves — outweigh the challenges cited.Positive Updates
Record Group Revenue
Total premiums reached EUR 116 billion in 2025, up 6% versus 2024, described as a historic high across all business lines and geographies.
Negative Updates
Natural Catastrophes and Recent Weather Events
Severe weather events impacted tens of thousands of homes; AXA France estimated storm-related net claims around EUR 80 million (≈20,000 claims) with flood claims still developing. Company highlighted increasing frequency of such events as a structural challenge.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Group Revenue
Total premiums reached EUR 116 billion in 2025, up 6% versus 2024, described as a historic high across all business lines and geographies.
Read all positive updates
Company Guidance
Management guided that 2026 — the final year of the current "Unlock the Future" plan — should deliver an increase in underlying earnings per share at the high end of the 6–8% target range and that the next strategic plan will be presented on 21 September; the Board proposed a dividend of EUR 2.32/share (up 8%) and approved a share buyback program up to EUR 1.25 billion. For context, 2025 metrics cited were: premiums EUR 116 billion (up 6% YoY), underlying earnings EUR 8.4 billion (underlying EPS +8%), net income EUR 9.8 billion (up 26%), core insurance underlying earnings +9% (P&C +9%, Life & Health +7%), P&C revenue +5% (commercial +4%, personal +7%), combined ratio 90.6%, 1.7 million net new P&C contracts, nearly EUR 50 billion paid in claims, solvency ratio ~224% (management noted a pro‑forma ~232% with forthcoming Solvency II changes), and continued sizeable, accelerating investment in AI/technology (no single budget figure disclosed).AXA SA Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
62
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 110.96B | 89.82B | 87.15B | 86.79B | 111.69B |
| Gross Profit | 110.96B | 89.82B | 87.15B | 86.79B | 99.03B |
| EBITDA | 0.00 | 10.59B | -738.00M | 7.29B | 10.05B |
| Net Income | 9.41B | 7.89B | 7.19B | 5.06B | 7.29B |
Balance Sheet | |||||
| Total Assets | 635.23B | 653.76B | 644.45B | 696.70B | 775.49B |
| Cash, Cash Equivalents and Short-Term Investments | 22.19B | 333.57B | 320.12B | 323.68B | 424.91B |
| Total Debt | 15.79B | 62.14B | 59.54B | 63.75B | 61.84B |
| Total Liabilities | 585.75B | 601.28B | 597.49B | 648.32B | 700.26B |
| Stockholders Equity | 47.18B | 49.94B | 49.58B | 46.07B | 71.13B |
Cash Flow | |||||
| Free Cash Flow | 20.22B | 11.99B | 6.01B | 7.53B | 6.18B |
| Operating Cash Flow | 20.64B | 12.47B | 6.44B | 7.88B | 6.53B |
| Investing Cash Flow | -10.21B | -11.25B | -1.59B | -155.00M | -8.95B |
| Financing Cash Flow | -7.80B | -7.33B | -4.34B | -6.12B | -4.33B |
AXA SA Technical Analysis
Positive
45.02
Price Trends
46.10
Positive
46.22
Positive
46.61
Positive
Market Momentum
1.22
Negative
74.49
Negative
87.97
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AXAHY, the sentiment is Positive. The current price of 45.02 is below the 20-day moving average (MA) of 46.69, below the 50-day MA of 46.10, and below the 200-day MA of 46.61, indicating a bullish trend. The MACD of 1.22 indicates Negative momentum. The RSI at 74.49 is Negative, neither overbought nor oversold. The STOCH value of 87.97 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AXAHY.
AXA SA Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $37.46B | 10.99 | 22.01% | 1.55% | 6.90% | 41.67% | |
75 Outperform | $33.03B | ― | 21.07% | ― | 8.66% | ― | |
74 Outperform | $96.65B | 9.07 | 16.97% | 5.03% | 5.74% | 36.28% | |
73 Outperform | $21.59B | 11.69 | 13.53% | 3.44% | -23.49% | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $12.08B | 10.92 | 11.63% | 5.77% | 33.06% | 50.47% | |
62 Neutral | $39.59B | 15.62 | 7.50% | 2.02% | -19.92% | 7.41% |
* Financial Sector Average
AXAHY
AXA SA
47.07
1.00
2.16%
AEG
Aegon
8.23
2.11
34.54%
AIG
American International Group
74.80
-4.26
-5.39%
ACGL
Arch Capital Group
94.46
4.79
5.34%
HIG
Hartford Insurance
136.81
16.98
14.17%
PFG
Principal Financial
100.91
29.60
41.51%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.